Core Viewpoint - The dispute between Jiangsu Wuzhong and Aimeike over the exclusive agency rights for the AestheFill product highlights the intense competition in the medical aesthetics industry, particularly regarding the popular "childlike" injection products [1][33]. Group 1: Company Disputes - Jiangsu Wuzhong and Aimeike are involved in a conflict over the exclusive distribution rights of the AestheFill product, with Aimeike's subsidiary REGEN Biotech, Inc. sending a termination notice to Jiangsu Wuzhong's subsidiary, Datou Medical [1][2]. - Datou Medical was granted exclusive agency rights for AestheFill in China until August 28, 2032, but allegations have arisen regarding the transfer of these rights to Jiangsu Wuzhong's controlling shareholder [6][7]. - Jiangsu Wuzhong claims that the termination notice's reasons are factually incorrect and asserts that the exclusive distribution agreement remains legally binding [25][32]. Group 2: Financial Implications - Jiangsu Wuzhong is facing significant financial challenges, including a projected net loss of approximately 60 million to 40 million yuan for the first half of 2025 [26]. - The AestheFill product has been a key driver for Jiangsu Wuzhong's financial recovery, with sales revenue from AestheFill contributing significantly to the company's overall income [28][30]. - Aimeike's revenue from its injection products, including its own childlike injection, has shown growth, indicating that regaining AestheFill's agency rights could further enhance its financial performance [30]. Group 3: Industry Context - The medical aesthetics market is becoming increasingly competitive, with multiple players entering the field, including cosmetic companies and new entrants like JD Health [36][37]. - The dispute reflects broader trends in the industry, where companies are vying for market share in the lucrative childlike injection segment, which has seen a surge in demand [33][36]. - The outcome of this dispute will likely impact the market positions and future prospects of both Jiangsu Wuzhong and Aimeike within the medical aesthetics sector [32][33].

Core Viewpoint - The termination of the exclusive distribution agreement for the AestheFill product between *ST Suwu and Aimeike significantly impacts *ST Suwu's financial stability, as this product accounts for a substantial portion of its revenue and profit [2][6]. Group 1: Company Actions and Reactions - *ST Suwu received a termination notice from Aimeike regarding the exclusive distribution rights for AestheFill, which is critical to its revenue stream [2][3]. - Aimeike's acquisition of Regen and subsequent actions to reclaim distribution rights indicate a strategic move to consolidate control over high-margin products [2][4]. - In response to the termination, *ST Suwu's subsidiary, Datou Medical, is pursuing legal action to contest the termination and is considering reporting Aimeike's actions to regulatory authorities [3][4]. Group 2: Financial Implications - AestheFill contributed approximately 3.26 billion yuan to *ST Suwu's revenue in 2024, accounting for about 20% of total revenue, and over 2.69 billion yuan in gross profit, representing more than one-third of the company's profits [5][6]. - In the first quarter of 2025, AestheFill generated 1.13 billion yuan in sales and 0.92 billion yuan in gross profit, making up 35.55% and 45.77% of the company's respective totals [5][6]. - The loss of exclusive distribution rights is expected to lead to a significant decline in *ST Suwu's medical aesthetics segment revenue and profit in the latter half of the year [6]. Group 3: Market Dynamics - The competitive landscape for aesthetic products in China includes seven licensed products, with AestheFill being a key player among both imported and domestic offerings [5]. - Aimeike and *ST Suwu are both targeting the regenerative injection market, indicating a direct competition for market share in high-growth segments [4][5]. - The market for AestheFill is particularly strong in China, where it has achieved record sales, highlighting the importance of maintaining distribution rights for both companies [6].

