Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [2][3][20]. Company Overview - Aimeike's actual controller, Jian Jun, has been re-elected as chairman, with a stable core management team, while the new board secretary, Li Dongmei, is seen as a fresh face amid the company's current challenges [2]. - The company has experienced a dramatic decline in performance, with a first-time negative growth reported in the first half of 2025, and significant year-on-year drops in revenue and net profit [3][13]. Financial Performance - In the third quarter of 2025, Aimeike reported revenue of 566 million yuan and a net profit of 304 million yuan, representing declines of 21.27% and 34.61% year-on-year, respectively [3]. - As of November 21, 2025, Aimeike's stock price is 148 yuan per share, with a market capitalization of 44.8 billion yuan, down over 100 billion yuan from its peak [4]. - The company's financial struggles have also impacted Jian Jun's wealth, which has decreased significantly over the past two years [6]. Historical Growth Trajectory - Aimeike's growth trajectory has been closely tied to its innovative product development, with significant milestones including the launch of its first self-developed product in 2009 and the introduction of several key products that drove revenue growth [9][10]. - The company saw explosive growth from 2021 to 2023, with revenues increasing from 1.448 billion yuan in 2021 to 2.869 billion yuan in 2023, and net profits rising from 958 million yuan to 1.858 billion yuan during the same period [7][10]. Current Challenges - The company is now facing a decline in growth momentum, with projections for 2024 showing single-digit growth rates, and a significant drop in revenue and net profit in the first half of 2025 [13]. - The decline is attributed to the weakening performance of its core products, particularly the HiTi and Luhua Tianzi, which have seen substantial year-on-year revenue declines [13][14]. Market Competition - The competitive landscape in the medical beauty industry is intensifying, with new entrants and increased product offerings leading to a dilution of Aimeike's previous competitive advantages [14][19]. - The recent launch of competing products has further pressured Aimeike's market share, particularly in the neck wrinkle treatment segment [13][14]. Strategic Responses - In response to these challenges, Aimeike is focusing on diversifying its product offerings and enhancing its research and development capabilities, including the introduction of new products and expansion into biopharmaceuticals [15][17]. - The company has also pursued strategic acquisitions, such as the purchase of a majority stake in REGEN, to bolster its product portfolio and enhance its competitive position in the global market [17][18]. Agency Dispute - Aimeike is embroiled in a significant dispute over the agency rights for its AestheFill product, which has led to legal actions and could impact its market performance [18][20]. - The resolution of this dispute is critical for Aimeike's management team, as it seeks to stabilize the company amid declining market conditions and increasing competition [20].

21新健康 . 21世纪传媒 · 公众号矩阵成员。 以下文章来源于21新健康 ，作者韩利明 昔日有着"医美茅"之称的爱美客（300896.SZ），在业绩持续下滑、重大仲裁案悬而未决的关键节点，新一届董事会换届工作于日前 落下帷幕。 公司实际控制人、62岁的简军毫无悬念连任董事长及法定代表人，石毅峰、勾丽娜、尹永磊组成的核心管理层保持稳定。颇受市场 关注的是，董事会秘书简勇（简军之弟）正式辞任所有职务，李冬梅以"副总经理兼董事会秘书"的身份跻身管理层，成为此次换届 中的"新面孔"。 这位自2025年6月起担任爱美客董事会事务及法务总监的李冬梅被快速提拔，与公司当前核心困境形成微妙呼应。 换届前夕，爱美 客与江苏吴中围绕童颜针产品AestheFill（艾塑菲）的代理权争夺战已进入白热化阶段，甚至有投资者打趣"新董秘的首要任务或是 推动代理权争议妥善解决"。 市场的这份关切，本质上源于爱美客日益迫切的增长压力。作为2020年9月登陆A股的医美龙头，爱美客曾创下资本市场神话： 118.27元/股的发行价开盘即飙升至320元，2021年2月19日股价触及1331元历史高点， 总市值一度突破1500亿元，"女人的茅台"名 ...

