Imeik Technology Development Co.,Ltd., once crowned with the "medical aesthetics Moutai" halo, is experiencing its most brutal winter since going public. The latest financial report shows that the company's net profit attributable to shareholders plummeted 41.75% year-over-year in Q2 2025, with adjusted net profit declining by an even steeper 42.83%, demonstrating a continued deterioration in performance momentum. For the entire first half of the year, the company's revenue fell 21.59% year-over-year to 1.299 billion yuan, with net profit attributable to shareholders shrinking by nearly 30%, marking the first mid-year decline in both revenue and profit since listing on the ChiNext board in 2020.
**Core Product Moat Collapses**
Looking at product performance, the neck wrinkle injection myth has shattered. Hiya, the "cash cow" that monopolized the market for eight years and contributed over 70% of revenue, faced direct competition after Huaxi Biology's "Runzhi Gege" received approval in 2024. In the first half of this year, solution-based product revenue plummeted 23.79%, with average factory prices falling 50 yuan per unit compared to 2023, representing a 15% decline.
Meanwhile, regenerative material growth showed signs of deceleration. The much-anticipated second growth curve product "Regen Angel" performed poorly, with this microsphere-containing regenerative material product seeing revenue decline 23.99% year-over-year, contrasting sharply with the explosive 81.43% growth in 2023.
Although overall gross margin remained at the high level of 90%, both core products saw gross margin declines. Combined with rising sales expenses that failed to reverse the downturn, operating cash flow net amount was halved by 43% year-over-year, signaling red flags for the company's cash generation capability.
**1.6 Billion Yuan Mega Arbitration Strikes Overseas Gamble**
To break through the growth bottleneck, Imeik Technology spent $190 million (approximately 1.37 billion yuan) in March this year to acquire Korean regenerative materials leader REGEN Biotech, but unexpectedly triggered a "deep water bomb" in the agency rights dispute: On July 18, REGEN unilaterally terminated its exclusive agency agreement with Daton Medical, and three days later quickly launched the new Chinese trademark "Zhen'ai Sufi."
The ousted Daton Medical (a subsidiary of *ST Suwu Holdings) immediately launched a counterattack, filing for 1.6 billion yuan in damages with the Shenzhen International Arbitration Court, setting a record for the highest arbitration amount in the medical aesthetics industry. More seriously, the domestic "baby face needle" market has been flooded with nine competing products including Lizhiren and Olidia, with giants like Kangzhe Pharmaceutical eyeing the market hungrily, sparking intense price wars.
**Industry Red Ocean Forces Strategic Restructuring**
A joint industry report reveals the harsh reality: the industry is transitioning from wild growth to value reconstruction. With the surge in Class III medical device certificates approved by NMPA, market differentiation is intensifying—creating a clear divide between high-end regenerative materials and mass-market hyaluronic acid products.
Although Imeik Technology has incorporated REGEN into its consolidated statements, under the shadow of arbitration clouds, its highly anticipated global rollout of AestheFill may face serious obstacles. The growth mythology of dominating markets with single products has already shattered. When internal product pipeline gaps collide with external competitive pressure, this medical aesthetics giant's desperate battle in the regenerative materials track is approaching its most brutal plot twist.
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