# Imeik Technology Development (300896.SHE)

Canonical: https://gigainvestors.com/s/300896.SHE

Analysis as of: 2026-10-16T07:37:59.223Z. Financial observations: FY2016–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 94.80 per share; close as of 2026-10-15.

Estimated value: low CNY 67.16 per share, central CNY 74.66 per share, high CNY 84.64 per share. Buy at or below the central value CNY 74.66 per share. Valuation as of 2026-10-16T07:37:59.223Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.44×

- FY2017: 0.42×

- FY2018: 0.45×

- FY2019: 0.63×

- FY2020: 0.71×

- FY2021: 0.78×

- FY2022: 0.77×

- FY2023: 0.75×

- FY2024: 0.76×

- FY2025: 0.54×

### moat: pass

- ROIC, median of available years: 68.6%

- ROIC, second-lowest year: 60.9%

- Typical minus recent gross margin: 2.0 pp

- Typical gross margin (annual median): 92.2%

- Recent gross margin (lower of latest and 3-year median): 90.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 65.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 60.9%

- FY2017: 66.0%

- FY2018: 86.2%

- FY2019: >100%

- FY2020: >100%

- FY2021: 67.0%

- FY2022: 70.2%

- FY2023: 74.2%

- FY2024: 62.3%

- FY2025: 44.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 7.0B

- Net income, five-year total: CNY 7.3B

- Return on incremental invested capital: 135.2%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 7.4 pp

- Working capital / revenue, final three-year average: 7.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.98×

- FY2023: 1.00×

- FY2024: 0.90×

- FY2025: 0.92×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 66.0% vs 62.3%

- Per-share earnings: 0.36 to 6.18 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.3%

- Per-share value growth: 50.0%

- Per-share value change: CNY 5.82

- Per-share value, starting three-year median: CNY 0.36

- Per-share value, ending three-year median: CNY 6.18

- Average buyback yield: 0.5%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 2.0B

- Cumulative net income, 10 years: CNY 8.3B

- ROIC, first three-year median: 66.0%

- ROIC, last three-year median: 62.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.25

- FY2017: CNY 0.36

- FY2018: CNY 0.54

- FY2019: CNY 1.34

- FY2020: CNY 1.48

- FY2021: CNY 3.16

- FY2022: CNY 4.17

- FY2023: CNY 6.18

- FY2024: CNY 6.52

- FY2025: CNY 4.28

### accounting: pass

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.5%

- FY2017: -0.5%

- FY2018: -2.7%

- FY2019: -0.6%

- FY2020: 0.3%

- FY2021: 0.3%

- FY2022: 1.1%

- FY2023: -1.4%

- FY2024: 0.4%

- FY2025: -1.1%

## Holders

## Price story

Down 85% since Oct 2021 · sales -19.9%

Story as of 2026-10-16T10:00:09.637Z; price observation 2026-10-15.

Price needs cash profits to grow 4.4% a year for ten years

### Sales · FY2024–2025

sales -19.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 141M 

- FY2017: CNY 222M 

- FY2018: CNY 321M 

- FY2019: CNY 558M 

- FY2020: CNY 709M 

- FY2021: CNY 1.4B 

- FY2022: CNY 1.9B 

- FY2023: CNY 2.9B 

- FY2024: CNY 3.0B 

- FY2025: CNY 2.4B 

### Gross margin · FY2025

gross margin 90.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 86.9% 

- FY2017: 86.1% 

- FY2018: 89.1% 

- FY2019: 92.6% 

- FY2020: 91.8% 

- FY2021: 93.7% 

- FY2022: 94.8% 

- FY2023: 95.1% 

- FY2024: 94.6% 

- FY2025: 90.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are CNY 2.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2025: revenue 2423833830; grossProfit 2186552680; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300896.SHE: Imeik Technology Development Co.,Ltd. engages in the research and development, and transformation of biomedical materials and biopharmaceutical products in China. The company offers aesthetic medicine products, such as cross-linked sodium hyaluronate gel with PLLA-b-PEG microsphere; poly facial implant thread; medical sodium hyaluronate-hydroxypropyl methylcellulose gel; sodium hyaluronate composite solution for injection; modified sodium hyaluronate gel for injection; medical PVA gel ball-sodium hyaluronate-hydroxypropyl methylcellulose gel; and skin care products. It serves medical aesthetic institutions. The company was incorporated in 2004 and is headquartered in Beijing, China.

