Core Viewpoint - The dispute over the exclusive agency rights for the "童颜针" (AestheFill) between *ST Suwu and the medical beauty giant Aimeike has escalated, with *ST Suwu seeking arbitration and claiming significant financial losses due to alleged breaches of contract [2][5][6]. Group 1: Company Actions and Legal Proceedings - *ST Suwu's subsidiary, Datou Medical, has filed for arbitration with the Shenzhen International Arbitration Court regarding a breach of contract by Regen, seeking to confirm its exclusive agency rights for AestheFill and claiming preliminary damages of 1.6 billion yuan [2][6]. - The arbitration request was accepted by the Shenzhen International Arbitration Court on August 7, 2025 [5]. - *ST Suwu has publicly accused Aimeike of "capital bullying" and "serious damage to business ethics" in its defense [2][8]. Group 2: Financial Context and Company Performance - *ST Suwu is facing severe financial difficulties, including risks of forced delisting due to financial fraud allegations, with a reported inflated revenue of 1.77 billion yuan from 2020 to 2023 [3][9]. - Aimeike, which acquired 85% of Regen for $190 million in March 2025, is also experiencing declining financial performance, with revenue and net profit growth rates dropping to single digits in 2024 [3][12]. - Aimeike's market capitalization has decreased from over 180 billion yuan at its peak to approximately 60 billion yuan, reflecting a loss of over 120 billion yuan [4][14]. Group 3: Market Implications and Future Outlook - The ongoing dispute over the AestheFill agency rights is critical for both companies, as AestheFill is seen as a potential growth driver for Aimeike amidst its declining performance [10][11]. - The market has reacted negatively to the news, with *ST Suwu's stock price experiencing consecutive trading halts following the announcement of the termination of its agency rights [8]. - The outcome of the arbitration and the future of the AestheFill product in the Chinese market remain uncertain, with significant implications for both companies and their stakeholders [4][15].

Core Viewpoint - The dispute over the exclusive agency rights for AestheFill between *ST Suwu and REGEN has escalated into legal proceedings, with *ST Suwu's subsidiary, Datou Medical, filing for arbitration to confirm the validity of the exclusive agency agreement and seeking significant compensation for alleged losses [1][2][3]. Group 1: Legal Proceedings and Dispute - Datou Medical has initiated arbitration at the Shenzhen International Arbitration Court, which was formally accepted on August 7, requesting confirmation of the exclusive agency agreement and continuation of supply obligations, along with a compensation claim of up to 1.6 billion yuan for various losses [2][3]. - The partnership between Datou Medical and REGEN began in August 2022, granting Datou Medical exclusive distribution rights for AestheFill in mainland China until August 20232 [2]. - Following the acquisition of 85% of REGEN by Aimei Ke in March 2025, the relationship between the two parties soured, leading to REGEN's termination of the agreement citing breaches by Datou Medical [3]. Group 2: Financial Impact and Product Significance - AestheFill is a key product for *ST Suwu, contributing significantly to its financial performance, with sales revenue reaching 326 million yuan in 2024, accounting for 20.42% of the company's total revenue [4]. - The product's gross profit for 2024 was 269 million yuan, representing 34.8% of the company's total gross profit, indicating its critical role in the company's recovery from previous financial difficulties [4]. - In the first quarter of 2025, AestheFill's sales revenue increased to 113 million yuan, making up 35.55% of the company's revenue, with gross profit rising to 92 million yuan, which accounted for 45.77% of total gross profit [4]. Group 3: Market Dynamics and Industry Implications - The dispute over AestheFill's agency rights highlights the competitive nature of the medical aesthetics industry, where control over distribution channels and pricing can significantly impact revenue and profit margins [6]. - The situation reflects a broader trend in the industry, where companies often rely on blockbuster products to drive performance, indicating a pursuit of short-term profit maximization [6].

