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。 来源：第一财经 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。" 第一财经记者梳理公开信息发现，目前已经在国内获批上市的"童颜针"产品已有约11款，包括圣博玛生 物的"艾维岚"、爱美客的"濡白天使"、高德美的"塑颜萃"、普丽妍的同名产品以及四 ...

2025.12. 16 本文字数：1697，阅读时长大约3分钟 作者 | 第一财经 钱童心 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，第一财经记者在线上平台的新氧青春诊所搜索相关产品，仍然发现了在售的"艾 维岚" ...

"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 ...

Group 1 - China has become the second-largest medical beauty market globally, with a current penetration rate of only 4.5%, indicating significant growth potential compared to other developed countries [1] - The "light medical beauty" segment is reshaping the industry ecosystem due to its core advantages of low risk, short recovery time, and high frequency [1] Group 2 - The upstream consumables and equipment sector has high barriers to entry, with a focus on the development and manufacturing of injectables, energy-based devices, and biomaterials, which are core high-margin segments of the industry [2] - From early 2024 to July 2025, 43 Class III injectable products, 2 types of botulinum toxin, and 22 types of phototherapy devices have been approved in China, indicating a significant acceleration in product approvals [2] - The market for recombinant collagen is expected to exceed 40 billion yuan in 2024 and reach 58.57 billion yuan in 2025, while the market for "童颜针" (youthful needle) is projected to grow from 500 million yuan in 2021 to 4.2 billion yuan in 2025, a 740% increase [2] Group 3 - Companies like 四环医药 (Sihuan Pharmaceutical) are rapidly rising due to their technological advantages, having developed products like "童颜针" and "少女针," which have received Class III medical device registration [3] - 四环医药 has become the only domestic company to hold compliant registrations for both "童颜针" and "少女针," and has secured exclusive agency rights for a collagen-based product in mainland China [3] Group 4 - The current market is dominated by a few companies that can consistently obtain Class III medical device certifications, creating a concentrated oligopoly [4] - In 2025, 80% of newly approved products are expected to come from companies with Class III device qualifications, leading to a market environment where small institutions are rapidly exiting [4] - The emergence of new materials like agarose and hydroxyapatite marks a shift towards ingredient diversification, while the rise of regenerative materials signifies a transition from "filling" to "tissue regeneration" [4] Group 5 - The trend is accelerating the concentration of resources towards leading companies with R&D systems, clinical teams, and compliance capabilities, indicating an irreversible trend towards specialization and compliance in the industry [5]

"新氧尊重上游合作伙伴的合理商业安排，但坚决反对任何以'安全'为名、通过传播不实或误导性信息来损害医疗机构商誉、制 造消费者恐慌、干预正常市场竞争的行为。"新氧青春诊所进一步表示，这既伤害了消费者的信任，也破坏了行业应有的专业与 秩序。 在业内看来，这场围绕产品授权、渠道合规的交锋，背后是上游厂商与终端医美机构对产品定价权的博弈。而在我国持续扩容 的医美市场中，未经官方授权却售卖相关产品的现象并不鲜见，这一行业痛点也愈发凸显我国医美产业从"野蛮生长"向"规范发 展"转型的必然趋势。 医美行业上游厂商与终端机构之间的"拉锯战"正浮出水面。 日前，普丽妍通过官微发布声明，直指安徽合肥韩美整形外科医院、新氧青春诊所等医疗机构为"非官方授权合作机构"，称其 未通过正规渠道采购产品，公司不保障产品真伪，且未对相关医护人员开展过产品专业培训，警示存在消费者健康安全风险。 面对普丽妍的公开"指控"，新氧青春诊所也迅速回应。一方面，其明确表示所用普丽妍产品均由具备医疗器械经营资质的企业 依法供货，可通过国家药监部门 UDI（医疗器械唯一标识）进行真伪查询和全流程追溯；同时强调新氧全国门店均为依法批准 的医疗机构，相关医生执业 ...

