Aimeike reports first-ever double decline in performance, market value evaporates by 120 billion; net operating cash flow decreases by 31%, and goodwill surges to 1.64 billion yuan.

Changjiang Business Daily reports that A-shares “medical aesthetics giant” Aimeike (300896.SZ) has experienced a turning point in its operating performance.

On the evening of March 19, Aimeike disclosed its 2025 annual report. In 2025, the company achieved operating revenue of 2.453 billion yuan and net profit attributable to shareholders of 1.291 billion yuan, representing declines of approximately 19% and 34%, respectively, year-over-year.

2025 marks the first time in Aimeike’s history that both its performance and net profit have declined, and the first decrease in net profit attributable to shareholders in nearly 10 years. In 2025, Aimeike’s net operating cash flow was 1.324 billion yuan, down 31.29% year-over-year.

In the first half of 2025, Aimeike spent nearly 1.4 billion yuan to acquire the “Youth Face Needle,” which was completed and consolidated, and the company accelerated its international expansion.

From the performance data, this acquisition contributed limited benefits to the company’s current operations. Moreover, the company’s goodwill surged nearly fivefold to 1.641 billion yuan.

In 2025, revenue from the company’s two major products declined, and inventory increased.

In the secondary market, since reaching its peak in February 2021, Aimeike’s stock price has been sluggish. As of March 20, 2026, the closing price was 128.88 yuan per share, down over 70% from its peak. Currently, the company’s market value is about 39 billion yuan, evaporating approximately 120 billion yuan from its peak.

How will Aimeike maintain its title as the “medical aesthetics giant”?

Five consecutive quarters of double decline in performance

“Keep falling” is the market’s assessment of Aimeike’s operating performance and stock price trend.

According to the latest annual report, in 2025, Aimeike achieved operating revenue of 2.453 billion yuan, down 18.94% year-over-year; net profit attributable to shareholders was 1.291 billion yuan, down 34.05%; and net profit after deducting non-recurring gains and losses was 1.099 billion yuan, a decrease of 41.30% year-over-year.

Aimeike is called the “Moutai of women” because of its outstanding operating performance.

From 2016 to 2024, the company’s performance grew rapidly and steadily, with revenue and net profit increasing at an annual rate of over 20% from 2016 to 2023. In 2024, the growth slowed to about 5%.

During this period, revenue grew from 141 million yuan to 3.026 billion yuan, and net profit attributable to shareholders increased from 53 million yuan to 1.958 billion yuan, roughly 20 times and 36 times respectively.

In 2025, performance shifted from growth to decline, decreasing at a double-digit rate.

Quarterly, in 2025, the company’s revenue was 663 million yuan, 636 million yuan, 566 million yuan, and 588 million yuan in Q1-Q4, respectively, with declines of 17.90%, 25.11%, 21.27%, and 9.61%. Net profit attributable to shareholders was 444 million yuan, 346 million yuan, 304 million yuan, and 198 million yuan, down 15.87%, 41.75%, 34.61%, and 46.85%, respectively.

Compared to revenue, the decline in quarterly net profit was more pronounced, with clear quarter-over-quarter decreases.

Including Q4 2024, Aimeike’s performance has experienced five consecutive quarters of double declines.

Related to operating performance, the company’s net operating cash flow in 2025 was 1.324 billion yuan, down 31.29% year-over-year. In 2024, this indicator also declined, by 1.38%.

The decline in both operating performance and net operating cash flow indicates a reduction in the company’s cash-generating ability.

Once boasting a gross profit margin higher than Guizhou Moutai, Aimeike’s gross margin has also declined. From 2023 to 2025, the company’s gross profit margins were 95.09%, 94.64%, and 92.70%, respectively, showing a continuous decrease over two years.

Aimeike has always maintained a relatively healthy financial position. In 2025, liquidity remained sufficient, but financial expenses changed to 7.5023 million yuan, marking the first positive financial expense since 2014. This may signal a turning point in the company’s financial operations.

Core products struggle, 1.6 billion goodwill looms

The rare decline in Aimeike’s performance is directly related to the sluggish sales of its core products.

Founded on hyaluronic acid, Aimeike’s main products include gel injections, solution injections, and facial implant lines. The “Hi-Body” solution injections and “Ru Bai Angel” gel injections are its flagship products, accounting for 98.57% and 97.82% of total revenue in 2023 and 2024, respectively.

In the first half of 2025, these two products contributed 95.24% of revenue, showing a significant decline. For the full year 2025, this ratio dropped sharply to 87.84%, falling below 90% for the first time.

“Hi-Body” peaked in 2021, with revenue of 1.046 billion yuan, up 133.84% year-over-year. In 2022 and 2023, growth rates were 23.57% and 29.22%, respectively, but in 2024, growth slowed to 4.4%.

In July 2024, Huaxi Biological’s hyaluronic acid sodium complex solution (brand name “Runzhi Ggege”) was approved by the National Medical Products Administration, obtaining China’s second Class III medical device approval for a complex solution.

“Ru Bai Angel” is the first domestically produced and globally approved dermal filler containing L-lactic acid-ethylene glycol copolymer microspheres. However, in 2021, competitors such as Shengboma’s Aivilan Youth Needle and Huadong Medicine’s Yiyan Shi Youth Needle entered the market. In 2022 and 2023, revenue growth for the gel injection products centered on “Ru Bai Angel” was 65.61% and 81.43%, respectively, but slowed to 5.01% in 2024.

In 2025, sales revenue for solution injections and gel injections were 1.265 billion yuan and 890 million yuan, respectively, down 27.48% and 26.82%, not only failing to grow but decreasing sharply.

In terms of sales volume, in 2025, sales of solution injections totaled 5.1225 million units, down 19.28%, and gel injections totaled 696,000 units, down 22.07%.

In 2025, sales expenses reached 387 million yuan, up 39.72%, mainly due to increased labor costs, advertising, and conference expenses.

Despite increased marketing efforts, the sales of the two core products declined by over 25%, indicating intensified market competition and growth difficulties.

Notably, in March 2025, Aimeike announced the acquisition of an 85% stake in South Korea’s REGEN Biotech, Inc. for $190 million (about 1.386 billion yuan), bringing the “Youth Face Needle” into its portfolio and expanding into overseas markets.

This acquisition caused Aimeike’s goodwill to surge to 1.641 billion yuan, nearly five times higher than before.

In the secondary market, after reaching a peak on February 18, 2021, Aimeike’s stock price has steadily declined, closing at 128.88 yuan per share on March 20, 2026, a drop of over 70%. The company’s current market value is about 39 billion yuan, nearly 160 billion yuan less than its peak.

With 1.641 billion yuan in goodwill hanging over it, whether Aimeike can leverage the “Youth Face Needle” to open up international markets remains highly anticipated.

● Changjiang Business Daily Reporter Shen Yourong

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Editor: ZB