### Why customers stay

Margins ranged from 90.2% to 95.1% during 2023–25; it earns 68.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2023: grossProfit / revenue = 95.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2024: grossProfit / revenue = 94.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2025: grossProfit / revenue = 90.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); 10-year return on capital observations [[2016,0.6088648317690482],[2017,0.6602455277435897],[2018,0.8616891293440645],[2019,2.069036606016582],[2020,1.5738815647463753],[2021,0.6697816623400749],[2022,0.7016871748294532],[2023,0.7421218893850032],[2024,0.6231846037583142],[2025,0.44043392435201045]]; median 0.685734418584764. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 95% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); Gross margin observations: [[2021,0.9369544952868762],[2022,0.9484683427424012],[2023,0.9509408270706432]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2016: growth capex 0; upkeep 54335528; owner earnings 489191. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2017: growth capex 40160191; upkeep 2431827; owner earnings 82193513. Growth capex / owner earnings = 0.4886053598901412.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2018: growth capex 31221399; upkeep 7939622; owner earnings 122854846. Growth capex / owner earnings = 0.2541324173732634.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2019: growth capex 22554526; upkeep 10041978; owner earnings 305519844. Growth capex / owner earnings = 0.0738234404178342.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2020: growth capex 21123742; upkeep 10982323; owner earnings 439748789. Growth capex / owner earnings = 0.04803592989542036.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2021: growth capex 12184000; upkeep 10846697; owner earnings 949942458.868. Growth capex / owner earnings = 0.012826040026170719.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2022: growth capex 120469345.19741194; upkeep 35214416.80258806; owner earnings 1232447696.691412. Growth capex / owner earnings = 0.09774803873691348.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2023: growth capex 34670373; upkeep 29010237; owner earnings 1850983321.734. Growth capex / owner earnings = 0.018730786276086386.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2024: growth capex 24778814.281235307; upkeep 214466025.7187647; owner earnings 1766407753.8732352. Growth capex / owner earnings = 0.01402779976871271.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); FY2025: growth capex 0; upkeep 170703500; owner earnings 1193750469.292. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); Dividend observations: [[2016,0],[2017,20223672],[2018,49678859],[2019,45000000],[2020,420700000],[2021,420700000],[2022,454356000],[2023,1004754481],[2024,499895952],[2025,1507130935]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 59.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300896.SHE SharesStats.PercentInsiders = 59.451 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:59.223Z); Ten-year compound average after fade. Initial solved rate 0.05038633857157382. Price 94.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2020-09: CNY 330.24 per share

- 2020-10: CNY 481.99 per share

- 2020-11: CNY 507.61 per share

- 2020-12: CNY 655.02 per share

- 2021-01: CNY 792.50 per share

- 2021-02: CNY 836.84 per share

- 2021-03: CNY 411.99 per share

- 2021-04: CNY 618.20 per share

- 2021-05: CNY 676.67 per share

- 2021-06: CNY 788.88 per share

- 2021-07: CNY 648.81 per share

- 2021-08: CNY 587.01 per share

- 2021-09: CNY 592.81 per share

- 2021-10: CNY 625.70 per share

- 2021-11: CNY 564.80 per share

- 2021-12: CNY 536.11 per share

- 2022-01: CNY 442.50 per share

- 2022-02: CNY 484.99 per share

- 2022-03: CNY 475.00 per share

- 2022-04: CNY 517.50 per share

- 2022-05: CNY 540.90 per share

- 2022-06: CNY 600.01 per share

- 2022-07: CNY 586.00 per share

- 2022-08: CNY 559.00 per share

- 2022-09: CNY 490.32 per share

- 2022-10: CNY 421.00 per share

- 2022-11: CNY 479.60 per share

- 2022-12: CNY 566.35 per share

- 2023-01: CNY 595.01 per share

- 2023-02: CNY 588.46 per share

- 2023-03: CNY 558.75 per share

- 2023-04: CNY 543.97 per share

- 2023-05: CNY 450.60 per share

- 2023-06: CNY 444.95 per share

- 2023-07: CNY 476.11 per share

- 2023-08: CNY 438.50 per share

- 2023-09: CNY 390.27 per share

- 2023-10: CNY 329.65 per share

- 2023-11: CNY 304.54 per share

- 2023-12: CNY 294.33 per share

- 2024-01: CNY 270.88 per share

- 2024-02: CNY 327.00 per share

- 2024-03: CNY 345.43 per share

- 2024-04: CNY 214.80 per share

- 2024-05: CNY 201.13 per share

- 2024-06: CNY 172.10 per share

- 2024-07: CNY 175.60 per share

- 2024-08: CNY 144.96 per share

- 2024-09: CNY 235.60 per share

- 2024-10: CNY 212.76 per share

- 2024-11: CNY 211.90 per share

- 2024-12: CNY 182.50 per share

- 2025-01: CNY 170.02 per share

- 2025-02: CNY 169.86 per share

- 2025-03: CNY 179.45 per share

- 2025-04: CNY 173.00 per share

- 2025-05: CNY 170.00 per share

- 2025-06: CNY 174.81 per share

- 2025-07: CNY 184.90 per share

- 2025-08: CNY 193.98 per share

- 2025-09: CNY 181.55 per share

- 2025-10: CNY 160.09 per share

- 2025-11: CNY 145.37 per share

- 2025-12: CNY 141.72 per share

- 2026-01: CNY 139.73 per share

- 2026-02: CNY 142.78 per share

- 2026-03: CNY 117.24 per share

- 2026-04: CNY 115.05 per share

- 2026-05: CNY 104.75 per share

- 2026-06: CNY 87.20 per share

- 2026-07: CNY 109.00 per share

- 2026-08: CNY 92.81 per share

- 2026-09: CNY 95.00 per share

- 2026-10: CNY 92.96 per share

## Annual estimated value (CNY per share)

- FY2020: low CNY 24.44 per share, central CNY 25.82 per share, high CNY 27.65 per share

- FY2021: low CNY 40.48 per share, central CNY 44.42 per share, high CNY 49.67 per share

- FY2022: low CNY 55.95 per share, central CNY 61.94 per share, high CNY 69.90 per share

- FY2023: low CNY 78.21 per share, central CNY 87.35 per share, high CNY 99.52 per share

- FY2024: low CNY 84.40 per share, central CNY 94.05 per share, high CNY 106.90 per share

- FY2025: low CNY 66.93 per share, central CNY 74.63 per share, high CNY 84.89 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations