Company Reports

Imeik's first-half 2026 revenue fell 6% year on year to CNY 1.2 billion, while operating margin fell to 52% from 64%. Selling expenses rose to 19% of revenue from 11% a year ago. Shares fell 5% Aug. 21 following the results.

Imeik produces medical aesthetic fillers with two main segments, gel and solution, primarily in China. Historically dominated by foreign brands, domestic brands like Imeik have increased market share as they gain consumer acceptance. Given Imeik’s established brand and distribution network, we expect it to benefit greatly from the growing medical aesthetic penetration in China.

Imeik's first-quarter 2026 revenue declined 4% year-on-year to CNY 634 million, while operating profit fell by 23% to CNY 354 million on higher selling expenses.

Imeik's 2025 revenue fell 21% year on year to CNY 2.5 billion, with operating margin down to 54% from 71% a year ago. This was driven by a 40% and 18% increase in selling and research and development expenses, respectively. Shares fell 7% following the earnings release.

Imeik produces medical aesthetic fillers with two main segments, gel and solution, primarily in China. Historically dominated by foreign brands, domestic brands like Imeik have increased market share as they gain consumer acceptance. Given Imeik’s established brand and distribution network, we expect it to benefit greatly from the growing medical aesthetic penetration in China.

Imeik produces medical aesthetic fillers with two main segments, gel and solution, primarily in China. Historically dominated by foreign brands, domestic brands like Imeik have increased market share as they gain consumer acceptance. Given Imeik’s established brand and distribution network, we expect it to benefit greatly from the growing medical aesthetic penetration in China.

We initiate coverage of Imeik, a leading medical aesthetic company in China focused on solution and gel injectable products. The company has established a strong reputation through its hyaluronic acid filler portfolio, underpinned by continuous innovation and a differentiated strategy.