First time facing a double decline in annual revenue and net profit since going public, where does the pressure for "medical beauty giant" Aimeike come from?

Ask AI · How can a beauty medicine leader break through growth bottlenecks during an industry transition period?

In 2025, Aimeike turned in its first annual report since listing showing declines in both revenue and net profit. Operating revenue fell 18.94% year over year to RMB 2.453 billion; net profit attributable to shareholders declined to RMB 1.291 billion, down 34.05% from the same period last year.

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Investment Time Network, Dongdian Finance Researcher Lü Gong

“Beauty medicine Maotai” can’t grow anymore?

Recently, beauty medicine leader Aimeike (300896.SZ) released its first negative-growth performance since going public. The data show that in 2025, Aimeike saw both revenue and net profit drop. Operating revenue fell 18.94% year over year to RMB 2.453 billion; net profit attributable to shareholders decreased to RMB 1.291 billion, down 34.05% from the same period last year; after non-recurring items, net profit attributable to shareholders fell 41.30% year over year to RMB 1.099 billion. The company attributed the performance decline to factors such as changes in the economic environment and industry competitive landscape.

In recent years, China’s beauty medicine industry has entered a new cycle running parallel to rapid development and intensive adjustments. On one hand, the market size has continued to expand, product categories have become increasingly rich, and the supply side has been accelerating toward standardization, offering consumers more diverse and compliant choices. On the other hand, prosperity on the supply side has also intensified market competition. Coupled with fluctuations in the economic environment and a more cautious consumer sentiment among residents, the industry is experiencing a key transition from “scale expansion” to “quality deepening.”

Specifically from an operational perspective, since Aimeike was established in 2004, it has been committed to the R&D, production, and sales of biomaterials and biopharmaceuticals. The company has rolled out multiple products aimed at repairing facial and neck wrinkle skin. Among them, Xiai and Rubaishai Angel are the company’s two major core products. At present, the company’s product matrix covers multiple core application scenarios, including skin fillers, neuromuscular regulation, and hair health management, forming a full-category, differentiated product layout.

However, as of 2025, solution-based injectable products represented by “Xiai,” and gel-based products represented by “Rubaishai Angel,” still remain the main revenue pillars of Aimeike. The two products respectively brought the company RMB 1.265 billion and RMB 890 million in revenue, and together account for 87.84% of the company’s total revenue.

The weak performance of the two core segments naturally has a significant impact on the company’s overall performance. Since 2024, the year-over-year growth rate of revenue for solution-based injectable products and gel-based injectable products has already slowed to single digits—only 4.40% and 5.01% year over year, respectively. In terms of profitability, the gross margin of solution-based injectable products shifted from increase to decline, falling 0.72 percentage points compared with the same period last year, while the gross margin of gel-based injectable products only rose slightly by 0.49% year over year.

Entering 2025, the downturn became even more evident. Year over year, revenue growth for these two pillar segments both shifted from increase to decrease, with declines of 27.48% and 26.82% respectively. Their gross margins also fell by 0.65 and 0.66 percentage points, respectively, compared with the same period last year. In full-year 2025, sales volumes for the aforementioned two product categories were only 5.1225 million units and 0.6964 million units, respectively—together down by more than one million units from the previous year.

In 2025, the main operating data and year-over-year trends of Aimeike’s two pillar products

Data source: Company financial reports

With pressure building on both the solution and gel lines, Aimeike has focused part of its development agenda on building a layout in the botulinum toxin segment, and has recently made new progress. In January 2026, the A-type botulinum toxin drug product that the company distributes exclusively obtained a drug registration certificate.

CITIC Securities pointed out that the botulinum toxin product approved for exclusive distribution in the agreed region fills the blank in the pipeline field for that product. Through combination with the existing product portfolio, it enables the company to provide customers with more comprehensive integrated solutions, which is conducive to strengthening the company’s core competitiveness. Kaiyuan Securities believes that as multiple Aimeike products enter the registration and submission stage and are approved, along with the expansion of the product matrix and deeper cultivation of domestic “direct sales + distribution” end-to-end channels, this set of multi-dimensional initiatives is expected to drive the company’s future growth.

In addition, the company’s minoxidil topical preparation obtained a drug registration certificate in September 2025, enabling it to enter the hair health market. The company has also ventured into multiple areas such as “childhood face injections,” cosmetics ingredients, and weight-loss drugs.

It should be noted that these initiatives all require substantial investment to support them. On the cost side, in 2025, due to increases in labor costs, general advertising and promotion expenses, meeting fees, and increases in labor costs caused by higher consulting fees, lawyer fees, and added personnel from mergers and investment transactions, Aimeike’s sales, management, and R&D expenses all increased year over year. The year-over-year growth rates were 39.72%, 48.62%, and 18.45% respectively, and the total already rose to RMB 929 million. When will the new layout help Aimeike build new growth drivers?

Aimeike’s revenue and net profit attributable to shareholders in recent years

Data source: Company financial reports

Investment Time Key Words: Aimeike (300896.SZ)

Author statement: Personal opinions, for reference only