证券研究报告 | 年报点评报告 gszqdatemark 2026 03 25 年 月 日 爱美客（300896.SZ） 25 年年报：业绩阶段性承压，关注新品放量及海外扩张 25 年产品矩阵过渡期，业绩有所承压。 2025 年：收入 24.5 亿，同比-19%；归母净利 12.91 亿，同比-34%；扣非净 利 11.0 亿，同比-41%。 2025Q4：收入 5.9 亿，同比-10%；归母净利 1.98 亿，同比-47%；扣非净利 1.22 亿，同比-64%。 盈利能力：收入承压，销售费用大幅提升，净利率下滑。 2025 年：毛利率/净利率/扣非净利率 92.7%/53.1%/44.8%，同比-1.9pp/- 11.6pp/-17.1pp。销售/管理/研发/财务费率：15.8%/7.4%/14.7%/0.3%，同 比+6.6pp/+3.4pp/+4.6pp/+1.3pp。 2025Q4：毛利率/净利率/扣非净利率 90.6%/33.0%/20.8%，同比-3.4pp/- 24.1pp/-31.7pp。销售/管理/研发/财务费率：26.5%/10.8%/20.8%/0.4%，同 比+15.5pp/+5.9p ...

投资要点： 公司点评（R3） 爱美客(300896.SZ) 美容护理｜ 医疗美容 业绩阶段性承压，内生+外延构筑长期增长动能 2025 年年报点评 | 预测指标 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 30.26 | 24.53 | 27.93 | 30.84 | 33.89 | | 归母净利润(亿元) | 19.58 | 12.91 | 14.53 | 16.15 | 18.02 | | 每股收益（元） | 6.47 | 4.27 | 4.80 | 5.34 | 5.96 | | 每股净资产（元） | 25.77 | 25.06 | 27.71 | 30.64 | 33.92 | | P/E | 18.94 | 28.72 | 25.52 | 22.96 | 20.58 | | P/B | 4.76 | 4.89 | 4.42 | 4.00 | 3.61 | 资料来源： iFinD ，财信证券 2026 年 03 月 25 日 评级 买入 评级变动 维持 | 交易 ...

爱美客（300896.SZ） 25 年年报：业绩阶段性承压，关注新品放量及海外扩张 25 年产品矩阵过渡期，业绩有所承压。 2025 年：收入 24.5 亿，同比-19%；归母净利 12.91 亿，同比-34%；扣非净 利 11.0 亿，同比-41%。 2025Q4：收入 5.9 亿，同比-10%；归母净利 1.98 亿，同比-47%；扣非净利 1.22 亿，同比-64%。 盈利能力：收入承压，销售费用大幅提升，净利率下滑。 2025 年：毛利率/净利率/扣非净利率 92.7%/53.1%/44.8%，同比-1.9pp/- 11.6pp/-17.1pp。销售/管理/研发/财务费率：15.8%/7.4%/14.7%/0.3%，同 比+6.6pp/+3.4pp/+4.6pp/+1.3pp。 2025Q4：毛利率/净利率/扣非净利率 90.6%/33.0%/20.8%，同比-3.4pp/- 24.1pp/-31.7pp。销售/管理/研发/财务费率：26.5%/10.8%/20.8%/0.4%，同 比+15.5pp/+5.9pp/+2.9pp/+1.0pp。 销售费用大幅提升，主要系公司进行人员扩张，以及营销推广费用 ...

公司点评（R3） 爱美客(300896.SZ) 美容护理｜ 医疗美容 业绩阶段性承压，内生+外延构筑长期增长动能 2025 年年报点评 | 预测指标 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 30.26 | 24.53 | 27.93 | 30.84 | 33.89 | | 归母净利润(亿元) | 19.58 | 12.91 | 14.53 | 16.15 | 18.02 | | 每股收益（元） | 6.47 | 4.27 | 4.80 | 5.34 | 5.96 | | 每股净资产（元） | 25.77 | 25.06 | 27.71 | 30.64 | 33.92 | | P/E | 18.94 | 28.72 | 25.52 | 22.96 | 20.58 | | P/B | 4.76 | 4.89 | 4.42 | 4.00 | 3.61 | 资料来源： iFinD ，财信证券 投资要点： 2026 年 03 月 25 日 评级 买入 评级变动 维持 | 交易 ...

Core Viewpoint - The arbitration decision by the Shenzhen International Arbitration Court has lifted the sales restrictions on AestheFill products for REGEN Biotech, Inc., a subsidiary of Aimeike, thereby facilitating the company's market expansion in China [1][2]. Group 1: Arbitration Decision - REGEN Biotech received a decision from the Shenzhen International Arbitration Court on January 29, which revoked a previous temporary measure that restricted its ability to sell AestheFill products in China [1]. - The decision confirms that REGEN's subsidiary, LIZHEN (Xiamen) Aesthetic Medical Technology Co., Ltd., retains the sales rights for AestheFill products in mainland China [2]. Group 2: Strategic Implications - The revocation of the temporary measures not only protects Aimeike's rights to sell AestheFill products in China but also accelerates the product's market deployment [2]. - Aimeike demonstrates a strategic capability of operating within legal frameworks while expanding its market presence, which is crucial for maintaining shareholder interests [2]. Group 3: Product and Market Development - Aimeike has established a robust sales network in the Chinese medical aesthetics market, which will enhance the product matrix and channel synergy with the introduction of AestheFill [3]. - The AestheFill and PowerFill products have accumulated years of international safety and efficacy data, providing a platform for Aimeike's international market expansion [3]. Group 4: Industry Trends - As the Chinese medical aesthetics market transitions to high-quality and standardized development, companies with comprehensive product matrices and strong R&D capabilities will continue to enjoy structural advantages [4]. - The recent legal victory for Aimeike underscores the importance of compliance in ensuring sustainable development within the increasingly regulated medical aesthetics industry [4].

