导 语： 上游品牌厂商锁定了行业大部分利润，却未能承担起 " 链主 " 责任。带来的安全风险，最终是消费者以肉 身 " 买单 " 。 掀翻 " 定价权 " 牌桌 医美乱象，再次被联合 " 重拳出击 " 。 7 ⽉ 4 ⽇，公安部有关部⻔负责⼈表⽰，将采取有⼒措施，将打击⽭头对准医疗美容领域中危害严重、⼈⺠群众反映 强烈的突出犯罪活动。 就在⼏天前 的 6 ⽉末，央视记者调查并曝光了 " 医美速成班 " 背后的⾏业乱象，引发⼴泛关注。 " ⿊医美 " 机构，将毫⽆医学背景的普通⼈，⼏天内包装成 " 专业医美师 " ，甚⾄提供⾮法渠道购买医美药品。 图源：央视网 威胁⽣命安全的重罚之下，依然有⼈不断 " 前仆后继 " ，根源在于医美⾏业潜在的巨⼤利润空间，让不法分⼦从中谋 取套利机会。 ⾏业 " 暴利 " ，⼤多数被上游品牌⼚家赚⾛。 局内其余各⽅，不合规者铤⽽⾛险；合规但话语权偏弱的⼀⽅，要么 " 擦边 " 赚钱，要么不堪压榨掀翻牌桌。 不久前， " 互联⽹医美第⼀股 " 新氧（ NASDAQ: SY ）与艾维岚品牌⽅⻓春圣博玛⽣物材料有限公司（简称 " 圣博 玛 " ）的 " 互撕 " 战，将医美利益链的 " ...

"将抗体与化学小分子结合起来的ADC(抗体偶联药物)正迎来爆发期，分段生产是众多药企的共性需 求。"王宏伟解释，ADC有着较为复杂的"抗体—连接子—毒素"三元结构，在生产工艺上，既涉及生物 制药又涉及化学合成，单一企业难以同时布局多个领域，而分段生产可最大化利用药品生产企业和 CDMO(合同研发生产组织)的生产设施设备，降低成本投入，加快研发进程。 "其中一段小分子是高毒高活化学物质，不允许与普通药物在同一车间生产。从建厂房到组团队，叠加 各项审批过程，至少需要五六年时间，不仅耗资巨大，也充满各种不确定因素。"王宏伟坦言，布局 ADC药物近4年时间，却因堵在分段环节迟迟无法突破。 其实，早在2019年新修订的药品管理法发布时，园区就嗅到释放生物制品分段生产试点的信号。"我们 开始摸排企业需求，联合企业做足准备。"倪美华说，针对辖区企业关于分段生产的共性诉求，持续开 展大量理论研究和实地调研，并探索具体实施方案的可行性，在国内率先提出"生物制品分段生产"政策 支持事项。 当然，这一模式还面临技术、法规和管理等多重挑战。倪美华举例说，分段生产后，如何保证不同厂家 生产设备的适用性？如何确保物流和供应链管理？同时， ...

关注资本市场的趋势与发展 以下文章来源于信风TradeWind ，作者郑敏芳 信风TradeWind . 作者 | 郑敏芳 起因正是新氧自营诊所复配的童颜针"艾维岚"产品（又称"奇迹童颜"）售价仅为5999元， 为市场公价的1/3，这引发了艾维岚品牌方长春圣博玛生物材料有限公司（下称"圣博 玛"）的不满。 笔者注意到，新氧早在2023年就与上游医美材料商东方妍美（成都）生物技术股份有限公 司（下称"东方妍美"）达成战略合作，后者将尚未上市的童颜针XH301等多款产品的国内 商业化权利独家授权给新氧。 随着此番东方妍美踏上港股IPO之路，其XH301的上市进展情况得以披露。 作为东方妍美的核心产品，XH301预计今年下半年完成国内上市审评，欧盟上市注册进程 则处于提交阶段。 来源 | 信风TradeWind 圣博玛发文指出，不对新氧诊所销售的艾维岚提供正品保证责任；新氧则强调旗下产品均 为正品，指责圣博玛的说法是"无端抹黑"。 导 语： 圣博玛发文指出，不对新氧诊所销售的艾维岚提供正品保证责任；新氧则强调旗下 产品均为正品，指责圣博玛的说法是"无端抹黑"。 童颜针价格战一触即发。 6月19日，新氧CEO金星发文 ...

