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tongyanzhen，yigemingzirangrenganjuenengfanlaohaitongdechanpin，zhengshiyijialaopaiyiyaoqiyecongduoniandekuisunninaozhong“qisihuisheng”。

zaisanjiducaibaogongbuhou，touzizhemenfaxian，chengliyu1993niandejiangsuwuzhongyejiliangyan：2024nian1~9yue，gongsiyimeishengkeyewuyingshou1.98yiyuan，tongbizengzhangchao40bei，maolidadao1.63yiyuan，tongbizengzhangchao60bei，qiechenggongshixianniuzhuankuiweiying。

qiangjingcaiwubiaoxianbeihou，shiyimeiyewudetuchuchengji。jinnian1yue，jiangsuwuzhongyinjindehanguoregen biotech（lizhen）qixiadeaisufeitongyanzhenzhengshihuodenmpapizhun，bingyu4yuedishangshixiaoshou，xunsuzaishichangfangliang，jinlianggeyue（5-6yue）bianxiaoshou2wanzhizuoyou，shixianmaoli6640.74wanyuan。

zheibushitongyanzhenchanpindiyicizaiguoneimaibao。2021nian，zhangchunshengbomaqixiatongyanzhenaiweilan、aimeikeqixiatongyanzhenrubaitianshixiangjihuopishangshi，zaiyimeijigouyinqiqianggouchao。qizhong，rubaitianshizaidangnianxiaoliangdadaole61.82wanzhi（youyuzhangchunshengbomahaiweishangshi，aiweilanjutixiaoliangshujuweizhi）。

judadeshichangzengzhangqianli，xiyinzhongduoqiyefenfenruju，bingjiasuchanpinyanfahetuidonghuopi。jinzaijinnian，bianyoubaokuojiangsuwuzhongdeaisufeitongyanzhen、gaodemeidesuyancui、puliyanqixiadepuliyan·tongyansankuantongyanzhenhuopi。zhici，guoneiyijingyouwukuanhuopishangshidetongyanzhen，xingcheng“wuqiangzhengba”geju。

mianduiyuelaiyueduoderujuzhe，tongyanzhenshichanggejuhuizenyangyanjin？xingyexindebianliangyouzainali？

内部竞争：童颜针卖爆后，新的入局者蜂拥

jinguantongyanzhenzaiguonei2021niancaikaishihuopi，danqibingbushiyimeixingyedexinpin。

zaozai2004nian，gaodemeiqixiadesculptra（suyancui）bianhuodelemeiguofdadepizhun，yongyujiaozhengaizibinghuanzhedeshenbichungouheqitazhouwen；2009nian，sculptra（suyancui）shiyingzhengjinyibukuozhan，yongyujiankanghuanzhedemeirongshiyingzheng，zicidakaitongyanzhenzaiyimeixingyedejudaxiangxiangli。

“zuoweiyizhongrenzaoyiyongshengwujiangjiedafenzicailiao，tongyanzhendehexinchengfenweijuzuoxuanrusuan（poly-l-lactic acid，plla），tatongchangnengyurentixiangrongdaoyiqi，bingbeixibaoxishou，congeryonglaicijipifujiaoyuandanbaizaisheng，cijipifuzhenpiceng，dadaobijiaohaodejinzhipifuxiaoguo，rangpifukanqilaigengjianianqing，tongshihaikeyiyongyuyanhuanpifushuailaosudu。”yijiayimeiliansuojigoumenzhenbuzhengxingwaikefuzhurenyishigaosudongmaiwang。

聚左旋乳酸的作用原理 图片来源：招商证券

pingjiezhebucuodemeirongxiaoguo，tongyanzhenrangzhongduoaimeirenshiquzhiruowu。tebieshizaiguoneimeiyouchanpinshangshiqian，henduoaimeirenshiweiledashangtongyanzhenerzhuanchengfeiyitangguowai。

raner，jibianguoneixianzaiyiyouchanpinshangshi，dashangyizhentongyanzhendejiagerengbubianyi。muqian，shimianshangdetongyanzhenpingjunxiaoshoujiayizhijibenzaiyiwanyishang，eryouxiebuweiwangwangxuyaozhushehaojizhi，zongjiazai4wan-10wanyuan，xiaofeimenjiangao。

