Core Viewpoint - The article discusses the recent conflicts between medical beauty company New Oxygen and its upstream suppliers due to New Oxygen's low pricing strategy, which has led to a significant drop in its stock price and supplier resistance [3][6]. Summary by Sections Supplier Conflicts - New Oxygen's low pricing strategy has intensified conflicts with suppliers, leading to several suppliers, including Faiman Bio, ceasing to supply products to New Oxygen since October 1 [3][4]. - Suppliers claim that New Oxygen's pricing disrupts the market's pricing system, resulting in a "supply cut" from multiple manufacturers [5][6]. Pricing Strategy - New Oxygen offers its own brand of "童颜针" (youthful needle) products at significantly lower prices compared to the market, with prices as low as 999 yuan for the basic version and 2999 yuan for the upgraded version [5]. - The article highlights that while major brands price their products above 10,000 yuan, New Oxygen's pricing strategy allows it to sell similar products for much lower prices, attracting a large customer base [5][6]. Business Model - New Oxygen's business model is characterized by using low prices as a customer acquisition strategy, collaborating with upstream manufacturers to eliminate middlemen and reduce costs [6][7]. - The company reportedly utilizes lower-cost OEM production methods, allowing it to maintain high profit margins despite lower retail prices [6][7]. Market Impact - The ongoing conflict between New Oxygen and its suppliers is expected to have limited long-term effects on the overall market, with the public disputes serving to clarify positions among the involved parties [8].

"童颜针"的主要成分为"聚左旋乳酸（PLLA）填充剂"，这种产品被宣传为可以通过注射刺激皮肤胶原 蛋白再生，实现面部轮廓塑形、皱纹改善的中长效（2-3年）抗衰医美产品。 近日，医美公司新氧的低价策略激化了与上游厂商的矛盾，并已遭到多家供应商抵制。12月15日美股收 盘，新氧（SY.US）股价当天大跌近6%，近5个交易日股价累计下跌约10%。 引发最新矛盾的是12月11日"童颜针"生产商斐缦生物的一纸公开声明，该公司称，已自10月1日起已经 停止向新氧集团及其下属新氧青春诊所等供应"弗缦"产品（一种胶原蛋白填充剂）。声明还强调，"以 上机构若继续大量销售我公司'弗缦'产品，则涉嫌产品从不合规渠道获得，或为假冒伪劣产品。" 另一家"童颜针"生产商普丽妍也于上个月将40余家新氧青春诊所列为"非官方合作医疗机构"；今年6 月，圣博玛发表公开声明，称新氧销售的"童颜针"产品"艾维岚"为非合规授权渠道，并指该诊所的医生 未接受厂家培训指导，难以保障消费者健康安全。 针对多家供应商"围堵"，12月12日，新氧旗下"新氧青春诊所"在公众号发布声明，直指上游厂商固化高 价体系，弱化医疗机构的自主定价权。 不过，12月16日，第 ...

Core Viewpoint - The price war surrounding "童颜针" (youthful needle) is not only challenging the pricing system of the medical beauty industry but also testing the transformation path of the company, 新氧 (Xinyang) [1] Group 1: Price War and Market Dynamics - 新氧 has significantly reduced the price of "童颜针" from tens of thousands to 2999 yuan, aiming to gain pricing autonomy through its "奇迹童颜" series and the new "塑缇妍" product [1][8] - The conflict escalated as the manufacturer, 普丽妍, publicly named 新氧's clinics as "non-official partners," questioning their product sources and doctor qualifications [3][4] - The price reduction strategy has raised concerns about the sustainability of the medical beauty industry's profit distribution and the traditional agency model [4][5] Group 2: Transformation Challenges - 新氧's transition from a platform to a direct participant in the industry has led to conflicts with previously partnered medical institutions, resulting in a significant decline in its platform service revenue [11][12] - The company's aggressive expansion into self-operated clinics has resulted in increased costs and operational challenges, with a reported net loss of 64.3 million yuan in the third quarter [12][13] - Despite the challenges, the self-operated business is seen as a key driver for future growth, with a 304.6% year-on-year increase in medical treatment service revenue [12] Group 3: Pricing Strategy and Cost Structure - The drastic price reduction of 70% for "童颜针" is not solely based on cost but is a strategic market move to disrupt the high-price perception in the industry [5][6] - 新氧's lower pricing is attributed to its ability to bypass traditional distribution layers and its strategy of low-margin, high-volume sales [6][7] - The company claims that its pricing reflects a trend towards "value return" in medical beauty consumption, with a 27.1% increase in consumer visits but a 30.9% decrease in average spending [7] Group 4: Regulatory and Compliance Issues - 新氧 has faced multiple regulatory challenges, including fines for non-compliance with national standards and advertising laws [13][14] - The company acknowledges the importance of addressing consumer complaints and emphasizes that its low-cost model does not compromise regulatory compliance [14]

