Aesthetics Medical Holdings Net Profit Nearly 1.3 Billion Yuan Last Year, Gross Margin Maintains High Level

On March 20, Aimeike (300896.ZH) released its 2025 performance report. During the reporting period, the company achieved operating revenue of 2.453 billion yuan and net profit attributable to shareholders of 1.291 billion yuan, both showing certain adjustments compared to the previous year. However, amid the industry’s influx of new products and intensified price competition, the company’s gross profit margin remained at a high level of 92.7%.

In 2025, facing increasing industry “involution” and declining prices of end products, Aimeike is injecting new momentum for long-term sustainable development through independent R&D and strategic industry layout. Throughout 2025, the company invested a total of 360 million yuan in R&D, with the R&D expenditure ratio further increasing to 18.45% compared to the previous year.

Aimeike has made multiple key advances in product R&D and pipeline layout. In terms of R&D pipeline, three products—recombinant hyaluronidase, Semaglutide injection, and Ursodeoxycholic acid injection—have all received clinical trial approval from the National Medical Products Administration (NMPA). Regarding market registration, the company obtained the NMPA’s approval for Minoxidil topical solution (including 2% and 5%), marking its official entry into the high-growth segment of scalp and hair health. Additionally, the company’s exclusive distributor of injectable Type A botulinum toxin received drug registration approval in January 2026, further enriching its commercial product portfolio.

By the end of 2025, Aimeike had 12 Class III medical devices, 9 Class II medical devices, and 2 approved drugs on the market. Meanwhile, the company held a total of 210 valid patents, including 59 invention patents. Its technological reserves and product matrix serve as the “ballast stone” for navigating industry changes.

Aimeike also expanded its business through acquisitions, helping the company ride through industry cycles. In March 2025, the company announced the acquisition of an 85% stake in Korea REGEN Biotech, Inc. (referred to as “Korea REGEN”) through its wholly owned subsidiary, Aimeike International. This move brought the global sales of AestheFill and PowerFill products into its portfolio. As of the end of the reporting period, lyophilized powder injection products had been consolidated, contributing over 208 million yuan in revenue. These two products have been approved for sale in 37 and 24 countries and regions worldwide, respectively.

While expanding its product matrix, Aimeike is also extending upstream in the industry chain. During the reporting period, the company acquired Chengdu Zhongxing Meiyuan to deploy in R&D and manufacturing of medical aesthetic raw materials; simultaneously, it invested in Shanghai Weimai to develop medical aesthetic energy equipment.

The company aims to further strengthen its leading position in the injection and filling product market through these actions. By integrating core resources in R&D, manufacturing, and channels, it is gradually establishing a closed-loop industry chain from raw materials to end-user services, laying a more solid foundation for its deep participation in the global medical aesthetics industry division.

From these moves, it appears that Aimeike intends to build a competitive advantage through new product layouts and continuous ecological development of its product lines. For example, the new product “Medical Polyvinyl Alcohol Gel Microspheres Crosslinked Hyaluronic Acid Sodium Gel” (brand name: Huakela), designed for adult periosteal injection to improve mild to moderate chin retrusion, was officially launched in China in May 2025, creating synergy with established flagship products like “Hite” and “Runbai Angel.”

The company stated that with ongoing R&D pipeline fulfillment and gradual opening of international channels, Aimeike is expected to solidify its domestic market advantage while accelerating its move upstream in the global medical aesthetics supply chain. Transitioning from simple product exports to global integration of technology, brands, and channels, the company is attempting to complete its transformation from a “domestic leader” to a “global participant” amid a new wave of industry segmentation.