“yibanlaimenzhendazhendedoushi35dao50suidegaojingzhikehu，zhuyaoshiweilegaishanfalingwenheyanjiaodeaoxiandeng。”shangshuyimeiliansuojigoumenzhenbuzhengxingwaikefuzhurenyishitixingdao：“yidingyaodaozhengguiyimeijigouzhaozhuanyedeyishengzhushetongyanzhen，ruguochanpinpinzhibuguoguanhuocaozuobudang，kenenghuichuxianzhushebuweimianyifanyingguojixingchengrouyazhong。lingwai，zhushehouyaobimianshangkoubuweiguozaoyushuijiechu，yimianyinqiganranfayan，buliyujubuhuifu。”

chaogaokedanjiayujiaogaojinrumenjian，rangtongyanzhenchengweiyimeixingyezheijiniandeyouyidabaokuanchanpin，bingbeijiyuhouwang：fuzhiboniaosuandezaofushenhua。

judongmaiwangcongfangtanzhonglejiedeshuju，tongyanzhenguoneideshichangtiliang（yichuchangjiaji）zai2021nianwei1yiyuanchutou，2024nianyuguchao30yiyuan，zengzhangsulvdouqiao，weilai5nianzuoyouhuidadaobaiyiyuanshichangguimo。

zaigaosuzengzhangdeguochengzhong，jinnianyixiahuopi3kuanchanpin，shichangxingcheng“wuqiangzhengba”geju，shifouhuidaozhineibujingzhengjiajuni？

“xingyexianchuyuzengliangshichang，qiezheijikuanchanpingeyouchayidian，muqianshangweixingchengmingxianjingzheng。”yijiaguozibeijingtouzijigoudetouzirenwangjun（yingshoufangzheyaoqiu，weihuaming）gaosudongmaiwang，“biruaimeikederubaitianshi，jiangchanpinzuochengyetizhenji，zhijiejiunengzhushe，chayihuajiutixianzaishiyongqilaifangbian；youbiruxinhuopidepuliyanqixiadetongyanzhen，yongyouguoneilingxiandejuzuoxuanrusuanzhusheweiqiujiweilizhibeijishu，shizaishengxiaoguodeweichishijianxiangduigengyouyi。”

buguo，“wuqiangzhengba”bushishichanggejudezhongdian。mianduixinggandezengliangshichang，zaichanpinjingzhengshang，yuelaiyueduodeqiyefengyongdaotongyanzhenlingyu。

jubuwanquantongji，muqianguoneizaiyande“tongyanzhen”chanpinzhong，sihuanyiyao、lepuyiliao、shanglishengwu、huadongyiyaode“tongyanzhen”chanpinyuji2025—2026nianshangshi。tongshi，hanggaishengwuderuibo“tongyanzhen”、xihongshengwude“tongyanzhen”junchuyuzhuceshenbaojieduan，kangzheyaoyede“tongyanzhen”chuyulinchuangshiyanjieduan。

yidangejiaqiyeqixiadetongyanzhenchanpinhuodepizhun，jiliedeshichangjiagezhanjiangyichujifa。dongmaiwangcongfangtanzhonglejiedao，tongyanzhendemaolilvpubianzai90%yishang，zheizaisanleiyiliaoqixiezhongbijiaohanjian。houxujingzhengjiajuhou，maolixiadiaodao80%yixiashixingyerenshidegongshi。

ciwai，zaizheichangjiagejingzhengdetongshi，changshangmenyebijiangzhiliyutishengchanpingongxiao，chulegaizaohuoxiushiweiqiulizi、yanfaliaoxiaogengyoudecailiaowai，haizaiyouhuazaitichengfen、caiyonglianheliaofadengfangmianjinxingtansuo，gaiqushijiangjidadicujintongyanzhenzaishichangshangdepujilv。