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [1][2][6]. Company Overview - Aimeike's actual controller, Jian Jun, was re-elected as chairman, while the management team remains stable, with Li Dongmei being promoted to a key role amid the company's current challenges [1][2]. - The company has seen a drastic decline in stock price and market capitalization, dropping from a peak of over 150 billion yuan to around 45 billion yuan [2][6]. Financial Performance - In the first half of 2025, Aimeike reported a revenue of 5.66 billion yuan and a net profit of 3.04 billion yuan, marking declines of 21.27% and 34.61% year-on-year, respectively [2][6]. - The company experienced its first negative growth in 2025, with revenue and net profit both declining over 20% [6][7]. Product Development and Market Position - Aimeike's growth has been closely tied to its innovative product development, with key products like "HiTi" and "Luhua Tianzi" driving significant revenue [3][5]. - The company has expanded its product matrix, with "HiTi" achieving a revenue share increase from 15.34% in 2017 to 43.5% in 2019 [4]. Competitive Landscape - The medical beauty industry is undergoing rapid changes, with increased competition leading to a dilution of Aimeike's product advantages, particularly for "HiTi" and "Luhua Tianzi" [7][8]. - New entrants in the market have intensified competition, with the number of approved "童颜针" products increasing to seven, further squeezing Aimeike's growth potential [8][9]. Strategic Initiatives - Aimeike is diversifying its product offerings, including the launch of new products like "Kela" and expanding into biopharmaceuticals and chemical drugs [9][10]. - The company has also pursued acquisitions, such as the purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [10][11]. Legal and Regulatory Challenges - Aimeike is embroiled in a significant dispute over the agency rights for its product "AestheFill," which could impact its market performance and brand partnerships [11][12]. - The ongoing arbitration with Jiangsu Wuzhong over the exclusive distribution rights of "AestheFill" highlights the complexities of brand ownership and distribution in the medical beauty sector [12][15].

Core Viewpoint - Aimeike, once hailed as the "beauty medical leader," is facing severe challenges since its IPO, with continuous declines in both revenue and net profit over four consecutive quarters, reflecting deeper operational crises amid intensified market competition [1][2][4]. Financial Performance - In Q3 2025, Aimeike's revenue decreased by 21.27% year-on-year to 1.865 billion yuan, while net profit attributable to shareholders fell by 34.61% to 1.093 billion yuan [2][4]. - The company has experienced a downward trend in revenue and net profit since Q4 2024, with respective declines of 7%, 17.9%, 25.11%, and 21.27% for revenue, and 15.47%, 15.87%, 41.75%, and 34.61% for net profit in the last four quarters [4][6]. Inventory and Efficiency - Aimeike's inventory scale has been increasing, with a 41.66% year-on-year growth in inventory size to 96 million yuan in the first three quarters of 2025, while inventory turnover efficiency has significantly declined, with turnover days extending to 185 days, an increase of 56 days compared to the previous year [6][7]. Product Performance - The decline in Aimeike's performance is primarily attributed to the poor sales of its two core products: solution and gel injection products, which saw revenue drops of 23.79% and 23.99% respectively in the first half of 2025 [6][7]. Strategic Acquisitions - To seek growth, Aimeike has engaged in high-premium acquisitions, including a notable acquisition of REGEN Biotech for approximately 1.9 billion USD, which resulted in a significant increase in goodwill to about 1.651 billion yuan [7][10]. - The acquisition has led to legal complications, including a 1.6 billion yuan arbitration case related to the exclusive distribution rights of AestheFill, a key product from REGEN [10][11]. Market Dynamics - The injection beauty market in China is characterized by high competition and increasing numbers of approved products, which has diminished Aimeike's first-mover advantage in the hyaluronic acid injection sector [7][8]. - The company has been actively expanding its product line through mergers and acquisitions to maintain its competitive edge in the injection beauty field [8][9].

Core Viewpoint - *ST Suwu is facing significant challenges, including a sharp decline in revenue and net profit, alongside multiple delisting risks, particularly related to the arbitration case concerning the exclusive agency rights for the AestheFill product. Financial Performance - In Q3 2025, *ST Suwu reported a revenue decline of 63.93% year-on-year to 148 million yuan, with a net profit attributable to shareholders of approximately -43.05 million yuan, a drastic decrease of 308.72% compared to the same period last year [1][3] - For the first three quarters, the company's revenue fell by 38.85% to 784 million yuan, and the net profit decreased by 294.03% to -87.47 million yuan, primarily due to significant impairment provisions for trade receivables [4][5] - The pharmaceutical business generated a total revenue of 468 million yuan, down 55.79% year-on-year, while the medical aesthetics sector achieved a revenue of 304 million yuan, up 52.78% [4] Business Operations - The decline in revenue is attributed to a significant drop in income from pharmaceutical and medical aesthetics businesses, with the company admitting it is currently unable to continue selling AestheFill products due to ongoing arbitration [1][5] - AestheFill, a key product for *ST Suwu, was launched in 2024 and contributed significantly to the company's revenue, accounting for 35.55% of total revenue in Q1 2024 [5][6] Legal and Regulatory Issues - *ST Suwu is under scrutiny for alleged information disclosure violations, having received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation [7] - The company has been found to have inflated revenue by approximately 1.771 billion yuan from 2020 to 2023 through non-commercial trade activities, leading to multiple delisting risks [8][9] - The company has faced a series of legal challenges, including a criminal case against its subsidiary for tax fraud, which further complicates its financial situation [9]