爱美客对*ST苏吴方面提起仲裁并不意外，但目前还未正式收 到仲裁机构的口头或书面通知。 作者：刘晓诺 封图：图虫创意 自称"已陷入生死存亡的困境"的*ST苏吴（600200.SH），把AestheFill"童颜针"代理权之争推进 到了法律层面。 8月11日晚，*ST苏吴发布公告，其控股孙公司达透医疗器械（上海）有限公司（下称"达透公 司"）已向深圳国际仲裁院申请仲裁，并已于8月7日获受理立案。仲裁的另一方当事人，便是爱美 客（300896.SZ）间接控股的韩国公司REGEN Biotech,Inc.（下称"REGEN"）。 关于上述仲裁请求，爱美客相关负责人表示："在我们看来，是达透公司有违约行为在先，而且他 们的行为在经济和品牌商誉方面，对我们都有影响。我们也会根据情况采取法律手段，维护我们的 正当权益。" REGEN公司与达透公司的代理权纠纷自2025年7月开始发酵。 "童颜针"AestheFill本是韩国REGEN公司的产品，达透公司具有该产品在中国大陆地区的独家代理 权。2021年底，*ST苏吴花了1.66亿元间接控股了达透公司，并将AestheFill打造为其核心产品。 *ST苏吴称，据不完全统计， ...

Core Viewpoint - The dispute over the exclusive agency rights for AestheFill between Jiangsu Wuzhong and Aimeike has escalated, with Jiangsu Wuzhong initiating arbitration against REGEN for breach of contract after REGEN terminated their exclusive distribution agreement [1][2]. Group 1: Arbitration and Legal Actions - Jiangsu Wuzhong announced on August 11 that it has filed for arbitration with the Shenzhen International Arbitration Court regarding REGEN's breach of contract, seeking to confirm the validity of the exclusive agency agreement for AestheFill until August 28, 2032 [1][2]. - The arbitration request includes demands for REGEN to supply AestheFill products as per the agreement, and if not supported, for REGEN to compensate Jiangsu Wuzhong for losses estimated at RMB 1.6 billion [1][2]. Group 2: Financial Impact and Market Position - As of August 12, Jiangsu Wuzhong's stock price was reported at RMB 1.08 per share, with a market capitalization of RMB 768 million, while Aimeike's stock was at RMB 188.45 per share, with a market capitalization of RMB 57.02 billion [1]. - AestheFill, which was launched in April 2024, contributed over RMB 300 million in revenue to Jiangsu Wuzhong within eight months, highlighting its significance to the company's financial recovery [4][9]. Group 3: Company Strategies and Responses - Following the termination of the agreement, Jiangsu Wuzhong initiated the "W Sunshine Guardian Plan," providing free repair treatments to clients who previously received AestheFill treatments, while also offering training support to partner institutions [11]. - Aimeike has begun selling AestheFill under a new brand name "Zhen Ai Su Fei" in the domestic market, indicating a shift in branding strategy post-dispute [11]. Group 4: Background and Context - The agency rights dispute has roots in Aimeike's acquisition of REGEN in March 2025, which raised concerns about the future of AestheFill's distribution rights [8]. - The legal conflict is compounded by both companies facing performance pressures, with Aimeike's revenue growth slowing significantly and Jiangsu Wuzhong previously reporting six consecutive years of net losses [9].

Core Points - The average stock price of A-shares is 12.63 yuan, with 36 stocks priced below 2 yuan, the lowest being *ST Suwu at 1.08 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 33.33% of the total [1] - The Shanghai Composite Index closed at 3665.92 points as of August 12 [1] Low-Priced Stocks Summary - The lowest priced stock is *ST Suwu at 1.08 yuan, followed by *ST Jinke at 1.41 yuan and Rongsheng Development at 1.43 yuan [1] - In terms of market performance, 15 of the low-priced stocks increased in price, with ST Zhongzhu rising by 5.03%, *ST Tianmao by 2.63%, and *ST Jinglan by 1.75% [1] - Conversely, 12 stocks decreased in price, with Shandong Steel dropping by 1.29%, Chongqing Steel by 1.28%, and *ST Jinke by 0.70% [1] Detailed Low-Priced Stocks Table - The table includes various low-priced stocks with their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [2] - Notable stocks include ST Zhongzhu at 1.88 yuan with a 5.03% increase, and *ST Xingguang at 1.96 yuan with a 1.03% increase [2]

