The medical aesthetics industry is bracing for difficult times, impacted by intensifying domestic competition and weakened consumer spending. Financial results released by Imeik Technology on March 20 revealed that the company's 2025 revenue and net profit attributable to shareholders dropped to 2.453 billion yuan and 1.291 billion yuan, respectively, marking declines of 18.94% and 34.05% year-on-year.
A closer look at the revenue structure indicates that the company’s two major injectable product lines, which dominate its income, both faced significant setbacks. As the primary revenue contributor, liquid injectable products saw revenue fall by 27.48% to 1.265 billion yuan in 2025. Similarly, gel-based injectables experienced a 26.82% decline, generating 890 million yuan during the same period.
These results may stem from heightened industry competition and growing consumer caution regarding medical aesthetic expenditures. In recent years, as regulatory approvals for products like "youthful needles" have increased, a flood of competing offerings has triggered fierce price wars across the sector. In 2021, only two such products were available in the market: Aierweilan and Imeik’s own Ruby Fill. However, within just three years, approved "youthful needle" options have proliferated rapidly. In 2024 alone, three new products—Aisufei, Suyancui, and Puli Yan—entered the domestic market, with prices ranging from 13,000 to 24,000 yuan. Since 2025, additional competitors such as Sihuan Pharmaceutical, Lepu Medical, Xihong Bio, and Weidu Medical have also gained approval for their versions. According to incomplete market statistics, a total of 12 "youthful needle" products have now been approved.
Simultaneously, macroeconomic conditions have led consumers to reduce discretionary spending on non-essential aesthetic procedures, directly constraining growth opportunities for leading firms like Imeik Technology. In response to domestic market bottlenecks, the company outlined a dual-drive strategy of "R&D innovation and industrial integration" in its 2026 operational plan, aiming to rebuild its competitive edge.
In terms of product categories, Imeik intends to focus heavily on the weight management sector by increasing investment in the development of semaglutide-based products. This approach is designed to create a dual growth engine combining medical aesthetics with broader health and wellness offerings. The company stated that it leverages its diverse product portfolio through differentiated positioning and combination strategies to deliver comprehensive solutions that meet varied consumer needs and provide medical institutions with flexible operational models. Additionally, Imeik employs targeted marketing tactics to minimize direct competition among its own product lines, thereby expanding its overall market reach.
However, the GLP-1 drug segment is already highly saturated. Incomplete estimates suggest that at least ten pharmaceutical companies in China are currently pursuing approval for semaglutide, with another ten advancing similar drugs through clinical trials. Under these conditions, domestic players still in the clinical phase may find limited value in continuing heavy investment unless they can match the efficacy of Lilly’s already-approved Retatrutide or gain a timing advantage.
On the international front, following its earlier acquisition of South Korea’s REGEN, Imeik plans to scout for high-quality targets worldwide to establish a global operational framework. This move could serve as a crucial buffer against the intense competition within the domestic market.
Overall, as its period of rapid growth comes to an end, Imeik is attempting to craft a new growth narrative for investors through capital operations and cross-sector R&D. Nevertheless, neither the fiercely contested weight-loss drug arena nor its overseas expansion efforts are likely to deliver a near-term boost to performance. It appears Imeik Technology may still face challenging times ahead.
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