Aimeike's Multi-Front Battle: Guarding the "Baby-Face Injection" While Picking Up the "Weight Loss Drug"

Due to intensified domestic market competition and weak consumer spending, the medical aesthetics industry is facing a “hard time.”

On March 20, Aimeike released its financial report, showing that in 2025, revenue and net profit attributable to the parent company are expected to be 2.453 billion yuan and 1.291 billion yuan, respectively, representing year-over-year declines of 18.94% and 34.05%.

From the revenue structure perspective, the two main injection products dominating the company’s income have both suffered significant setbacks.

As the primary source of revenue, the solution-based injection products are projected to decline 27.48% year-over-year to 1.265 billion yuan in 2025, while gel-based injection products are also expected to decrease 26.82% to 890 million yuan during the same period.

This may be a result of fierce industry competition and increasingly cautious consumer spending on medical aesthetics.

In recent years, with the approval of medical aesthetic categories like the “Youth Face Needle,” a large number of competitors have flooded the market, intensifying price wars.

In 2021, there were only two “Youth Face Needle” products: Aiweilan and Aimeike’s Ruba Angel.

But just three years later, approved “Youth Face Needles” have appeared like mushrooms after rain. In 2024 alone, three domestic products—Aishupei, Suyancui, and Puli Yan—were approved and launched, with prices ranging from 13,000 to 24,000 yuan.

Since 2025, additional products from Huanqiu Pharmaceutical, Lepu Medical, Xihong Biological, and Weidu Medical have also received approval.

According to incomplete market statistics, a total of 12 “Youth Face Needles” have been approved and launched so far.

Meanwhile, macroeconomic conditions have prompted consumers to become more cautious about spending on non-essential medical aesthetics, directly squeezing growth opportunities for leading companies like Aimeike.

To address the growth bottleneck in the domestic market, Aimeike proposed a “dual-driven” strategy of “R&D innovation + industry integration” in its 2026 operational plan, aiming to reshape its competitive advantage.

In terms of product categories, Aimeike plans to focus on weight management, increasing R&D investment in semaglutide products to create a “medical aesthetics + health” dual-growth model.

“The company leverages its extensive product line, differentiating product functions and strategic combinations to create comprehensive solutions that meet diverse user needs and provide multiple operational ideas for medical institutions. Meanwhile, through differentiated marketing strategies across various categories, the company effectively expands its market space,” Aimeike told AllWeather Technology.

However, GLP-1 drugs are experiencing intense competition. According to incomplete statistics, at least 10 pharmaceutical companies in China are currently applying for the approval of semaglutide, with about another 10 progressing through clinical trials.

From the current situation, for domestic players still in clinical stages, if they cannot match the efficacy of Eli Lilly’s already marketed Retatrutide or gain a first-mover advantage in development, continuing to compete in this track may have limited significance.

In the overseas market, following the successful acquisition of South Korea’s REGEN, Aimeike plans to seek high-quality targets globally to build a new international operation pattern.

This could be an important way for Aimeike to hedge against the high internal competition risk in the domestic market.

Overall, after the end of a high-growth cycle, Aimeike is attempting to tell a new growth story to the capital market through capital operations and cross-industry R&D. However, whether in the fiercely competitive weight-loss drug sector or in expanding overseas, short-term performance improvements seem unlikely.

Aimeike may still have to endure a “hard time.”

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