“医美茅台”市值蒸发千亿，中产女性不买单了？

Core Viewpoint - Aimeike, known as the "Maotai of the medical beauty industry," has reported disappointing financial results, with significant declines in revenue and net profit, raising concerns about its growth prospects and market confidence [1][2]. Financial Performance - In Q3 2025, Aimeike's revenue was 565 million, a year-on-year decline of 21.27%, and net profit was 304 million, down 34.61% [1]. - For the first three quarters of 2025, total revenue was 1.865 billion, a decrease of 21.49%, and net profit was 1.09 billion, down 31.05% [1]. - The company's market capitalization has dropped to approximately 48.5 billion, a staggering decline of about 73% from its peak of 180 billion in 2021 [1]. Product Performance - Aimeike's core products, "Haitai" and "Ruhua Tianzi," have seen significant revenue declines, with "Haitai" revenue down 23.79% and "Ruhua Tianzi" down 23.99% in the first half of 2025 [3][4]. - Despite maintaining high gross margins above 90%, the revenue drop indicates a weakening market position [6]. Competitive Landscape - The competitive advantage of Aimeike's core products is diminishing, particularly with the entry of new competitors like Huaxi Biological's "Runzhi·Gege," which has disrupted the monopoly of "Haitai" [7]. - The market for "Ruhua Tianzi" is also becoming crowded, with several companies launching similar products, increasing competitive pressure [8][9]. Strategic Moves - In 2025, Aimeike acquired 85% of South Korean company REGEN for $190 million to diversify its product offerings and enhance its international market presence [10]. - This acquisition has led to a significant increase in goodwill from 278 million at the end of 2024 to 1.65 billion by September 2025, a rise of 493.44% [11]. Legal Challenges - Aimeike is currently embroiled in a legal dispute with REGEN's former distributor, which could impact the integration and future profitability of the acquisition [12]. - The dispute centers around a unilateral termination of the exclusive distribution agreement, with potential claims of up to 1.6 billion in damages from the distributor [12]. Conclusion - Aimeike is at a critical juncture, facing declining performance in its flagship products while attempting to pivot through acquisitions. The erosion of its previous competitive advantages and the emergence of legal challenges pose significant risks to its future growth trajectory [11][12].