证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-084 江苏吴中医药发展股份有限公司关于公司股票 可能存在因股价低于 1 元而终止上市的风险提示公告 二、终止上市风险提示公告的披露情况 根据《股票上市规则》第 9.2.3 条第一款的规定：在上交所仅发行 A 股股票 或者 B 股股票的上市公司，首次出现股票收盘价低于 1 元的，应当在次一交易日 披露公司股票可能被终止上市的风险提示公告；出现连续 10 个交易日（不包含 公司股票停牌日）每日股票收盘价均低于 1 元的，应当在次一交易日披露公司股 票可能被终止上市的风险提示公告，其后每个交易日披露 1 次，直至公司股票收 盘价低于 1 元的情形消除或者出现终止上市情形之日止（以先达到的日期为准）。 根据《股票上市规则》第 9.6.1 条规定，交易类强制退市公司股票不进入退 市整理期交易。 三、其他事项 2025 年 7 月 13 日，公司收到中国证监会下发的《行政处罚事先告知书》（处 罚字〔2025〕58 号），具体内容详见公司于 2025 年 7 月 14 日披露的《关于收 到中国证券监督管理委员会<行政处罚事先告知书>的公告》（公告编号 ...

一、公司股票可能被实施重大违法强制退市风险暨立案调查进展情况 公司于 2025 年 2 月 26 日收到中国证监会《立案告知书》（证监立案字 0392025006 号），因公司涉嫌信息披露违法违规，根据《中华人民共和国证券 江苏吴中医药发展股份有限公司(以下简称"公司")因涉嫌信息披露违 法违规，被中国证券监督管理委员会（以下简称"中国证监会"）立案 调查。2025 年 7 月 13 日，公司收到中国证监会下发的《行政处罚事先 告知书》（处罚字〔2025〕58 号）。认定公司虚增营业收入、营业成本 和利润，2020 年至 2023 年年度报告存在虚假记载。 如根据正式的处罚决定书结论，公司触及重大违法强制退市情形，公司 股票将被终止上市。根据《上海证券交易所股票上市规则》第 9.5.7 条、 第 9.5.8 条，如公司后续收到行政处罚决定书，显示公司触及重大违法 类强制退市情形，公司将申请停牌，并及时披露有关内容。上海证券交 易所将在停牌之日起的 5 个交易日内，向公司发出拟终止股票上市的事 先告知书，后续将根据《上海证券交易所股票上市规则》的相关规定， 作出是否终止公司股票上市的决定。 公司将全力配合中国证 ...

*ST苏吴还提示风险称，7月13日，公司收到中国证监会下发的《行政处罚事先告知书》，公司股票已 于7月14日起被叠加实施退市风险警示。如根据中国证监会正式的处罚决定书结论，公司触及重大违法 强制退市情形，公司股票将被终止上市。 北京商报讯（记者 丁宁）8月14日晚间，*ST苏吴（600200）发布公告称，公司股票8月14日收盘价为 0.99元/股，低于1元。根据《上海证券交易所股票上市规则》第9.2.1条第一款第一项规定，在上交所仅 发行A股股票的上市公司，如果连续20个交易日的每日股票收盘价均低于1元，公司股票可能被上交所 终止上市交易。 ...

北京商报讯（记者 王寅浩 实习记者 宋雨盈）8月14日，*ST苏吴（600200）发布公告称，公司股票当日 收盘价为0.99元/股，低于人民币1元。根据《上海证券交易所股票上市规则》中相关规定，如果连续20 个交易日的每日股票收盘价均低于1元，公司股票可能被上交所终止上市交易。 此前，因财务造假等问题，*ST苏吴股票已于2025年7月14日起被叠加实施退市风险警示。 ...