据*ST苏吴7月22日公告，Regen公司于2025年7月18日晚间以邮件方式向达透医疗送达《解约函》，要 求撤销达透医疗作为AestheFill（中文名称"艾素菲"）产品在中国大陆独家经销商的所有相关授权。 江苏吴中医药发展股份有限公司（以下简称"公司"）控股孙公司达透医疗器械（上海）有限公司（以下 简称"达透医疗"）于2022年8月与DaceInternationalMedicalCo.，Ltd以及RegenBiotechInc.三方共同签署了 《关于AestheFill独家销售代理权转让协议》，达透医疗取得AestheFill相关产品在中国大陆的独家经销 权。 根据《独家代理权协议》的明确约定，达透医疗拥有AestheFill产品在中国境内的独家代理权，有效期 至2032年8月28日；且Regen承诺达透医疗前述独家代理权不存在任何法律及事实上的障碍，有关协议 有效期内不存在被取消、终止的风险。 8月11日晚间，*ST苏吴（600200）（600200）发布公告称，公司控股孙公司达透医疗器械（上海）有 限公司（以下简称"达透医疗"）就RegenBiotech，Inc.（以下简称：Regen公司）违约事项 ...

Core Viewpoint - *ST Suwu is in a critical situation regarding the legal dispute over the exclusive agency rights for AestheFill, a product of REGEN Biotech, which has escalated to arbitration [2][3]. Group 1: Legal Dispute - DaTou Medical, a subsidiary of *ST Suwu, has filed for arbitration to confirm its exclusive agency rights for AestheFill and demands continued supply from REGEN [3]. - If DaTou's exclusive rights are not confirmed, it seeks compensation of approximately 1.6 billion yuan from REGEN, with the right to adjust this claim [3]. Group 2: Company Background and Financials - *ST Suwu acquired indirect control of DaTou for 166 million yuan and has invested over 400 million yuan in the clinical registration and market expansion of AestheFill [4]. - In 2024, AestheFill was approved for sale in China, contributing to *ST Suwu's revenue of 330 million yuan, a more than 40-fold increase from the previous year, accounting for 21% of total revenue [4]. Group 3: Regulatory Issues - In February 2025, *ST Suwu was investigated by the CSRC for information disclosure violations, leading to a fine of 10 million yuan and penalties for its chairman [5]. - Following the investigation, REGEN unilaterally terminated the exclusive agency agreement with DaTou, citing violations of the agreement and reputational damage due to *ST Suwu's regulatory issues [5]. Group 4: Market Reaction - As of August 12, *ST Suwu's stock price was 1.08 yuan per share, with a market capitalization of 768 million yuan, while Aimei Ke's stock was 188.45 yuan per share, with a market capitalization of 57 billion yuan [7].

