Core Viewpoint - The pricing power battle in the medical aesthetics industry is intensifying, with New Oxygen (SY.O) challenging upstream manufacturers over the pricing of its "youthful needle" products, leading to significant price reductions and disputes regarding product sourcing and compliance [1][2][3]. Group 1: Pricing Strategy and Market Dynamics - New Oxygen launched its "Miracle Youth 1.0" at a price of 4,999 yuan per unit, marking the first time the market price for youthful needles reached the 5,000 yuan range, while the manufacturer's price was 16,800 yuan per unit [1]. - In June, New Oxygen introduced "Miracle Youth 2.0" at 5,999 yuan per unit, using a product from Saint Boma, which has a market average price of approximately 18,800 yuan per unit [1]. - On December 15, New Oxygen's youth clinics offered a group purchase price as low as 949 yuan per unit, representing a drastic reduction of about 95% compared to the manufacturer's controlled price of 16,800-18,800 yuan per unit [2]. Group 2: Manufacturer Responses and Industry Implications - Multiple upstream manufacturers have publicly distanced themselves from New Oxygen, with Fiman Bio announcing it ceased supplying products to New Oxygen and its clinics, warning that continued sales could indicate non-compliance or counterfeit products [2]. - New Oxygen argues that the ongoing pricing battle reflects a structural shift in the medical aesthetics market from a "seller's market" to a "buyer's market," driven by the approval of more products like youthful needles and hyaluronic acid [2]. - The company believes that a rational price return will benefit both upstream and downstream players, allowing for stable orders that can reduce production and R&D costs, while also fostering healthier customer acquisition and repurchase models [3].

Core Viewpoint - The price of Feitian Moutai continues to decline, with wholesale prices dropping below the official guidance price, leading to divergent market opinions on its future trajectory [1][2]. Group 1: Price Trends - As of December 12, the wholesale price of 53-degree Feitian Moutai has fallen below the official guidance price of 1499 yuan per bottle, with current prices at 1485 yuan for single bottles and 1495 yuan for cases [1]. - Prior to November 20, the price had seen a temporary rebound, reaching 1655 yuan per bottle for single bottles and 1690 yuan per case, but this was followed by a rapid decline as Moutai increased market supply [1]. - The overall trend indicates a consistent decline in Moutai prices across different regions, with wholesalers losing confidence and adopting a quick turnover strategy instead of stockpiling [1]. Group 2: Market Sentiment - Some merchants believe that the fluctuations in Moutai prices are not a major concern, as the consumer base remains stable regardless of price changes, and the profit margins for merchants have not significantly altered [2]. - The current pressure is primarily affecting Moutai distributors and the company itself, with distributors facing increased financial strain due to the overall market performance of other Moutai products [2]. - Analysts suggest that the decline in wholesale prices is a sign of the market returning to rationality, which could help eliminate speculative bubbles and align prices with genuine consumer demand [2][3]. Group 3: Future Implications - The ongoing price decline may lead to the exit of scalpers and speculators from the market, although there may still be some downward price inertia in the short term [3]. - Distributors may need to shift from a passive to an active sales approach, focusing on service enhancement and innovative marketing to build new competitive advantages [2].