Core Viewpoint - The ongoing conflict between upstream manufacturers and downstream medical beauty institutions highlights the challenges in product authorization and market pricing within the medical aesthetics industry, indicating a shift from "wild growth" to "regulated development" in China’s medical beauty market [4][5]. Group 1: Industry Dynamics - The medical beauty industry is experiencing a tug-of-war over product pricing and authorization, with companies like Purity and New Oxygen at the forefront of this conflict [4][5]. - New Oxygen's low pricing strategies for products like "Miracle Youth 3.0" have disrupted traditional pricing structures, leading to tensions with upstream manufacturers [8][9]. - The market for youth-enhancing products, such as the "童颜针" (youth needle), has seen rapid growth, with estimates suggesting it will reach a scale of 100 billion in five years, up from over 30 billion last year [7]. Group 2: Compliance and Regulation - There are significant compliance concerns regarding the sourcing of medical products, with allegations that New Oxygen has used products without proper authorization, raising questions about product safety and traceability [11][12]. - Legal experts emphasize the importance of purchasing medical devices from authorized sources to ensure compliance with regulations, highlighting the potential penalties for non-compliance [12]. - The medical beauty industry faces challenges with counterfeit products and unauthorized sales, necessitating stronger regulatory measures and consumer awareness [15][16]. Group 3: Consumer Safety and Market Integrity - The prevalence of unauthorized medical beauty institutions and counterfeit products poses a significant risk to consumer safety, with only 35% of products in circulation being genuine [9][15]. - Industry leaders argue that lowering prices for legitimate medical beauty services is essential to combat the prevalence of "black medical beauty" practices, which thrive on high prices in the legitimate market [9][10]. - There is a call for a collaborative approach among manufacturers, medical institutions, and regulatory bodies to ensure consumer rights and product quality are prioritized in the evolving medical beauty landscape [17].

Core Viewpoint - The introduction of "Miracle Youth 3.0 - Plastic Beauty" by the domestic medical beauty service platform New Oxygen, priced at 2999 yuan, is considered the lowest price in history, breaking the previous market average of over 10,000 yuan, indicating a significant shift in the market dynamics of youth-enhancing injections [1][2]. Market Competition Landscape - The market for youth-enhancing injections, categorized as "medical beauty regenerative injectables," is experiencing intense competition with nine products currently approved in China, consisting of three imported and six domestic brands [3]. - The global market for medical beauty regenerative injectables is projected to reach approximately 11.52 billion yuan by 2027, with a compound annual growth rate (CAGR) of about 31.2% from 2025 to 2027 [2]. Pricing Strategies and Market Dynamics - The current market is characterized by a "mixed battle" phase, with various brands adopting different pricing strategies, including low-dose products to capture market share [6][8]. - The price of existing products typically starts at over 10,000 yuan, with some products like Jiangsu Wuzhong's Aisufei priced at 18,800 yuan before discounts [3]. Future Market Trends - The entry of New Oxygen and the increase in the number of certified manufacturers and qualified doctors are expected to lead to a price reduction in the youth-enhancing injection market, marking a transition towards market maturity [7]. - The Chinese market is anticipated to become a price lowland compared to neighboring countries, where prices are significantly lower [7]. Sales Performance and Market Size - Despite the competitive landscape, companies like Changchun Shengboma and Aimeike have reported substantial sales figures, with Aimeike's revenue from gel injection products reaching 6.38 billion yuan in 2022, and projected to grow to 1.2 billion yuan in 2024 [10]. - The overall market size for youth-enhancing injections is estimated to be in the millions of units, with a rapid increase in market participants from one or two to potentially twenty in the future [11]. Selection Criteria for Products - The selection of products in the market is increasingly based on consumer reputation, price-performance ratio, and the manufacturer's overall strength, as the number of approved products continues to rise [12]. - Brands must focus on building a strong consumer base and professional barriers to survive in the competitive market, emphasizing the importance of doctor expertise in the application of youth-enhancing injections [13]. Emerging Products and Competition - Several new products are in the pipeline for approval, including those from Hangzhou Gai Biological and Huadong Pharmaceutical, which will further intensify competition in the market [14].

