Core Viewpoint - The conflict between medical beauty platform Xinyang (SY.US) and upstream supplier of regenerative materials has escalated, with accusations regarding product sourcing and training practices [2][3] Pricing Strategy and Supply Chain Conflict - In April 2025, Xinyang launched "Miracle Youth 1.0," pricing the product at 4,999 yuan per unit, significantly lower than the supplier's guidance price of 16,800 yuan [3] - In June 2025, Xinyang's "Miracle Youth 2.0" used a product from Saint Boma, priced at 5,999 yuan, while the market average was approximately 18,800 yuan, leading to accusations of unauthorized procurement [3] Company Response and Compliance - Xinyang stated that all medical devices are sourced from legally qualified suppliers with complete traceable purchase documentation, and all clinics are legally established medical institutions [5] - The company emphasized that the era of market monopoly through registration certificate scarcity and excessive price control has ended, attributing low prices to value return through large-scale procurement and reduced marketing costs [5] Financial Performance and Transition Challenges - Xinyang, as the "first internet medical beauty stock," faces strong competition from platforms like Douyin, Xiaohongshu, and Meituan, resulting in a 19.3% year-on-year decline in information and appointment service revenue in 2024 [6] - In the first three quarters of 2025, Xinyang's revenue reached 1.063 billion yuan, a decrease of 3.36% year-on-year, with a net loss of 133 million yuan, marking a shift from profit to loss [6] - The company's offline beauty treatment services generated 427 million yuan, a 385.05% increase year-on-year, becoming the largest revenue source, surpassing traditional business for the first time [6] Industry Competition and Business Model Changes - Xinyang's aggressive pricing strategy has led to a significant reduction in profit margins, with offline service gross margins dropping to 24%, well below the industry average of over 50% [7] - In September 2025, Xinyang launched a customized version of "Plastic Beauty" (Miracle Youth 3.0) at a price of 2,999 yuan, with a core ingredient PLLA content of 75mg, only half of that in mainstream products [7] - The company's "low-price revolution" and aggressive transformation have fundamentally changed its business model, raising concerns about balancing price competitiveness with supply chain relationships and ensuring medical safety and service quality [7]

Core Viewpoint - The ongoing conflict between the medical beauty platform company New Oxygen and its suppliers highlights a significant pricing power struggle in the industry, particularly regarding the pricing of the "童颜针" (youthful needle) product, which New Oxygen has drastically reduced from market prices to attract consumers [2][3][4]. Group 1: Pricing Conflict - New Oxygen has been publicly accused by suppliers, including Purity and Saint Boma, of sourcing products through unauthorized channels and has faced scrutiny over the legitimacy of its clinics [3][25]. - The core of the conflict revolves around New Oxygen's aggressive pricing strategy, which has seen the price of the "童颜针" drop from approximately 10,000 yuan to 2,999 yuan, representing a nearly 70% reduction [4][26]. - New Oxygen claims that its low pricing strategy is based on "value return," achieved through large-scale procurement and reduced marketing costs [4][26]. Group 2: Financial Performance - In the first three quarters of 2024, New Oxygen reported total revenue of 1.063 billion yuan, a year-on-year decline of 3.36%, with a net loss of 133 million yuan, a shift from a profit of 20.78 million yuan in the same period last year [14][36]. - The company's gross profit margin for the same period was 49.21%, down 13.02 percentage points year-on-year, primarily due to lower margins from offline services compared to traditional information services [16][38]. - The rapid expansion of offline beauty treatment services has led to a significant increase in revenue, with a 385.05% year-on-year growth to 427 million yuan, now accounting for 40.16% of total revenue [15][37]. Group 3: Operational Challenges - New Oxygen's shift to a heavy asset model has increased operational costs, with total operating costs reaching 540 million yuan, representing 50.8% of revenue, significantly higher than the traditional platform model [16][39]. - The company faces challenges in maintaining service quality due to a lack of a stable and experienced medical team, which is crucial for the quality of medical beauty services [39]. - Regulatory risks have increased as offline medical practices are subject to stringent oversight from multiple regulatory bodies, raising concerns about compliance and potential public relations crises [39].