「医美茅台」市值蒸发千亿，中产女性不买单了？

Core Viewpoint - Aimeike is at a critical transformation juncture, facing significant challenges after reporting its worst half-year and quarterly results, leading to a substantial decline in market confidence and valuation [2][3][12]. Financial Performance - In Q3 2025, Aimeike reported revenue of 565 million, a year-on-year decline of 21.27%, and a net profit of 304 million, down 34.61%. For the first nine months of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [3][5]. - The company's market capitalization has plummeted to approximately 48.5 billion, a staggering drop of about 131.5 billion from its peak valuation of 180 billion in 2021, representing a cumulative decline of 73% [3][5]. Product Performance - Aimeike's core products, "Haitai" and "Ruhua Tianzi," have seen significant revenue declines. In the first half of 2025, "Haitai" generated 744 million, down 23.79%, while "Ruhua Tianzi" brought in 493 million, down 23.99% [6][8]. - Despite maintaining high gross margins above 90%, the revenue drop has raised concerns about the sustainability of Aimeike's growth model [8][10]. Competitive Landscape - The competitive advantage of Aimeike's core products is diminishing, with new entrants like Huaxi Biological's "Runzhi·Gege" entering the market, challenging the previously monopolistic position of "Haitai" [10][11]. - The emergence of alternative technologies, such as recombinant collagen, poses a threat to Aimeike's market share in the hyaluronic acid segment, further pressuring its performance [11]. Strategic Moves - To seek new growth avenues, Aimeike acquired 85% of South Korean company REGEN for 1.9 billion USD, aiming to enhance its product portfolio and international market access [12][13]. - This acquisition has led to a significant increase in goodwill from 278 million at the end of 2024 to 1.65 billion by the end of Q3 2025, marking a 493.44% increase [12]. Legal Challenges - Aimeike is embroiled in a legal dispute with REGEN's former distributor, which could impact the integration and future profitability of the acquisition, as the distributor is seeking 1.6 billion in damages [13].