On the evening of October 28, Imeik Technology Development Co., Ltd. (300896.SZ) released its third-quarter report for 2025. During the reporting period, the company achieved operating revenue of 1.865 billion yuan and a net profit attributable to shareholders of 1.093 billion yuan, with gross margin remaining stable at 93.36%, highlighting its exceptional profitability resilience and operational quality amid industry fluctuations. Against the backdrop of transformation and intensified competition in the medical aesthetics sector, Imeik has demonstrated a strong foundation for long-term value through clear strategic vision. By continuously increasing R&D investment, expanding its diversified product pipeline, and leveraging development models such as mergers and acquisitions, the company is gradually building a multi-engine-driven growth system, opening new prospects for medium- and long-term development.
Steady Progress Highlights Core Strengths This year, Imeik has showcased stable operational performance to the market, backed by its outstanding profitability and forward-looking strategic focus. Despite industry-wide pressures, the company has maintained a "stronger get stronger" resilience. Financial data reveals that in the first three quarters of 2025, Imeik's gross margin remained at a high level of 93.36%, significantly outperforming the industry average and serving as a cornerstone of its profitability. This performance is attributed to the sustained growth of its core products, "Hyaluronic Acid Complex" and "Ruyi Angel," which have established dual moats of technological barriers and brand recognition.
On one hand, both "Hyaluronic Acid Complex" and "Ruyi Angel" are protected by proprietary intellectual property, making their core ingredients and production processes difficult to replicate. On the other hand, years of market education and channel development have solidified strong brand awareness among consumers, transforming these products from bestsellers into classics that contribute stable revenue and customer loyalty.
Alongside its strong profitability, Imeik maintains a highly robust financial structure. As of the end of September 2025, the company held ample cash reserves of 1.18 billion yuan, while its non-current liabilities due within one year stood at 227.957 million yuan. With a debt-to-asset ratio of 8.20%, far below the industry average, Imeik has ample room for future R&D investments, mergers and acquisitions, and strategic expansion.
The company's strong internal cash generation capability further bolsters its resilience against market competition. In the first three quarters, net cash flow from operating activities reached 1.073 billion yuan, reflecting efficient working capital management. During the reporting period, Imeik strengthened its accounts receivable management, reducing the balance from 210 million yuan at the end of June to 140 million yuan by the end of September, further enhancing financial flexibility.
Additionally, Imeik has consistently rewarded shareholders with substantial dividends. Since its IPO in 2020, the company has distributed cash dividends seven times, totaling 3.887 billion yuan. This stable dividend policy not only reinforces investor confidence in the company's value but also reflects management's confidence in long-term profitability.
Diversified Layout Spurs New Growth Momentum While a solid financial foundation ensures steady progress, forward-looking strategies are key to unlocking future growth. This year, Imeik has intensified R&D efforts, actively expanded its diversified product pipeline, and explored international business opportunities, building a multi-engine growth model to solidify its long-term development.
Innovation remains the core competitiveness of medical aesthetics companies, and the success of products like "Hyaluronic Acid Complex" and "Ruyi Angel" stems from long-term R&D accumulation. In the first three quarters of 2025, the company's R&D expenditure reached 237 million yuan, a significant year-on-year increase of 26.67%, with R&D investment accounting for 12.73% of revenue.
Sustained R&D investment has gradually broadened the company's product pipeline. This year, Imeik launched "Gukela," a new product for treating chin retrusion in May, quickly entering the facial contouring segment. In September, its minoxidil topical solution for hair health was approved, covering the full spectrum of hair loss treatment needs. Additionally, its botulinum toxin type A is in the registration application stage, while semaglutide injection is undergoing clinical trials, laying the groundwork for future product iterations.
Leveraging its technological and brand advantages in medical aesthetics, Imeik's subsidiary announced in October the successful registration of its first cosmetic raw material, "Licochalcone A," officially entering the cosmetic ingredient sector. This marks a strategic shift toward becoming a diversified international giant covering "medical + beauty" ecosystems. The company has also expanded into skincare, implementing its "medical aesthetics to skincare" strategy by converting medical aesthetics technologies into skincare solutions. Brands like "Aifuyuan," "Hyaluronic Acid Skincare," and "Hyaluronic Acid Panda Skincare" have been launched, creating new business growth drivers.
Furthermore, to consolidate global resources, Imeik completed the acquisition of an 85% stake in South Korea's REGEN Biotech, Inc. this year. REGEN's products, AestheFill and PowerFil, strengthen Imeik's presence in regenerative medical aesthetics while leveraging regional advantages to expand international sales channels.
Industry experts note that amid increasing industry polarization, Imeik continues to validate its long-term growth logic through high profitability resilience, clear strategic planning, and a robust product pipeline. With multiple new products set for launch, steady progress in cosmetics, and the gradual implementation of its international strategy, the company is poised to unlock new growth opportunities.
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