Core Viewpoint - The acquisition of Regen Biotech by Aimeike has led to a fierce commercial dispute with Jiangsu Wuzhong, the exclusive distributor of AestheFill in mainland China, following Regen's unilateral termination of the distribution agreement [1][3][4]. Group 1: Event Development - In August 2022, Dato Medical obtained exclusive distribution rights for AestheFill in mainland China, which was successfully launched in January 2024 [3]. - Aimeike announced its plan to acquire Regen in March 2025, completing the acquisition by June 30, 2025, which led to tensions regarding the distribution agreement [3][4]. - On July 21, 2025, Jiangsu Wuzhong received a termination notice from Regen, citing violations of the agreement by Dato Medical [3][4]. Group 2: Legal Actions and Financial Implications - Jiangsu Wuzhong has initiated arbitration proceedings against Regen, seeking to confirm the validity of the distribution agreement and claiming damages of 1.6 billion yuan [4][5]. - The dispute has negatively impacted Jiangsu Wuzhong's stock price, which fell over 41% since the termination notice, while Aimeike's stock remained relatively stable [1][4]. - Jiangsu Wuzhong reported a significant increase in net profit due to AestheFill sales, which accounted for 35.55% of its revenue in Q1 2025 [7][8]. Group 3: Market Dynamics and Industry Impact - AestheFill has shown strong market performance, generating 326 million yuan in sales in 2024 and contributing significantly to Jiangsu Wuzhong's recovery from previous losses [7][8]. - The ongoing dispute raises concerns about the stability of distribution agreements in the medical aesthetics industry, potentially affecting the confidence of distributors [9]. - Aimeike is facing pressure from slowing revenue growth, with a significant decline in its revenue and net profit growth rates from 2023 to 2024 [8][9].

Core Viewpoint - A commercial dispute over the代理权 of "童颜针" (AestheFill) between *ST苏吴 and爱美客 has escalated, with *ST苏吴 seeking 1.6 billion yuan in arbitration against爱美客's subsidiary, Regen Biotech, for breach of contract [1][5][9]. Group 1: Background of the Dispute - The dispute originated on July 18, when爱美客 sent a termination letter to达透公司, revoking its exclusive distribution rights for AestheFill in mainland China [1][5]. -达透公司 had previously secured exclusive sales rights for AestheFill in China through a tripartite agreement signed in August 2022, valid until August 2032 [2][5]. Group 2: Financial Implications - AestheFill has significantly contributed to *ST苏吴's financial performance, generating 3.26 billion yuan in sales revenue in 2024, accounting for 20.42% of the company's total revenue [10]. - The medical aesthetics sector, driven by AestheFill, reported a staggering revenue increase of 4225.64% year-on-year, reaching 3.03 billion yuan in 2024 [10]. Group 3: Market Dynamics - The "童颜针" market is rapidly expanding, with its size growing from 6 billion yuan in 2023 to over 30 billion yuan in 2024, indicating a strong growth trajectory [12]. - The global market for "童颜针" is projected to reach approximately 1.54 billion USD (about 11.04 billion yuan) by 2025, further highlighting its potential as a lucrative segment [12]. Group 4: Competitive Landscape - The dispute reflects the competitive nature of the medical aesthetics market, with both companies vying for control over a high-margin product that has shown remarkable profitability [14]. - As the number of approved "童颜针" products increases, industry experts predict a potential decline in profit margins due to heightened competition [14].

Core Viewpoint - The acquisition of Regen Biotech by Aimeike has led to a fierce commercial dispute with Jiangsu Wuzhong, the exclusive distributor of AestheFill in mainland China, following Regen's unilateral termination of the distribution agreement [1][2]. Group 1: Background of the Dispute - Jiangsu Wuzhong obtained exclusive distribution rights for AestheFill in mainland China in August 2022, with the product approved for sale in January 2024 [2]. - Aimeike's acquisition of Regen was completed on June 30, 2025, which led to the emergence of conflicts regarding the distribution agreement [2][3]. - On July 21, 2025, Jiangsu Wuzhong received a termination notice from Regen, citing violations of the agreement and concerns over Jiangsu Wuzhong's legal issues affecting AestheFill's brand reputation [2][3]. Group 2: Legal Actions and Claims - Jiangsu Wuzhong has initiated arbitration proceedings against Regen, seeking to confirm the validity of the distribution agreement and claiming damages of 1.6 billion yuan for market development costs and lost profits [3][4]. - The company asserts that it has not transferred its exclusive rights and that the agreement does not allow termination due to administrative penalties against its parent company [3][4]. Group 3: Financial Implications - AestheFill has been a significant revenue driver for Jiangsu Wuzhong, contributing 35.55% of its revenue and 45.77% of its gross profit in Q1 2025 [6]. - The company reported a net profit of 70.48 million yuan in 2024, a 197.97% increase year-on-year, largely attributed to AestheFill sales [6]. - The ongoing dispute threatens Jiangsu Wuzhong's financial stability, as losing the distribution rights could severely impact its revenue and profitability [7]. Group 4: Industry Context - The conflict highlights broader issues within the medical aesthetics industry, where the relationship between brand owners and distributors is often contentious due to the lack of ownership of the brand by distributors [8]. - The uncertainty created by such disputes may lead to a decline in the performance of medical aesthetic products in the market, as distributors may become less motivated to invest in marketing and sales efforts [8].

