大丈夫

雷达财经出品 文|周慧 编|孟帅主力产品承压，“医美茅”爱美客再度交出一份营收、净利双降的业绩答卷。据爱美客最新披露的财报，今年上半年，公司实现营收12.16亿元，同比下降6.42%，录得归母净利润5.93亿元，同比减少24.84%。其中，公司两大主力产品——溶液类注射产品与凝胶类注射产品分别贡献收入5.91亿元、3.79亿元，同比下降20.51%、23.08%。         China US Photo:VCGAmerican scientists have voiced opposition to a proposed rule which seeks to ban federal funding for US science collaboration with China, saying that it would instead hurt US interest, the Washington Post reported on Tuesday. Chinese experts also warned that the slew of US restrictions on China-US scientific cooperation is unlikely to deal a fatal blow to China's scientific development, but could instead backfire on the US.
The proposed Office of Management and Budget (OMB) rule, set to take effect in December, would mark one of the biggest overhauls of US science funding in decades, giving political appointees greater authority over grant awards previously guided by scientific peer review and requiring that they "advance the President's policy priorities," according to the Washington Post. 
It would also effectively expand the 2011 Wolf Amendment, which bars scientists from using NASA funding for bilateral collaborations with China, to all federal agencies and scientists receiving federal funds, marking the largest break in US-China scientific engagement in decades, the US media outlet reported.
So far, the proposed rule has garnered nearly half a million public comments, many from scientists and leading US science bodies. A Washington Post analysis of 50,000 of those comments found that around 88 percent were negative.
The rule, initially set to take effect in October, was pushed back to December after a bipartisan stopgap funding bill temporarily halted its adoption. Unlike the Wolf Amendment, the rule does not require congressional approval to take effect.
"I do think there are still members of Congress who think we have a monopoly on knowledge. They think we're still in the Cold War Soviet era ... where we were ahead in most areas of science and technology. That is not the case with China. We are no longer the leader in many areas of science," said Tobin Smith, senior vice president for government relations and public policy at the Association for American Universities, which advocates on behalf of leading US research universities, per the Washington Post.
Scientists warn that the rule risks subjecting long-term scientific research to four-year political cycles. "We will not succeed if with every new administration we are ping-ponging back and forth about priorities," the American Association for the Advancement of Science said in a blistering comment, urging the administration to withdraw the rule. "Fast-tracking such profound changes ... hands an easy victory to nations like China," it said, the Washington Post reported.
This reflects a fundamental divide between the US government and the scientific community over how science should develop, Wang Yiwei, a professor at Renmin University of China's School of International Studies, told the Global Times. He noted that politicians tend to believe that suppressing China as a competitor would allow the US to preserve its market dominance and technological edge. 
Scientists, however, tend to follow a different logic, as scientific progress depends on openness, exchanges and collaboration. If science and technology are driven solely by competition and private capital, with the ultimate goal of maintaining technological monopolies, this could create greater risks and ultimately undermine US interests as well, Wang said. 
The proposed rule change is the latest salvo in a broader battle in Washington over how to respond to China's rise as a scientific superpower. In July, the US National Science Foundation (NSF) also moved to ban collaborations between scientist it funds and many Chinese research institutions and their employees, according to Science magazine. 
Liu Shaoshan, director of the Center for Embodied AI at the Shenzhen Institute of Artificial Intelligence and Robotics for Society and a former US-based researcher, told the Global Times in a previous interview that the NSF's new proposed rules created a "talent wall," arguing that restrictions based on nationality, institutional affiliation, and research partnerships could reduce the global talent pool available to the US, weaken its ability to attract leading scientists, and slow scientific innovation. 
Liu also said scientific advancement relies not only on discovery but also on the exchange, validation, and dissemination of knowledge.
Wang also said China has built significant strengths through its vast pool of scientists and engineers, complete industrial chains and massive application scenarios, while increasingly moving from application-oriented innovation toward original research. Against this backdrop, US technological blockades and restrictions on cooperation are unlikely to halt China's progress, but could instead isolate American scientists from China's latest research and collaboration opportunities. Such an approach could also prevent the two countries from leveraging their respective strengths and ultimately undermine US competitiveness, Wang said.
。尽管冻干粉注射产品同期营收同比暴增超9倍至2.09亿元，但其86.91%的毛利率明显低于溶液类注射产品与凝胶类注射产品，难以完全填补前述两大主力产品留下的业绩“窟窿”。此外，今年上半年，爱美客的销售费用高达2.35亿元，同比大幅增长62.89%。