Core Viewpoint - Aimeike is at a critical transformation juncture, facing significant challenges after reporting its worst half-year and quarterly results, leading to a substantial decline in market confidence and valuation [2][3][12]. Financial Performance - In Q3 2025, Aimeike reported revenue of 565 million, a year-on-year decline of 21.27%, and a net profit of 304 million, down 34.61%. For the first nine months of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [3][5]. - The company's market capitalization has plummeted to approximately 48.5 billion, a staggering drop of about 131.5 billion from its peak valuation of 180 billion in 2021, representing a cumulative decline of 73% [3][5]. Product Performance - Aimeike's core products, "Haitai" and "Ruhua Tianzi," have seen significant revenue declines. In the first half of 2025, "Haitai" generated 744 million, down 23.79%, while "Ruhua Tianzi" brought in 493 million, down 23.99% [6][8]. - Despite maintaining high gross margins above 90%, the revenue drop has raised concerns about the sustainability of Aimeike's growth model [8][10]. Competitive Landscape - The competitive advantage of Aimeike's core products is diminishing, with new entrants like Huaxi Biological's "Runzhi·Gege" entering the market, challenging the previously monopolistic position of "Haitai" [10][11]. - The emergence of alternative technologies, such as recombinant collagen, poses a threat to Aimeike's market share in the hyaluronic acid segment, further pressuring its performance [11]. Strategic Moves - To seek new growth avenues, Aimeike acquired 85% of South Korean company REGEN for 1.9 billion USD, aiming to enhance its product portfolio and international market access [12][13]. - This acquisition has led to a significant increase in goodwill from 278 million at the end of 2024 to 1.65 billion by the end of Q3 2025, marking a 493.44% increase [12]. Legal Challenges - Aimeike is embroiled in a legal dispute with REGEN's former distributor, which could impact the integration and future profitability of the acquisition, as the distributor is seeking 1.6 billion in damages [13].

Core Viewpoint - Aimeike, known as the "Maotai of the medical beauty industry," has reported disappointing financial results, with significant declines in both revenue and net profit for Q3 2025, raising concerns about its growth prospects and market confidence [1][4]. Financial Performance - Q3 2025 revenue was 565 million, a year-on-year decline of 21.27%, while net profit was 304 million, down 34.61% [1]. - For the first three quarters of 2025, total revenue was 1.865 billion, a decrease of 21.49%, and net profit was 1.09 billion, down 31.05% [1]. - The company's market capitalization has plummeted to approximately 48.5 billion, a staggering drop of about 131.5 billion from its peak of 180 billion in 2021, representing a cumulative decline of 73% [1]. Product Overview - Aimeike specializes in hyaluronic acid products, with two core offerings: the injection solution "Haitai" and the gel filler "Ruhua Tianzi," both of which previously held market advantages [2]. - The company experienced explosive growth from 2016 to 2024, with revenue increasing from 141 million to 3 billion, a cumulative growth of approximately 2000%, and net profit soaring from 53.38 million to 1.956 billion, an increase of 3564% [3]. Market Challenges - Recent performance has shown a marked slowdown, with Q3 2025 results reflecting a significant decline in both revenue and net profit across all quarters [4]. - The revenue for the injection solution "Haitai" in the first half of 2025 was 744 million, down 23.79%, while "Ruhua Tianzi" generated 493 million, a decrease of 23.99% [5][6]. - Despite maintaining high gross margins above 90%, the decline in revenue and slight drop in gross margin have raised concerns about the company's growth momentum [6]. Competitive Landscape - Aimeike's core products are facing increased competition, particularly with the entry of new players like Huaxi Biological's "Runzhi·Gegge," which has disrupted the previously monopolistic market for "Haitai" [8]. - The market for regenerative injectables is becoming crowded, with competitors like Huadong Pharmaceutical and Changchun Shengboma launching similar products, posing a threat to Aimeike's market share [8][9]. Strategic Moves - In 2025, Aimeike acquired 85% of South Korean company REGEN for 1.9 billion USD to seek new growth avenues, aiming to leverage REGEN's technology and global sales network [10]. - This acquisition has led to a significant increase in goodwill from 278 million at the end of 2024 to 1.65 billion by September 2025, a rise of 493.44% [11]. - However, Aimeike is embroiled in a legal dispute with REGEN's former distributor, which could impact the integration and future profitability of the acquisition [12][13].

