2025.11. 25 本文字数：1901，阅读时长大约3分钟 作者 | 第一财经 钱童心 如今，社交媒体已成为年轻医美消费者的主要信息来源。在小红书上，近期众多医美博主纷纷科普一 种名为羟基磷灰石（CaHA，也称"羟基磷酸钙"）的再生类注射材料。这种材料堪称面部的"骨性生 物支架"，是一种生物刺激剂，能够激发人体组织自身合成新的胶原蛋白，由于这种材料支撑性极 强，也被称作"最硬玻尿酸"。 根据Pharmocean的统计数据，在全球皮肤填充剂市场中，玻尿酸目前占据高达77%的市场份额， 而羟基磷灰石以7%的占比位居第二。 并非所有产品都适用于面部注射 在全球市场上，德国麦施美学（Merz Aesthetics）的芮得怡（Radiesse）是目前唯一一款获得美 国FDA批准的羟基磷灰石面部填充剂产品，并于今年3月获得中国药监机构批准，近日已正式在国内 上市。在国内上市公司中，昊海生科、华熙生物、巨子生物等都在积极布局羟基磷灰石产品，市场竞 争日趋激烈。 然而，这种新兴产品价格高昂，动辄上万元一支的价格也使其成为一些医美机构违规获取暴利的对 象。近期，市场上出现了消费者投诉，称在医疗美容诊所花费数万元注射的产品并 ...

如今，社交媒体已成为年轻医美消费者的主要信息来源。在小红书上，近期众多医美博主纷纷科普一种 名为羟基磷灰石（CaHA，也称"羟基磷酸钙"）的再生类注射材料。这种材料堪称面部的"骨性生物支 架"，是一种生物刺激剂，能够激发人体组织自身合成新的胶原蛋白，由于这种材料支撑性极强，也被 称作"最硬玻尿酸"。 根据Pharmocean的统计数据，在全球皮肤填充剂市场中，玻尿酸目前占据高达77%的市场份额，而羟基 磷灰石以7%的占比位居第二。 并非所有产品都适用于面部注射 在全球市场上，德国麦施美学（Merz Aesthetics）的芮得怡（Radiesse）是目前唯一一款获得美国FDA 批准的羟基磷灰石面部填充剂产品，并于今年3月获得中国药监机构批准，近日已正式在国内上市。在 国内上市公司中，昊海生科、华熙生物、巨子生物等都在积极布局羟基磷灰石产品，市场竞争日趋激 烈。 然而，这种新兴产品价格高昂，动辄上万元一支的价格也使其成为一些医美机构违规获取暴利的对象。 近期，市场上出现了消费者投诉，称在医疗美容诊所花费数万元注射的产品并不具备相关资质，这引发 了关于羟基磷灰石类医美产品超适应症使用的讨论。 第一财经记者查询公开 ...

根据Pharmocean的统计数据，在全球皮肤填充剂市场中，玻尿酸目前占据高达77%的市场份额，而羟基 磷灰石以7%的占比位居第二。 并非所有产品都适用于面部注射 在全球市场上，德国麦施美学（Merz Aesthetics）的芮得怡（Radiesse）是目前唯一一款获得美国FDA 批准的羟基磷灰石面部填充剂产品，并于今年3月获得中国药监机构批准，近日已正式在国内上市。在 国内上市公司中，昊海生科、华熙生物、巨子生物等都在积极布局羟基磷灰石产品，市场竞争日趋激 烈。 然而，这种新兴产品价格高昂，动辄上万元一支的价格也使其成为一些医美机构违规获取暴利的对象。 近期，市场上出现了消费者投诉，称在医疗美容诊所花费数万元注射的产品并不具备相关资质，这引发 了关于羟基磷灰石类医美产品超适应症使用的讨论。 第一财经记者查询公开信息发现，目前国内获批的相关羟基磷灰石填充剂中，明确适应症为面部注射的 仅有两款：除了麦施美学的芮得怡外，另一款为上海摩漾生物的优法兰（Aphranel）。这两款产品的适 应症均为用于鼻唇沟部位皮下注射，以纠正中重度鼻唇沟皱纹。其他几款国产获批产品的适应症则均为 非承重性骨缺损的填充或修复。 近期，市 ...

