The "medical aesthetics giant" Imeik Technology Development Co.,Ltd. faces its most severe performance challenges since going public: first-half revenue declined 21.6% year-over-year, while net profit attributable to shareholders dropped 29.6%, with all major product lines experiencing significant contraction. However, the company's Type A botulinum toxin has been submitted for registration approval and is under review, obtained production rights for "rejuvenation needles" in the first half, and semaglutide injection is currently in clinical trials, which may support Imeik's future performance.
The medical aesthetics industry is undergoing a critical transformation from scale expansion to quality cultivation. Imeik Technology Development Co.,Ltd. faces its most severe performance challenges since listing: first-half revenue declined 21.6% year-over-year, while net profit attributable to shareholders dropped 29.6%.
Imeik announced its 2025 interim report on Monday afternoon, with key highlights as follows: Operating revenue of 1.299 billion yuan, down 21.59% year-over-year; Net profit attributable to shareholders of 789 million yuan, down 29.57% year-over-year; Gross margin of 93.43%, maintaining a high level, with solution products at 93.15% and gel products at 97.75%; Net cash flow from operating activities of 655 million yuan, down 43.06% year-over-year; R&D investment of 157 million yuan, accounting for 12.05% of operating revenue, up 24.47% year-over-year.
While performance is under pressure, Imeik's stock price continues to decline, with current market capitalization below 60 billion yuan, shrinking by over 120 billion yuan from its peak of over 180 billion yuan.
**Significant Impact from Industry Environment Changes, Major Product Lines All Contracting Substantially**
From financial data, all of the company's major product lines experienced significant contraction: Solution injection products revenue of 744 million yuan, down 23.79% year-over-year; Gel injection products revenue of 493 million yuan, down 23.99% year-over-year. Nevertheless, the company maintained extremely high gross margin levels, with solution and gel products achieving gross margins of 93.15% and 97.75% respectively.
This is mainly due to the overall slowdown in the medical aesthetics industry. According to reports released by institutions including the China Association of Plastics and Aesthetics, China's medical aesthetics market showed overall growth deceleration in 2025, with growth momentum needing transformation. On one hand, the number of medical aesthetics injection product registration certificates approved by the National Medical Products Administration continues to increase, intensifying market competition; on the other hand, consumer confidence has declined, with some beauty seekers reducing or postponing medical aesthetics spending.
**Obtained Production Rights for "Rejuvenation Needles," Semaglutide Injection in Clinical Trials**
Despite revenue pressure, the company's R&D investment increased against the trend by 24.47% to 157 million yuan, with the proportion of operating revenue rising to 12.05%. During the reporting period, the company completed 22 patent applications, with multiple important products in registration application or clinical trial stages.
Particularly noteworthy is that the company's Type A botulinum toxin has been submitted for registration approval and is under review. As one of the "big three" in medical aesthetics, botulinum toxin has enormous market potential, and once approved, will provide new growth momentum for the company. Additionally, semaglutide injection and other weight management products are also in clinical trials.
Furthermore, the company's new product "Medical Cross-linked Sodium Hyaluronate Gel Containing Polyvinyl Alcohol Gel Microspheres" (brand name: Juvederm) was launched for domestic sales in May, further enriching the product portfolio.
During the reporting period, the company acquired 85% equity of South Korea's REGEN Company for $190 million through its controlling subsidiary Imeik International, obtaining production rights for "rejuvenation needles." REGEN Company is the third company globally to obtain registration certificates for polylactic acid dermal filler products, and will be included in the company's consolidated financial statements after the acquisition.
In terms of marketing models, Imeik is accelerating digital transformation. "Quanxuan Classroom" has served 29,000 certified doctors, building an academic resource library containing 2,219 items. Through big data analysis of doctors' learning behaviors, it achieves intelligent and precise delivery of professional content. The "Imeik Partner" customer management platform has accumulated 18,000 registered institutional users, converting offline processes into online self-service.
**Proposes Dividend of 12 Yuan per 10 Shares**
Despite performance pressure, the company's financial condition remains stable. Total assets at period-end were 8.765 billion yuan, up 5.09% from the beginning of the period; Cash and cash equivalents of 1.175 billion yuan provide sufficient funding for future development.
The company proposes to distribute cash dividends of 12 yuan per 10 shares, with a dividend ratio of 45.82%, demonstrating emphasis on shareholder returns.
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