“zuoweishichangshangdeqizhongyileichanpin，tongyanzhenjuyouzijideshichangxiwei，danjiagehuisuizhejingzhenggejudebuduanwanshanchanshengyixiezhongxindingjiadeguocheng。yinci，weilairuguoyoutupoxianyoushiyingzhenghezhushejiliangdeqingkuang，shichangzhanyoulianghejiagekenenghuiyougengduodexiangxiangkongjian。”yijiazhuanzhuxiaofeiyiliaodejigoutouzirenzhangming（yingshoufangzheyaoqiu，weihuaming）biaoshi，“liruhuadongyiyaozuijinhaiwaishougoudelanluma，jiushitupotongyanzhenxianyoushiyingzhengdeyikuanchanpin。”

keyiyujian，zaibuduanyinglaineibuzhuiganzhedeguochengzhong，tongyanzhendexingjiabijiangchixutigao，gongxiaoyehuiyinglaituozhan。

外部竞争：究竟谁是童颜针的对手？

chuleyuelaiyueduoqiyejiamatongyanzhendaozhidechanpinneibujingzhengwai，shichangshangzhuliudebuchongxingzhushexiangmuchutongyanzhenwai，haiyoushuiguangzhen、shaonvzhendeng，zheixiechanpinshifoushitongyanzhendejingzhengduishouni？

“shuiguangzhenyutongyanzhenshuyubutongleixingchanpin，tongyanzhenshizaishengcailiao，suoyiyushuiguangzhenyuanzeshangbujuyoujingzhengguanxi。”zhuanzhuxiaofeiyiliaodejigoutouzirenzhangmingbiaoshi，“shaonvzhenyutongyanzhentongshuzaishengyimeizhusheji，zuoyongjiliyizhi，doushiduoxingcailiaocijizitijiaoyuanzaisheng，zhongzhangqijiangjie，shencengzhusheqiexiaoyongxiangjin，erzhehuweiyoulideqianzaiduishou。”

andangqianquanqiuyishangshizhuliuzaishengyimeizhushejichanpindechengfenhuafen，kefenweijurusuan（pla）、juyineizhi（pcl）heqiangjilinhuishisanlei，qitazeyouqiangjilinhuishidengzuoweizhuyaochengfendezhushejichanpin。qizhong，yiplaweihexinchengfendeyibanbeichengzuo“tongyanzhen”，eryipclweihexinchengfendezeshi“shaonvzhen”。

参考资料：头豹研究院

yutongyanzhenyiyang，guoneihuopidediyikuanshaonvzhenshizai2021nian，weijinkouyiliaoqixieaikedisiaqtis medicalqixiadeyiyanshi，zaiguoneiyouhuadongyiyaoquanzizigongsixinkelimeixuedailixiaoshou。jinnian8yue，shandongguyuchunqixiadeshaonvzhenhuopi，zheishiguoneidierkuanhuopideshaonvzhen，yishiguoneishoukuanhuopideguochanshaonvzhen。

congxingyedexianzhuangkan，zaishengyimeizhushejichanpindangxiashuyuzengliangshichang，gegechanpindouyoushichangjihui，jiazhitongyanzhenyushaonvzhenzaizhiliaoshangyouyixiechayi，zhiyaojiagechajubushitebieda，shuangfangdezhijiejingzhengzanshibuhuihenmingxian。

yihuadongyiyaodailideyiyanshiweili，gaichanpinzi2021nian8yuezaizhongguodalushangshiyilai，xiaoliangxunsuzengzhang，shangshiyinianneixiaoshouebiantupo4.5yiyuan，2023niannianxiaoshoueyijingchaoguo10yiyuan，qiezhongguoyichengweiyiyanshidezuidashichang。

yinci，congzhongduanqilaikan，tongyanzhenyushaonvzhenzaishichangshangdebiaoxianjiujingshuyoushuqianghaishangnandinglun，erzhehuigongtongxiangshouzaishengyimeizhushejidezengzhanghongli。

danyouyisideshi，zaishengyimeizhushejichanpindeqishi，queheliduozoulegaoduanboniaosuandeshichangfene。jukechuangbanribao，qiaoyadengdefengyan、zhiyanxiliechanpinxiaoshoushoudaolezaishengyimeizhushejichanpindechongji，qiezuijinliangnianshangshideguochanboniaosuanzhong，zhiyaodingjiazai7000yuanyishangdechanpin，jihumeiyouxianqishenmefenglang。