Core Viewpoint - The launch of New Oxygen's Miracle Youth Needle 3.0 at a price of 2999 yuan marks a significant price drop in the market, challenging the existing high-priced products which are generally above 10,000 yuan [1][3][4]. Pricing Strategy - New Oxygen's pricing strategy is based on gaining pricing power through collaboration with upstream manufacturers, allowing them to set a price significantly lower than competitors [1][5]. - The previous versions of the product were priced at 4999 yuan and 5999 yuan, indicating a trend of decreasing prices in the market [3][8]. Market Context - The current market for youth needles includes products from various companies, with prices typically exceeding 10,000 yuan, such as 12,800 yuan for Aivilan and 13,800 yuan for Lijinran [3][4]. - The trend of decreasing prices is expected to continue, driven by product effectiveness and user value [4]. Company Performance - New Oxygen's clinics have achieved single-month profitability, although overall profitability is still pending due to the costs associated with their middle office operations [8][9]. - The company has opened 37 clinics as of September 2023, with plans to exceed 50 by the end of the year and aims for a long-term goal of "100 cities and 1,000 stores" [9]. Financial Growth - In Q1 2023, New Oxygen's light medical beauty chain business revenue grew by 551.4%, accounting for 33.3% of total revenue, while Q2 revenue from beauty treatment services reached 144 million yuan, up 426.1% year-on-year [9].

Core Viewpoint - The launch of the new "Miracle Tongyan 3.0" by Xinyang at a price of 2999 yuan marks a significant price drop in the market for Tongyan injections, which typically exceed 10,000 yuan, establishing a new low price point in the industry [1][4]. Pricing Strategy - Xinyang's pricing strategy is based on obtaining pricing authority from upstream manufacturers, allowing them to offer competitive prices [6][7]. - The previous versions of Tongyan injections were priced at 4999 yuan and 5999 yuan, indicating a trend of progressively lowering prices [4][9]. Market Context - The current market for Tongyan injections includes several high-priced products, with manufacturers like Saint Boma and Kanjie Pharmaceuticals pricing their products between 12,800 yuan and 14,800 yuan [4][9]. - The trend of decreasing prices for Tongyan injections is expected to continue, driven by market demand and product effectiveness [5]. Company Performance - Xinyang's clinics have achieved monthly profitability at the store level, although overall profitability is still pending due to the costs associated with middle and back-end operations [9]. - The company plans to expand its clinic network significantly, aiming for over 50 locations by the end of 2025, with a long-term goal of establishing a presence in 100 cities [9]. Financial Growth - Xinyang reported a substantial increase in revenue from its light medical beauty chain business, with a year-on-year growth of 551.4% in Q1 2025, reaching 98.8 million yuan [10]. - In Q2 2025, revenue from beauty treatment services also saw a significant increase of 426.1%, totaling 144.4 million yuan [10].

Core Viewpoint - The market for "童颜针" (youthful face injection) is experiencing significant turmoil, with recent developments including the termination of exclusive distribution rights for Jiangsu Wuzhong and an increase in competition as more products gain approval for sale in China [1][4]. Company Summary - Jiangsu Wuzhong's subsidiary, Dato Medical, received a termination notice from Regen Biotech Inc., ending its exclusive distribution rights for AestheFill, the first imported "童颜针" in China [1][2]. - The termination is attributed to alleged violations of the distribution agreement and securities law by Jiangsu Wuzhong and its executives, which Regen claims have harmed the product's reputation [1][4]. - AestheFill is a critical product for Jiangsu Wuzhong, contributing significantly to its revenue, with projected sales of 326 million yuan in 2024, accounting for 20.42% of total revenue [3]. Industry Summary - The number of approved "童颜针" products in China has increased to nine, intensifying competition in the market [1][4]. - The high pricing of "童颜针" has historically positioned it as a lucrative product, but recent price reductions by competitors are threatening this status [5][7]. - The introduction of lower-priced alternatives, such as a 5,999 yuan version of Aivilan, has sparked controversy and dissatisfaction among established brands [7]. - Analysts predict that profit margins for "童颜针" may decline from 90% to below 80% as the industry approaches a price war [8]. - Concerns regarding product safety are rising, with reports of complications from excessive injections, prompting a need for differentiation, education, and compliance among companies [8].