Research Brief | Aimeike Receives Investor Visits from Sichuan Dajuece and Others; R&D Expenses Account for 14.67%; Customer Satisfaction Reaches 95.4 Points

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On March 24, Aimeike (stock code: 300896) held its 2025 online performance briefing session via Panjing Network’s “Investor Relations Interaction Platform.” Chairman Jian Jun, General Manager Shi Yifeng, Board Secretary Li Dongmei, Financial Director Zhang Renchao, and Independent Director Chen Gang attended together. They engaged in in-depth communication with investors—including Sichuan Juece—on topics such as the company’s production and operations, product layout, R&D progress, and future strategy.

Basic Information on the Investor Activity

Key Q&A Responses: Production, R&D, and Market Developments Draw Attention

Production and Sales: Korean plant capacity continues to release; Ai-Suo-Fei sales in China are normal

Regarding investors’ attention to the integration progress of Korea’s REGEN company, the company stated that the integration has gone smoothly after the acquisition. The new plant has been put into operation successfully and has begun shipping, with capacity continuing to ramp up. Its core product Ai-Suo-Fei (AestheFill) is being sold normally in China. Regarding the agency rights litigation with Jiangsu Wuzhong, the company said the case is still under review and progress will be disclosed in accordance with regulations. For consolidated financial statements, REGEN has been included in the consolidation scope from April 30, 2025. For specific financial data, please refer to the relevant sections of the annual report.

R&D and Products: R&D expense ratio is 14.67%; multiple pipelines advanced in parallel

In 2025, the company continued to increase R&D investment, with R&D expenses accounting for 14.67%. Among its products under development, Product A botulinum toxin was approved for launch in January 2026. The company said it will, through combined use with existing filler products, build a “comprehensive multi-dimensional aesthetic product system” for the full face, and provide an end-to-end solution. In addition, the clinical trials of semaglutide injection are being advanced steadily. Minoxidil topical solution (2% and 5% strengths, for treating hair loss) has been approved, and a sales plan is currently being developed.

Finance and Expenses: Full-year selling expenses are 387 million yuan; expense ratio is 15.8%

Financial data shows that in 2025, the company’s full-year selling expenses were 387 million yuan, with a selling expense ratio of 15.8%. Regarding the issue that selling expenses grew year over year more significantly in the fourth quarter, the company explained that this is mainly because, after acquiring REGEN, it took over REGEN’s domestic sales business. The relevant market personnel and marketing efforts are in the investment stage. As the business ramps up, the expense ratio will return to a reasonable level. Regarding dividends, the company paid an interim dividend of 362 million yuan in 2025 (including tax) and a year-end dividend of 241 million yuan (including tax). The total dividends for the full year were 603 million yuan (including tax), accounting for 46.70% of net profit attributable to shareholders. This is basically consistent with previous years.

Market and Competition: Respond to industry cycles and build multi-dimensional barriers

In response to intensifying industry competition, the company stated it will address it in three ways: first, deepen the existing product markets and expand indications and channels; second, accelerate the launch of new products and lay out areas such as weight management and hair health; third, advance international M&A to expand incremental opportunities. For customer satisfaction, in 2025 the company’s survey scores for agents and medical institutions were 95.4. By optimizing throughout the entire process, it continues to enhance the cooperation experience.

Shareholder Concerns: No executive share selling plan; focus on market value management

Regarding issues related to stock price fluctuations and market value management, the company said that executives currently have no plan to reduce their holdings. It always places importance on returning value to shareholders, and it implemented a share buyback of 399 million yuan in 2023. Going forward, if plans such as share buybacks or equity incentives are introduced, the company will promptly fulfill its information disclosure obligations. For the investors’ concern about “the stock price keeps falling,” the company emphasized that it will focus on its core business, and strengthen long-term value through R&D investment and product innovation.

Summary

At the performance briefing, Aimeike responded to investors’ concerns about production integration, R&D progress, financial performance, and market value management. It clarified its strategic direction of “product synergy + R&D-driven approach + international M&A.” The company said that although the industry faces short-term challenges, in the long run it will maintain a leading position through technological barriers and a product portfolio. Relevant progress can be followed in subsequent periodic reports.

Statement: The market involves risk; investment requires caution. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s viewpoints. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are any discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

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Responsible editor: Xiao Lang Express