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The "price war" over anti-aging injectables is reaching its most intense moment.
On September 23, So-Young (SY.O) officially launched Miracle Youth 3.0, priced at 2,999 yuan, setting the lowest price in the history of anti-aging injectables—currently, similar products on the market like Aiwei Lan and Su Yan Cui are generally priced between 13,000 and 24,000 yuan per injection.
In terms of operation, So-Young’s Miracle Youth 3.0 mainly uses a compound formula of "Sutiyan" anti-aging injectable combined with hyaluronic acid.
The producer of Sutiyan is Jiangsu Xihong Biomedicine Co., Ltd. (“Xihong Biomedicine”), whose parent company is Eastern Yanmei (Chengdu) Biotechnology Co., Ltd., currently applying for an IPO in Hong Kong.
In July this year, Xihong Biomedicine’s anti-aging injection (Lizhenran) was approved for market release, and its rights for promotion and commercialization in Greater China were granted to CPS Pharmaceutical Group (0867.HK).
“Sutiyan is a custom product we developed with Xihong Biomedicine. It’s the same type of anti-aging injection as Lizhenran, but with a slightly different model,” So-Young CEO Jin Xing told Xin Feng, “Xihong Biomedicine does not intervene in downstream pricing.”
Having changed anti-aging injectable suppliers twice in just five months may have been out of necessity.
Since April this year, So-Young has successively launched Miracle Youth 1.0 and 2.0 versions, but both ran into disputes with upstream medical aesthetic material providers due to their low pricing.
According to Jin Xing, the 1.0 and 2.0 versions used Puliyan from Nanjing Puliyan Medical Technology Co., Ltd. ("Puliyan") and Aiweiluan from Changchun Shengbo Ma Biomaterials Co., Ltd. ("Shengboma") respectively. These two suppliers required terminal prices of 16,800 yuan and 18,800 yuan per injection, whereas So-Young’s pricing was as low as 4,999 yuan and 5,999 yuan respectively.
This sparked dissatisfaction from upstream medical aesthetic material providers. Puliyan and Shengboma both sent letters to So-Young asking them to remove the anti-aging injectable products from their platform.
Perhaps for this reason, So-Young chose Xihong Biomedicine, which does not impose price controls, as their Miracle Youth 3.0 partner.
With the increasing number of approved injectable products, upstream medical aesthetic material providers are indeed gradually losing their pricing power over downstream distributors, and internet platforms have added fuel to the price war.
With Meituan’s billions in subsidies, Weiyi Mei, which once cost up to 6,000 yuan, is now as low as around 900 yuan; JD self-operated medical aesthetics recently issued users a 300-yuan coupon in its app, dropping the market price of Hy-T 2.5, which used to be over 500 yuan, to just 99 yuan.
As downstream players claim pricing power from upstream suppliers, upstream medical aesthetic material companies are coming under more pressure.
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