格隆汇2月6日｜中概股集体走强，纳斯达克中国金龙指数涨近2%。其中，灿谷、博美集团涨超9%，蔚 来、新氧涨超8%，理想汽车、世纪互联、爱回收、禾赛涨超4%，万国数据、金山云、宝尊电商、虎牙 涨超3%，小马智行、小鹏汽车、百度、哔哩哔哩涨超2%，阿里、网易、京东涨超1%。 ...

Core Viewpoint - The era of upstream medical beauty supply chain manufacturers relying solely on price control to maintain high profits may be coming to an end, indicating a significant shift in the industry's development logic [2][4]. Group 1: Industry Dynamics - New Oxygen has reached cooperation agreements with 14 upstream manufacturers, including major players like Allergan and Huaxi Biological, marking a pause in the pricing power battle that dominated the previous year [3]. - The medical beauty industry is experiencing a restructuring of power dynamics between upstream and downstream players, suggesting a transformation in the overall industry landscape [4]. Group 2: Pricing Strategies - New Oxygen's founder, Jin Xing, aims to lower the prices of medical beauty projects, citing high operational costs and supplier pricing as key factors for the inflated prices in China compared to countries like South Korea [6]. - The introduction of the "Miracle Tongyan 1.0" project by New Oxygen, priced at 4,999 yuan per unit, significantly undercuts the traditional market price of over 10,000 yuan, leading to backlash from suppliers [6][7]. - The pricing strategy continued to evolve with the launch of "Miracle Tongyan 3.0," which further reduced the price to 2,999 yuan, setting a new low in the industry [7]. Group 3: Supplier Relationships - Despite previous conflicts, some suppliers have reconciled with New Oxygen, indicating a shift in relationships as the market dynamics change [9]. - New Oxygen's purchasing power has increased, allowing it to negotiate better prices with suppliers, as it has established a significant presence with 50 stores across 16 cities by the end of 2025 [11]. Group 4: Market Supply and Demand - The balance of pricing power is shifting towards buyers, with an increase in the number of suppliers and products available, leading to a more competitive market environment [11][14]. - The regulatory environment is improving, with a significant increase in the number of medical beauty device registrations, which is expected to further enhance supply [13]. Group 5: Future Outlook - The medical beauty industry is transitioning from a phase of rapid, unregulated growth to a more structured and value-focused era, emphasizing the importance of quality over price competition [14][16]. - New Oxygen faces challenges in maintaining its scale while achieving profitability and balancing relationships with suppliers, which will be crucial for its successful transformation [15].

上游医美供应链厂商单纯依靠控价维持高利润的时代或许一去不复返了。 近日，新氧宣布与索塔、艾 尔建、爱美客、华熙生物、锦波生物、四环医药等首批14家上游厂商达成合作。 其中，不少企业曾与 新氧围绕着定价的问题闹得不可开交，供应商甚至一度断供。不过，目前看来。这场贯穿了去年整年的 定价权大战随着此次合作的达成摁下了暂停键。 在不少行业人士看来，这背后折射出医美行业上下游 力量的重构，也预示着整个行业发展逻辑的重大转变。 （第一财经） ...

导语：新氧要把医美做成"可口可乐"。 医美 品牌开始与 "反派"联名，它究竟想表达什么？ 1月28日，新氧"2025年度青春家宴&2026年青春发布会"发布会在上海迪士尼 乐园酒店 举行 。主 角并非是 公主，而是聚焦于 迪士尼的反派 "后妈团"。 这一颇具颠覆感的联名 行动 ，将热玛吉等抗衰项目，嵌入了 独立、 自我主宰与生命韧性的 "大女 主"叙事里。 这无疑是一次 品牌沟通方式 的主动重构。长期以来，医美营销往往与 "隐秘"、"焦虑"或"奢侈" 紧 密 绑定；而新氧此举，则试图为其注入自信、活力与自主主张的价值 表达 。 如同瑞幸、喜茶等品牌善于运用联名创造对话 ，新氧正以一种鲜明的新消费品牌姿态，闯入一个原 始而无趣的行业。 医美新消费的叙事并不空泛。 在两年 多 时间里，新氧开出了 50家直营诊所，覆盖16个城市，累计 完成了超过100万次治疗。 经全球领先的商业信息提供商 欧睿国际认证， 截至 2025年8月31日， 图源：公众号新氧青春诊所 新氧青春诊所 已位列中国 轻医美连锁品牌门店数量第一，全国轻医美连锁品牌医生数量第一，全国 轻医美机构连锁规模第一。 这样的发展 速度，促使 业内 重新审视 ...