duici，duoweixingyerenshijiebiaoshi，tongyanzhen、shaonvzhenzheileizaishengyimeizhushejichanpinzuidadewentijiushijiagejiaoweianggui。ersuizhexiangguanjishudediedaiyouhua，zaishengyimeizhushejichanpindegongnenghuokeshixianjibenfugaiboniaosuandezhuyaoyoushi，congeryoujihuiqudaichuantongtianchongzhushejidedabufenshichang，chengweizhusheleikangshuaizhuliuchanpin。

buguo，congjueduitiliangkan，zaidangxiaquanqiuzhusheleizhenjizhong，tongyanzhenshichangzhanbimuqianrengranjiaoxiao，2020nianjinzhandaoquanqiuzhusheleizhenjide1.14%（yinzi《xinyangyimeixingyebaipishu》shuju），zhongduanqineirengnanyiyuboniaosuankangheng。

zheibeihou，yifangmianshiyinweiboniaosuanjiagexiangduijiaodi，gengrongyibeidazhongjieshou，lingyifangmianshiyonghujiaoyushijiangengjiu，qiequdaogengweichengshu。

danbuguanzenyang，youkeguandeshichangzengzhangjihui，bianyouqiyepaoburuchang。muqian，sihuanyiyao、yichengshengwudengjiebujuleshaonvzhen，qizhong，sihuanyiyaodeerdaishaonvzhenchuyuzhuceshenbaojieduan，yichengshengwudeerdaishaonvzhenchuyuzhucelinchuangjieduan。jiashangqianwentidaodetongyanzhenbujuqingkuang，guoneizaishengyimeizhushejichanpinlingyuyijingjirubuxia20jiaqiye。

“yanxia，zaishengyimeizhushejichanpinjihudouzaiweiraojinzhikangshuaizuowenzhang，gongxiaoxiangduidanyi，qiejiaoyuandanbaicijixiaolvjiaodi、suxingshixiaojiaoduan，suoyihouxuchangshangruobuzailiaoxiao、gongnengshangyougengduotupo，xingchenggengdachayidian，shichangjingzhengjianghuiyichangjilie。”zhuanzhuxiaofeiyiliaodejigoutouzirenzhangmingbiaoshi。

yinci，mianduixiayijieduanzaishengyimeizhushejichanpindeshichangzhengbasai，meiyigerujuzhedoubunengdiaoyiqingxin。zhiyouzuoyouzuohaochanpin，fangnengfenxiayibeigeng。

竞争之外：与童颜针一起狂飙的原料市场

qianwentantaoletongyanzhenneibujingzheng（bujutongyanzhenzhongduanchanpindeqiyeshuliangzengzhangxunsu，qieduokuanchanpinjijianghuopi）hewaibujingzheng（shaonvzhendeqianzaijingzheng、gaoduanboniaosuandezhengmianjingzheng）hou，youyigelingyu，queyutongyanzhenzhongduanchanpindegaosuzengzhangchengzhengxiangguanxing。

zheibianshiyimeichanpindejishi——yuancailiao。

zhongsuozhouzhi，meidangyigechanpinzaishichangchengweibaokuanshi，yuzhixiangbandeyuanliaochanyeliandouhuigenzhefengkouqifei。biruyouyuboniaosuanzhongduanchanpindedamai，jiurangyouboniaosuanyuanliaoyewudeqiyeyinglaishichangkuorong，chengqileboniaosuanyuanliaodaqihuaxishengwudengduojiashangshiqiye。

bujinruci，boniaosuanyuanliaogengshixingchengchanyejiqun，zaizheidangzhong，zhongguoqiyegengshichengweizhongyaohuoyifang。genjushaliwenfabude《zhongguotoumingzhisuanxingyeshichangyanjiubaogao》xianshi，zhongguoboniaosuanyuanliaodezongxiaoliangyijingzhanjuquanqiuzongxiaoliangyue80%，jimei10zhiboniaosuanjiuyou8zhideyuanliaolaizizhongguo。qizhong，xiaoliangpaimingqianwudeqiyehuaxishengwu、jiaodianshengwu、fufengshengwu、dongchenshengwu、anhuashengwuhejiquanqiushizhanlvzonghegaoda75%。

