2025年医美行业盘点从“流量驱动”到“价值回归”

新快报01-13

2025年的医美市场格外热闹，医美行业在监管风暴、价格厮杀与技术突破中完成深度洗牌。从万元以上“童颜针”价格雪崩至千元，到互联网巨头线下开设医美诊所，再到爱美客、江苏吴中为一款“童颜针”撕破脸，一系列事件共同指向行业发展的核心逻辑：技术创新取代“吃老本”，供应链效率重构竞争格局。行业泡沫退去后，医美行业正从“流量驱动”转向“价值回归”，真正的技术创新、合规经营，才是医美行业长远发展的底层逻辑。■...

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return\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"300896":1.91,"600200":1.88,"09618":0.9},"content_text":"2025年的医美市场格外热闹，医美行业在监管风暴、价格厮杀与技术突破中完成深度洗牌。从万元以上“童颜针”价格雪崩至千元，到互联网巨头线下开设医美诊所，再到爱美客、江苏吴中为一款“童颜针”撕破脸，一系列事件共同指向行业发展的核心逻辑：技术创新取代“吃老本”，供应链效率重构竞争格局。行业泡沫退去后，医美行业正从“流量驱动”转向“价值回归”，真正的技术创新、合规经营，才是医美行业长远发展的底层逻辑。■廖木兴/图·关注1爱美客、江苏吴中之争2025年3月，爱美客宣布收购韩国Regen公司85%股权，成为其控股股东。此举直接触动了江苏吴中的神经。江苏吴中旗下子公司达透医疗此前获得了“童颜针”艾塑菲在中国内地的独家经销权至2032年。7月，Regen公司以“业务违规转移”和“品牌声誉受损”为由，向江苏吴中发出《解约函》。江苏吴中随即提起仲裁，要求确认协议有效或索赔16亿元。9月，深圳国际仲裁院作出紧急仲裁决定，裁定Regen公司需继续供货，维持了达透医疗的独家经销商身份，但这并未彻底平息双方的战火。●记者点评：这起代理权纠纷案是2025年医美产业链利益重构的典型缩影，暴露出行业竞争的残酷与规则的缺失。上游企业为争夺核心产品控制权手段激进，尽显对市场“命脉”的极度渴求，却鲜少聚焦产品创新与行业生态共建。江苏吴中因财务造假退市，又因代理模式脆弱陷入困局，凸显传统“代理起家”模式的时代局限性。爱美客凭借资本运作试图掌控市场，战略短视且急功近利，虽短期或获市场份额，却透支行业信任，损害自身品牌声誉。医美行业的健康发展，终究离不开自主研发能力与产业链深度掌控力的支撑。当企业深陷恶性竞争泥沼，求美者对行业的信任将被不断消耗，最终反噬整个行业的未来。唯有回归技术创新与合规经营，才能让医美行业行稳致远。·关注2互联网巨头线下开店2025年，医美行业流量逻辑生变，部分互联网平台已从“流量中介”往线下医疗服务实体延伸。新氧在这一年加速推进其“新氧青春诊所”线下自营连锁布局，2025年底线下门店已近50家。更引人注目的是，电商巨头京东也正式高调进军医美。2025年10月，京东医美首个自营独立门店正式开业，主打“正品保障”和“价格透明”，旨在解决行业长期存在的药械来源不明、价格不透明等痛点。医美行业的竞争已超越单一机构之争，升级为“平台系”与传统医美机构的全面对决。●记者点评：京东、新氧布局线下医美诊所，是医美行业从“流量撮合”向“全链路掌控”转型。对平台而言，这是应对线上流量见顶的破局之举：新氧2025年三季度线下医美诊疗服务收入占总营收近半，摆脱佣金依赖；京东复用供应链能力，大大降低医美产品流通成本，为终端降价提供支撑。对传统机构和上游厂商而言，变革带来双重冲击。平台以“透明化定价”击穿行业高溢价，这是对传统医美“信息不对称”商业模式的降维打击，迫使中小机构优化成本或深耕高端定制。同时，“厂商-平台-用户”的短链模式截流经销利润，多家厂商因新氧低价倾销终止合作，凸显定价权博弈激烈。从经营层面看，平台转型仍存挑战。新氧线下扩张导致季度亏损扩大，股价自7月高点蒸发约一半市值；京东医美规模化复制仍需验证。从行业意义看，将带动医美行业连锁化、规模化、标准化、线上线下融合化等一系列发展新趋势，推动医美大众化和普及化，也催生了高端与大众市场分层的新格局。·关注3“童颜针”大战2025年，“童颜针”（主要成分为聚左旋乳酸PLLA或聚双旋乳酸PDLLA）市场经历了剧烈的价格跳水。