IMEIK(300896) 证券时报网·2025-04-24 14:41Core Viewpoint - The company reported a positive operational recovery in Q1 2025, with revenue and net profit showing sequential growth despite industry adjustments [1][2] Financial Performance - In Q1 2025, the company achieved revenue of 663 million yuan and a net profit of 444 million yuan, reflecting a quarter-on-quarter increase of 2.06% and 19.26% respectively [1] - The gross margin remained high at 93.85%, indicating strong pricing power amid competitive pressures [1] Product Development and Innovation - The company invested 58.54 million yuan in R&D, accounting for 8.82% of revenue, which is an increase of 1.65% year-on-year [1] - A new product, a domestic jaw filler, is expected to launch soon, leveraging its safety and support features to enhance performance in the second half of the year [1] Global Expansion Strategy - The company is accelerating its global market presence by acquiring 85% of REGEN Biotech Inc. for approximately 190 million USD, which will enhance its access to high-end regenerative products [2] - The new production facility in South Korea will alleviate capacity constraints and facilitate product penetration in 34 countries [2] Financial Health - As of March 2025, the company had cash reserves of 3.546 billion yuan, a significant increase of 134.10% from the end of 2024, and total equity exceeding 8.393 billion yuan [2] - The company’s total liabilities decreased by 17.29% compared to the end of 2024, indicating a healthy financial structure [2] Industry Context - The medical aesthetics industry is facing challenges from supply-side reforms and extended consumer decision cycles, but the company’s diversified strategies in R&D, globalization, and financial stability position it for long-term growth [2]