An exclusive distribution agreement finalized eight years ago has finally shown concrete progress recently. On January 8, 2026, Imeik Technology Development Co., Ltd. (300896.SZ) announced that it had obtained the drug registration certificate approved and issued by the National Medical Products Administration for the exclusive distribution in China (including Macau and Hong Kong) of the Type A botulinum toxin for injection product manufactured by South Korea's Huons Bio Pharma Co., Ltd. (hereinafter referred to as "Huons BP"). The approved product specification is 100 U/vial.
Botulinum toxin is known in the industry as a "wrinkle-removing marvel." As early as September 2018, Imeik signed a distribution agreement with South Korea's Huons Co., Ltd. (a subsidiary of Huons Global, like Huons BP, hereinafter referred to as "Huons") for a Type A botulinum toxin product in China. The rights to this product were later transferred to Huons BP, leading Imeik to sign a new distribution agreement with Huons BP in May 2022.
This cooperation was also one of Imeik's IPO fundraising projects, with a planned investment of 120 million yuan. At that time, there were only two approved botulinum toxin products in China: Hengli produced by the Lanzhou Institute of Biological Products and Botox produced by the US-based Allergan. By the time Imeik obtained this certificate, the number of approved botulinum toxin products in China had increased to seven.
Did Imeik miss the optimal window for commercialization during this period? What sales strategy has the company formulated?
On January 12, 2026, Imeik stated in an interview: "The penetration rate of China's botulinum toxin market remains far below that of mature markets, indicating vast future growth potential. The current timing of product approval coincides with further market standardization and increasingly sophisticated consumer awareness, providing us with a more rational and sustainable commercialization window. We will leverage our established professional channels and brand advantages to efficiently advance the product launch." The company will determine the specific sales launch date in China based on factors including the time required for imported drug testing and market conditions. Furthermore, the sales strategy will be determined after a comprehensive assessment of R&D costs, market positioning, channels, brand synergy, and coordination with the company's existing product portfolio.
The fundraising project has been delayed twice. On January 8, 2026, the Type A botulinum toxin for injection product exclusively distributed by Imeik obtained its drug registration certificate, becoming the seventh approved botulinum toxin product in China.
Imeik informed that, following the product's approval, the company's next steps involve promptly applying for and passing the import drug inspection while actively conducting pre-launch commercial promotion activities. The goal is to achieve sales quickly and create synergies with the company's existing products.
According to a report by Frost & Sullivan, botulinum toxin products, along with hyaluronic acid, collagen, and regenerative material products, are major categories in the aesthetic injection market. Their core component is Type A botulinum toxin, which works by blocking signal transmission between nerves and muscles, thereby relaxing muscles and reducing muscle volume. Its applications include localized wrinkle reduction, face slimming, and leg slimming. Although widely used in aesthetic injections, botulinum toxin is classified as a medical toxic drug.
Imeik was one of the early domestic companies to venture into the botulinum toxin product space. As early as September 2018, it signed an exclusive distribution agreement with Huons for a Type A botulinum toxin product. Under the agreement, Huons authorized Imeik to import, register, and distribute its product in China, with Imeik responsible for conducting clinical trials and handling the registration application. Upon approval, Imeik would have exclusive distribution rights in China for a 10-year term, under a contract totaling $5.35 million.
Imeik's prospectus indicated that Huons is a well-known South Korean pharmaceutical and medical device company founded in 1965 and listed on the Korea Exchange in 2006. Its developed Type A botulinum toxin product, Hutox, received product registration certification in South Korea in April 2019. From Imeik's perspective, botulinum toxin had already become one of the most widely used drugs in medical aesthetics, offering huge market potential. At that time, although the only two approved products in China held the majority of the market share, they were insufficient to meet the vast domestic demand, presenting a favorable development opportunity for new entrants.
In 2020, Imeik went public on the ChiNext board. Its collaboration with Huons was one of its fundraising projects—the R&D project for Type A botulinum toxin for injection—which Imeik viewed as "a new growth driver for the company's business." This project primarily involved clinical trials and registration approval for the product in China, managed by Imeik, with Huons providing all necessary technical information. Both parties collaborated to obtain the drug registration certificate in China, with a planned project duration of 65 months.
