爱美客202509004

Summary of Aimeike's Conference Call Company Overview - Aimeike has established a leading position in the niche market with its Hi-Tech series, particularly the neck wrinkle injection product [2][3] - The company has been continuously launching new indication products such as Panda Needle and Thai Bubble Needle to strengthen its technological and channel advantages [2] Core Insights and Arguments - Performance Decline: Since Q1 2023, Aimeike's growth rate has slowed down, and its valuation has decreased due to a lack of blockbuster new products, weak consumer demand, and increased competition from upstream products like hyaluronic acid, leading to over 20% declines in gel and solution products [2][4][5] - Acquisition of Regen: In March 2023, Aimeike acquired Regen, which is expected to enhance production capacity and expand international channels in the short term. Regen reported a revenue of 80 million RMB and a profit of 50 million RMB in 2023 [2][6][7] - Product Capacity Expansion: The acquisition is projected to increase the production capacity of S-FILM products by five times, driving rapid growth in product offerings [2][8] - Market Trends: The medical aesthetics market is expected to improve, with Aimeike's profits projected to be 1.72 billion RMB in 2025, a decline of about 10%, but expected to exceed 2 billion RMB in 2026 with a growth rate close to 20% [4][9] Future Development Outlook - International Expansion: Aimeike plans to leverage Regen's international production capacity and channels to launch existing products like Hightide and Bonida globally, marking a significant step towards internationalization [2][9] - New Product Cycle: Aimeike is entering a new product cycle, with botulinum products expected to be approved and sold in Q4 2023 or Q1 2024. Following a low performance in 2025 due to high base effects from 2024, a gradual improvement is anticipated in Q3 and Q4 of 2025, leading to steady growth starting in 2026 [9][10] - Valuation Impact: The integration of Regen is expected to influence Aimeike's valuation, with projected multiples of 30x in 2025 and around 25x in 2026, driven by core product fundamentals, R&D pipeline, and international acquisition synergies [4][10] Additional Important Points - Market Competition: The domestic market has over 80 approved hyaluronic acid products, intensifying competition in the regenerative materials market [5] - Sales Channel Development: Aimeike is working on reclaiming domestic distribution rights and has a sales network covering 4,000 to 5,000 institutions nationwide, with good growth momentum for SFE products in both domestic and international markets [8]