27 evening, the Hong Kong Stock Exchange documents show that by the capital market jokingly referred to as 100 billion "medical beauty thatched" love beauty (300896) in the Hong Kong Stock Exchange submitted IPO application. In the "face value economy" under the auspices of the love of beauty in recent years on the track all the way soaring, the current market value of 126.6 billion yuan. Amazingly, this leading medical beauty gross profit margin is beyond Maotai, reaching 94.45%.
This is not the first time that Aimer has submitted an application for a Hong Kong IPO.
In July 2021, Aimer announced that it had submitted an application for a listing on the main board of the Stock Exchange, but then its application for a listing "lapsed". If the listing is successful, Amica will become the first "A + H" listed medical beauty companies.
It is expected to become the first "A + H" listed medical beauty enterprise
American is a domestic biomedical soft tissue repair material enterprises, the main business for hyaluronic acid, regenerative materials, botulinum toxin and other biomedical end-products research and development and production. The company has been approved to market seven medical products.
Aimek is the largest supplier of hyaluronic acid-based dermal fillers in China by volume in 2021, with a market share of 39.2%, according to a Frost & Sullivan report. Amica is also the second largest supplier of hyaluronic acid-based dermal fillers in China, with a market share of 21.3%, and the largest supplier of hyaluronic acid-based dermal fillers in China, with a market share of 58.9%.
As early as July last year, Aimer submitted an application for a Hong Kong IPO. However, medical and beauty stocks in general suffered heavy losses in the second half of 2021. On the one hand, the background of the general market depression, investors' risk appetite downward, medical beauty-related concept stocks upward momentum is weak.
On the other hand, is the medical beauty industry regulatory tightening, the domestic eight ministries and commissions to combat illegal medical beauty, strict investigation of illegal medical beauty loan, medical beauty advertising law introduced measures one after another, investors out of the short-term risk aversion demand initiative to reduce the position of the relevant subject. On January 29, this year, Aimek's listing application information has been shown to be "invalid" status.
However, reference to the United States, South Korea and other developed countries, medical beauty market experience, when the industry to a certain extent will inevitably face the whole process of standardized regulation. But as a result, industry compliance has not hindered the development process of the U.S. and South Korea and other countries in the medical beauty industry, but to promote the further prosperity of the market. Looking back at the domestic, the second half of last year, regulation continued to increase, in fact, has predicted that the process of industry standardization will speed up, the future of the domestic medical beauty industry gradually towards compliance is the general trend.
It should be noted that the Hong Kong stock prospectus is valid for six months, but the prospectus lapsed is not the same as the listing failure, the subsequent proposed issuer can be updated to reactivate the listing process. With the resubmission of the application, Amica is still expected to become the first "A+H" listed medical beauty company.
Profitability exceeds that of Maotai
Despite the industry's adjustment last year, the company's profitability has not been affected.
In 2021, the company realized revenue of 1.448 billion yuan, an increase of 104.13% year-on-year; realized net profit of 957 million yuan, but also an increase of 120.89% year-on-year. And this year's quarterly report shows that the company realized revenue of 431 million yuan in the first quarter, an increase of 66.07% year-on-year, and net profit attributable to shareholders of listed companies 280 million yuan, an increase of 64.03% year-on-year.
It is understood that Aimer's operating income is mainly derived from listed and approved injectable dermal fillers, which are divided into gel-type and solution-type injectable products.2021, solution-type injectable products revenue was 1.046 billion yuan, an increase of 133.84% year-on-year, accounting for 72.25% of the total revenue; gel-type injectable products revenue was 385 million yuan, an increase of 52.8% year-on-year, accounting for 26.61% of total revenue.
Compared with the performance growth rate, the profitability of Aimer is the most striking. Not only do the two types of products mentioned above account for the highest percentage of revenue, but they also have the highest gross profit margins. 2021 gross profit margins for solution-based and gel-based injectable products were as high as 93.82% and 94.55%, respectively, an increase of 1.37% and 2.61% from the same period a year earlier.
Even compared with Maotai, love beauty of the profitability is not inferior. This year's quarterly report shows that Aimek's gross profit margin is as high as 94.45%, higher than Maotai's gross profit margin of 92.37% for the same period of more than two percentage points, and its ROE level in 2021 is as high as 20.03.
CITIC Investment, a research report shows that, in the medical industry chain, Aimek belongs to the upstream instruments/consumables, the R & D cycle and the certification cycle is long, the technical requirements of the high, strict control, Market access barriers are high. High thresholds lead to high barriers, while bringing high profits.
According to Frost & Sullivan Research, the market size of China's medical aesthetic market increased from RMB 77.6 billion in 2016 to RMB 154.9 billion in 2020, with a compound annual growth rate of 18.9%. The growth rate of China's medical aesthetic market is much higher than the global market. CITIC CIC also believes that a comprehensive comparison of overseas medical beauty market penetration rate and consumption amount and other indicators, the medium and long term view of the domestic medical beauty industry still has more than 5 times the growth space.
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