Aimeike's multi-front battle: Holding onto the "youth injection," picking up the "weight loss drug"

Impacted by intensified domestic market competition and weak consumer spending, the medical aesthetics industry is facing "tough times".

On March 20, Aimeike released its financial report showing that in 2025, revenue and net profit attributable to parent company were 2.453 billion yuan and 1.291 billion yuan, respectively, down 18.94% and 34.05% year-on-year.

Looking at the revenue structure, the company's two dominant injectable products both suffered significant setbacks.

As the company's largest revenue source, sales from injectable solution products in 2025 dropped 27.48% year-on-year to 1.265 billion yuan. At the same time, revenue from gel injectable products also fell 26.82% year-on-year to 890 million yuan.

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

In recent years, with the increase in medical aesthetics products such as “youthful face injections” approved by regulators, a flood of competing products has intensified the industry price war.

In 2021, there were only two "youthful face injection" products on the market: Ivalan and Aimeike's Rubai Angel.

But just three years later, approved "youthful face injections" have sprung up like mushrooms after rain. In 2024 alone, three domestic products—Aisufe, Shuyan Cui, and Puliyan—were successively approved and launched, with prices ranging from 13,000 to 24,000 yuan.

Since 2025, more products from Sihuan Pharmaceutical, Lepu Medical, Xihong Bio, and Weidu Medical have also been approved.

According to incomplete market statistics, up to now, 12 "youthful face injection" products have been approved and launched.

At the same time, the macroeconomic environment has prompted consumers to be more cautious in their spending on non-essential medical aesthetics, directly squeezing the growth space for industry leaders like Aimeike.

To tackle the domestic market's growth bottleneck, Aimeike has outlined a "dual-engine strategy of R&D innovation + industry integration" in its 2026 business plan, aiming to reshape its competitive advantages.

In terms of categories, Aimeike plans to focus on weight management, increasing R&D investment into semaglutide products, and forming a "medical aesthetics + general health" dual-engine growth model.

"Relying on a rich product line, the company uses differentiated product positioning and combination strategies to create overall solutions, meet diversified user needs, and provide medical institutions with varied operational ideas. Meanwhile, through differentiated competition strategies across product categories, the company effectively expands market space," Aimeike told All Weather Technology.

However, GLP-1 drugs are facing fierce internal competition. According to incomplete statistics, there are currently no fewer than 10 domestic pharmaceutical companies advancing semaglutide market approval applications, and about 10 more working on clinical trials for similar drugs.

Judging by the current situation, for domestic players still in the clinical phase, if they can't match the efficacy of Eli Lilly’s already launched Retatrutide or seize progress ahead of others, continued competition in this track is of limited significance.

In overseas markets, following the successful acquisition of Korea's REGEN company, Aimeike plans to look for quality targets globally to build a new framework for global operations.

This may be a crucial way for Aimeike to hedge against the severe risk of domestic market competition.

Overall, after the end of its high-growth cycle, Aimeike is trying to tell a new growth story to the capital market via capital operations and cross-sector R&D. But whether it's the fiercely competitive weight-loss drug segment or overseas market expansion, obviously neither is likely to boost performance in the short term.

Aimeike may still face a period of "tough times".

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