IMEIK(300896) 证券日报网·2025-04-25 07:47Core Viewpoint - Aimeike Technology Development Co., Ltd. reported a decline in revenue and net profit for Q1 2025, indicating challenges in the medical aesthetics industry amid increased competition and regulatory pressures [1][2]. Financial Performance - In Q1 2025, Aimeike achieved revenue of 663 million yuan, a year-on-year decrease of 17.90% - The net profit attributable to shareholders was 444 million yuan, down 15.87% year-on-year [1]. Market Trends - The non-surgical light medical aesthetics market is expected to grow at a rate of 10% in 2024, down from previous highs in 2023, as the industry transitions from "technical dividends" to "comprehensive competitiveness" [2]. - Increased competition has led to a downward trend in product prices, while consumer decision-making periods for high-end medical aesthetics have lengthened due to macroeconomic uncertainties [2]. Strategic Positioning - Aimeike is one of the few leading companies not actively participating in price wars, maintaining a gross margin of 93.85% in Q1 2025, a slight decrease of 0.7 percentage points year-on-year [4]. - The company emphasizes brand value and product quality over short-term price advantages, aiming for long-term market resilience [4]. Research and Development - Aimeike's R&D expenses reached 58.54 million yuan in Q1 2025, accounting for 8.82% of revenue, an increase of 1.65% year-on-year, reflecting a strong commitment to innovation [4]. - Ongoing projects focus on cutting-edge areas such as regenerative materials and collagen, which may not yield immediate sales but are expected to drive long-term growth [4]. Product Expansion - Aimeike has received approval for a new product, a medical-grade gel for jawline filling, which will soon be launched, marking it as the third approved product in this category in China [5]. - The company is also expanding its market presence through the acquisition of 85% of South Korea's REGEN Biotech Inc. for approximately 190 million USD, positioning itself as the only domestic company with two regenerative medical aesthetics products [5].