「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 both revenue and net profit for Q3 2025, raising concerns about its growth prospects and market confidence [2][6][20]. 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%. For the first three quarters of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [2][6]. - The company's stock price fell sharply after the earnings report, reaching a low of 157.05 per share, a drop of 3.97%, and currently has a market capitalization of approximately 48.5 billion, down 73% from its peak of 180 billion in 2021 [2][6]. Product Overview - Aimeike, established in 2004 and listed in 2020, focuses on hyaluronic acid products, with its two main offerings being the injection solution "Haitai" and the gel filler "Ruhua Tianzi," both of which previously held market advantages [4][5]. - Despite maintaining high gross margins above 90%, revenue from these core products has significantly declined, with "Haitai" seeing a 23.79% drop in revenue and "Ruhua Tianzi" down 23.99% in the first half of 2025 [8][9]. Market Challenges - Aimeike's competitive edge is diminishing as new entrants, such as Huaxi Biological's "Runzhi·Gege," have entered the market, challenging the exclusivity of its products [13]. - The company faces increasing competition from alternative technologies, such as recombinant collagen, which are gaining traction and threatening Aimeike's market share in the hyaluronic acid segment [14]. Strategic Moves - To seek new growth avenues, Aimeike acquired 85% of South Korean company REGEN for 190 million USD in 2025, aiming to enhance its product portfolio and leverage REGEN's global sales network [16][17]. - This acquisition has led to a significant increase in goodwill, rising from 278 million at the end of 2024 to 1.65 billion by September 2025, marking a 493.44% increase [18]. Legal Issues - Aimeike is embroiled in a legal dispute with REGEN's former distributor, Datuo Medical, over the termination of an exclusive distribution agreement, which could impact the integration and future profitability of the acquisition [19][20].