erzongguantongyanzhen，zhongduanchanpindechixuhuore，yerangtongyanzhenyuanliao——yiyongjurusuandeshichangzaijingpen。

buguo，yuboniaosuanyuanliaoshichangjingzhengzhezhongduobutong，muqianquanqiujinliangjiagongsijubeiyiyongjurusuanyuanliaoshengchandeqiquanpiwen，yijiashihelandeqiyepulakepurac，lingyijiashizhongguodeqiyezhangchunshengboma。

yejiushishuo，muqiannengjinxingyiyongjijurusuanyuanliaoshengchandeqiyezhiyouzheiliangjia，qitashengchan“tongyanzhen”zhongduanchanpindechangjiayuanliaojibenxuyaoduiwaicaigou。

zuoweiguoneiyiyongjurusuanyuanliaoderujuzhe，zhangchunshengbomashiyituoyuzhongguokexueyuanzhangchunyingyonghuaxueyanjiusuodejishuzhichi。julejie，zhangchunshengbomayouzhongguokexueyuanchenxuesiyuanshituanduilingxianchengli，xianyongyou30duozhongyiyongjurusuanchanpinxinghao，jianchenglefuhegmpbiaozhun、duoxinghao、guimohuazhibeiyiyongjurusuanleigaofenzicailiaodeshengchanxian，channengdadao10dun/nian。

jirandangxiayiyongjurusuanyuanliaojingzhengzhebuduo，neiyoumeiyoukenengzhongduanchanpinqiyeyehuibujugailingyu？

duizheigewenti，yibufenxingyerenshibiaoshi，yiyongjurusuanyuanliaodezhibeiheliangchanjuyouhengaodegongyibilei。yizuoxuanjurusuandezhibeiweili，gaicailiaoduishuifenfeichangmingan，xingnengbuwending、yifenjie，hennangaochundugaochanlvliangchan。suoyizaiyiyaojurusuanyuanliaodexuanzeshang，zhongdianxuyaoguanzhuchundu、danti（rusuan）canliuliang、rongjicanliuliangdengcanshu，yaogaobiaozhunmanzuzheixiezhibiaobingburongyi。

erlingwaiyibufenxingyerenshizerenwei，yiyongjurusuanyuanliaobileibusuantebiegao，ciqianbufenchangjiaweishezugailingyudezhuyaoyuanyinshidangqianshichangzhengtixuqiuguimojiaoxiao。duiyujubeiyuanliaoshengchannenglidezhongduanchanpinqiyeeryan，ruozijianshengchanxianquewufashixianquanqiuhuadedisanfanggonghuo，zezaichengbenkongzhishangxiandebujingji。

muqianlaikan，yiyongjurusuanyuanliaoshichangyijinganliuyongdong：zaigailingyu，jinkunshengwu、lixinkexuedengjieyoubuju，xingyegejucunzaibianshu。

mianduiweilaidejingzheng，shangshuguozibeijingtouzijigoudetouzirenwangjunrenwei：“chanpinzaishengxiaoguodehaohuai，zhongyaoyinsuzaiyucailiaohezhibeigongyi，nengbacailiaobenshendexingnengmotou，balinchuangshujuzuozhashi，buduanyouhuajishugongyi，qiyezuodaozheijidian，jiangduihouxukuozhanxinshiyingzheng、kaifaxinchanpinfeichangyoubangzhu，yeshiweilaijingzhengdeyigezhuashou。”

ciwai，yigexingyedegongshishi，liyonggeleiyuanliaodeyouhuazuhetishengyiyouchanpindegongnengxing，pipeishichangxuqiu，yijikaifabutongdechanpinyishidazaoqiyehexinbileideguanjian。

tongshizaiyuanliaohezhongduanchanpinduan，gongyidediedaituidongyuanliaojiagehechanpinjiagechixuxiatan，yeshiqiangzhanshichangdezhongyaolujing。

bijing，sheinengkangjuyikuananquanyouxiao、jiageqinmin，younengrangrenzhonghuantongyandechanpinni？