公开信息显示，菲林普利是成都睿合医药旗下的医美品牌，产品由四川拜阿蒙生物材料公司研发生产。国家药监局官网信息明确其注册全称为"羟基磷灰石 生物陶瓷"，适应范围为"各种原因所致的骨缺损修复或填充；各种原因所致的软组织修复或增强，如眼球摘除或眼内容物剜除后的义眼台植入"。 日前，杭州电视台官微发布一篇名为《杭州思达芮医疗数万元打的美容针 竟是"骨科材料"疑似违规用药》的报道，再度将羟基磷灰石（CaHA）这一医美新 材料的使用乱象推向公众视野。 报道披露，今年8月，市民骆女士在杭州思达芮医疗美容诊所花费50830元，注射了宣称可以刺激胶原蛋白再生、让皮肤变得更有弹性的"菲林普利"，然而事 后发现该产品不具备面部医美注射的资质。 骆女士同时反映，该诊所仅告知产品功效，未详细说明注射部位及次数，且事后核对发现，诊所收取了鼻基底1针的费用，但她并未接受该部位注射。无独 有偶，另一位投诉人章女士也反映，其在该诊所注射"菲林普利"时，遭遇了与骆女士一样的"未注射却收费"问题。 目前，上城区卫生监督所已对杭州思达芮医疗美容诊所立案调查。而这背后，"菲林普利"是否构成"超适应证"使用？羟基磷灰石类材料在医美领域的类似应 用是否存 ...

日前，杭州电视台官微发布一篇名为《杭州思达芮医疗数万元打的美容针 竟是"骨科材料"疑似违规用药》的报道，再度将羟基磷灰石（CaHA）这一医美新 材料的使用乱象推向公众视野。 报道披露，今年8月，市民骆女士在杭州思达芮医疗美容诊所花费50830元，注射了宣称可以刺激胶原蛋白再生、让皮肤变得更有弹性的"菲林普利"，然而事 后发现该产品不具备面部医美注射的资质。 作者丨韩利明 编辑丨季媛媛 图源：杭州电视台微信公众号 骆女士同时反映，该诊所仅告知产品功效，未详细说明注射部位及次数，且事后核对发现，诊所收取了鼻基底1针的费用，但她并未接受该部位注射。无独 有偶，另一位投诉人章女士也反映，其在该诊所注射"菲林普利"时，遭遇了与骆女士一样的"未注射却收费"问题。 公开信息显示，菲林普利是成都睿合医药旗下的医美品牌，产品由四川拜阿蒙生物材料公司研发生产。国家药监局官网信息明确其注册全称为"羟基磷灰石 生物陶瓷"，适应范围为"各种原因所致的骨缺损修复或填充；各种原因所致的软组织修复或增强，如眼球摘除或眼内容物剜除后的义眼台植入"。 | 注册证编号 | 国械汗准20173130346 | | --- | --- | | 注册人 ...

Core Viewpoint - New Oxygen Technology has launched the Miracle Youth Needle 3.0 at a price of 2999 yuan, marking the lowest price in the history of youth needles, aiming to make aesthetic medical treatments more affordable for consumers [1] Group 1: Product Launch and Pricing Strategy - The price of youth needles in the market typically ranges from 13,000 to 24,000 yuan, while New Oxygen's previous versions were priced at 4999 yuan and 5999 yuan, significantly lower than competitors [1] - The CEO of New Oxygen stated that high prices in the mainland market are due to high procurement costs and upstream manufacturers controlling retail prices, and the company aims to challenge the notion that the aesthetic medical industry must rely on high profits [1] Group 2: Supplier Relations and Challenges - New Oxygen faced pressure from upstream manufacturers, including legal threats, when it attempted to lower prices with its earlier versions, which led to conflicts over pricing and product authenticity [1] - The company has now partnered with Xihong Bio, which does not impose price controls, to ensure a stable supply chain and maintain quality service for consumers [2] Group 3: Business Expansion and Operational Insights - New Oxygen has opened 37 clinics since May 2023, with plans to exceed 50 by the end of 2025 and aims for a long-term goal of establishing a presence in 100 cities [2] - Currently, the clinic operations are not profitable due to the costs associated with establishing a central support system, but the individual clinics have achieved monthly profitability, indicating potential for future overall profitability [2]