Group 1 - Beijing Beida Pharmaceutical's subsidiary, Beijing Beida Medicine, has suspended its main business since June 2025 due to the termination of a long-term service contract with Peking University International Hospital [1] - The termination reflects the subsidiary's weak business structure and inability to diversify its client base, which may lead to operational sustainability issues and potential personnel adjustments [1] - The parent company may experience short-term performance impacts as a result of this development [1] Group 2 - Huaxi Biological's fermentation-derived chondroitin sodium has successfully completed the main document registration with the National Medical Products Administration, marking it as the first compliant fermentation-derived chondroitin sodium in China [2] - This new pharmaceutical-grade raw material can be applied in Class II and III medical devices, potentially expanding the company's raw material business applications and serving as a new growth point for performance [2] - Future market expansion and downstream customer integration will be critical for the commercial success of this product [2] Group 3 - Tongrentang announced a change in leadership, with the resignation of Chairman Di Shubing and the election of Zhang Zhaohua as the new chairman [3] - This leadership change is part of normal internal rotation and may indicate a strategic management strengthening and business development push for the company [3] Group 4 - *ST Wuzhong has initiated arbitration against Regen Biotech, Inc. for breach of contract, with the Shenzhen International Arbitration Court accepting the case [4] - The arbitration seeks to confirm the validity of the exclusive agency agreement and may involve a preliminary claim for damages amounting to RMB 1.6 billion, covering various losses [4] - The outcome of this arbitration could significantly impact *ST Wuzhong's operational pressure and stock price, depending on the ruling [4] Group 5 - Rongchang Bio's RC148 has been proposed for inclusion in the breakthrough therapy designation program for treating advanced or metastatic non-small cell lung cancer [5] - This PD-1/VEGF dual antibody is the fourth of its kind to receive such designation, following competitors like Kangfang Biotech and Promis [5] - The competitive landscape for multi-target dual antibodies is intensifying, and Rongchang's progress may further drive technological advancements in the industry [5]

Core Viewpoint - The ongoing dispute between *ST Suwu and Aimeike revolves around the exclusive agency rights for the AestheFill product, with *ST Suwu seeking arbitration to confirm the validity of their agreement and claiming damages of 1.6 billion RMB if unsuccessful [1][3]. Group 1: Company Actions and Developments - *ST Suwu announced on August 11 that its subsidiary, Dato Medical, has initiated arbitration against Regen Biotech for breach of contract regarding the exclusive agency agreement for AestheFill [1]. - Dato Medical is requesting the arbitration court to affirm the validity of the exclusive agency agreement and continue its enforcement, with a preliminary claim for damages amounting to 1.6 billion RMB [3]. - In July, *ST Suwu publicly stated that Regen Biotech attempted to terminate the exclusive distribution agreement for AestheFill, which *ST Suwu asserts remains legally binding until 2032 [1][2]. Group 2: Product and Financial Performance - AestheFill, developed by Regen Biotech, is a regenerative injection product that stimulates collagen production, first approved in South Korea in 2014 [2]. - *ST Suwu reported that AestheFill generated sales revenue of 326 million RMB in 2024, accounting for 20.42% of the company's total revenue, with a gross profit of 269 million RMB, representing 34.80% of total gross profit [2]. - In the first quarter of 2024, AestheFill sales reached 113 million RMB, making up 35.55% of *ST Suwu's revenue, with a gross profit of approximately 92.44 million RMB, which is 45.77% of the company's gross profit [2]. Group 3: Market Dynamics and Acquisitions - Aimeike's full acquisition of Regen Biotech was completed in March 2023, with a valuation of approximately 1.597 billion RMB, allowing Aimeike to control 59.5% of Regen [3]. - Following the acquisition, Aimeike has integrated Regen into its consolidated financial statements, leading to increased public disputes with *ST Suwu [3].

New Stock Issuance - Hongyuan Co., Ltd. (stock code: 920018) issued shares at a price of 9.17 on August 11, 2025[1] - China Shipbuilding Industry Corporation (stock code: 600150) has a cash acquisition request period from August 13 to August 15, 2025[1] - ST Kelly (stock code: 300326) has a tender offer period from July 17 to August 15, 2025[1] Rights and Announcements - China Heavy Industry (stock code: 601989) has a cash option declaration period starting August 13, 2025[1] - Fushun Special Steel (stock code: 600399) has a tender offer period from August 12 to September 10, 2025[1] - North Long Dragon (stock code: 301357) has an announcement link for further details[1] Market Volatility - Several stocks, including ST Xifa (stock code: 000752) and ST Aowei (stock code: 002231), are under observation for significant price fluctuations[1] - The report highlights abnormal fluctuations in stocks such as ST Songfa (stock code: 603268) and ST Yancheng (stock code: 603063)[2]