B | 但公司激增的销售费用，没能在上半年完全转化为公司的业绩增量。事实上，爱美客所处的医美赛道正持续扩容，行业竞争也愈发激烈。面对挑战，爱美客除了自主创新研发，还持续通过外延并购以增强自身竞争力。今年7月，爱美客出资数千万人民币，完成了对华夏生物的战略投资，正式深度布局人源ECM赛道。截至8月21日收盘，爱美客报92.36元/股，股价较历史高点跌超八成，最新市值为279.47亿元。

C |

上半年营收净利双降，销售费用激增8月20日，被誉为“医美茅”的爱美客，交出了一份营收、净利双降的半年度业绩答卷。

D | 财报显示，今年上半年，爱美客实现营收12.16亿元，同比下降6.42%，录得归母净利润5.93亿元，同比大幅减少24.84%。营收、净利双双下滑之际，爱美客的销售费用却在飙升。今年上半年，公司销售费用高达2.35亿元，同比大幅增长62.89%。对此，爱美客解释称，主要系组建新的产品事业部带来的人工费用增加，以及新产品的市场费用增加所致。同时，公司的管理费用也有所上升，从2025年同期的6941.66万元增长至9473.73万元，同比增长36.48%，主要系人员增加引起的人工费增加所致。同期，爱美客的研发投入达1.4亿元，虽较去年同期减少10.49%，但其占总营收的比重仍高达11.53%。

E | 事实上，近年来，爱美客在研发上的投入持续加码。同花顺iFinD数据显示，2021年至2025年，爱美客的研发费用分别为1.02亿元、1.73亿元、2.5亿元、3.04亿元、3.6亿元，同比增长率分别为65.54%、69.2%、44.49%、21.41%、18.45%。据爱美客披露，截至今年上半年末，公司及其子公司累计处于有效授权的专利高达328件，其中处于有效授权状态的发明专利达89件。不过，从公司的业绩表现来看，爱美客在营销及研发上的投入尚未充分转化为公司的利润增长动力。与此同时，爱美客在现金流方面也面临一定的压力。

F | 财报显示，今年上半年，爱美客经营活动产生的现金流量净额为5.35亿元，同比下滑18.32%。

G | 截至上半年末，爱美客的总资产为91.79亿元，负债合计6.83亿元。据此计算，爱美客的资产负债率为7.44%，较去年同期减少0.9个百分点。

主力产品收入承压，冻干粉类产品增长迅猛天眼查信息及公开信息显示，爱美客技术发展股份有限公司成立于2004年，公司立足于生物医用软组织修复材料的研发和转化，是国内生物医用软组织材料创新型的领先企业。

H | 财报显示，作为国内医美行业的龙头企业，爱美客主要提供包括注射类皮肤填充剂、注射用A型肉毒毒素、医美设备等在内的III类医疗器械及药品等产品。其中，注射类皮肤填充剂产品按产品形态可分为凝胶类、溶液类和冻干粉类等品类。今年上半年，溶液类注射产品为爱美客贡献收入5.91亿元，约占公司同期总营收的半壁江山。但与2025年同期的7.44亿元相比，该产品的收入规模却减少了20.51%。同时，其毛利率亦同比下滑约0.2个百分点至92.96%。

