The once-dubbed "Medical Beauty Giant" Imeik Technology Development Co.,Ltd. (300896.SZ) recently concluded its board reshuffle amid declining performance and an unresolved major arbitration case.
Company founder and 62-year-old Jian Jun was unsurprisingly reappointed as chairman and legal representative, while the core management team—comprising Shi Yifeng, Gou Lina, and Yin Yonglei—remained unchanged. Notably, board secretary Jian Yong (Jian Jun’s brother) resigned, with Li Dongmei joining as vice president and board secretary, marking the only new addition.
Li Dongmei’s rapid promotion since June 2025 as director of board affairs and legal matters coincides with Imeik’s current challenges. Ahead of the reshuffle, the company’s heated battle with Jiangsu Wuzhong over the distribution rights for the anti-aging product AestheFill (also known as Ai Su Fei) escalated, prompting investor speculation that resolving this dispute may be the new secretary’s top priority.
Market concerns stem from Imeik’s mounting growth pressures. After its September 2020 IPO at 118.27 yuan per share, Imeik’s stock soared to 320 yuan on debut and peaked at 1,331 yuan in February 2021, earning it the nickname "Women’s Moutai" with a market cap exceeding 150 billion yuan.
However, this momentum has reversed. In H1 2025, Imeik reported its first profit decline, with Q3 revenue dropping 21.27% YoY to 566 million yuan and net profit falling 34.61% to 304 million yuan. Year-to-date revenue and profit both declined over 20%, dragging its stock price to around 150 yuan and slashing its market cap to 45 billion yuan—down over 100 billion yuan from its peak.
Jian Jun’s personal wealth also took a hit, dropping to 25 billion yuan in the 2025 Hurun Rich List from 37.5 billion yuan in 2023.
**The Rise and Fall of a Market Leader** Imeik’s trajectory is closely tied to Jian Jun’s career. After graduating from Tsinghua University, she worked at China National Cereals, Oils & Foodstuffs Corp before venturing abroad in the 1990s. Inspired by a Swedish hyaluronic acid filler’s effect on an elderly woman, she founded Imeik’s precursor in 2004.
Breaking into a market dominated by foreign brands, Imeik launched its first self-developed product, Yimei, in 2009—a facial and neck wrinkle filler that became China’s first of its kind. In 2016, its neck-specific filler, Hytax, gained regulatory approval and drove explosive growth, with revenue share surging from 15.34% in 2017 to 43.5% in 2019.
By 2020, Imeik went public as the "Hyaluronic Acid Pioneer," with products like Yimei, Bonita, and Hytax dominating sales. Its 2021 revenue skyrocketed 104.13% to 1.448 billion yuan, while net profit jumped 117.81% to 958 million yuan. That year, it also secured approval for Ruberna, the world’s first lactic acid-glycol copolymer dermal filler.
Growth continued in 2022–2023, with revenue rising 33.91% and 47.99%, respectively, and net profit up 31.9% and 47.08%. However, intensifying competition eroded Hytax’s market exclusivity, while Ruberna faced crowded high-end competition.
**Growth Slowdown** By 2024, revenue and profit growth slowed to single digits (5.45% and 5.33%), with H1 2025 declines exceeding 20%. Hytax and Ruberna sales each fell nearly 24% YoY, reflecting eroded market exclusivity.
Competitors like Huaxi Biotech’s "Runzhi Gege" chipped away at Hytax’s dominance, while Ruberna faced seven rival "baby face" fillers, including products from Sihuan Pharma and Lepu Medical.
Industry experts note that as regulators approve more injectables, competition is shifting from scale to quality, with future growth hinging on societal acceptance, demand for natural results, and regulatory maturity.
**Diversification and M&A Risks** Imeik is expanding its portfolio, launching new products like Gucolla for chin augmentation and exploring botox, weight-loss drugs, and enzyme treatments.
Its March 2025 acquisition of Korea’s REGEN (85% stake for $190 million) aimed to bolster its regenerative injection lineup with AestheFill and PowerFill. However, AestheFill’s distribution rights dispute with Jiangsu Wuzhong—which claims exclusive mainland China rights—has escalated to arbitration, with potential 1.6 billion yuan damages at stake.
A September 2025 interim ruling barred REGEN from self-distributing AestheFill in China, but Imeik vows to defend its position. The outcome could redefine brand-distributor dynamics in the industry.
For Jian Jun and Imeik’s new leadership, navigating this dispute, integrating acquisitions, and reigniting growth amid market saturation will be critical tests. Whether the "Medical Beauty Giant" can rebound remains uncertain.
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