Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 215.56 CNY, while the current price is 181.55 CNY [5][6]. Core Views - The company is expected to experience a turning point in growth driven by external acquisitions and new product launches. The short-term performance is under pressure due to a weak consumption environment and intensified competition, but long-term prospects remain positive due to the synergistic effects of new product iterations, international acquisitions, and R&D barriers [5][9]. Financial Projections - Total revenue is projected to be 3,026 million CNY in 2024, with a year-on-year growth rate of 5.4%. However, a decline of 12.2% is expected in 2025, followed by a recovery with growth rates of 22.9% in 2026 and 16.2% in 2027 [4][10]. - Net profit attributable to the parent company is forecasted to be 1,958 million CNY in 2024, with a growth rate of 5.3%. This is expected to decline by 17.2% in 2025, before increasing by 25.7% in 2026 and 15.3% in 2027 [4][10]. - Earnings per share (EPS) are estimated at 6.47 CNY for 2024, decreasing to 5.36 CNY in 2025, and then recovering to 6.74 CNY in 2026 and 7.77 CNY in 2027 [4][10]. Market Performance - The company has faced significant challenges, with a 21.6% decline in total revenue in the first half of 2025 compared to the previous year, and a 29.6% drop in net profit. The gross margin has slightly decreased to 93.4%, while the net margin stands at 60.9% [9][10]. - The company has made strategic acquisitions, including an 85% stake in the South Korean company REGEN, which is expected to enhance its international presence and product offerings [9][10]. R&D and Product Pipeline - The company has increased its R&D expenditure, with a rate of 12.0% in the first half of 2025, reflecting a commitment to innovation and a robust pipeline that includes products in advanced fields such as botulinum toxin and recombinant proteins [9][10]. - The diverse product pipeline and ongoing R&D efforts are seen as critical for sustainable business development [9][10].

Policy Developments - Tibet Medical Insurance Bureau issued a statement clarifying that it has not authorized any organization or individual to promote "commercial health insurance" products, urging the public to remain vigilant against fraud [1] - The State Council approved the "Medical and Health Strong Foundation Project Implementation Plan," emphasizing its significance in enhancing grassroots medical service capabilities and promoting health initiatives in China [2] Drug and Device Approvals - Baiyoutai announced that its Adalimumab injection (Qletli®) received marketing approval from the UK MHRA, expanding its overseas sales portfolio and potentially positively impacting long-term performance [3] - Zhixiang Jintai received clinical trial approval for its GR1803 injection for systemic lupus erythematosus, a dual-specific antibody drug targeting BCMA and CD3 [4] - Haili Biological's subsidiary received acceptance for a medical device registration application for a natural bone repair material, classified as a Class III medical device [5] - Xinlitai announced that its Enarodustat tablets received a drug registration certificate for treating anemia in chronic kidney disease patients undergoing dialysis [6] Capital Market Activities - Beijing Simu Ruike Pharmaceutical Technology Co., Ltd. received approval for its listing on the New Third Board, with projected revenues of 446 million yuan and 418 million yuan for 2023 and 2024, respectively [8] - Palin Bio announced a share transfer agreement with China Biologic, involving the transfer of approximately 200 million shares, representing 21.03% of the total share capital, for a total price of about 4.699 billion yuan [9] Industry Events - Aimeike reported that its REGEN company's new factory in South Korea is steadily increasing production since its launch [10] - Novo Nordisk announced a global restructuring plan involving the layoff of approximately 9,000 positions, about 11% of its workforce, aiming for annual cost savings of around 8 billion Danish kroner by 2026 [10] Public Sentiment Alerts - Amgen announced plans by shareholders to reduce their holdings by up to 6% of the company's shares, primarily due to personal funding needs [11] - Shutaishen reported that its major shareholder, Xiangtang Group, reduced its stake by 336,070 shares, decreasing its holding from 7.69% to 6.99% [12]