Subsequently, Imeik deepened its ties with the South Korean partner. In June 2021, Imeik announced the use of approximately 886 million yuan from its excess raised funds to increase its investment in and acquire an 8.8% stake in Huons BP. Upon completion of the transaction, Imeik would hold a 25.4% stake in Huons BP. Huons BP was originally the botulinum toxin business division of Huons Global before being spun off and established as a separate entity in April 2021.
In May 2022, Imeik signed a distribution agreement with Huons BP. Imeik introduced the Type A botulinum toxin for injection product manufactured by Huons BP through the R&D registration pathway and was appointed as the sole and exclusive importer and distributor within the designated distribution region (China, including Macau and Hong Kong).
According to this agreement, Imeik was required to obtain import and sales licenses for the product, contingent upon securing the product registration certificate in the operational region. It wasn't until July 2024 that the marketing authorization application for Imeik's Type A botulinum toxin for injection product was accepted by regulators.
Originally, the Type A botulinum toxin for injection R&D project was scheduled to reach its intended usable state by December 31, 2024. However, on December 16, 2024, Imeik announced a delay for the project until December 31, 2025, citing that the marketing authorization for the product was still awaiting regulatory review and approval, which required additional time. On December 25, 2025, Imeik announced a further delay, adjusting the target date for reaching the intended usable state to December 31, 2026.
The market competition is intense. The two delays in the fundraising project had previously raised market concerns about the approval prospects for Imeik's botulinum toxin product.
Imeik stated that Type A botulinum toxin for injection falls under the category of strictly regulated drugs, and its registration and review process complies with relevant laws, regulations, and the requirements of the National Medical Products Administration, with no instance of delayed approval.
It is noteworthy that from the time Imeik began its布局 in botulinum toxin products to finally obtaining the certificate, the number of approved botulinum toxin products in China increased from 2 to 7, with other companies also entering the arena.
A report by MoShang Consulting shows that in 2023, the market size for Type A botulinum toxin for injection in China was approximately 8.1 billion yuan, with a compound annual growth rate of nearly 30% over the past five years. Prior to Imeik's product approval, China had approved six different Type A botulinum toxin for injection products, totaling 10 approvals (due to different specifications), with prices ranging from 400 to 2000 yuan per 50U. Among these six products, five were imported. Botox, launched earliest (2009), long held a leading position in the Chinese market, especially in the high-end segment. The domestic brand Hengli, approved in 2012, offered high cost-performance and strong competitiveness in the mid-to-low-end market. Letybo, launched in 2020, rapidly gained popularity, particularly among younger consumers, while Dysport, approved the same year, also gradually gained recognition. In 2024, C-Max and DaXiFei entered the market, creating a landscape initially shared by six major players. Additionally, many established pharmaceutical companies are actively布局 and introducing injectable botulinum toxin products through acquisitions and licensing agreements.
Facing this competition, Imeik stated that its exclusively distributed Huons BP botulinum toxin product will primarily focus on the mid-to-high-end market. It plans to leverage the company's extensive and deep channel network and customer trust, combining it with existing products to offer consumers more comprehensive and customized treatment solutions.
Furthermore, Imeik emphasized in its announcement that the import and sales of the Type A botulinum toxin for injection product are subject to uncertainties influenced by domestic and international regulations, policies, market conditions, and exchange rate fluctuations. Additionally, there are risks during the execution of the distribution agreement, including potential delays, modifications, suspensions, or terminations due to force majeure or other reasons, which could lead to the company's upfront investments failing to yield expected returns.
Financial reports show that for the first three quarters of 2025, Imeik's revenue was approximately 1.865 billion yuan, a year-on-year decrease of 21.49%; net profit was about 1.093 billion yuan, down 31.05% year-on-year; non-GAAP net profit decreased by 36.2% year-on-year; and net cash flow from operating activities fell 30.12% year-on-year to approximately 1.073 billion yuan.
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