Core Insights - Company is accelerating its scale operations by collaborating with 14 upstream suppliers and plans to open 35 new offline stores in the coming year, transitioning from an online medical beauty platform to a physical medical institution with a low-price model [1][6][7] Group 1: Strategic Partnerships - The establishment of the "Youth Selection Alliance" with 14 upstream suppliers aims to achieve mutual growth through price linkage, tiered supply, training collaboration, and product traceability [3] - This partnership indicates an improvement in the pricing issues that previously strained relationships with suppliers, allowing for a more stable collaboration [3][5] - Notable suppliers in this alliance include Allergan, Medimime, and others, which have previously raised concerns over pricing discrepancies with the company [3][4] Group 2: Pricing Strategy - The company has consistently aimed to lower the prices of its products, such as the "童颜针" (youthful needle), which saw significant price reductions over the years, making it more accessible to consumers [4][6] - The low-price strategy is seen as a way to attract new consumers, although the long-term sustainability of this approach will depend on product effectiveness and perceived value [4][5] Group 3: Operational Expansion - As of now, the company has established 50 stores across 16 cities, with plans to add at least 35 more stores by the end of 2026, aiming for a total of 500 doctors and 1000 nursing staff [7] - The company is entering a strategic transformation phase, focusing on improving operational gross margins while maintaining its scale advantage [7][8] Group 4: Financial Performance - The company reported a total revenue of 1.063 billion yuan for the first three quarters of 2025, a decrease of 3.17% year-on-year, with a loss of 133 million yuan [8][9] - The beauty treatment services segment has become the largest revenue source, contributing 427 million yuan, a significant increase of 385.05% year-on-year, accounting for 40.16% of total revenue [9] - The goal for 2026 includes achieving quarterly profitability while enhancing gross margins through a diverse product offering [8][9]

商场上没有永远的敌人。 2024年，锦波生物还是一副誓要与低价平台"死磕到底"的姿态，甚至发布严正声明，点名新氧违规低价 宣传其核心产品"薇旖美"，扰乱市场价格，将双方的矛盾公开化。 时隔2年，剧情发生了180度大反转。 日前，新氧宣布成立的"青春甄品联盟"首批14家上游厂商名单中，锦波生物赫然在列。与其一同出现的 还有艾尔建、索塔、爱美客、华熙生物等医美上游厂商。 这场从"围剿"到"拥抱"的戏码背后，折射出医美产业链话语权的深刻变迁。 一方面，新氧从平台逐渐向线下医美诊所转型，目前已在全国16座城市落地50家门店，如此体量规模使 其对上游的话语权在增强； 另一方面，医美上游的护城河正在干涸。以锦波生物的重组胶原蛋白产品为例，随着巨子生物、创健生 物的重组胶原蛋白产品先后获批上市，"一家独大"的垄断局面被彻底打破。 当稀缺性红利消退，面对强势崛起的下游渠道，曾经掌握绝对定价权的上游厂商不得不走下神坛，在变 革中寻找新的坐标，方能留在牌桌之上。 "围剿"变"结盟" 将时钟拨回2024年，锦波生物曾两度发布又删除声明，指责新氧违规低价宣传其核心产品"薇旖美"。 彼时，作为市场上唯一一款的重组Ⅲ型人源化胶原蛋白，锦 ...

Core Viewpoint - The medical beauty industry is experiencing a shift from supply scarcity to abundance, allowing institutions to negotiate better prices and providing more options for consumers [2][3][9]. Group 1: Market Dynamics - New Oxygen's "Miracle Youth" project has seen continuous sales growth for three months since its launch, despite pricing disputes with upstream suppliers [2]. - The price of "Miracle Youth" products is significantly lower than the manufacturer's suggested retail price, with some products priced at 60% less than the official price [2][5]. - The increase in the number of products available in the market has provided institutions with more choices, reducing reliance on single suppliers [3][9]. Group 2: Competitive Landscape - The market for "Miracle Youth" products, specifically the PLLA facial filler, has seen multiple companies approved for production, increasing competition [5]. - New Oxygen's pricing strategy has led to conflicts with suppliers, who are concerned about the disruption of established pricing structures [6]. - The number of approved products in the PLLA category is expected to grow, with 11 products already approved and nearly 20 more in the pipeline [9]. Group 3: Business Strategy - New Oxygen aims to leverage its scale by expanding its number of clinics and increasing treatment volumes, which enhances its negotiating power with suppliers [6][7]. - The company plans to open at least 35 new clinics by 2026, with a target of increasing the number of doctors and nursing staff significantly [7]. - Despite ongoing losses due to expansion, New Oxygen's strategy focuses on achieving profitability by optimizing operations and offering a wider range of products at different price points [11].