Policy Developments - The State Council approved the "Implementation Plan for Strengthening Basic Medical and Health Services," emphasizing the importance of enhancing grassroots medical service capabilities and promoting the Healthy China initiative [3] Drug and Medical Device Approvals - Baiotai announced that its Adalimumab injection (Qletli) received marketing approval from the UK's MHRA, expanding the company's overseas product offerings and potentially positively impacting long-term performance [5] - Zhixiang Jintai received clinical trial approval for its GR1803 injection for systemic lupus erythematosus, a dual-specific antibody drug targeting BCMA and CD3, which could treat B-cell mediated autoimmune diseases [6] - Haili Biological's subsidiary received acceptance for a Class III medical device registration application for natural bone repair materials [7] - Xinlitai obtained a drug registration certificate for Enarodustat tablets, aimed at treating anemia in chronic kidney disease patients undergoing dialysis [9] Market Movements - Beijing Simu Ruike Pharmaceutical Technology Co., Ltd. was approved for listing on the New Third Board, with projected revenues of 446 million yuan and 418 million yuan for 2023 and 2024 respectively [11] - Palin Bio announced a share transfer agreement with China Biologic, transferring approximately 200 million shares for about 4.699 billion yuan, representing 21.03% of the company's total shares [12] Industry Trends - Novo Nordisk announced a global workforce reduction of approximately 9,000 positions, about 11% of its total employees, as part of a restructuring plan aimed at achieving annual cost savings of around 8 billion Danish kroner by 2026 [15]

证券日报网讯 爱美客9月10日在互动平台回答投资者提问时表示，目前REGEN公司海外销售产品涵盖 AestheFill和PowerFill两款产品。REGEN公司在韩国的新工厂自投产以来，产量正在稳步提升。 （编辑 任世碧） ...

Group 1 - The core viewpoint of the article is that the company Aimei Ke (爱美客) has confirmed that its REGEN subsidiary is currently selling products overseas, specifically AestheFill and PowerFill [2] - REGEN's new factory in South Korea has been steadily increasing its production output since it began operations [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 1.299 billion yuan for the first half of 2025, a year-on-year decrease of 21.59%, and a net profit attributable to shareholders of 789 million yuan, down 29.57% year-on-year [2][6]. - The revenue decline is attributed to a high base effect from the previous year, particularly in the second quarter, where revenue dropped by 25% compared to the same period last year [12]. - The company has made strategic acquisitions, including REGEN, which is expected to enhance its position in the medical aesthetics market and contribute to future growth [12]. Summary by Sections Financial Performance - In Q1 and Q2 of 2025, the company's quarterly revenues were 660 million yuan and 640 million yuan, respectively, with declines of 18% and 25% [12]. - The sales of solution and gel products in the first half of 2025 were 740 million yuan and 490 million yuan, both showing a 24% decline year-on-year [12]. - The net profit for Q2 2025 was 350 million yuan, reflecting a 42% decrease, with a net profit margin of 54.4%, down 15.5 percentage points [12]. Strategic Initiatives - The acquisition of REGEN is expected to strengthen the company's market position in medical aesthetics, with products that complement existing offerings [12]. - The company aims to leverage its international expansion to drive additional revenue growth [12]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 5.55 yuan, 6.48 yuan, and 7.46 yuan, respectively [12].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is experiencing a temporary decline in performance, with a significant drop in both revenue and profit in the first half of 2025. Revenue decreased by 21.59% year-on-year to 1.299 billion yuan, and net profit fell by 29.57% to 789 million yuan [1][2] - The acquisition of REGEN, a South Korean company, is expected to enhance the company's core competitiveness and facilitate its transition from a domestic market leader to a global industry participant [3][4] Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 2,869 million yuan, net profit of 1,858 million yuan - 2024A: Revenue of 3,026 million yuan, net profit of 1,958 million yuan - 2025E: Revenue of 2,740 million yuan, net profit of 1,794 million yuan - 2026E: Revenue of 3,343 million yuan, net profit of 2,180 million yuan - 2027E: Revenue of 3,811 million yuan, net profit of 2,488 million yuan [1][10] - **Growth Rates**: - Revenue growth rates: 48.0% (2023A), 5.4% (2024A), -9.4% (2025E), 22.0% (2026E), 14.0% (2027E) - Net profit growth rates: 47.1% (2023A), 5.3% (2024A), -8.3% (2025E), 21.5% (2026E), 14.1% (2027E) [1][10] - **Profitability Metrics**: - Gross margin for H1 2025 was 93.44%, down 1.48 percentage points year-on-year - Net profit margin for H1 2025 was 60.90%, down 6.78 percentage points year-on-year [2] - **Valuation Ratios**: - P/E ratios: 30.5 (2023A), 29.0 (2024A), 31.6 (2025E), 26.0 (2026E), 22.8 (2027E) - P/B ratios: 8.9 (2023A), 7.3 (2024A), 6.7 (2025E), 5.8 (2026E), 5.0 (2027E) [1][10] Strategic Initiatives - The company has made a strategic investment in the overseas market by acquiring 85% of REGEN for 190 million USD, which is expected to enhance its product offerings and market reach [3][4] - The core products from REGEN, AestheFill and PowerFill, are anticipated to complement the company's existing product lines and provide a broader range of solutions for customers [3]

