Analysis of Aimeike's Performance Decline and the Development of the Medical Aesthetics Industry

According to the latest financial data, Aimeike (300896.SZ) is indeed facing certain performance pressure [0]. The company’s stock price has dropped 18.16% since the beginning of the year, 28.44% cumulatively over the past year, and as much as 64.76% over three years [0]. Looking at quarterly data, the revenue in Q3 2025 was $566 million, showing a continuous downward trend compared to $636 million in Q2 and $663 million in Q1 [0].

However, it should be noted that the company’s profitability remains strong. The net profit margin in Q3 remained at a high level of 58.26%, the operating margin reached 65.66%, and the ROE (Return on Equity) was 18.98% [0]. This phenomenon of “increasing revenue without increasing profit” or “slowing growth” reflects more the intensification of market competition and changes in the consumption environment rather than a fundamental deterioration of the company’s fundamentals.

China’s medical aesthetics market has not entered a recession but is still in an adjustment period after a phase of rapid growth. According to Euromonitor data, the average annual growth rate of China’s medical aesthetics market reached 20% from 2021 to 2024, ranking it among the fastest-growing areas in the consumer sector [1]. The market is expected to continue growing from RMB 311.5 billion in 2023 to 2030 [1].

Compared with mature markets such as South Korea, the United States, Brazil, and Japan, China’s medical aesthetics penetration rate is still low, meaning the market is far from reaching its ceiling. The industry currently presents several important characteristics:

1. Slowing but still positive growth
   : Transitioning from a period of unregulated growth to high-quality development, the annual growth rate has fallen from over 30% to around 20%.
2. Accelerated industry consolidation
   : Leading enterprises represented by Beauty Farm have expanded through mergers and acquisitions; in 2024, it acquired CMM for RMB1.25 billion, establishing its position as an industry consolidator [1].
3. Intensified consumption differentiation
   : The high-consumption urban female group shows counter-trend growth, while mass consumption tends to be cautious.

. The performance fluctuations of Aimeike alone cannot represent the trend of the entire industry. The reasons are as follows:

1. Individual vs. overall differences
   : Aimeike mainly relies on injectable products such as hyaluronic acid fillers; when such products face price competition and channel adjustments, its performance will be directly affected. However, the medical aesthetics industry covers multiple segments including surgical, non-surgical, and skin management, and the performance of each segment varies.
2. Industry is still in the expansion phase
   : China’s medical aesthetics market penetration rate is far lower than that of developed countries; the 20% average annual growth rate from 2021 to 2024 proves that the market is still expanding rapidly [1]. The industry is transitioning from early explosive growth to steady growth, which is a normal market maturation process rather than a recession signal.
3. Leading enterprises expand against the trend
   : Beauty Farm’s merger and acquisition strategy shows that leading enterprises are still optimistic about the industry’s prospects. The company expanded its market share by acquiring targets such as NARUKO and CMM, reflecting a strategic layout of “seizing opportunities amid crises” [1].
4. Consumption upgrade trend remains unchanged
   : From “appearance economy” to “anti-aging awareness”, Chinese consumers’ acceptance and demand for medical aesthetics continue to rise. Especially for women aged 30-50 in high-tier cities, medical aesthetics consumption shows rigid characteristics.

:

• Huge room for market penetration rate improvement
• The compliant development of the industry benefits formal enterprises
• Acceptance of light medical aesthetics projects continues to increase

:

• Consumption downgrade pressure may continue
• Tighter policy supervision leads to increased compliance costs
• Intensified industry competition leads to narrower profit margins

Aimeike’s performance decline is more likely due to individual enterprise’s business strategy adjustments or product cycle factors rather than a trend reversal of the industry. Investors should pay attention to the company’s layout in product innovation and channel expansion instead of making judgments based solely on short-term financial report data.

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[0] Jinling AI - Aimeike (300896.SZ) Company Overview and Financial Data

[1] Yahoo Finance - “Beauty Farm Spends RMB1.25 Billion to Acquire CMM and Become Industry Leader” (https://hk.finance.yahoo.com/news/美丽田园斥12-5亿元-鲸吞思妍丽成行业龙头-003000706.html)