Core Viewpoint - The price war in the "童颜针" (youthful injection) market is intensifying, with New Oxygen (SY.O) launching its 奇迹童颜3.0 at a record low price of 2999 yuan, significantly undercutting competitors whose prices range from 13,000 to 24,000 yuan [1] Group 1: Product Launch and Pricing Strategy - New Oxygen's 奇迹童颜3.0 utilizes a formulation called "塑缇妍," which is a combination of hyaluronic acid produced by Jiangsu Xihong Biological Pharmaceutical Co., Ltd. [2] - The product is part of a broader strategy where New Oxygen has previously launched versions 1.0 and 2.0, but faced disputes with upstream suppliers over pricing [3] - The upstream suppliers, including 普丽妍 and 圣博玛, demanded retail prices of 16,800 yuan and 18,800 yuan respectively, while New Oxygen priced its earlier versions at 4,999 yuan and 5,999 yuan [3][4] Group 2: Market Dynamics and Competitive Pressure - The increasing number of approved injection products has diminished the pricing control that upstream suppliers have over downstream distributors, exacerbated by aggressive pricing strategies from internet platforms [5] - Competitors like 美团 and 京东 are also engaging in significant price reductions, with 美团's subsidies bringing the price of certain products down from 6,000 yuan to around 900 yuan, and 京东 offering substantial discounts [5] - The trend indicates that downstream players are gaining more pricing power, putting additional pressure on upstream suppliers [6]

Summary of Key Points from the Conference Call Industry Overview - The Chinese medical aesthetics market has a penetration rate significantly lower than developed countries like the US, Japan, and South Korea, indicating substantial growth potential, especially in the light medical aesthetics sector [1][3] - The medical aesthetics industry is transitioning from chaotic growth to steady expansion, with an expected annual compound growth rate of 15% over the next few years [1][5] - The market for hyaluronic acid has seen a notable shift, with domestic brands rapidly increasing their market share, surpassing foreign brands, and driving the popularization of light medical aesthetics through competitive pricing [1][9] - The botulinum toxin market is projected to maintain a nearly 20% year-on-year growth rate, with market size expected to continue expanding [1][10] Market Dynamics - The regenerative materials market is competitive, with companies vying for market share through technological differentiation and customer segmentation, impacting the high-end hyaluronic acid market [1][12] - Recombinant humanized collagen is gaining traction in the light medical aesthetics market due to its structural advantages and safety, likely to further increase its market share [1][24] Market Size and Comparison - The Chinese medical aesthetics market has reached a scale of over 100 billion RMB, but still has significant room for growth compared to developed countries, with treatment rates per thousand people being only 1/4 of South Korea, 1/3 of the US, and 80% of Japan [3][4] - The light medical aesthetics market in 2021 was dominated by hyaluronic acid (51%) and botulinum toxin (33%), with recombinant humanized collagen accounting for approximately 6.5% of the market [23] Competitive Landscape - The competition in the hyaluronic acid market has shifted, with domestic brands capturing a significant share by offering lower prices compared to international brands [9][8] - The botulinum toxin market features products from various companies, with the core of market share differentiation relying on the capabilities of sales teams [10][11] Technological Innovations - The development of recombinant humanized collagen is seen as a key driver for the growth of the light medical aesthetics market, with expectations of increasing penetration rates from 6.5% in 2024 to 10% by 2027 [23] - Companies like Jinbo Biotechnology are leading in recombinant humanized preparation technology, having developed innovative injection-grade implants and continuously working on new products [29][30] Consumer Preferences - Consumer preferences vary by region, with American and Brazilian consumers favoring shaping procedures, while Asian consumers prioritize skin improvement and anti-aging effects [4] - The demand for regenerative materials reflects changing aesthetic values and a strong desire for natural and long-lasting anti-aging effects [12][13] Challenges and Opportunities - The collagen market in China is still developing, with a relatively limited range of products available, primarily dominated by imported products [25] - The historical challenges faced by collagen injectables, such as safety concerns and cost-effectiveness, have hindered rapid market growth compared to alternatives like hyaluronic acid [26] Conclusion - The medical aesthetics industry in China is poised for significant growth, driven by technological advancements, changing consumer preferences, and increasing market penetration of domestic brands. The focus on safety and efficacy in new product development will be crucial for sustaining this growth trajectory [1][24][29]

