中产女性不买单，又一暴利行业崩塌

Core Viewpoint - The cosmetic medical industry in China, once seen as highly profitable, is now facing significant challenges due to increased competition and changing consumer attitudes, leading to a collective sense of anxiety among companies in the sector [2][30]. Group 1: Industry Overview - The cosmetic medical sector has experienced structural adjustments over the past four years, with many leading companies, including "medical beauty Maotai" Aimeike, facing declining performance and stock prices [2][4]. - Aimeike's dynamic price-to-earnings ratio has plummeted from over 300 times at its peak in 2021 to around 30 times, with its market capitalization dropping by approximately 120 billion yuan from its peak [4][30]. Group 2: Competitive Landscape - Aimeike is attempting to diversify its business by entering the "hair medical" field and launching new products, but the real market tension stems from a dispute over the exclusive agency rights for the "AestheFill" product, which is highly lucrative [6][11]. - The ongoing arbitration between Aimeike and Jiangsu Wuzhong reflects the broader struggles within the cosmetic medical industry as companies grapple with stagnant growth and seek new revenue streams [8][10]. Group 3: Financial Performance - Aimeike's revenue for the first quarter of the year was 663 million yuan, a year-on-year decrease of 17.9%, and its net profit also saw a decline of 15.87% [30][32]. - The company's half-year report indicated a revenue drop of 21.59% and a net profit decrease of 29.57%, marking the first decline in nearly five years [30][32]. Group 4: Product and Market Dynamics - The AestheFill product, which can sell for 20,000 yuan per unit, is projected to generate sales of 326 million yuan in 2024 for Jiangsu Wuzhong, highlighting its market potential [12][14]. - The competitive environment has intensified, with 63% of cosmetic medical institutions reporting revenue declines, and only 14% achieving growth in the first half of 2025 [33][37].