As China’s economy continues to decline and consumer spending downgrades, another industry has been hit by a cold spell. On October 27, the topic labeled “Middle-Class Women No Longer Footing the Bill, Aesthetic Medicine Profts Collapse” surged to the top of Weibo’s trending list.
According to a report by “Salt Finance,” a financial media outlet under “Southern Window” on October 27, the cosmetic healthcare industry, once considered one of China’s most profitable and chaotic businesses, has been popular among numerous middle-class women, with well-known enterprises like “Ya Mao,” “Aesthetic Medicine Mao,” and “Vaccine Mao” emerging within the industry.
However, affected by industry competition, changing consumer attitudes, and other factors, four years have passed without the aesthetic medicine sector emerging from the shadow of structural adjustments, leading to industry-wide survival anxiety. Not to mention small businesses, many leading companies are also in dire straits – dwindling performance and plummeting stock prices.
Taking the example of “Aesthetic Medicine Maotai” Love Beauty Customer Technology Development Co., Ltd. (referred to as Love Beauty), its dynamic price-earnings ratio has fallen significantly from over 300 times at its peak in 2021 to around 30 times. As of October 27, Love Beauty’s total market value is about 50 billion yuan, although it still ranks first in the A-share beauty and skincare sector in terms of market value, it has dropped by around 120 billion yuan compared to its peak period.
In the first quarter of 2025, Love Beauty’s revenue decreased by 17.9% year-on-year, the net profit attributable to parent company dropped by 15.87%, marking the first negative growth in nearly five years. And in the first half of the year, net profit fell by another 29.57% year-on-year, with non-GAAP net profit plummeting by 33.7%. Both core business segments of Love Beauty encountered a chill in the first half of the year, with revenues from injectable solution products dropping by 23.79% to 744 million yuan and revenues from gel injection products falling by 23.99% to 493 million yuan.
This is the first time Love Beauty has seen negative growth in its semi-annual report since its listing in September 2020, and the net cash flow generated from operating activities also dropped from 1.15 billion yuan in the same period last year to 655 million yuan, a decrease of 43.06%.
Additionally, according to a report released by the Aesthetic Medicine Industry Observation, in the first half of 2025, 63% of aesthetic medicine institutions saw a decline in revenue, with only 14% achieving growth. In the second quarter, 58% of institutions experienced a revenue decline, with 31% seeing a decrease of over 20%.
Research data shows that 59% of practitioners believe that future operations will become more challenging, with only 16% maintaining an optimistic attitude.
On October 27, the topic “Middle-Class Women No Longer Footing the Bill, Aesthetic Medicine Profits Collapse” sparked heated discussions on the internet.
Netizens commented, “Are they not footing the bill, or do they just not have the money?” “It’s obvious there’s been a downgrade in consumption. Even though I’m not middle-class, I’ve also downgraded my spending. I used to buy those aesthetic medicine packages, but now I wouldn’t. The first thing that downgraded for me was cosmetics.” “All the private aesthetic medicine institutions or hospitals in our area are closing down. Public hospitals are relying on outsourcing to barely survive, and it’s getting harder and harder…”
Maternal and child care blogger “Rich Lucky Little Treasure” said, “Consumers are not doing well. Everyone is more cautious about spending, and with aesthetic medicine being optional, many people are cutting back or cutting out this expense. In 2025, there are fewer people planning to maintain or increase their spending on aesthetic medicine compared to 2024.”
However, some netizens also mentioned, “Many beauty salons’ aesthetic projects lack hygiene and safety guarantees, and now money is so hard to earn, who would still consider doing aesthetic medicine?” “The collapse of aesthetic medicine profits stems from a dual awakening on both the supply and demand ends. The purchasing power of middle-class women is shrinking, causing them to carefully consider items that cost thousands; meanwhile, the transparency in pricing has dramatically reduced the premium space for hyaluronic acid and face slimming injections. From Love Beauty’s cross-border survival to institutions embroiled in price wars, this upheaval was long in the making. When ‘channels are king’ gives way to ‘value is king,’ abandoning excessive profits and focusing on professionalism is the key to industry breakthrough.”