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“嗨体”失速，爱美客“换挡”_我的网站

A |     嗨体曾是爱美客的核心增长来源，如今，公司正试图通过冻干粉、肉毒素和“生命力资产”叙事等新方向完成“换挡”。    When we talk about actors who constantly push boundaries and surprise us with their choices, one name immediately springs to mind: Ranveer Singh. From the moment he burst onto the scene, his energy was infectious, but what has made him a true superstar isn’t just his charm but also his incredible ability to completely become the character he plays. It’s like watching a different person with every new movie he does. Some stars find a comfort zone and stick to it, but Ranveer keeps testing himself in every genre possible. Whether he's playing a quiet, intense thief, a loud, flamboyant lover, a powerful historical warrior, or a street rapper, he transforms himself inside and out. Here are the movies that perfectly showcase this one-of-a-kind versatility.      In This Article      Lootera (2013)Goliyon Ki Raasleela Ram-Leela (2013)Dil Dhadakne Do (2015)Bajirao Mastani (2015)Padmaavat (2018)Gully Boy (2020)83 (2021)Dhurandhar (2025)Lootera (2013)          This movie is proof that Ranveer can ace the quiet and serious roles. After his early, loud roles, he completely changed his style here. He plays Varun Shrivastav, a thief who enters a woman's life pretending to be someone else. In this film, he showed everyone he didn't need huge energy to be good and used his eyes and silence to show a lot of pain and guilt. It was a very tricky role that needed him to hold back, and he did it perfectly, showing he could be a really subtle actor.     Goliyon Ki Raasleela Ram-Leela (2013)          If Lootera was quiet, this film was an explosion. Ranveer plays Ram Rajadi, a loud, super-passionate guy caught in a violent family feud. This is the movie that made him a Bonafide star. He had to be bold, outspoken, and showcase really intense love and anger. It’s a very colourful, dramatic, modern Romeo and Juliet story. He owned the screen with his energy and amazing chemistry with Deepika, proving he could handle roles that needed him to be totally unfiltered and massive.     Dil Dhadakne Do (2015)          Here, he steps away from grand drama and plays someone totally relatable and normal. He plays Kabir Mehra, the younger son in a super-rich but troubled family. He’s the chill, kind-hearted one trying to figure out his life, dealing with his parents' high expectations. Ranveer plays him with an easy charm and great natural comic timing. He also plays the fun-loving brother to Ayesha (Priyanka Chopra Jonas) perfectly. This movie showed he can shine even in a group of big actors, just by being natural and grounded.      Bajirao Mastani (2015)          This role was a true test of his acting transformation skills. Ranveer took on the role of the legendary Maratha General, Peshwa Bajirao I. To prepare, he committed fully, shaving his head and working on his language and posture to play a formidable 18th-century warrior. The performance is incredibly strong since he had to play not just a brilliant military strategist, but also a man torn between his duty as a husband and his love for another woman. It proved he could handle big historical characters and look like he belonged in that era.      Padmaavat (2018)          Ranveer played the terrifying, ruthless, and power-hungry Sultan Alauddin Khilji, one of the most memorable villains in recent Hindi cinema. The transformation he went through was perfect. Khilji was pure evil, chaotic, and menacing, and Ranveer played him with an almost animalistic intensity. He dove so deep into the dark side of this character that he even admitted to needing time to recover after the filming was over. It was a risky choice for a leading star to play such a negative role, but he turned it into a masterclass.      Gully Boy (2020)          This film introduced Ranveer to a whole new audience and genre, showing his range isn't limited to period dramas or big romances. He plays Murad, an aspiring street rapper from the slums of Mumbai, whose biggest battles are with his own circumstances and his own fear. This is one of his most subtle and quietly powerful performances. Instead of his typical high energy, Ranveer uses silence, careful body language, and a deep, almost internalized frustration to show Murad's journey. He also performed his own rap songs, which added a layer of authenticity. The entire performance is about a dreamer finding his voice, and Ranveer made the character feel completely genuine, relatable, and full of heart.     83 (2021)          Stepping into the shoes of a living legend like Kapil Dev, the captain of the 1983 Cricket World Cup-winning Indian team, is arguably one of the hardest roles an actor can take. Ranveer immersed entirely into this role and perfected Kapil Dev's exact bowling action, his unique way of speaking, his walk, and his on-field demeanour. This role was based on a real-life character and Ranveer’s performance was praised for its amazing accuracy and commitment. He managed to capture the calm focus and quiet leadership of the iconic cricketer, proving his ability to nail real-life biographical roles.     Dhurandhar (2025)          Still running in the theatres, Dhurandhar has been the talk of the town and Ranveer Singh’s performance is one of them. His portrayal of Hamza has been receiving praise for the manner in which Ranveer conveys his emotion without really speaking anything. With Part 2 slated to release in March next year, the build-up from the first film promises to show Ranveer in an even bigger and ruthless avatar. Also Read: Deepika Padukone and Ranveer Singh’s exchange over Ranveer’s Madame Tussauds statues wins hearts。近日，爱美客交出2026年上半年成绩单，公司实现营收约12.16亿元，同比下降6.42%；归母净利润约5.93亿元，同比下降24.84%。