Core Viewpoint - The company, Aimeike (300896.SZ), confirmed that its acquisition of the South Korean company REGEN is progressing as planned, with the focus on specific medical devices [1]. Group 1 - The company received inquiries from investors regarding the lack of marketing information for its overseas acquisition [1]. - Aimeike stated that REGEN's main products are AestheFill and PowerFill, both classified as Class III medical devices [1]. - The target customer base for these products consists of legitimate medical institutions qualified to use medical devices [1]. Group 2 - REGEN is reportedly continuing its production and sales activities as per the established plan [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q3 2025, the company achieved operating revenue of 566 million yuan, a year-on-year decrease of 21.27%. The net profit attributable to the parent company was 304 million yuan, down 34.61% year-on-year, while the net profit excluding non-recurring items was 255 million yuan, a decline of 42.37% year-on-year [2][6]. - The revenue decline has narrowed sequentially due to the consolidation of REGEN Company, with revenue declines in Q1, Q2, and Q3 being 17.9%, 25.11%, and 21.27% respectively. The main reason for the narrowing decline is the lower revenue base starting from Q3 of the previous year [11]. - The company's gross profit margin for Q3 was 93.2%, a year-on-year decrease of 1.4 percentage points, while the net profit margin attributable to the parent company was 53.7%, down 11 percentage points year-on-year. This decline in profitability is attributed to revenue pressure and relatively rigid expense inputs [11]. - The internationalization strategy is expected to bring new growth. The consolidation of REGEN has introduced products that complement the existing product matrix, enhancing the company's offerings in the aesthetic medicine sector [11]. - The company forecasts EPS for 2025, 2026, and 2027 to be 4.92 yuan, 5.62 yuan, and 6.20 yuan respectively, indicating a positive outlook despite current pressures [11]. Financial Summary - For 2025, the company expects total revenue of 2.515 billion yuan, with a gross profit of 2.345 billion yuan, resulting in a gross margin of 93% [17]. - The projected net profit for 2025 is 1.489 billion yuan, with an EPS of 4.92 yuan [17]. - The company’s cash flow from operating activities is expected to be 1.499 billion yuan in 2025 [17].

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 [2][6][20]. Financial Performance - In Q3 2025, Aimeike's revenue was 565 million, a year-on-year decline of 21.27%, and net profit was 304 million, down 34.61%. For the first three quarters of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [2][6]. - The company's stock price fell sharply after the earnings report, reaching a low of 157.05 per share, a drop of 3.97%, and currently has a market capitalization of approximately 48.5 billion, down 73% from its peak of 180 billion in 2021 [2][6]. Product Overview - Aimeike, established in 2004 and listed in 2020, focuses on hyaluronic acid products, with its two main offerings being the injection solution "Haitai" and the gel filler "Ruhua Tianzi," both of which previously held market advantages [4][5]. - Despite maintaining high gross margins above 90%, revenue from these core products has significantly declined, with "Haitai" seeing a 23.79% drop in revenue and "Ruhua Tianzi" down 23.99% in the first half of 2025 [8][9]. Market Challenges - Aimeike's competitive edge is diminishing as new entrants, such as Huaxi Biological's "Runzhi·Gege," have entered the market, challenging the exclusivity of its products [13]. - The company faces increasing competition from alternative technologies, such as recombinant collagen, which are gaining traction and threatening Aimeike's market share in the hyaluronic acid segment [14]. Strategic Moves - To seek new growth avenues, Aimeike acquired 85% of South Korean company REGEN for 190 million USD in 2025, aiming to enhance its product portfolio and leverage REGEN's global sales network [16][17]. - This acquisition has led to a significant increase in goodwill, rising from 278 million at the end of 2024 to 1.65 billion by September 2025, marking a 493.44% increase [18]. Legal Issues - Aimeike is embroiled in a legal dispute with REGEN's former distributor, Datuo Medical, over the termination of an exclusive distribution agreement, which could impact the integration and future profitability of the acquisition [19][20].

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 position [2][5][8]. Financial Performance - In Q3 2025, Aimeike's revenue was 565 million, a year-on-year decline of 21.27%, and net profit was 304 million, down 34.61%. For the first three quarters of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [2][8]. - The company's stock price fell to 157.05 yuan per share on the day of the report, a drop of 3.97%, and has since decreased by 73% from its peak market value of 180 billion in 2021, now valued at approximately 48.5 billion [2][5]. Product Performance - Aimeike's core products, "Haitai" and "Ruhua Tianzi," have seen significant revenue declines. For the first half of 2025, "Haitai" generated 744 million, down 23.79%, while "Ruhua Tianzi" brought in 493 million, down 23.99% [8][9]. - Despite maintaining high gross margins above 90%, the revenue drop and slight margin decline indicate growing concerns about the company's revenue structure and overall growth momentum [9][10]. Competitive Landscape - Aimeike's market dominance is being challenged as competitors like Huaxi Biological have introduced similar products, eroding the unique advantages previously held by "Haitai" [11][13]. - The emergence of alternative technologies, such as recombinant collagen, poses a threat to Aimeike's core offerings, further pressuring its performance [13]. Strategic Moves - Aimeike's acquisition of REGEN aims to enhance its product portfolio and international market access, but it has led to a significant increase in goodwill from 278 million to 1.65 billion, a rise of 493.44% [14][15]. - The company is currently embroiled in a legal dispute with its former distributor, which could impact the integration of REGEN and future revenue streams [15]. Conclusion - Aimeike is at a critical juncture, facing declining performance from its flagship products while struggling to establish new growth drivers amidst increasing competition and technological advancements [15].