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 [4][30]. Group 1: Industry Overview - The cosmetic medical sector has experienced structural adjustments over the past four years, with many leading companies, including "Mei Ke" (爱美客), facing declining performance and stock prices [4][30]. - "Mei Ke" has seen its dynamic price-to-earnings ratio drop from over 300 times in 2021 to around 30 times, with its market capitalization falling by approximately 120 billion yuan from its peak [4][5]. Group 2: Competitive Landscape - "Mei Ke" is attempting to diversify its business by entering the "hair medical" field and launching new products, but the focus remains on the competitive battle for the exclusive agency rights of the "AestheFill" product [5][11]. - The ongoing dispute between "Mei Ke" and Jiangsu Wuzhong over the exclusive rights to "AestheFill" highlights the intense competition and desperation within the industry as companies seek new growth opportunities [10][12]. Group 3: Financial Performance - "Mei Ke" reported a revenue decline of 17.9% year-on-year in Q1, with a net profit decrease of 15.87%, marking the first decline in nearly five years [30][31]. - The company's half-year report showed a revenue drop of 21.59% and a net profit decline of 29.57%, indicating a significant slowdown in growth compared to previous years [30][31]. Group 4: Market Dynamics - The medical beauty market is experiencing a downturn, with 63% of institutions reporting revenue declines and only 14% achieving growth in the first half of 2025 [32][33]. - The primary consumer base, middle-class women in major cities, is showing reduced spending power, leading to a more cautious approach to cosmetic procedures [33][35]. Group 5: Future Outlook - The ongoing legal battle over "AestheFill" reflects the broader challenges facing the cosmetic medical industry as companies navigate a difficult transition period marked by fierce competition and declining profitability [40][41].