“医美茅”双雷引爆：爱美客上市以来业绩首降，并购韩国企业埋下16亿元商誉“定时炸弹”

Core Viewpoint - Aimeike, once hailed as the "beauty medical leader," is experiencing its first performance decline since its IPO, reflecting both industry-wide changes and internal challenges [2][3][4] Financial Performance - In the first half of 2025, Aimeike reported revenue of 1.299 billion yuan, a year-on-year decline of 21.59%, and a net profit of 789 million yuan, down 29.57% [3][4][6] - The company's revenue growth rate has decreased significantly from 104.13% in 2021 to 5.45% in 2024, culminating in a sharp drop in 2025 [4][6] Market Environment - The decline is attributed to macroeconomic pressures, including weak consumer spending and increasing consumption stratification, which have particularly impacted high-ticket items [7][8] - The average price of hyaluronic acid has dropped from 384 yuan to 330 yuan, indicating a shift in consumer behavior towards more cost-effective options [7] Core Products - Aimeike's two main products, "Haitai" and "Ruhbai Angel," saw significant revenue declines of 23.79% and 23.99%, respectively, together accounting for over 90% of total revenue [8][9] - The gross profit margins for these products have also decreased, raising concerns about their market competitiveness and potential lifecycle decline [9][10] Competitive Landscape - The market is becoming increasingly competitive, with new entrants and price wars threatening Aimeike's previously dominant position [10][14] - The approval of multiple similar products has intensified competition, leading to a potential reduction in profit margins [10][14] Strategic Moves - To address its product line limitations, Aimeike attempted to acquire South Korean company REGEN for $190 million (approximately 1.386 billion yuan), but this has led to legal disputes and potential financial liabilities [15][16][17] - The acquisition has significantly increased the company's goodwill from 278 million yuan to 1.594 billion yuan, raising concerns about financial risks [17][18] Future Outlook - Experts express concerns about Aimeike's ability to recover growth amidst declining core product sales and increasing competition [10][18] - The company needs to diversify its product offerings and enhance its R&D capabilities to mitigate risks associated with its current reliance on a few key products [10][18]