Imeik Technology Development Co.,Ltd. has released its semi-annual report for 2026, marking another period of declining performance following its first-ever annual drop in both revenue and net profit since listing in 2025. According to the financial data, the company recorded operating revenue of RMB 1.216 billion in the first half of the year, down 6.42% year-on-year. Net profit attributable to shareholders of the listed company stood at RMB 593 million, a sharp decline of 24.84%, while non-GAAP net profit fell 24.48% to RMB 531 million.
Intense competition drives double-digit declines across both major product lines
Breaking down the results, the two core product lines that once powered Imeik's rapid growth have now stalled simultaneously. Revenue from solution-based injection products, represented by the flagship "Hya-Bella" brand, fell sharply by 20.51% to RMB 591 million. Gel-based products, led by "Radiesse" (branded as 濡白天使), brought in RMB 379 million, down 23.08% year-on-year. Combined, these two main categories generated RMB 970 million, accounting for roughly 80% of total revenue, with each suffering declines exceeding 20%, serving as the primary drag on the company's overall performance.
Hya-Bella, long considered Imeik's cash cow with consistently high gross margins and robust growth, is seeing its exclusive market advantage quickly erode as competing products gain regulatory approval and homogenized offerings flood the market. From a market perspective, several companies have secured Class III medical device registrations for similar products in recent years, transforming the neck line filler segment from a monopolistic landscape into a multi-player battleground. In July 2024, Huaxi Biotechnology's "Runzhi Gege" injectable sodium hyaluronate composite solution received NMPA approval, with indications identical to Hya-Bella. The pace of approvals in this niche accelerated notably after 2025. In August 2025, Changzhou Institute of Pharmaceutical Research's "Yuekeshi Swan Needle" (cross-linked sodium hyaluronate gel with lidocaine) was approved, becoming the first domestic Class III product specifically targeting neck lines with lidocaine included. Unlike Hya-Bella's non-cross-linked hyaluronic acid solution, this competitor employs cross-linked material for stronger support and longer duration, while adding 3mg/ml lidocaine to significantly reduce injection pain. Its differentiation strategy focuses on comfort-driven treatment, precisely targeting Hya-Bella's known weaknesses of injection discomfort and shorter maintenance cycles. After launch, the product introduced a "Black and White Dual" series covering mild to severe neck lines, quickly gaining traction in mid-to-high-end medical aesthetic institutions. In June 2026, Giant Biogene's cross-linked recombinant Type III collagen implant received official approval, also indicated for correcting moderate to severe horizontal neck lines via intradermal injection in the neck, marking the world's first cross-linked recombinant collagen filler for this indication. The neck line segment is now evolving into a three-pronged competitive structure featuring non-cross-linked hyaluronic acid solutions, cross-linked hyaluronic acid gels, and recombinant collagen.
The concentrated arrival of competitors has visibly loosened the pricing power and channel advantages Hya-Bella had maintained for years. This is reflected in the financials as Imeik's solution products experience simultaneous volume and price declines. Data from the 2025 annual report shows solution product sales volume dropped to 5.1225 million units, down 19.3% year-on-year, while average selling price fell 10.2% to RMB 247 per unit. The situation for Radiesse (濡白天使) is equally challenging. Positioned as the company's flagship in the premium regenerative filler segment, it was once expected to become the second growth engine after Hya-Bella. However, as competitors like Huadong Medicine's "Laneese" (少女针) and Changchun Sinobioway's "Sculptra-style" (童颜针) products mature in market education, coupled with sustained penetration of imported regenerative products, Radiesse faces escalating competitive pressure. In the first half of 2026, revenue decline for gel products even exceeded that of solution products.
To offset the downturn in traditional offerings, the company has been forced to increase market investment in new products such as lyophilized powder and botulinum toxin, resulting in higher selling expenses even as core product revenue shrinks. In H1 2026, Imeik's selling expenses surged 62.89% year-on-year to RMB 235 million, pushing the selling expense ratio from 11.7% to 19.3% compared to the same period last year. The combined impact of product pressure and rising costs is evident in profitability metrics: the net margin fell to 49.37%, a sharp 11.53 percentage point decline year-on-year, dropping below 50% for the first time. From a cash flow perspective, net operating cash flow stood at RMB 535 million during the period, declining another 18.32% after already falling 43.06% in the interim report of the previous year.
Parallel strategies of new product launches and acquisitions, with goodwill and litigation risks hanging overhead
Facing sluggish organic growth, Imeik has turned to external acquisitions to seek new growth drivers. In March 2025, the company acquired an 85% stake in South Korea's REGEN Biotech for US$190 million through its overseas subsidiary, bringing products like AestheFill (艾塑菲) collagen stimulator into its portfolio. In the first half of 2026, lyophilized powder injection products generated revenue of RMB 209 million, a remarkable 973.50% surge year-on-year. Yet behind these impressive growth figures lurk multiple risks including goodwill impairment, legal disputes, and potential integration shortfalls.
First and foremost is the significant goodwill impairment risk. As of the end of June 2026, Imeik's book goodwill reached RMB 1.641 billion, representing 17.88% of total assets, with RMB 1.305 billion attributed solely to the REGEN acquisition. This RMB 1.3 billion goodwill is more than double Imeik's net profit for the first half of 2026 and exceeds 16% of the company's net assets. From the current situation, REGEN's integration and growth outlook are far from assured. The RMB 209 million half-year revenue remains considerably smaller than the nearly RMB 600 million generated by solution products and is insufficient to fill the gap left by declining traditional mainstays. More critically, competition in the regenerative filler segment is intensifying. Beyond Imeik's own Radiesse, companies including Huadong Medicine, Sihuan Pharmaceutical, and Changchun Sinobioway all have competing products, with both imported and domestic "童颜针" (collagen stimulators) and "少女针" (hydroxylapatite fillers) categories becoming increasingly crowded. Whether AestheFill can sustain rapid growth amid fierce rivalry and ultimately deliver on the performance expectations set during acquisition remains highly uncertain.
Additionally, shortly after the REGEN acquisition, REGEN unilaterally terminated the exclusive distribution agreement with Data Medical, a subsidiary controlled by Jiangsu Wuzhong, in July 2025, triggering an agency rights dispute. In August of that year, Data Medical filed for arbitration with the Shenzhen Court of International Arbitration, claiming compensation of up to RMB 1.6 billion. As of the disclosure date of the 2026 semi-annual report, the arbitration case remains under review, with the final outcome subject to significant uncertainty.
On August 3, 2026, Imeik's injectable botulinum toxin type A product "解索橙" (Jie Suo Cheng) officially launched, touted as the next blockbuster product. However, the reality is that the botulinum toxin market is fiercely competitive. The premium segment is dominated by Botox, Dysport, Daxxify, and Xeomin, while the mid-tier is led by Letybo. Botulax (Hengli) leverages its price advantage to cultivate the mass and lower-tier markets. Industry data as of May 2026 shows that Hengli and Botox together hold approximately 70% market share. Furthermore, the world's first recombinant botulinum toxin type A, RuiTuoXin® (芮妥欣®), received market approval on March 25, 2026, featuring high purity and low immunogenicity, further intensifying technology route competition. Late entrants face considerable hurdles in breaking the established market structure.
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