截至目前，新氧青春诊所已在全国16座城市落地50家门店。2025年9月，经欧睿国际认证，新氧青春诊 所为全国轻医美连锁品牌门店数量第一，医生人数第一，服务人次数第一，连锁规模第一。截至2026年 1月8日，新氧青春诊所累计完成100万例治疗量。 本报讯(王丽新陈潇)近日，北京新氧科技有限公司(以下简称"新氧")与首批14家上游厂家发起青春甄品 联盟。 据悉，未来，该联盟将通过量价联动、分层供给、培训共建、正品追溯等方面合作，实现上游企业确定 性增长与消费者"可解释价格、可验证真品"的共赢。 与此同时，新氧还宣布与索塔中国达成战略合作，新氧青春诊所提供的每个热玛吉治疗头均支持独立溯 源，如设备及治疗头不合格可"假一赔十"。据悉，目前，新氧为国内单次采购索塔热玛吉设备最多的医 美机构。 近几年，随着医美上游产品持续放量，国内医美行业的供需关系、市场格局发生深刻变化。 毕马威《重塑医美格局：驾驭中国医美新潮流》报告显示，中国医美市场已迈入千亿元级规模，以 22.6%的复合年增长率高速扩张，但管理半径有限、成本高企、服务参差不齐等痛点，制约着行业规模 化连锁化进程。新氧自2024年11月成立轻医美连锁品牌以来，以交付 ...

"过去一年，由于众所周知的原因，很多投资人都来问我，和上游厂商的摩擦有没有影响你们奇迹童颜项目的销售。"1月28日，在回应与医美行业上游供应 商的定价权争议时，新氧集团董事长兼CEO金星称，"奇迹童颜3.0自去年10月上线，销量连续三个月增长，我想这些数据可以回答大家的担心和疑问"。 新氧是一家正在由线上医美平台业务向线下医美连锁业务转型的公司。2025年以来，由于新氧旗下医美连锁机构销售的童颜针产品价格大幅低于厂商指导 价，新氧先后遭到了圣博玛、普丽妍等多家医美上游企业公开质疑。 在新氧青春诊所里，1支普丽妍的现价为5999元，比普丽妍官方指导价格低了六成。这也正是新氧从平台转到线下机构时提出的核心经营模式——通过规模 化采购以及薄利多销，形成显著低于厂商指导价的终端售价。 一家医美机构人士透露，机构可以绕开厂家的直采渠道，从不同经销商处找到更低价格的货源。这也为新氧模式提供了可能。 针对新氧模式的市场定价问题，美柏生物创始人兼董事长肖锷告诉经济观察报，当前医美上游已从供给稀缺阶段进入供给充足阶段。过去上游企业掌握着核 心单一产品，一旦停供，机构便无货可用，如今同一赛道内的产品量大幅增加，为机构提供了选择空 ...

Core Insights - The domestic medical beauty industry is undergoing a structural transformation in 2025, shifting from a "seller's market" to a "buyer's market" due to an increase in the supply of upstream products [1] - The approval of 52 new Class III medical device registrations in 2025 indicates a significant change in the supply-demand relationship within the industry [1] - Upstream manufacturers are compelled to adjust their competitive strategies, focusing on technological innovation, product iteration speed, and commercialization capabilities [1][4] Upstream Manufacturers - The competition among upstream manufacturers is intensifying as the medical beauty market continues to expand and diversify, with the industry size surpassing 300 billion yuan [3] - The light medical beauty market is expected to grow at a compound annual growth rate of over 20% in the next five years, becoming the mainstream segment [3] - Hyaluronic acid, botulinum toxin, collagen, and regenerative materials are projected to dominate the injection materials market in 2024, with respective market shares of 36%, 29%, 19%, and 16% [3] Product Supply Expansion - In 2025, 25 new Class III medical device registrations for hyaluronic acid products were approved, alongside approvals for collagen products, youth needles, and new materials like agarose and calcium phosphate [4] - Manufacturers are shifting from a "follow the trend" model to focusing on product innovation and expanding new indications, particularly in women's health-related aesthetics [4][5] Competitive Landscape - The competition is expected to transition from merely obtaining licenses to a focus on core technology, research efficiency, and understanding end-user needs [5] - The relationship between upstream manufacturers and downstream medical beauty institutions is evolving into a mutually beneficial partnership rather than a zero-sum game [6] Downstream Institutions - The approval of 52 new Class III medical device registrations has provided downstream institutions with greater product selection and negotiating power with upstream manufacturers [6] - New Oxygen's introduction of competitively priced products has sparked controversy among upstream manufacturers, highlighting the ongoing price competition in the market [6] Market Dynamics - Public hospitals are increasingly entering the medical beauty sector, with 203 hospitals opening or establishing medical beauty departments in 2025, a 229% increase from the previous year [8] - Major internet platforms like Meituan and Tmall are leveraging their traffic advantages to enhance the medical beauty sector, intensifying market competition [8] - The future of the medical beauty industry is expected to be characterized by a diverse and competitive landscape, where trust and professional credibility are crucial for consumer acceptance [8]