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 ...

Core Viewpoint - The ongoing price war surrounding "童颜针" (youthful needle) is not only challenging the pricing system of the medical beauty industry but also represents a critical transformation path for the company, 新氧 (So-Young) [2][14]. Group 1: Price War and Market Dynamics - 新氧 has significantly reduced the price of "童颜针" from over 10,000 RMB to 2,999 RMB, aiming to gain control over pricing autonomy [2][10]. - The company faces accusations from suppliers like 普丽妍, which has labeled many of 新氧's clinics as "non-official partners," questioning the legitimacy of their product sources and medical qualifications [3][4]. - The price reduction strategy is seen as a challenge to the traditional profit distribution model in the medical beauty industry, where high prices were previously justified by perceived quality [6][7]. Group 2: Transformation Challenges - 新氧 is transitioning from a platform-based model to a direct participant in the medical beauty industry by establishing its own clinics, which has led to conflicts with previously partnered medical institutions [14][15]. - The company's revenue from information and reservation services has declined significantly, with a 34.5% year-on-year drop in the third quarter [14]. - Despite the aggressive expansion into self-operated clinics, 新氧 has reported continuous losses, with a net loss of 64.8 million RMB in the third quarter of 2025 [15][16]. Group 3: Financial Performance and Cost Structure - 新氧's aesthetic treatment services revenue surged by 304.6% year-on-year to 1.84 billion RMB in the third quarter, becoming the largest revenue source [17]. - The gross profit margin for 新氧's medical aesthetic services was reported at only 24.25% in the second quarter of 2025, indicating a significant deviation from industry standards [8][9]. - The company is focusing on cost optimization through strategies like scale procurement and supply chain integration to improve profitability [17]. Group 4: Regulatory and Compliance Issues - 新氧 has faced multiple complaints regarding service quality and compliance, with 876 complaints recorded on consumer platforms, including issues related to false advertising and operational violations [17][19]. - The company has been penalized for non-compliance with national standards, highlighting the regulatory risks associated with its rapid expansion [17][18]. - 新氧 emphasizes that its low pricing strategy does not compromise regulatory compliance and is committed to addressing consumer feedback seriously [19].

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 ...

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]