Core Insights - The launch event of SILKROSE® in Beijing highlighted the innovative advancements in light medical beauty technology, featuring key industry experts and marking the introduction of the first domestically produced PEG cross-linked hyaluronic acid gel with complete independent intellectual property rights [1][8] Group 1: Product Innovation - The PEG cross-linking technology of SILKROSE® was a focal point, offering a more complex three-dimensional network structure compared to traditional products, which enhances flexibility and prevents displacement and deformation [2] - The safety design of the product is noteworthy, as the PEG fragments released after hyaluronic acid degradation can be completely metabolized in the body, eliminating accumulation risks and addressing traditional cross-linking agents' metabolic concerns [4] - Clinical data indicates that the effects of SILKROSE® can last over 9 months, achieving a balance between "natural dynamism" and "long-lasting safety" [4] Group 2: Industry Perspectives - Experts emphasized the broad application prospects of PEG cross-linking technology in the medical beauty field, with a commitment from the company to pursue technological innovation and product quality [5] - A roundtable discussion among leading medical beauty experts focused on the comprehensive evaluation system for new technologies and materials in facial rejuvenation injection treatments, highlighting a shift in the market from "incremental competition" to "quality competition" [7] Group 3: Strategic Partnerships - A strategic cooperation agreement was signed between the company and China Resources Shanghai, aiming to leverage channel advantages for accelerated market coverage of the new product [8] - Since its listing in 2020, the company has supported the development and production of various PEG-modified drugs and medical devices, both domestically and internationally [8] Group 4: Future Outlook - With the official launch of SILKROSE® and subsequent market promotion, the company aims to empower medical beauty institutions through material innovation, providing safer and higher-quality options for consumers [10]

Core Viewpoint - The article discusses the rapid growth and popularity of "童颜针" (youthful face injection) in the Chinese medical aesthetics market, highlighting its mechanism, market dynamics, and the competitive landscape among companies involved in this sector [6][8][22]. Market Growth - The market size of youthful face injections in China grew from approximately 100 million yuan in 2021 to over 3 billion yuan by 2024, representing a 30-fold increase in three years [6]. - Major companies like 长春圣博玛 and 爱美客 reported significant revenues from their youthful face injection products, with 长春圣博玛's "艾维岚" expected to generate over 4 billion yuan in revenue [6][24]. Product Dynamics - The core ingredient of most youthful face injections is 聚左旋乳酸 (PLLA), which stimulates collagen production in the skin [4][15]. - Different brands of youthful face injections vary in composition and pricing, with products like "濡白天使" priced around 10,000 yuan, while others like "艾塑菲" exceed 20,000 yuan [12][24]. Competitive Landscape - The entry of numerous pharmaceutical companies into the youthful face injection market has intensified competition, with over 20 companies currently registering products [30]. - The high profit margins associated with these products, with 爱美客 reporting a gross margin of 93.76% for gel-based injections, have attracted more players to the market [24][25]. Regulatory Environment - The approval of several youthful face injection products by the National Medical Products Administration (NMPA) has legitimized the market, with five products approved by 2024 [22][27]. Consumer Behavior - The article notes a growing trend among urban women to seek youthful face injections, driven by aggressive marketing and social media promotions [10][11]. - Despite the high costs, the demand for youthful face injections remains strong, with companies like 江苏吴中 achieving significant sales shortly after product launches [24][26]. Future Outlook - The global market for youthful face injections is projected to reach $1.545 billion by 2025, with a compound annual growth rate of approximately 3.8% from 2025 to 2033 [26]. - The competitive landscape is expected to evolve further, with potential price wars as more products enter the market [30].