2025年初，2024年底获批的“童颜针”还没来得及上市，又有多款新品以几乎每月一款的速度陆续获批。至2025年11月底，国内合规童颜针产品迅速增至10款，市场进入混战。激烈的竞争导致价格体系崩塌，曾经价格万元以上的“童颜针”，在年中开始出现大幅跳水。一些医美机构为了抢占市场，将部分品牌童颜针的价格压至5999元/支甚至999元/支的体验价。这场价格战席卷了整个再生医美材料市场，成为2025年行业最惨烈的“红海”战役。●记者点评：“童颜针”市场的价格雪崩，是“供给创造需求”与“产能过剩”交织的典型样本。自2021年首款产品以1.8万元单价开启国内市场以来，如今已有10款产品获批，多余家企业排队申报，市场彻底进入充分竞争阶段，动辄近2万元/支的奢品游戏已经玩不转了。价格“跳水”在加速品类普及的同时，也暴露了行业深层问题。一方面，终端单价从万元级下探至3000元区间，极大刺激了下沉市场需求，让更多求美者接触到再生抗衰项目，推动品类渗透率长期提升。另一方面，产品同质化严重的痛点凸显，当技术壁垒被快速追赶，差异化优势不足时，价格战便沦为企业争夺市场的无奈选择。未来，市场分层将成必然趋势：头部品牌凭借技术壁垒和差异化卖点坚守高端价位，大众市场则通过减量降规格等方式控制成本。当同类产品扎堆，唯有真正掌握核心技术和不可替代性、能解决消费者痛点的产品，才能在激烈竞争中站稳脚跟，保持长期盈利能力。·关注4上游企业告别“躺赢”2025年，曾经风光无限的医美上游“白马股”们迎来了业绩的“冷静期”甚至“滑坡期”。2025年前三季度，“医美三剑客”中，行业龙头爱美客营收和净利润均同比下降，分别同比减少21.49%和31.05%；华熙生物、昊海生科等企业也出现了不同程度的营收下滑或增速放缓。二级市场上，医美头部上市企业的市值较年初普遍缩水。●记者点评：2025年医美上游头部企业业绩的集体下滑，是行业发展周期的必然结果，行业已告别“野蛮生长”的红利期，进入了“高质量发展的深水区”。过去资本市场基于“高增长、高毛利、高壁垒”逻辑给予行业极高估值，但随着技术门槛降低、新玩家涌入，“高增长、高毛利、高壁垒”的“三高”优势不再必然。市场已从增量竞争转向存量博弈，“躺赢”时代终结，头部企业也需直面残酷竞争。这一调整是行业健康的“挤泡沫”过程。它迫使企业从依赖爆款的“赌博式”研发，转向构建完善产品矩阵和韧性商业模型；引导资本从追逐短期概念，转向关注底层技术创新、全球化布局、精细化运营等核心竞争力，推动行业发展转型。·关注5赴韩医美特种兵周五下班直奔机场，周日就能带着新面孔回来，周一上班。2025年，“赴韩医美特种兵”成为年轻群体消费新潮流。20-35岁的职场人，飞赴韩国48小时密集完成4-5项医美项目的核心驱动力是价格优势：热玛吉、知名玻尿酸等热门项目价格仅为国内的1/3-1/2，加上机票酒店成本，退税后仍比国内省30%-50%。此外，部分未在国内获批的“独家项目”更成为吸引消费者的“韩国特产”。社交平台的攻略分享和“搭子”组团模式，进一步降低了决策门槛。据韩国保健福祉部数据，2025年中国赴韩医美游客预计突破35万人次，同比增长超34%，占外国医美患者总数的70%以上。●记者点评：“赴韩医美特种兵”是性价比驱动的效率型消费，韩国机构凭借标准化流程、规模化运营的成本优势，精准契合中国消费者“高效变美”需求，也成为年轻人缓解焦虑、获取即时自我认同的情绪出口。但这一模式暗藏多重风险。如部分韩国机构流水线操作缺乏个性化评估，还可引发术后感染、效果不佳等问题；部分机构低价引流后诱导高额消费；跨境维权更是难题。这一现象是国内医美行业的一面镜子，既暴露了价格偏高、过度营销等行业痛点，也为行业升级提供了参照。随着2026年韩国医美退税政策取消，国内机构若能重构价格体系、优化服务流程、加速技术创新，缩小与国际市场差距，“跨国求美”热度有望降温，国内医美市场将迈向更健康理性的发展阶段。采写：新快报记者 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2025年医美行业盘点 从“流量驱动”到“价值回归”

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2025年医美行业盘点从“流量驱动”到“价值回归”