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-074 江苏吴中医药发展股份有限公司 关于限制性股票回购注销实施公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 重要内容提示： 回购注销原因： 江苏吴中医药发展股份有限公司（以下简称"公司"或"江苏吴中"）分别 于 2025 年 4 月 29 日及 2025 年 5 月 21 日召开了第十一届董事会第四次会议、第 十一届监事会第四次会议和 2024 年年度股东大会，审议通过了《公司关于终止 实施 2021 年限制性股票激励计划暨回购注销相关限制性股票的议案》。鉴于公 司 2024 年度审计报告被审计机构出具无法表示意见的审计报告,公司决定终止 实施 2021 年限制性股票激励计划（以下简称"本次激励计划"），并回购注销 激励对象已获授但尚未解除限售的限制性股票合计 127.2352 万股 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | | 注销日期 | | | | --- | --- | --- | --- | --- | ...

浙江天册律师事务所 关于 江苏吴中医药发展股份有限公司 终止实施 2021 年限制性股票激励计划 并回购注销相关股份的 法律意见书 〒 浙江天册律师事务所 浙江杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话: 0571 8790 1111 传真: 0571 8790 1500 http://www.tclawfirm.com 天册律师事务所 法律意见书 浙江天册律师事务所 关于江苏吴中医药发展股份有限公司 终止实施 2021 年限制性股票激励计划并回购注销相关股份的 法律意见书 发文号:TCYJS2025H0639 致:江苏吴中医药发展股份有限公司 浙江天册律师事务所(以下称"本所")接受江苏吴中医药发展股份有限 公司(以下称"江苏吴中"或"公司")的委托,担任公司本次限制性股票激励 计划(下称"本次股权激励计划""本激励计划"或"本计划")的专项法律顾 问。 本所根据《中华人民共和国证券法》（下称"《证券法》"）《中华人民 共和国公司法》（下称"《公司法》"）、中国证券监督管理委员会（下称"中 国证监会"）发布的《上市公司股权激励管理办法(2018)》（下称"2018年 《管理办法》 ...

Core Viewpoint - The exclusive distribution rights for AestheFill, the first imported "youthful injection" in China's competitive regenerative medical beauty market, have changed due to a termination notice issued by REGEN to its distributor, Datou Medical [1][7]. Group 1: Company Actions - REGEN terminated the exclusive distribution agreement with Datou Medical due to multiple breaches, including the unauthorized transfer of distribution rights to its controlling shareholder, Jiangsu Wuzhong Aesthetic Biotechnology [4][5][7]. - Following the termination, REGEN has instructed Datou Medical to cease all operations as the exclusive distributor and will not accept any further orders from them [7][8]. - Jiangsu Wuzhong has publicly disputed REGEN's claims, asserting that no transfer of exclusive rights occurred and that the agreement did not stipulate that administrative penalties could trigger termination [8][11]. Group 2: Financial Implications - AestheFill generated over 300 million yuan in revenue for Jiangsu Wuzhong within eight months of its launch in April 2024 [7]. - The termination of the distribution agreement could significantly impact Jiangsu Wuzhong's revenue and profitability in the second half of the year, as the company had relied on AestheFill for financial recovery [16][17]. - Both companies have faced declining performance, with Jiangsu Wuzhong's stock price dropping to 1.70 yuan per share, while AestheFill's parent company, Aimeike, saw its stock rise by over 6% following the announcement [7][17]. Group 3: Market Dynamics - The AestheFill product is expected to undergo a rebranding to "Zhenai Su Fei" in the Chinese market, with REGEN planning to establish a direct sales team to enhance brand image and market positioning [12][20]. - The competitive landscape in the regenerative medical beauty sector is intensifying, with nine products already certified in the domestic market, indicating potential opportunities for other players amid the ongoing disputes between Jiangsu Wuzhong and Aimeike [20].