一场围绕童颜针的价格战，拷打的不止是医美行业的定价体系，更是新氧的转型之路。近日，童颜针厂 商普丽妍公开点名新氧旗下数十家诊所为"非官方合作机构"，质疑其产品来源与医生资质，而新氧则强 硬回应，强调其产品渠道合规、全程可溯。这已是新氧今年第二次与上游厂商公开对峙，今年以来，新 氧以"奇迹童颜"系列将"童颜针"价格从万元级一路拉低至2999元，并进一步通过与西宏生物合作推出定 制款"塑缇妍"（奇迹童颜3.0），以差异化的规格与创行业新低的定价，试图完全掌握定价自主权。 激烈价格战的背后，是新氧转型的迫切。面对线上流量红利消退，这家曾经的医美垂直平台正试图通过 自建"青春诊所"完成转型。然而，重资产扩张带来的成本压力、与传统合作生态的冲突以及服务质量与 合规性的质疑，共同构成了其转型之路上的多重考验。胜负的关键，或许不在于价格能否更低，而在于 其能否在颠覆之后，构建一个真正健康、安全且可持续的新模式。 "厂商没办法出货了" 当一份列有79家"非官方合作医疗机构"的名单公开，持续半年的"童颜针定价权之争"再次升级。 近期，童颜针厂商普丽妍公开发布"非官方合作医疗机构"名单，直指46家新氧青春诊所在内的70余家医 疗 ...

一场围绕"童颜针"的价格战，拷打的不止是医美行业的定价体系，更是新氧的转型之路。近日，童颜针厂商普丽妍公开点名新氧旗下数十家诊所为"非官方 合作机构"，质疑其产品来源与医生资质，而新氧则强硬回应，强调其产品渠道合规、全程可溯。这已是新氧今年第二次与上游厂商公开对峙，今年以来， 新氧以"奇迹童颜"系列将"童颜针"价格从万元级一路拉低至2999元，并进一步通过与西宏生物合作推出定制款"塑缇妍"（奇迹童颜3.0），以差异化的规格与 创行业新低的定价，试图完全掌握定价自主权。 激烈价格战的背后，是新氧转型的迫切。面对线上流量红利消退，这家曾经的医美垂直平台正试图通过自建"青春诊所"完成转型。然而，重资产扩张带来的 成本压力、与传统合作生态的冲突以及服务质量与合规性的质疑，共同构成了其转型之路上的多重考验。胜负的关键，或许不在于价格能否更低，而在于其 能否在颠覆之后，构建一个真正健康、安全且可持续的新模式。 "厂商没办法出货了" 当一份列有79家"非官方合作医疗机构"的名单公开，一场持续半年的"童颜针定价权之争"再次升级。 近期，童颜针厂商普丽妍公开发布"非官方合作医疗机构"名单，直指46家新氧青春诊所在内的70余家医 ...

Group 1 - The core viewpoint of the article highlights the recent management change at Aimeike Technology Development Co., Ltd., with Li Dongmei appointed as the new Deputy General Manager and Board Secretary during a challenging period for the company [2] - Aimeike is facing significant challenges, with a reported revenue of 1.865 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 21.49%, and a net profit of 1.093 billion yuan, down 31.05% year-on-year [3] - The decline in performance is attributed to intensified industry competition, particularly from Huaxi Biological's competing product "Runzhi·Gegge," which is affecting Aimeike's core product "Haitai" [3] Group 2 - Aimeike is embroiled in a dispute over the agency rights of its product AestheFill, which has escalated to a trademark infringement case involving a compensation claim of 1.6 billion yuan [4] - The appointment of a legal professional as a senior executive suggests that Aimeike aims to enhance its compliance, risk management, and arbitration dispute response capabilities [4] - Li Dongmei's nearly twenty years of legal experience is expected to provide professional support to Aimeike in navigating its current challenges [4]

Core Insights - The trading volume of Aimeike reached 1.708 billion yuan, marking the highest level since March 17, 2025 [2] - The latest stock price increased by 5.12%, with a turnover rate of 5.22% [2] - The previous trading day's total transaction volume was 465 million yuan [2] Company Overview - Aimeike Technology Development Co., Ltd. was established on June 9, 2004, with a registered capital of 3,025.92061 million yuan [2]

Core Viewpoint - The stock of Giant Bio (02367) has rebounded over 6%, currently trading at 40.1 HKD with a transaction volume of 411 million HKD, following the approval of its first medical aesthetic product, a type I collagen freeze-dried fiber for facial dermal filling [1] Group 1: Product Development - Giant Bio's first medical aesthetic product, a type I collagen freeze-dried fiber, has been approved for use in correcting dynamic facial wrinkles, including frown lines, forehead lines, and crow's feet [1] - The company is currently developing three additional medical aesthetic products, which include facial hydration, neck wrinkle treatments, and volumizing fillers [1] Group 2: Market Analysis - According to Guotai Junan Securities, the main brand, Kefu Mei, has seen a decline in its Double Eleven ranking due to public sentiment, product structure, and competition, which may lead to temporary pressure on the skincare business [1] - Despite the challenges, the company has strong brand equity and operational foundations, with a focus on future channel adjustments and new product launches [1] Group 3: Growth Potential - The newly approved collagen product is expected to contribute to a second growth curve for the company, given its anti-aging and repair benefits, along with a solid recognition of its ingredients [1] - The company has a foundational presence in the medical aesthetic channel, which positions it well for the product's market introduction [1]