I | 同期，爱美客凝胶类注射产品的营收为3.79亿元，同比减少23.08%，毛利率则从去年同期的97.75%下滑至97.53%。不过，得益于收购的韩国REGEN公司旗下产品AestheFill的并表与市场推广，爱美客冻干粉类注射产品上半年的表现颇为亮眼，报告期内实现营收2.09亿元，同比暴增超9倍。然而，与溶液类注射产品及凝胶类注射产品均超过90%的超高毛利率相比，冻干粉类注射产品86.91%的毛利率稍显逊色。

J | 值得一提的是，报告期内，爱美客多款产品步入商业化落地阶段，或有望带动公司下半年的业绩实现增长。其中，公司独家经销韩国Huons BP的注射用A型肉毒毒素产品于今年1月获得了国家药监局颁发的《药品注册证书》，并于8月正式上市销售。爱美客曾在1月发布的相关公告中表示，该产品通过与公司现有产品的组合，能为客户提供更全面的综合解决方案，有利于增强公司的核心竞争力。

行业竞争加剧，外延并购能否稳住龙头地位？据德勤中国、艾尔建美学近日联合发布的《中国医美行业2026年度洞悉报告》预测，在宏观经济稳中有进、内需与消费拉动的双重定调下，中国医美消费市场规模有望在2030年突破6000亿元大关。在赛道持续扩容的背景下，越来越多的玩家加入竞争，相关产品供给量随之不断增加。东方证券在研报中提到，2020年至2026年，医美三类械注射产品审批提速，合规材料供给已较2020年显著丰富。截至2020年底，2020年国内获批三类械的玻尿酸、A型肉毒毒素和胶原蛋白注射产品合计约50个，其中玻尿酸约40个、A型肉毒毒素约6个(3款)、胶原蛋白约5个，再生类注射材料尚未形成规模化获批供给。据观研天下统计，截至2026年3月，获批产品已增至121款，包括82款玻尿酸、7款肉毒素、16款胶原蛋白与再生材料。爱美客在半年报中表示，在市场规模持续扩容、产品品类日益丰富的同时，行业供给端加速规范化，为消费者提供了更为多元且合规的选择。不过，爱美客直言，供给端的扩容也带来了日益激烈的市场竞争。同时，面对宏观经济环境波动及居民消费意愿趋于谨慎的外部形势，行业正经历从“规模扩张”向“质量深耕”的关键转型，逐步回归医疗本质。

K | 事实上，从产品层面来看，爱美客的确正面临着不小的竞争压力。据21世纪经济报道，爱美客曾凭借“嗨体”在颈纹修复赛道占据先发优势，但2024年10月，华熙生物上市了同类竞品润致·格格，直接打破该赛道原有的市场格局。而今年7月，华熙生物代理的JUVELOOK取得国家药监局的注册证书，又给爱美客“濡白天使”所处的赛道带来了更多的不确定性。面对愈发激烈的行业竞争，除了自主创新研发，爱美客还持续加码外延并购，拓展产品矩阵，以加强公司竞争力。天眼查信息显示，今年7月，爱美客斥资数千万人民币，对华夏（青岛生物）科技有限公司（下称“华夏生物”）独家投资，并以15.64%的持股比例一跃成为其第二大股东、外部第一大机构股东。公开资料显示，华夏生物成立于2023年，是一家致力于生物医用材料研发、生产和应用的生物技术企业，同时也是国内较早系统布局人源ECM（细胞外基质）赛道的企业之一。据凤凰网青岛，目前，华夏生物主打面部抗衰“眶下凹陷”适应症的注射型人源ECM产品，已完成全部受试者入组，正式进入注册申报阶段，预计2026年底获批上市。同时，旗下膝关节炎修复产品已同步启动FDA海外申报，开启国际化布局。有分析指出，此次爱美客对华夏生物投资，意味着其开始正式深度布局人源ECM黄金赛道。