Aimeike's revenue and net profit both decline: two major core product categories stall, and a dispute over the agency rights for the Tongyan Needle hangs overhead.

AI · Youth Face Needle Agency Dispute: How Will It Impact the Company’s International Strategy?

Once dubbed the “Moutai of women,” Aimeike hit the brakes in 2025.

According to Aimeike Technology Development Co., Ltd. (hereinafter referred to as “Aimeike”)'s 2025 annual report, during the reporting period, the company achieved revenue of 2.453 billion yuan, down 18.94% year-on-year; net profit attributable to shareholders decreased by 34.05% to approximately 1.291 billion yuan; gross profit margin declined from 94.64% to 92.7%, a decrease of 1.94 percentage points year-on-year.

Notably, this is the first annual report since Aimeike’s listing to show declines in both revenue and net profit. The once high-growth “myth” has paused amid increasingly fierce market competition and declining sales of its two core product categories.

Revenue and sales of solution and gel injection products both decline

During the period of rapid growth in China’s medical aesthetics industry, Aimeike once achieved remarkable results.

Founded in 2004, Aimeike is a company focused on R&D and transformation of biomedical materials and biopharmaceutical products, and a provider of innovative medical beauty products. In September 2020, Aimeike was listed on the Shenzhen Stock Exchange, embarking on its capital market journey.

Supported by its monopolistic position and high gross margins, Aimeike’s performance soared after listing.

From 2020 to 2023, the company’s revenue grew from 709 million yuan to 2.869 billion yuan, with net profits attributable to shareholders of approximately 440 million, 958 million, 1.264 billion, and 1.858 billion yuan, respectively, with year-on-year growth rates of 43.93%, 117.81%, 31.9%, and 47.08%.

The turning point came in 2024, when both revenue and net profit growth slowed to single digits, signaling increased pressure.

In 2024, Aimeike’s revenue grew by 5.45% to 3.026 billion yuan, and net profit attributable to shareholders was about 1.958 billion yuan, up 5.33%. During the earnings conference, Aimeike attributed the slowdown to “the increase in operating scale,” and stated that starting in 2025, products developed and delivered for listing would be gradually launched to support the company’s growth and performance.

[Image/ Screenshot of Aimeike 2025 Annual Report]

However, the financial data in the 2025 annual report shattered Aimeike’s expectations—revenue and net profit attributable to shareholders declined by 18.94% and 34.05% year-on-year, respectively, and net cash flow from operating activities decreased by 31.29% to 1.324 billion yuan.

Looking at product categories, Aimeike has several core products. Among them, the solution-based core product “Hi-Body” received approval at the end of 2016 and has long held a monopoly in the market, becoming the company’s “cash cow.” In 2021, driven by increasing consumer demand for anti-aging and skin rejuvenation, “Hi-Body” and other solution-based injection products achieved revenue of 1.046 billion yuan, a 133.84% increase year-on-year.

Compared to “Hi-Body,” the gel-based core product “Ru Bai Angel” was approved for market launch later, in June 2021, but quickly gained momentum, driving a 65.61% year-on-year increase in gel product revenue in 2022, far surpassing the growth of solution injections.

Now, the collective “stall” of these two core product categories has become a key factor dragging down the company’s 2025 performance.

[Image/ Screenshot of Aimeike 2025 Annual Report]

With competitors entering the market and influenced by factors such as “macro environment and industry competition,” in 2025, revenue from solution and gel injection products fell approximately 27.48% and 26.82% to about 1.265 billion yuan and 890 million yuan, respectively. Additionally, the company’s newly added lyophilized powder injection products generated revenue of 208 million yuan, accounting for about 8.48%.

[Image/ Screenshot of Aimeike 2025 Annual Report]

In terms of sales volume, both core product categories also declined. Solution injections sold 5.1225 million units in 2025, a 19.28% decrease year-on-year; gel injections totaled 696,400 units, down 22.07% compared to the previous year.

Meanwhile, sales expenses, management expenses, and financial expenses (“three expenses”) increased, further squeezing profit margins. During the period, due to rising labor costs, advertising, conference, and promotional expenses, sales expenses rose 39.72% to 387 million yuan; management expenses increased 48.62% to 183 million yuan; financial expenses reached about 7.5 million yuan, up 123.99%, mainly due to increased exchange losses.

$190 million acquisition dispute, “Youth Face Needle” agency rights in stalemate

Under performance pressure, Aimeike is looking to expand internationally through equity investments.

In 2025, Aimeike’s holding subsidiary, Aimeike International, acquired 85% of Korea’s Regen for $190 million in cash. Regen mainly produces two products: AestheFill and PowerFill. Notably, AestheFill received the “Medical Device Registration Certificate” from China’s National Medical Products Administration in January 2024, and was subsequently launched, becoming the first imported “Youth Face Needle” in China.

However, this acquisition has led to complex issues for both Aimeike and Regen.

Back in August 2022, Jiangsu Wuzhong Holdings’ subsidiary, Datuo Medical, signed agreements with Regen and others, obtaining exclusive distribution rights for AestheFill in mainland China. This move brought significant benefits to Jiangsu Wuzhong, helping the company turn profitable in 2024, with sales revenue of 113 million yuan in the first quarter of 2025.

Shortly after Regen was consolidated into Aimeike’s financial statements, on July 18, 2025, Regen sent a “Termination Letter” to Datuo Medical, citing violations of the exclusive distribution agreement, among other reasons, to terminate the contract.

A dispute over the agency rights of the “Youth Face Needle” thus erupted.

In response to the contract dispute, Datuo Medical and Regen filed arbitration requests and counterclaims with the Shenzhen International Arbitration Court. Specifically, Datuo Medical requested confirmation of the validity and continued performance of the “Exclusive Agency Agreement,” and if not supported, initially claimed damages of 1.6 billion yuan. Aimeike stated it would submit its defense and counterclaims within the stipulated time.

Following the emergency arbitration decision issued by the Shenzhen International Arbitration Court on September 2025 regarding Datuo Medical’s application for interim measures, and the subsequent ruling in January 2026, the arbitration on the “Youth Face Needle” agency rights has experienced multiple twists and remains unresolved.

In its 2025 annual report, Aimeike noted that major arbitration involving its subsidiary Regen is ongoing, with no final ruling yet, and that “the impact of this arbitration on the company’s current or future operating results will be based on the final arbitration outcome.”

Beijing News Shell Finance reporter noted that acquiring Regen’s controlling stake has burdened Aimeike with “heavy” goodwill.

[Image/ Screenshot of Aimeike 2025 Annual Report]

By the end of 2025, the company’s goodwill surged from 278 million yuan at the start of the year to 1.641 billion yuan, increasing its proportion of total assets from 3.34% to 18.42%, a rise of 15.08 percentage points.

From being the “Moutai of women” to now experiencing declines in revenue and net profit, the era of “easy wins” for Aimeike is over. How to properly resolve the distribution contract disputes and find new growth drivers will be crucial in the future.

Beijing News Shell Finance reporter Li Zheng

Editor: Yue Caizhou

Proofreader: Liu Baoqing