When answering Times Finance's question about how to boost performance in the future, Aimeike mentioned three directions - R&D, channel, and internationalization.

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"Medical beauty mao" stalled. On March 19th, Aimec (300896. SZ) released its 2024 annual report. According to the financial report data, in 2024, Aimeike will record an operating income of 3.026 billion yuan, a year-on-year increase of 5.45%; recorded net profit attributable to shareholders of listed companies of 1.958 billion yuan, a year-on-year increase of 5.33%; Net cash flow from operating activities was RMB1.927 billion, down 1.38% year-on-year.

At the same time, Aimeike plans to distribute a cash dividend of 38 yuan (tax included) to all shareholders for every 10 shares, with a total cash dividend of RMB 1.145 billion (tax included), and the cash dividend amount is the highest in the history, accounting for 58.51% of the net profit attributable to the parent company for the whole year. Wind data shows that as of March 10, 2025, the total number of shareholders of Aimeike is 59,600.

Judging from the financial report data of previous years, in 2024, whether it is revenue or net profit, the year-on-year growth rate of Aimeike will drop to single digits. This is the first time since 2016 that Aimeike has seen single-digit growth.

In this regard, Aimeike told Times Finance, "The company has always aimed for long-term steady development, and the growth rate adjustment in 2024 is the result of the superposition of multiple factors, such as weak consumption recovery and increased product supply." Short-term fluctuations will not change the parallel trend of 'high-end + popular' medical aesthetic consumption, and we are full of confidence in the long-term potential of China's medical aesthetic industry and the company's competitiveness." ”

Founded in 2004 and listed on the Shenzhen Stock Exchange in September 2020, Aimeike has entered into a partnership with Haohai Biotech, Bloomage Biotech (688363. SH) formed the A-share "Three Musketeers of Medical Beauty", and was also known as "Medical Beauty Mao" by the market because of its high gross profit margin.

As of the disclosure date of the 2024 annual report, the company has 11 Class III medical device products approved by the National Medical Products Administration, including 6 series of dermal fillers based on sodium hyaluronate, 1 dermal filler based on poly-L-lactic acid, 1 PPDO facial implant thread product, 1 product suitable for tissue repair and healing, and 2 disposable sterile injection needles.

In terms of segmentation, solution injection products and gel injection products are the core sources of Aimeike's growth. In 2024, Aimeike's solution injection products will record revenue of 1.744 billion yuan, a year-on-year increase of 4.40%; Gel injection products recorded revenue of 1.216 billion yuan, a year-on-year increase of 5.01%. The year-on-year growth rates of these two businesses in 2023 will be 29.22% and 81.43% respectively.

In terms of gross profit margin, solution injection products have declined. According to the financial report data, the gross profit margin of solution injection products was 93.76%, a year-on-year decrease of 0.72%, and the gel injection products were 97.98%, a year-on-year increase of 0.49%.

In contrast, the facial implant line is the only business that maintains the growth rate, recording 6.8042 million yuan in 2024, a year-on-year increase of 14.95%, and this figure will be 5.9195 million yuan in 2023, a year-on-year increase of 10.06%.

Under the pressure of performance growth, Aimeike has been exploring a new growth curve.

In October 2024, Aimeike will launch a new product for weight management - supermodel pills to the market. Times Finance saw in the official mini program of Aimec that the price of this product is 299 yuan / box (specification: 56 capsules).

For this layout, Aimeike told Times Finance, "With the continuous improvement of consumers' attention to health management, the demand for the comprehensive solution of 'medical beauty + health' is growing. We believe that weight management is also a part of health, and that good weight management can avoid pathological aging caused by obesity. Therefore, the company launched the 'supermodel pill' to meet the needs of consumers in weight management, further expand the company's business layout in the field of health, and at the same time give full play to the company's advantages in technology research and development and marketing, and combine the metabolic regulation mechanism of the company's GLP-1 drugs in the future to achieve diversified development of product lines and differentiated competition paths. ”

In recent years, weight-loss products, especially GLP-1 drugs, have been highly sought after by the market, attracting many companies to compete for layout. Aimeike is also one of them.

According to the 2024 annual report, Aimeike is developing semaglutide injection and deoxycholic acid injection, both of which are in the clinical trial stage. However, although weight loss products are hot, whether they can seize the market is a test for Aimeike.

In terms of research pipelines, Aimeike has also laid out botulinum toxin type A for removing dynamic wrinkles, second-generation facial implants for soft tissue lifting, and hyaluronidase for injection for subcutaneous injection to dissolve hyaluronic acid.

In addition to expanding its own product system, going overseas is another important strategy of Aimeike. When answering Times Finance's question about how to boost performance in the future, Aimeike mentioned three directions - R&D, channel, and internationalization.

On March 10 this year, Aimeike announced the acquisition of 85% of the shares of South Korea's REGEN Biotech, Inc. (hereinafter referred to as "REGEN") for $190 million, which is the first disclosed acquisition of AIMIKE since its listing. In the announcement, it was clearly mentioned that "this transaction is a key move for the company to start its internationalization strategy".

Regarding the acquisition of REGEN and the subsequent overseas strategy, Aimeike pointed out to Times Finance that "the company adheres to the principle of quality first when going overseas, and does not do a simple supply chain to go overseas. At present, REGEN has registered qualifications and a global distribution network in more than 30 countries and regions, and is also actively preparing and exploring other important overseas markets, through which the company will gradually penetrate into more countries and regions through localized operations and compliance registration. According to consumer demand, product characteristics and market access conditions of various countries, Aimeike will choose the appropriate overseas market, product layout, sales strategy and entry method to achieve the sustainable development of the brand and business. ”

Judging from the financial report data, Aimeike's revenue is concentrated in China. In 2024, Aimeike disclosed its overseas revenue, which was 1.5833 million yuan, accounting for only 0.05% of the total revenue.

Regarding whether the business system will be expanded through acquisitions in the future, Aimeike revealed to Times Finance, "The company has been paying attention to industry trends and market opportunities, and does not rule out the possibility of further expanding the business system through investment and mergers and acquisitions in the future." ”

On March 20, Aimeike closed at 193.93 yuan per share, down 1.43%, with a total market value of 58.682 billion yuan.