Core Viewpoint - Aimeike is at a critical transformation juncture, facing significant challenges after reporting its worst half-year and quarterly results, leading to a substantial decline in market confidence and valuation [2][3][12]. Financial Performance - In Q3 2025, Aimeike reported revenue of 565 million, a year-on-year decline of 21.27%, and a net profit of 304 million, down 34.61%. For the first nine months of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [3][5]. - The company's market capitalization has plummeted to approximately 48.5 billion, a staggering drop of about 131.5 billion from its peak valuation of 180 billion in 2021, representing a cumulative decline of 73% [3][5]. Product Performance - Aimeike's core products, "Haitai" and "Ruhua Tianzi," have seen significant revenue declines. In the first half of 2025, "Haitai" generated 744 million, down 23.79%, while "Ruhua Tianzi" brought in 493 million, down 23.99% [6][8]. - Despite maintaining high gross margins above 90%, the revenue drop has raised concerns about the sustainability of Aimeike's growth model [8][10]. Competitive Landscape - The competitive advantage of Aimeike's core products is diminishing, with new entrants like Huaxi Biological's "Runzhi·Gege" entering the market, challenging the previously monopolistic position of "Haitai" [10][11]. - The emergence of alternative technologies, such as recombinant collagen, poses a threat to Aimeike's market share in the hyaluronic acid segment, further pressuring its performance [11]. Strategic Moves - To seek new growth avenues, Aimeike acquired 85% of South Korean company REGEN for 1.9 billion USD, aiming to enhance its product portfolio and international market access [12][13]. - This acquisition has led to a significant increase in goodwill from 278 million at the end of 2024 to 1.65 billion by the end of Q3 2025, marking a 493.44% increase [12]. Legal Challenges - Aimeike is embroiled in a legal dispute with REGEN's former distributor, which could impact the integration and future profitability of the acquisition, as the distributor is seeking 1.6 billion in damages [13].

Core Viewpoint - The company's performance in Q3 2025 continues to show weakness, primarily due to ongoing macroeconomic consumption demand issues and significant market competition pressures in the "Hi-Body" and regenerative product segments [5]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.86 billion, a year-on-year decline of 21.5%, and a net profit attributable to shareholders of 1.09 billion, down 31.0% [4]. - Q1, Q2, and Q3 2025 revenues were 660 million, 640 million, and 570 million respectively, reflecting year-on-year declines of 17.9%, 25.1%, and 21.3%. Net profits for the same quarters were 440 million, 350 million, and 300 million, with year-on-year declines of 15.9%, 41.7%, and 34.6% [4]. Profitability Metrics - The gross margin for the first three quarters of 2025 decreased by 1.4 percentage points to 93.4%, while the net profit margin attributable to shareholders fell by 8.1 percentage points to 58.6%. In Q3 2025, the gross margin was 93.2%, down 1.4 percentage points year-on-year, and the net profit margin was 53.7%, down 11.0 percentage points [6]. - The decline in gross margin is attributed to a lower proportion of high-priced product sales and increased competition from new compliant products in the market [6]. Expense Analysis - The company's expense ratio for the first three quarters of 2025 increased by 12.5 percentage points to 31.8%. The breakdown includes sales, management, R&D, and financial expense ratios of 12.4%, 6.4%, 12.7%, and 0.3%, respectively, with year-on-year increases of 3.7, 2.5, 4.8, and 1.4 percentage points [7]. - In Q3 2025, the expense ratio rose to 38.6%, up 18.2 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 15.4%, 8.8%, 14.3%, and 0.1%, respectively [7]. Taxation Impact - The company paid 23.3 million in taxes and additional fees for the first three quarters of 2025, reflecting a year-on-year increase of 59.1% due to higher value-added tax payments [8]. Product Development and Market Expansion - The company is progressively enhancing its aesthetic medical product lineup, having launched a new bone filler product "Kola" and completed the acquisition of REGEN Biotech, Inc. to enrich its regenerative product matrix [9]. - The company is also advancing its pipeline for botulinum toxin and semaglutide injection products, and has entered the hair medical market with the registration of minoxidil lotion [9]. - In October, the company completed the filing of a new cosmetic raw material "Glycyrrhizin A," aiming to penetrate the "medical-grade skincare" sector, with expectations for "pharmaceutical-cosmetic synergy" to create new growth avenues [9].