近日，国内医美服务平台新氧推出"奇迹童颜3.0-塑缇妍"童颜针（与西宏生物合作获得的定制版产品，为水光型号）， 其2999元的定价被业 内直接冠以"史上最低价"之称，直接打破了此前万元级的市场均价常态。 相较更早进入市场，大众熟知度更高的玻尿酸（透明质酸钠），首款童颜针于2021年才在国内获批， 并自此打 开了该产品在医美行业的巨 大想象力。 这款曾因定位高端、被戏称为"贵妇快乐水"的医美产品， 如今随着越来越多品牌玩家的入局，其过去相对稳固的市场竞争体系或将迎来新 一轮重构。 而"平价童颜针"的推出，也意味着童颜针市场已来到"价格战前夜"的关键节点 。 九款产品贴身肉搏，市场进入"混战"阶段 资料显示，童颜针属于"医美再生注射剂"，这类注射剂是一种以生物刺激性材料为主要成分，可注射到真皮层、皮下组织、筋膜层和肌肉层 中，通过刺激人体自身胶原蛋白的再生，从而起到重塑紧致、美容抗衰作用的皮肤填充剂。 目前全球范围内已上市的医美再生注射剂主要产品的微球粒子主要分为PLLA、PDLLA、PCL和羟基磷灰石四大类，其中，以PLLA、 PDLLA为核心成分的被称为"童颜针"。 据头豹研究院行业报告数据，到2027年，中 ...

Core Viewpoint - New Oxygen has launched a new product, Miracle Youth 3.0, priced at 2999 yuan, which is considered the lowest price in the domestic "youth needle" market, significantly lower than the market average of 12800 yuan per injection [2][3] Group 1: Product Launch and Pricing Strategy - New Oxygen's new product, Miracle Youth 3.0, is a customized version of the "youth needle" developed in collaboration with Jiangsu Xihong Biological Pharmaceutical Co., Ltd [2] - The average market price for "youth needles" in China is around 12800 yuan, while prices in neighboring countries can be as low as one-third of that [3] - New Oxygen's pricing strategy aims to lower its own profit margins to make the product more accessible, without compromising on quality or service [3] Group 2: Market Dynamics and Competition - The "youth needle" market in China is experiencing significant competition, highlighted by the ongoing dispute between Jiangsu Wuzhong and Aimeike over distribution rights [5][6] - As of 2023, the market size for micro-injection products in China reached 212 billion yuan, with projections to grow to 653 billion yuan by 2028, reflecting a compound annual growth rate of 25.3% [4] - The regenerative anti-aging segment is the fastest-growing sub-market, with a compound annual growth rate of 38.2% [4] Group 3: Regulatory and Legal Issues - Jiangsu Wuzhong has faced challenges regarding the exclusive distribution agreement for the "youth needle" product, with Aimeike's acquisition of Regen leading to a legal dispute [5][6] - The Shenzhen International Arbitration Court has issued temporary measures regarding the sales of the product in question, indicating ongoing legal complexities in the market [6][7] - Industry experts suggest that the commercial disputes reflect the significant potential and allure of the "youth needle" market, with expectations for further price reductions as more products gain approval [7]

证券研究报告 爱美客 (300896 CH) 收购韩国 Regen 控股权，打造全球医 美龙头 | 华泰研究 | | | 公告点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 11 日│中国内地 | 化妆品 | 公司今日公告控股子公司爱美客国际（公司持股 70%）拟购买韩国 Regen 公司 85%股权，对价 1.90 亿美元（折合人民币约 13.86 亿元）。收购完成 后，上市公司最终持有标的公司股权比例 59.5%。韩国 Regen 公司已获批 上市的产品包括两款再生针剂 AestheFill（面部为主）与 PowerFill（身体为 主），分别已获得了 34/24 个国家和地区的注册批准。此次交易尚需取得相 关机构必要批准等程序，尚存在不确定性。24 年医美终端景气度承压/供给 亦持续扩容，公司股价有显著回调，此次收购为公司上市以来首次境外收购， 彰显公司国际视野及全球资源整合能力，若能顺利落地，或为公司后续业绩 注入动力，并有望积极提振市场对于公司后续管线储备信心，维持买入评级。 韩国 Regen 有两大核心产品：AestheFill 与 PowerFil ...