Market Overview - The Shanghai Composite Index reached a nearly four-year high, closing at 3683.46 points, up 0.48%, surpassing the previous high of 3674.4 points from October 8, 2022 [1] - The total trading volume for the day was 2.15 trillion yuan, marking a significant increase of 269.4 billion yuan compared to the previous trading day [1] - As of August 13, 2025, 3511 stocks, representing 65.9% of the market, have surpassed their opening prices from October 8, 2022 [1] Underperforming Stocks - Despite the overall market rally, 172 stocks closed below their opening prices from September 24, 2022, with the ST sector being particularly affected, accounting for 39 of these stocks [1][2] - The stock *ST Suwu experienced the largest decline, down 87.8%, followed by *ST Zitian at -77.8% [2] Sector Performance - The food and beverage, as well as real estate sectors, are under pressure, with expectations of reaching performance bottoms by mid-2026 [7] - In contrast, the defense and pharmaceutical sectors have seen significant gains, with 60 stocks rising over 200% since October 8, 2022 [8] Notable High Performers - Among the top performers, *ST Yushun saw a remarkable increase of 580.28%, attributed to ongoing major asset restructuring [9] - The stock *ST Suwu led the declines, while other notable gainers include stocks from the basic chemical and medical sectors, with some stocks increasing over 1000% [10][11] Future Outlook - Analysts from Zheshang Securities predict that the market is in a "systematic slow bull" phase, with expectations for the Shanghai Composite Index to exceed previous highs [11] - Pacific Securities indicates a long-term upward trend remains intact, supported by shifting fiscal policies aimed at boosting consumer spending [12]

Core Viewpoint - The dispute over the代理权 of AestheFill (艾塑菲), a high-demand product known as "童颜针," has escalated into a significant arbitration case, with *ST Suwu (600200.SH) seeking damages of up to 1.6 billion yuan against the Korean REGEN company, a subsidiary of Aimeike (爱美客) [1][2][3]. Group 1 - *ST Suwu's subsidiary, Daxiu Medical, has filed for arbitration against Korean REGEN, alleging breach of contract and seeking 1.6 billion yuan in damages [1][3]. - The AestheFill product has generated over 300 million yuan in sales within just eight months, boasting an 82% gross margin, making it a crucial revenue source for *ST Suwu [1][8]. - Aimeike's recent decision to terminate the exclusive distribution agreement with Daxiu Medical has raised concerns about the future of AestheFill's distribution in mainland China [2][3]. Group 2 - Aimeike's revenue growth has been slowing, with a projected revenue of 3.026 billion yuan in 2024, reflecting a mere 5.45% increase compared to over 47% in 2023 [8][9]. - The overall medical aesthetics market in China is expected to grow at a rate of 10% to 15% in the coming years, contrasting with Aimeike's declining performance [9]. - AestheFill's sales accounted for 20.42% of *ST Suwu's total revenue in 2024, significantly contributing to the company's turnaround from losses [9][10].

Core Points - The average stock price of A-shares is 12.74 yuan, with 37 stocks priced below 2 yuan, the lowest being *ST Suwu at 1.04 yuan [1] - Among the low-priced stocks, 13 are ST stocks, accounting for 35.14% of the total [1] - The market performance shows that 6 of the low-priced stocks increased in price, with the highest gainers being Yatai Group, *ST Tianmao, and Pubang Shares, rising by 1.55%, 1.28%, and 1.08% respectively [1] Low-Priced Stock Rankings - The lowest priced stock is *ST Suwu at 1.04 yuan, with a daily decline of 3.70% and a turnover rate of 10.78% [2] - Other notable low-priced stocks include *ST Jinke at 1.41 yuan and Rongsheng Development at 1.43 yuan, both showing no change in price [2] - *ST Tianmao, priced at 1.58 yuan, increased by 1.28% with a turnover rate of 8.07% [2] Market Performance - Among the low-priced stocks, 22 experienced declines, with *ST Gaohong, *ST Suwu, and ST Zhongzhu showing the largest drops of 5.00%, 3.70%, and 2.66% respectively [1][3] - The overall market index, the Shanghai Composite Index, closed at 3683.46 points as of August 13 [1]