Group 1 - The stock price of New Oxygen surged by 41.88% on Monday, reaching $1.66 per share and a market capitalization of $166 million, following a previous increase of 15.84% [1] - New Oxygen's stock had been underperforming since its NASDAQ debut in May 2019, where it initially rose by 31.88% to a market cap of approximately $1.823 billion [1] - Analysts attribute the recent stock surge to strong growth in the company's chain business, while advertising and upstream businesses remain undervalued [1] Group 2 - Founded in 2013, New Oxygen initially focused on an internet medical beauty platform, achieving rapid revenue growth from 49 million RMB in 2016 to 617 million RMB in 2018, with a compound annual growth rate of 254.85% [2] - The company has faced significant challenges in recent years due to competition from platforms like Alibaba Health and Meituan, as well as content e-commerce platforms like Douyin and Xiaohongshu [2] - New Oxygen plans to launch a new light medical beauty chain brand "New Oxygen Youth Clinic" in November 2024, aiming to reduce costs through centralized procurement and improve service efficiency [2] Group 3 - As of March 31, 2025, New Oxygen operates 23 medical beauty centers across nine major cities in China, with 18 centers achieving positive monthly cash flow [2] - The company reported a significant increase in quarterly write-off projects, exceeding 92,900, and a growth in quarterly paid users by 874% to over 45,500 [2] - Active user numbers surpassed 75,700, reflecting an 846% year-on-year increase, indicating enhanced user engagement [2] Group 4 - New Oxygen has recently been involved in disputes regarding its "Miracle Youth" project, which offers a product at a significantly lower price than the official price set by the manufacturer [3] - The company defends its product authenticity and compliance, while accusing competitors of unfair practices [3]

上游医美材料商与下游医美机构就童颜针的"破价"正在大打"口水仗"。 起因正是新氧自营诊所复配的童颜针"艾维岚"产品（又称"奇迹童颜"）售价仅为5999元， 为市场公价的1/3 ，这引发了艾维岚品牌方长春圣博玛生物材料有限 公司（下称"圣博玛"）的不满。 圣博玛发文指出，不对新氧诊所销售的艾维岚提供正品保证责任；新氧则强调旗下产品均为正品，指责圣博玛的说法是"无端抹黑"。 童颜针价格战一触即发。 6月19日，新氧CEO金星发文透露将要上市的部分国产童颜针定价更为合理。 以下文章来源于信风TradeWind ，作者郑敏芳 信风TradeWind . 关注资本市场的趋势与发展 新氧确实"不打无准备之仗"。 信风注意到，新氧早在2023年就与上游医美材料商东方妍美（成都）生物技术股份有限公司（下称"东方妍美"）达成战略合作，后者将尚未上市的童颜针 XH301等多款产品的国内商业化权利独家授权给新氧。 随着此番东方妍美踏上港股IPO之路，其XH301的上市进展情况得以披露。 作为东方妍美的核心产品，XH301预计今年下半年完成国内上市审评，欧盟上市注册进程则处于提交阶段。 由于尚未商业化，东方妍美2024年收入仅为0. ...

上游医美材料商与下游医美机构就童颜针的"破价"正在大打"口水仗"。 起因正是新氧自营诊所复配的童颜针"艾维岚"产品（又称"奇迹童颜"）售价仅为5999元，为市场公价的1/3，这引发了艾维岚品牌方长春圣博玛生 物材料有限公司（下称"圣博玛"）的不满。 圣博玛发文指出，不对新氧诊所销售的艾维岚提供正品保证责任；新氧则强调旗下产品均为正品，指责圣博玛的说法是"无端抹黑"。 童颜针价格战一触即发。 6月19日，新氧CEO金星发文透露将要上市的部分国产童颜针定价更为合理。 新氧确实"不打无准备之仗"。 信风注意到，新氧早在2023年就与上游医美材料商东方妍美（成都）生物技术股份有限公司（下称"东方妍美"）达成战略合作，后者将尚未上市 的童颜针XH301等多款产品的国内商业化权利独家授权给新氧。 随着此番东方妍美踏上港股IPO之路，其XH301的上市进展情况得以披露。 作为东方妍美的核心产品，XH301预计今年下半年完成国内上市审评，欧盟上市注册进程则处于提交阶段。 由于尚未商业化，东方妍美2024年收入仅为0.13亿元，同期亏损仍达到0.64亿元。 核心产品尚未上市便遭遇价格战，东方妍美未来的业绩增长空间正面临考验。 ...

Core Viewpoint - The ongoing dispute between Changchun Shengboma and New Oxygen Youth Clinic highlights the complexities of compliance and pricing mechanisms in the domestic medical beauty filler market, specifically regarding the product "Aivilan" [1][2] Group 1: Industry Dynamics - The traditional medical beauty market has seen supply-side dominance over pricing, where the cost of consumables, manufacturer profits, and channel premiums dictate the final price [2][5] - The pricing formula can be simplified as: Price = Consumable Cost + Manufacturer Profit + Channel Premium [2] - Manufacturers retain over 90% gross profit margins, leaving minimal profit for other channels and institutions [5][10] Group 2: Pricing Mechanisms - The pricing structure involves multiple layers of markup from manufacturers to distributors and ultimately to medical institutions, leading to significant price inflation [5][6] - For example, the market price of Juvederm Ultra 4 in South Korea is around 2000 RMB, while in first-tier Chinese cities, it can exceed 6000 RMB due to various markups [5][10] - Manufacturers employ various strategies to maintain price control, including supply adjustments, legal pressure on price-cutting distributors, and limiting access to authenticity verification channels [6][10] Group 3: Consumer Perspectives - Consumers often oppose the manufacturers' pricing logic, advocating for transparency and market-driven pricing rather than excessive premiums [2][15] - The dichotomy between the medical attributes of beauty services and their consumer aspects reflects a fundamental conflict in the industry [2][14] - The current pricing logic tends to overlook the value of medical services, leading to a focus on cost-cutting rather than enhancing consumer experience [10][12] Group 4: Future Considerations - A potential solution to the pricing dilemma is itemized pricing, which would reflect the comprehensive service experience rather than just the cost of consumables [11][13] - The industry should aim for a pricing model that allows for fair profit margins for manufacturers while ensuring quality service and safety for consumers [13][14] - Ultimately, the question of who determines medical beauty service prices should involve multiple stakeholders, reflecting a consensus rather than unilateral control [14][16]

