Aimeike's revenue and net profit both decline: two major core product categories stall, and a dispute over the agency rights for the Tongyan Needle hangs overhead.

Once praised as the “Maotai of women,” Aimeike hit the brakes in 2025.

According to the 2025 annual report released by Aimeike Technology Development Co., Ltd. (hereinafter referred to as “Aimeike”), during the reporting period, the company achieved revenue of 2.453 billion yuan, a decrease of 18.94% year-on-year; net profit attributable to shareholders decreased by 34.05% compared to the same period last year, approximately 1.291 billion yuan; the gross profit margin declined from 94.64% to 92.7%, a drop of 1.94 percentage points year-on-year.

It is worth noting that this is the first annual report since Aimeike’s listing showing both revenue and net profit declining. The once high-growth “myth” has paused amid increasingly fierce market competition and declining sales of its two core product categories.

Solutions and Gel Injection Products See Revenue and Sales Drop

During the period of rapid growth in China’s medical aesthetics industry, Aimeike once achieved remarkable results.

Founded in 2004, Aimeike is a company focused on the research, development, and transformation of biomedical materials and biopharmaceutical products, and is also a provider of innovative medical beauty products. In September 2020, Aimeike was listed on the Shenzhen Stock Exchange, marking its entry into the capital market.

Supported by its monopolistic position and high gross profit margins, Aimeike’s performance once soared after going public.

From 2020 to 2023, the company’s revenue grew from 709 million yuan to 2.869 billion yuan, with net profits attributable to shareholders of approximately 440 million yuan, 958 million yuan, 1.264 billion yuan, and 1.858 billion yuan respectively, with year-on-year growth rates of 43.93%, 117.81%, 31.9%, and 47.08%.

The turning point came in 2024, when both revenue and net profit growth slowed to single digits, signaling increased pressure.

That year, Aimeike’s revenue grew by 5.45% year-on-year to 3.026 billion yuan, with net profit around 1.958 billion yuan, up 5.33%. During the earnings conference, Aimeike attributed the slowdown in 2024 to “the increase in the base of operating scale,” and stated that starting in 2025, products developed and delivered for listing would gradually be launched to support the company’s growth and performance.

[Image: Screenshot of Aimeike 2025 Annual Report]

However, the financial data in the 2025 annual report shattered Aimeike’s expectations—revenue and net profit attributable to shareholders declined by 18.94% and 34.05% respectively year-on-year, and net cash flow from operating activities also decreased by 31.29% to 1.324 billion yuan.

Looking at product categories, Aimeike has several core products. Among them, the solution-based core product “Hi-Body” received approval at the end of 2016 and has maintained a long-term monopoly in the market, becoming the company’s “cash cow.” In 2021, driven by increasing consumer demand for anti-aging and skin rejuvenation, the solution-based injection product “Hi-Body” achieved revenue of 1.046 billion yuan, a 133.84% increase year-on-year.

Compared to “Hi-Body,” the gel-based core product “Ru Bai Angel” was launched later, approved in June 2021, but quickly gained momentum, driving a 65.61% year-on-year increase in gel product revenue in 2022, far surpassing the growth of solution-based injections.

Now, the collective “stall” of these two core product categories has become a key factor dragging down the company’s 2025 performance.

[Image: Screenshot of Aimeike 2025 Annual Report]

With increasing competition and influenced by factors such as “macro environment and industry competition,” in 2025, revenue from solution-based and gel-based injection products fell approximately 27.48% and 26.82% respectively, to about 1.265 billion yuan and 890 million yuan. Additionally, the company’s newly added lyophilized powder injection products generated revenue of 208 million yuan, accounting for about 8.48%.

[Image: Screenshot of Aimeike 2025 Annual Report]

In terms of sales volume, both categories also “lost ground.” Solution-based injection sales decreased by 19.28% year-on-year to 5.1225 million units; gel-based injection sales were 696,400 units, down 22.07% compared to the previous year.

Meanwhile, rising sales, management, and financial expenses further squeezed profit margins. During the period, due to increased labor costs, advertising and promotion expenses, and conference costs, sales expenses rose 39.72% to 387 million yuan; management expenses increased by 48.62% to 183 million yuan; financial expenses reached about 7.5 million yuan, up 123.99%, mainly due to increased exchange losses.

$190 million Acquisition Sparks Dispute, “Youth Face Needle” Agency Rights in a Standoff

Under performance pressure, Aimeike is looking abroad, expanding its product categories through equity investments.

In 2025, Aimeike’s holding subsidiary, Aimeike International, acquired 85% of South Korea’s Regen for $190 million in cash. Regen mainly produces two products: AestheFill and PowerFill. AestheFill received the “Medical Device Registration Certificate” from the National Medical Products Administration in January 2024, and was subsequently launched, becoming the first imported “Youth Face Needle” in China.

However, this acquisition has brought complicated issues for both Aimeike and Regen.

Back in August 2022, Jiangsu Wuzhong Holdings’ subsidiary Datuo Medical signed an agreement with Regen and others, obtaining exclusive distribution rights for AestheFill in mainland China. This move brought significant benefits to Jiangsu Wuzhong, helping the company turn profitable in 2024. In the first quarter of 2025, sales revenue of AestheFill reached 113 million yuan.

Shortly after Regen was included in Aimeike’s consolidated financial statements, on July 18, 2025, Regen sent a “Termination Letter” to Datuo Medical, citing violations of the exclusive distribution agreement, and terminated the contract.

A dispute over the agency rights for the “Youth Face Needle” ensued.

Regarding the contract dispute, Datuo Medical and Regen filed arbitration requests with the Shenzhen International Arbitration Court and counterclaims. Specifically, Datuo Medical requested confirmation of the validity and continued performance of the “Exclusive Agency Agreement,” and if not supported, initially claimed damages of 1.6 billion yuan. Aimeike stated it would submit its defense and counterclaims within the specified time.

Following the emergency arbitration decision issued by the Shenzhen International Arbitration Court in September 2025 regarding Datuo Medical’s application for interim measures, and the subsequent ruling in January 2026, the arbitration on the “Youth Face Needle” agency rights has experienced multiple twists and remains unresolved.

In its 2025 annual report, Aimeike noted that major arbitration proceedings involving its subsidiary Regen are ongoing, with no final ruling yet, and that “the impact of this arbitration on the company’s current or future operating results will depend on the final arbitration outcome.”

The Beijing News Shell Finance reporter noted that acquiring Regen’s controlling stake has burdened Aimeike with “heavy” goodwill.

[Image: Screenshot of Aimeike 2025 Annual Report]

By the end of 2025, the company’s goodwill surged from 278 million yuan at the start of the year to 1.641 billion yuan, increasing its proportion of total assets from 3.34% to 18.42%, a rise of 15.08 percentage points.

From once being called the “Maotai of women” to now experiencing declines in both revenue and net profit, the era of “easy wins” for Aimeike is over. How to properly resolve the distribution contract disputes and find new growth drivers will be crucial challenges ahead.

Beijing News Shell Finance Reporter: Li Zheng

Editor: Yue Caizhou

Proofreader: Liu Baoqing