First-ever decline in both revenue and net profit, with the stock price remaining sluggish over the long term, Aimeike is under immense pressure

(Source: First Wind)

Once a leading player in medical aesthetics, the company is now under immense pressure from declining performance and falling stock prices.

On the evening of March 19, Aesthetic Medical Group released its 2025 annual report. In 2025, the company achieved operating revenue of 2.453 billion yuan, a decrease of 18.94% year-over-year; net profit attributable to shareholders was 1.291 billion yuan, down 34.05% year-over-year. This marks the first time since its listing in 2020 that both revenue and net profit have declined simultaneously.

In the annual report, Aesthetic Medical Group stated that in recent years, China’s medical aesthetics industry has entered a new cycle of rapid growth and deep adjustment. While market size continues to expand and product categories become more diverse, industry supply-side regulation has accelerated, offering consumers more varied and compliant options. However, this prosperity on the supply side has also intensified market competition. Meanwhile, facing macroeconomic fluctuations and cautious consumer spending, the industry is undergoing a critical transformation from “scale expansion” to “quality cultivation,” gradually returning to its medical roots.

Main product revenue drops sharply

The company’s main products include hyaluronic acid injectable dermal fillers, poly-L-lactic acid injectable dermal fillers, and poly-2,2,4,4-tetramethyl-1,3-cyclobutanedione facial implantation threads. Injectable dermal fillers are categorized into gel, solution, and lyophilized powder forms, used in public hospital plastic surgery, dermatology, and private medical aesthetic clinics.

During the reporting period, sales of solution and gel injectable products were 5.1225 million and 696,400 units respectively, with revenues of 1,264.7 million yuan and 889.65 million yuan, representing decreases of 27.48% and 26.82% compared to the same period last year, mainly due to macroeconomic factors and industry competition. The newly launched lyophilized powder injectable products generated revenue of 208.08 million yuan, accounting for 8.48% of total revenue. The gross profit margin decreased from 94.64% last year to 92.70%, a decline of 1.94 percentage points.

Regionally, all seven major domestic regions saw revenue declines. The East China region, accounting for 39.67% of total revenue, fell 17.63% year-over-year; South China down 23.30%; Central China down 31.24%; Northeast China down 40.03%. Overseas revenue surged by 2,858.24%, but only accounted for 1.91% of total revenue.

The company stated that during the reporting period, in response to changes in market environment, competition, and policies, it proactively adjusted strategies. Internally, it clarified development strategies, increased and accelerated R&D, optimized organizational structure, strengthened execution, and continuously improved operational efficiency and refined management. Externally, it steadily advanced investment and acquisition plans and actively explored new growth opportunities to build long-term momentum.

Dispute over agency rights unresolved

In terms of market expansion, in 2025, Aesthetic Medical Group acquired Korea’s REGEN, adding two core products: AestheFill and PowerFill. AestheFill, also known as “Youth Needle,” is mainly used for facial areas. PowerFill is primarily used for body applications.

AestheFill’s market potential has been validated. Public information shows that each dose contains 200mg, suitable for the nasolabial fold area. Since its official launch in China in April 2024, it achieved sales of 326 million yuan in that year, and in the first quarter of 2025, contributed another 113 million yuan, becoming a “hit” product in the regenerative segment.

However, behind this “hit,” lies a core dispute over agency rights. Jiangsu Wuzhong Holdings’ subsidiary Datuo Medical previously held exclusive distribution rights for AestheFill in mainland China. On July 21, 2025, Jiangsu Wuzhong announced that Datuo Medical received a termination letter from REGEN, explicitly requesting to end the exclusive distribution agreement and revoke Datuo Medical’s exclusive agency authorization. The agency rights dispute for AestheFill officially surfaced.

Jiangsu Wuzhong responded with a “counterattack.” On the evening of August 11, 2025, it announced that it had filed arbitration with the Shenzhen International Arbitration Court, requesting confirmation of the validity of the exclusive agency agreement and its continued performance; if not supported, it initially claimed damages of 1.6 billion yuan.

On September 12, 2025, Jiangsu Wuzhong stated that the Shenzhen International Arbitration Court had issued a decision requiring REGEN to comply with three conditions before the arbitration ruling: not to sell AestheFill in mainland China independently, not to deny Datuo Medical’s status as exclusive distributor, and to supply Datuo Medical according to the agreement.

On January 29, 2026, Aesthetic Medical Group announced that REGEN received the “Decision on the Application for Revocation of the Emergency Measures” from the Shenzhen Court of International Arbitration, which decided not to implement the earlier “Decision of the Shenzhen International Arbitration Court” made in September 2025. This decision is not the final ruling; the case is still under review.

From spotlight to decline

For a long time, every move by Aesthetic Medical Group in the medical aesthetics market set the trend, and capital support propelled it to the forefront, enjoying a period of glory. In September 2020, the company listed on the A-share market, creating a myth of rapid capital growth: its IPO price was 118.27 yuan per share, soaring to 320 yuan on opening day, and quickly surpassing 1,000 yuan within months, becoming one of the few “thousand-yuan stocks” at the time. By February 19, 2021, its stock price reached a record high of 1,331 yuan, with a market capitalization exceeding 150 billion yuan, earning the nickname “Women’s Moutai” in the capital market.

However, the company’s thousand-yuan stock did not last long. The frenzy of capital gradually subsided, the mystique faded, market competition intensified, and performance declined steadily. The era of rapid revenue and profit growth ended in 2024, with single-digit growth rates. In the first half of 2025, Aesthetic Medical Group experienced its first negative performance, and the annual report showed its first significant double decline in both revenue and net profit since listing.

The performance pressure has spilled over into the capital market. Currently, the stock price hovers around 150 yuan per share, with a total market value of less than 40 billion yuan, down over 100 billion yuan from its peak.

(This article is for reference only and does not constitute investment advice. Investing involves risks; please proceed with caution!)

Editor / Liu Jian, Fengkou Finance