Core Viewpoint - New Oxygen (SY.O), known as the "first stock in internet medical beauty," is transitioning to offline institutions, having opened 23 self-operated medical beauty institutions across 9 cities in China within two years since May 2023 [1] Group 1: Business Expansion - In Q1 2025, New Oxygen's medical beauty chain business revenue reached 99 million yuan, a year-on-year increase of over 500% [1] - Management expects the revenue for this business in Q2 to be between 120 million and 140 million yuan [1] Group 2: Conflict with Suppliers - Tensions are rising between New Oxygen and upstream medical beauty material companies, particularly regarding the compliance issues of the "Aivilan" product used in New Oxygen's self-operated clinics [2] - The supplier, Changchun Shengboma Biological Materials Co., claims it does not guarantee the authenticity of the products sold by New Oxygen and has not trained their medical staff on the product [2][3] Group 3: Pricing Strategy - New Oxygen's pricing strategy involves selling a combination product called "Miracle Youth," which includes Aivilan and is priced at 5,999 yuan, significantly lower than the standard price of around 18,000 yuan for Aivilan alone [6][7] - This pricing strategy has raised concerns about whether the use of Aivilan for purposes beyond its approved indications constitutes off-label use [8] Group 4: Industry Dynamics - The conflict reflects broader issues in the medical beauty industry, where upstream manufacturers are losing pricing power amid fierce competition and price wars [10][11] - New Oxygen argues that its pricing strategy is a necessary correction to an unreasonable profit structure in the industry, aiming to make medical beauty services more accessible to a wider audience [13]

Core Viewpoint - The approval of Leping Medical's PLLA-based facial filler marks its entry into the dermatology field, expanding its business into the aesthetic medicine sector, which is expected to positively impact the company's growth [1][3]. Company Summary - Leping Medical has received NMPA registration approval for its self-developed PLLA facial filler, known as "童颜针" or "youthful needle," which is designed to stimulate collagen regeneration for skin rejuvenation [1][2]. - The product is characterized by its excellent biocompatibility, biodegradability, and safety, decomposing into carbon dioxide and water within the body [2]. - The company anticipates that this new product will contribute positively to its consumer healthcare business development [3]. Industry Summary - The Chinese aesthetic medicine market, particularly the regenerative injection segment, is projected to reach approximately 11.52 billion RMB by 2027, with a compound annual growth rate (CAGR) of about 31.2% from 2025 to 2027 [4]. - The market for "童颜针" is becoming increasingly competitive, with several products nearing approval, indicating a trend towards more diverse and effective regenerative injection products [4]. - Companies like Jiangsu Wuzhong and Aimeike have already seen significant revenue growth from their aesthetic products, highlighting the strong performance potential in this sector [2][3].

以下文章来源于凤凰网股票 ，作者IPO 观察哨 凤凰网股票 . 凤凰网股票，价值投资者家园。凤凰网股票为全球华人投资者提供24小时权威、独到的市场资讯和行情产品，并始终关注中国资本市场的发展与变化。 来源|凤凰网财经《 IPO 观察哨》 东方妍美携 13 款三类医疗器械冲刺港股 IPO ，却背负数亿负债、年亏超 6900 万。招股书中风险因素陈述足足有 60 页，并直言 " 公司可能永远 无法盈利 " 。一边手握还在排队等审批的 " 国产童颜针 " 核心产品，一边深陷财务危机面临资金链断裂风险，当 " 医美再生医学风口 " 撞上 " 资 不抵债 " ，这家公司的 IPO 到底是财富盛宴还是风险深渊？ 俗话说： " 爱美之心 , 人皆有之。 " 在 " 颜值经济 " 与 " 悦己消费 " 浪潮推动下，医美行业正以惊人的速度崛起。数据显示， 2023 年中国美容 行业市场规模已达 2804 亿元，预计 2025 年市场规模有望达到 3816.0 亿元。多重驱动下医美企业扎堆冲击资本市场，催生出一批巨头公司。 最 近医美巨头们好不热闹！先有北交所 " 一哥 " 锦波生物股价 两个多月累计暴涨 140% 疯狂出圈，又 ...