Solution and gel-based injection product sales decreased by approximately 20% year-on-year. Aimeike reports its first post-listing performance decline "report card" | Financial report analysis

Can increased R&D investment help AI turn around its performance slump with new products?

Financial Associated Press, March 19 (Reporter He Fan) Due to the increasingly fierce competition in the hyaluronic acid industry and the ongoing rise in costs, Ai Meike (300896.SZ) has reported its first annual “report card” since going public, showing a decline in both revenue and net profit for 2025.

This evening, Ai Meike announced that in 2025, the company achieved an operating revenue of 2.453 billion yuan, a year-on-year decrease of 18.94%; the net profit attributable to shareholders of the listed company was 1.291 billion yuan, a year-on-year decrease of 34.05%.

By product, in 2025, influenced by the macro environment and intense industry competition, the company’s solution and gel injection products achieved operating revenues of 1.265 billion yuan and 890 million yuan respectively, down 27.48% and 26.82% year-on-year, while the newly added lyophilized powder injection products generated revenue of 208 million yuan; the comprehensive gross profit margin was 92.70%, a decrease of 1.94 percentage points year-on-year.

The solution products are mainly composed of sodium hyaluronate composite solutions for injection, while the gel products include sodium hyaluronate-hydroxypropyl methylcellulose gel microspheres for medical use containing polyvinyl alcohol. In 2025, the sales volumes of solution and gel injection products were 5.1225 million units and 696,400 units respectively, representing decreases of 19.28% and 22.07% year-on-year.

While revenue has declined, the continuously rising costs have further pressured Ai Meike’s performance. In 2025, the company’s sales expenses grew by nearly 40%, reaching 387 million yuan; due to intensified market competition for products like hyaluronic acid, the company has continuously increased R&D investment since its listing to diversify its product types, with R&D expenses reaching 360 million yuan in 2025. It is reported that the company’s injectable type A botulinum toxin and minoxidil lotion were approved for market release in January and September 2025, respectively.

In terms of market expansion, Ai Meike has once again entered the overseas market in 2025, with its holding subsidiary Ai Meike International acquiring 85% of South Korea’s REGEN company for $190 million in cash. REGEN has production and R&D bases in Daejeon and Wonju, South Korea, mainly producing two products, AestheFill and PowerFill. AestheFill is currently the first imported “baby face needle” approved in mainland China. To compete for the exclusive distribution rights of AestheFill in mainland China, Ai Meike has engaged in a series of negotiations with the original agent, Jiangsu Wuzhong, with the final outcome still pending.

(Financial Associated Press, Reporter He Fan)