Core Viewpoint - The company Aimeike reported a decline in revenue and net profit for the first half of the year, attributed primarily to a significant acquisition of the Korean company REGEN, which is expected to impact short-term performance but aims for long-term growth in international markets [1][4][9]. Financial Performance - In the first half of the year, Aimeike achieved revenue of 1.299 billion yuan and a net profit of 791 million yuan, representing year-on-year declines of 21.59% and nearly 30% respectively [1]. - The acquisition of REGEN for approximately 1.386 billion yuan has led to a substantial cash outflow of 9.861 billion yuan in investment activities, nearly doubling year-on-year [4]. Product Performance - Despite the overall decline, the company’s high-margin products, such as the "Haitai" and "Ruhbai Tianzi," continue to support its performance, with gross margins for solution and gel injection products remaining high at 93.15% and 97.75% respectively [4][5]. - The "Haitai" series remains a leading product in the neck wrinkle repair market, maintaining a strong market presence despite competition [5]. Market Strategy - Aimeike is focusing on international expansion to avoid domestic market saturation and profit erosion, as indicated by its acquisition of REGEN [3][9]. - The company has established a robust B2B network with over 7,000 beauty institutions, enhancing its market penetration and customer loyalty [6][7]. Future Outlook - Aimeike's product pipeline is promising, with three major products currently in the review stage for market approval, including a high-end botulinum toxin product expected to capture a significant share of the domestic market [8]. - The domestic botulinum toxin market is projected to grow at a compound annual growth rate of over 15% from 2025 to 2030, indicating strong future demand [8].

Core Viewpoint - Aimeike, a leading player in the medical aesthetics industry, is facing significant challenges with its performance, reporting a decline in revenue and net profit for the first half of 2025 [1][2]. Financial Performance - Aimeike reported a revenue of 1.299 billion yuan, a year-on-year decrease of 21.59% [2]. - The net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year [2]. - Basic earnings per share decreased to 2.62 yuan, reflecting a 29.57% decline [2]. - The net cash flow from operating activities was 655 million yuan, down 43.06% year-on-year [2]. - The company announced a cash dividend plan, proposing to distribute 12 yuan per 10 shares, totaling approximately 362 million yuan, which accounts for 45.9% of net profit [2]. Product Performance - Aimeike's core products, including the "Hi Body" solution and "Ru White Angel" gel, have shown weak performance, with revenue from solution injection products declining by 23.79% to 744 million yuan and gel injection products down 23.99% to 493 million yuan [3][4]. Industry Context - The company attributes its poor product performance to intensified competition and industry transformation, with an increase in medical beauty product registrations leading to a more competitive landscape [4]. - The market is experiencing a clear division between high-end and mass-market segments, with new materials for injection products gaining attention [4]. - UBS has downgraded Aimeike's profit forecasts for 2025-2027 by 10% to 16% due to expectations of underperformance in 2024 and ongoing macroeconomic uncertainties [4]. Strategic Moves - Aimeike has made strategic moves, including acquiring 85% of South Korean REGEN for 190 million USD to gain production rights for "Youthful Needle" [5]. - The acquisition aims to alleviate production capacity constraints and enhance the product matrix with REGEN's offerings [5]. - The company is also expanding its product diversity by developing weight loss products, with clinical trials underway for semaglutide and deoxycholic acid injection products [5].

Core Viewpoint - Aimeike faces significant performance challenges, with a sharp decline in revenue and net profit in the first half of 2025, marking the most severe performance challenge since its listing [2][3]. Financial Performance - Aimeike reported a revenue of 1.299 billion yuan, a year-on-year decrease of 21.59% [3][4]. - The net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year [3][4]. - Basic earnings per share decreased to 2.62 yuan, a reduction of 29.57% [3][4]. - Operating cash flow net amount was 655 million yuan, down 43.06% year-on-year [3][4]. - The weighted average return on equity fell to 10.10%, a decrease of 6.52 percentage points [4]. Product Performance - Core products, including the solution-type product "Haitai" and gel-type product "Ruhbai Tianzi," experienced significant revenue declines, with solution-type products generating 744 million yuan (down 23.79%) and gel-type products generating 493 million yuan (down 23.99%) [7][8]. - The gross margin for solution-type products was 93.15%, while for gel-type products it was 97.75% [8]. Market Dynamics - Aimeike attributes the poor performance of its core products to intensified competition and market transformation within the medical aesthetics industry [9][10]. - The report highlights a growing divide between high-end and mass markets, with new materials for injection products becoming industry focal points [9][10]. Strategic Moves - Aimeike announced a dividend plan, proposing a cash dividend of 12 yuan per 10 shares, totaling approximately 362 million yuan, which accounts for 45.9% of net profit [5]. - The company acquired 85% of South Korea's REGEN for 1.9 billion USD, gaining production rights for "Tongyan Needle," aiming to alleviate capacity bottlenecks and enhance its product matrix [12][13]. - Aimeike is expanding its product line to include weight loss products, with clinical trials for Semaglutide and Deoxycholic Acid injections underway [13][14].