Core Viewpoint - Despite short-term performance pressure, high-margin products and increased R&D investment solidify long-term competitiveness [2] Financial Performance - In the first half of 2025, total revenue was 1.299 billion yuan, a year-on-year decrease of 21.59%; net profit attributable to shareholders was 790 million yuan, down 29.57% year-on-year [1] - Operating cash flow net amount decreased by 43.06% year-on-year due to the decline in net profit and changes in working capital [1] - Revenue from core injection products, "solution" and "gel" categories, fell by over 23%, indicating pressure on market demand or sales [2] - Operating costs increased slightly by 1.2%, while gross margin remained above 90%, indicating strong profitability [2] - Financial expenses rose by 121.63%, primarily due to foreign currency investment exchange losses [2] R&D and Product Pipeline - R&D investment in the first half of 2025 was 157 million yuan, accounting for 12.05% of revenue, with 182 authorized patents [3] - The company has successfully commercialized several skin fillers and is advancing the development of recombinant proteins and peptides [3] - The existing product pipeline includes 12 Class III medical devices and ongoing research on products like type A botulinum toxin and semaglutide injection [3] Strategic Initiatives - On March 10, the company announced the acquisition of 85% of Korean REGEN for 190 million USD, enhancing its international presence and resource integration [2] - This acquisition is expected to inject new momentum into the company's performance growth by accelerating internationalization [2] Profit Forecast and Investment Rating - Revenue forecasts for 2025-2027 have been adjusted to 2.723 billion yuan, 3.126 billion yuan, and 3.548 billion yuan, down from previous estimates [4] - Net profit forecasts for the same period are now 1.768 billion yuan, 1.952 billion yuan, and 2.246 billion yuan, also revised down from earlier projections [4] - The company's projected PE ratios for 2025-2027 are 31.0, 28.1, and 24.4 times, respectively [4] - The company maintains a "buy" rating based on steady growth in its main business and ongoing investment in innovative product development [4]

Core Viewpoint - The report from Minsheng Securities highlights that Aimeike's net profit attributable to shareholders for the first half of 2025 is 789 million yuan, representing a year-on-year decrease of 29.57% [1]. Financial Performance - In Q2 2025, the net profit attributable to shareholders is 346 million yuan, showing a year-on-year decline of 41.75% [1]. - The company distributed a cash dividend of 12 yuan per 10 shares (including tax), totaling 362 million yuan, which accounts for 45.82% of the net profit for the first half of the year [1]. Product Development and Market Strategy - The company has a rich pipeline of research products, with a more comprehensive product matrix [1]. - As of the end of H1 2025, the company and its subsidiaries have obtained 12 Class III medical device registration certificates, covering a diverse range of products including sodium hyaluronate fillers and polylactic acid fillers [1]. - The research pipeline has extended into biopharmaceuticals and chemical drugs, including products like botulinum toxin type A, second-generation facial implant lines, semaglutide injection, and hyaluronidase, employing a differentiated competition strategy to expand market space and ensure sustainable business growth [1]. Acquisition Activity - In the first half of the year, the company acquired 85% of South Korean REGEN for 190 million USD, with its core products AestheFill and PowerFill approved in 35 and 23 countries, respectively [1]. Rating - The report maintains a "recommended" rating for the company [1].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 188.50 CNY [6][11]. Core Insights - The company experienced short-term performance pressure, with H1 2025 revenue of 1.299 billion CNY, down 21.59% year-on-year, and a net profit of 789 million CNY, down 29.57% year-on-year [1]. - The company has a rich pipeline of products under development, including 12 approved Class III medical devices and new products in the biopharmaceutical and chemical drug sectors, which are expected to drive sustainable growth [2]. - The company is undergoing an internationalization transformation through acquisitions, notably acquiring 85% of Korean REGEN for 190 million USD, which will enhance its global presence and production capacity [4]. Financial Performance Summary - In H1 2025, the company's gross margin was 93.44%, a decrease of 1.48 percentage points year-on-year, with a net profit margin of 60.77%, down 6.88 percentage points year-on-year [3]. - Revenue projections for 2025-2027 are 3.213 billion CNY, 3.574 billion CNY, and 4.263 billion CNY, with corresponding net profits of 2.048 billion CNY, 2.303 billion CNY, and 2.778 billion CNY, reflecting growth rates of 4.6%, 12.4%, and 20.6% respectively [5][8]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 28X, 25X, and 21X respectively, indicating a favorable valuation trend [4][5].