B | 与此前的高速增长相比，这份成绩单的落差更为明显。北京商报记者查阅公司近年财报发现，2021年至2023年，公司营收增幅分别高达104.13%、33.91%、47.99%；2024年骤降至5.45%，2025年转为-18.94%，2026年上半年延续下滑趋势。

C | 两大主力产品同时下滑，是拖累业绩的重要原因。

D | 以“嗨体”为代表的溶液类注射产品收入约5.91亿元，同比下降20.51%；以“濡白天使”为代表的凝胶类产品收入约3.79亿元，同比下降23.08%。嗨体曾是国内唯一获批用于颈部修复的注射产品，但2024年7月华熙生物“润致·格格”上市，结束了嗨体在颈纹修复赛道的独占地位。爱美客在财报中直言，“供给端新产品不断增加，行业竞争显著加剧”。北京商报记者就业绩、新品及战略等问题通过邮件及电话方式向爱美客发去采访申请，但截至发稿未获回复。传统产品增长失速的同时，新产品正在接棒。

E | 据公司此前公告，2025年，公司以1.9亿美元收购韩国REGEN公司85%股权，将AestheFill和PowerFill两款再生医美产品纳入版图。2026年上半年，冻干粉类产品收入2.09亿元，同比暴增973.50%。

F | 肉毒素“解索橙”已于2026年8月3日正式上市销售，控股子公司射频皮肤治疗仪亦于2026年3月取得Ⅲ类医疗器械注册证。但新品“铺路”的成本，正在侵蚀当期的利润。上半年公司销售费用飙升至约2.35亿元，同比增长62.89%，占营收比重从11.7%升至19.3%。公司解释，主要系“组建新的产品事业部，人工费用增加，以及新产品的市场费用增加所致”。

G | 管理费用也增长36.48%至约9473.73万元，两项费用合计增加约1.15亿元。与此同时，研发费用同比减少10.49%。知名战略定位专家、福建华策品牌定位咨询创始人詹军豪在接受北京商报记者采访时表示，嗨体的独家性消失后，原有高溢价很难长期维持，单纯靠产品端很难重新拿回定价权。他建议，爱美客应将销售费用从短期流量投放转向医生教育和全周期用户服务体系建设，避免陷入拼低价的内卷陷阱。

H | 费用飙升的另一面，是公司正在构建一个新叙事。2026年7月，爱美客在“生命力资产新经营时代产业升级大会”上发布“生命力资产”新经营范式。

I | 爱美客产学研协调负责人李犇表示，生命力资产视角覆盖抗衰老、组织修复、心理健康等多个维度。晶捷品牌咨询创始人陈晶晶向北京商报记者分析，“生命力资产”作为企业战略是成立的，但作为消费者价值主张尚未成立，这套语言更适合企业内部、资本市场和产业伙伴。从“美”直接跳到抽象的“生命力”，中间缺失消费者视角的桥梁。詹军豪也表示，想要在C端落地，必须把抽象的“生命力资产”转化为具体的抗衰、长效养护等可感知的消费场景，才能真正建立用户心智。

J | 从行业前景看，爱美客押注的再生填充赛道正处于高速增长期。2021年，圣博玛艾维岚、爱美客濡白天使、华东医药伊妍仕三款产品在同一年获批，开启了中国医美“再生元年”。

K | 此后，江苏吴中代理的艾塑菲、高德美塑妍萃、四环医药童颜针等产品相继上市。

L | 据行业媒体统计，截至2026年8月，国内合规童颜针/少女针类产品注册证已超过10张。赛道快速扩容的背后，是市场规模的持续攀升。据头豹研究院及中研普华产业研究院数据，2021年至2025年国内再生医美填充器械市场年复合增长率高达54.73%。中研普华测算显示，2026年再生类填充器械市场规模将突破180亿元，同比增长72.4%。不过，赛道在膨胀不等于可以兑现为爱美客的增长红利。

M | 陈晶晶指出，爱美客正处于第二曲线切换期，短期利润承压并不意味着战略失败，真正的挑战在于大规模投入后能否用增长结果来验证。

N | 在她看来，判断品牌升级是否成功，关键看三个指标：新品收入占比、销售费用的投资回报率，以及企业品牌能否超越单一产品品牌。当消费者因“这是爱美客的产品”而愿意购买嗨体之外的新品，品牌资产才真正完成了从产品到企业的迁移。（记者 董亮 实习记者 鲁芹）。

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Published on:00:26:31