Solution and gel injection product sales declined by approximately 20% year-over-year. Aiamei submits its first performance decline "report card" since listing | Financial report analysis

Cailian Press, March 19 — (Reporter He Fan) Due to intensifying competition in the hyaluronic acid industry and rising costs, Aimeike (300896.SZ) reported its first decline in both revenue and net profit since listing for the year 2025.

Tonight, Aimeike announced that in 2025, the company achieved operating revenue of 2.453 billion yuan, a decrease of 18.94% year-on-year; net profit attributable to shareholders of the listed company was 1.291 billion yuan, down 34.05% year-on-year.

Looking at product segments, in 2025, affected by macroeconomic factors and fierce industry competition, the company’s solution and gel injection products generated revenues of 1.265 billion yuan and 890 million yuan, respectively, down 27.48% and 26.82% year-on-year. The newly added lyophilized powder injection products contributed 208 million yuan in revenue. The overall gross profit margin was 92.70%, down 1.94 percentage points year-on-year.

Solution products mainly include injectable sodium hyaluronate complex solutions, while gel products include medical polyvinyl alcohol gel microspheres and sodium hyaluronate-hydroxypropyl methylcellulose gels. In 2025, the sales volume of solution and gel injection products was 5.1225 million and 696,400 units, respectively, representing decreases of 19.28% and 22.07% year-on-year.

While revenue declined, increasing expenses further pressured Aimeike’s performance. In 2025, the company’s selling expenses grew nearly 40%, reaching 387 million yuan. Due to intensified market competition for products like hyaluronic acid, the company has continuously increased R&D investment since listing to diversify its product portfolio, with R&D expenses reaching 360 million yuan in 2025. Notably, the company’s injectable Type A botulinum toxin and minoxidil topical solution were approved for market launch in January and September 2025, respectively.

In terms of market expansion, Aimeike re-entered the overseas market in 2025. The company’s holding subsidiary, Aimeike International, acquired an 85% stake in Korea’s REGEN for $190 million in cash. REGEN has manufacturing and R&D bases in Daejeon and Wonju, South Korea, mainly producing AestheFill and PowerFill products. AestheFill is currently the first imported “Youth Needle” approved in mainland China. To secure exclusive distribution rights for AestheFill in mainland China, Aimeike engaged in a series of negotiations with the previous agent, Jiangsu Wuzhong, with the final outcome still pending.