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Negative impact on performance.

After the opening today, the share price of Aimei, known as the "Moutai of medical beauty", plummeted, and once plummeted by 12.6% during the session, hitting a new low since October 2020. On the news front, Aimei released its 2024 semi-annual report last night, which showed that the growth rates of revenue and net profit in the second quarter both dropped to single digits, causing concerns among market funds.

In fact, throughout the day, the overall performance of the A-share consumer sector was sluggish, among which medical beauty, liquor, and daily chemicals led the decline. As of the close, Shanghai Jahwa plummeted 9.96% close to the limit, Shede Wine Industry plummeted 9%, Hainan Coconut Island, Jinzhongzi Wine, Jiugui Liquor, Gujing Gongjiu, Jinshiyuan, etc. all fell. The main reason for the sharp drop was also the performance thunder. Among them, the 2024 semi-annual report disclosed by Shanghai Jahwa and Shede Wine Industry last night showed that the net profit in the first half of the year fell by more than 20% year-on-year.

In addition, from a macro perspective, overall consumer demand is still weak. According to data released by the National Bureau of Statistics, in July this year, domestic sales of tobacco and alcohol have turned negative year-on-year, down 0.1% year-on-year; retail sales of cosmetics fell 6.1% year-on-year; retail sales of gold and silver jewelry fell 10.4% year-on-year; retail sales of clothing, shoes and hats, and textiles fell 5.2% year-on-year.

Sudden plunge

On August 22, after the A-share market opened, the share price of Aimei, known as the "Moutai of medical beauty", plummeted, and once plummeted by 12.6% during the trading session. The share price fell to 143.35 yuan, a new low since October 2020. As of today's close, Aimei's decline was still 12.31%, with the share price at 143.87 yuan, and the total market value shrunk to 43.51 billion yuan.

On the news front, yesterday evening, Aimei Beauty released its 2024 semi-annual report: revenue in the first half of the year was 1.657 billion yuan, a year-on-year increase of 13.53%; attributable net profit was 1.121 billion yuan, a year-on-year increase of 16.35%.

What worries the market is that the company's revenue and net profit growth slowed down significantly in the second quarter. The financial report shows that in the first quarter, Aimei's revenue and net profit increased by 28.24% and 27.38% year-on-year respectively; in the second quarter, its revenue and net profit growth rates both dropped to single digits, among which, revenue was 849 million yuan, a year-on-year increase of 2.35%; net profit attributable to the parent company was 593 million yuan, a year-on-year increase of 8.03%.

Aimeikang is a listed medical beauty company, whose business includes solution injection products and gel injection products. In the first half of this year, these two flagship products contributed about 98% of the revenue. Among them, solution injection products achieved revenue of 976 million yuan in the first half of the year, an increase of 11.65% year-on-year, accounting for 58.90% of the revenue; gel injection products achieved revenue of 649 million yuan, an increase of 14.57% year-on-year, accounting for 39.17% of the revenue; in terms of gross profit margin, the gross profit margin of solution injection products was 93.98%, a decrease of 1.12 percentage points year-on-year, and the gross profit margin of gel injection products was 97.98%, an increase of 0.6 percentage points year-on-year.

From the perspective of business layout, Aimei's injectable botulinum toxin type A (used for moderate to severe frown lines) and minoxidil lotion (used for hair regeneration treatment) are in the registration and filing stage, and are expected to contribute to the company's subsequent performance growth.

In addition, Aimeikang is also continuously expanding its layout in the field of medical beauty equipment. On July 24, Aimeikang announced that the company increased its capital to control Aimi Chuang. After the capital increase, the company's shareholding ratio in the latter increased from 40% to 52%. This capital increase was completed in two phases, with a total capital increase of 40 million yuan. It is reported that Aimi Chuang owns products such as "Hi Explosion Water" water light instrument and disposable sterile injection needles.

It is worth noting that in July this year, analysts from Ping An Securities warned of risks in a research report, saying that the macro-economy has a certain impact on discretionary consumption, including medical beauty. If the economic environment fluctuates, it will affect consumer willingness, which will further adversely affect Aimei's performance.

What are the negatives of big consumption?

Throughout the day, the overall performance of the A-share consumer sector was sluggish, among which medical beauty, liquor, and daily chemicals led the decline. As of the close, Shanghai Jahwa plummeted 9.96% and approached the limit, Shede Wine Industry plummeted 9%, Hainan Coconut Island, Golden Seed Wine, Jiugui Liquor, Gujing Gongjiu, Jinshiyuan and others all fell.

The main reason for the sharp drop is also the performance explosion. Last night, Shanghai Jahwa and Shede Wine Industry both disclosed their 2024 semi-annual reports, and their performance declined to varying degrees. Specifically:

In the first half of this year, Shanghai Jahwa achieved operating income of 3.321 billion yuan, a year-on-year decrease of 8.51%; net profit attributable to the parent company was 238 million yuan, a year-on-year decrease of 20.93%; non-net profit was 235 million yuan, a year-on-year decrease of 10.36%. Shanghai Jahwa said that the company's performance was affected by multiple factors such as actively reducing social inventory and being in a deep adjustment period, and it was under obvious pressure in the short term.

In the first half of this year, Shede Wine achieved operating income of 3.271 billion yuan, a year-on-year decrease of 7.28%; net profit attributable to shareholders of listed companies was 591 million yuan, a sharp year-on-year decrease of 35.73%. Shede Wine said that in the first half of this year, the liquor industry as a whole is still in a period of adjustment. Affected by the economic environment, the business demand for sub-high-end liquor is lower than expected, banquets continue to grow but the volume is still small, and the traditional advantage product taste Shede is in a stage of destocking. Shede Wine adheres to long-termism and actively assists dealers to fully enhance sales. Through the active "control quantity and stabilize price" strategy, it hopes to achieve healthier and long-term development through phased adjustments.

From a macro perspective, overall consumer demand is still weak. According to data released by the National Bureau of Statistics, from January to July this year, the total retail sales of consumer goods reached 27,372.6 billion yuan, a year-on-year increase of 3.5%. In July, the total retail sales of consumer goods reached 3,775.7 billion yuan, a year-on-year increase of 2.7%.

Against the backdrop of a slowdown in the overall market, domestic sales of tobacco and alcohol turned negative in July, down 0.1% year-on-year; retail sales of cosmetics fell 6.1% year-on-year; retail sales of gold and silver jewelry fell 10.4% year-on-year; retail sales of clothing, shoes and hats, and textiles fell 5.2% year-on-year.

The National Bureau of Statistics said that although the operation of the consumer market has accelerated, it should be noted that consumer demand is still weak, residents' consumption capacity needs to be further improved, and the consumption of some bulk commodities is sluggish. In the next stage, we must thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, focus on enhancing residents' consumption capacity, intensify efforts to promote the replacement of old consumer goods with new ones, promote high-quality development of service consumption, and help the consumer market continue to recover.