江苏吴中表示，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。上述独家代理权协议签署后，达透医疗通过于 2024年1月取得AestheFill相关产品在中国大陆的销售许可，之后，借由其自身和其关联方的销售渠道和 资源，AestheFill相关产品在中国大陆实现了稳定且持续增长的销售额。 2024年度，AestheFill销售收入为3.26亿元，占江苏吴中营业收入的20.42%，毛利2.69亿元，占公司毛利 的34.80%；2025年一季度AestheFill销售收入为1.13亿元，占公司营业收入的35.55%，毛利9243.51万 元，占公司毛利的45.77%。 童颜针AestheFill代理权生变。7月21日晚，江苏吴中医药发展股份有限公司（股票简称：*ST苏吴，以 下简称"江苏吴中"）发布公告宣布，Regen Biotech Inc.（以下简称"Regen"）于2025年7月18日晚间以邮 件方式向公司控股孙公司达透医 ...

New Stock Issuance - New stock issued by Dingjia Precision at a price of 11.16 on July 22, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] - ST Zitian and other companies have also announced new stock issuances[1] Market Alerts - Significant abnormal fluctuations reported for several stocks including Guangshengtang and Huayin Power[1] - Multiple companies have disclosed announcements regarding stock performance and market activities[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring[1]

Core Viewpoint - Jiangsu Wuzhong (ST Suwu) faces a significant setback as its subsidiary, Datou Medical, receives a termination notice from Regen Biotech, ending their exclusive distribution agreement for AestheFill in mainland China, which may lead to a loss of market position and revenue [2][11]. Group 1: Company Developments - Jiangsu Wuzhong's subsidiary, Datou Medical, had secured exclusive rights for AestheFill in August 2022, with expectations of significant revenue contributions [5][6]. - AestheFill was projected to generate substantial profits, contributing 3.26 billion yuan in sales and 2.69 billion yuan in gross profit for Jiangsu Wuzhong in 2024 [6]. - Following the termination notice, Jiangsu Wuzhong's stock plummeted by 5.03%, reducing its market capitalization to 1.211 billion yuan [3]. Group 2: Market Context - The aesthetic medicine market, particularly the "童颜针" (youthful needle) segment, is rapidly growing, with the market size approaching 600 million yuan in 2023 [16]. - Increased competition in the market is evident, with multiple products receiving approval, intensifying the struggle for market share [16]. - The loss of AestheFill's distribution rights could significantly impact Jiangsu Wuzhong's revenue and market strategy in the aesthetic sector [16]. Group 3: Legal and Strategic Responses - Jiangsu Wuzhong has initiated a response plan and is in active communication with Regen, considering legal action to protect its interests [11][13]. - The company has publicly condemned Regen's unilateral termination of the agreement, asserting that it violates the contractual spirit and could disrupt market order [11][13].

Core Viewpoint - The article discusses the termination of the exclusive agency agreement for the "Tian Yan Needle" product, Aisufei, between Aimeike and *ST Suwu, following *ST Suwu's recent regulatory penalties for revenue inflation and potential delisting risks [2][3]. Group 1: Company Actions - Aimeike's subsidiary REGEN has decided to reclaim the exclusive agency rights for Aisufei in China, previously held by *ST Suwu's subsidiary Datou Medical [2][3]. - REGEN's global market head stated that the termination is a measure to protect legitimate rights, rejecting collaboration with a company involved in fraudulent activities [3][9]. - Following the termination, Aimeike plans to consider direct sales of Aisufei in mainland China [3][15]. Group 2: Regulatory Context - *ST Suwu was recently penalized by the China Securities Regulatory Commission (CSRC) for inflating revenue and may face forced delisting [1][3]. - The CSRC's investigation revealed multiple violations by *ST Suwu, including undisclosed related-party transactions and revenue inflation [7][9]. Group 3: Financial Implications - Aisufei is projected to generate significant revenue, with an expected sales income of 326 million yuan and a gross profit of 269 million yuan in 2024 [2]. - The termination of the agency agreement is likely to lead to a substantial decrease in *ST Suwu's medical aesthetics segment revenue and profit for the second half of the year [13]. Group 4: Market Reactions - As of July 22, Aimeike's stock price increased by 3.85%, reaching a market capitalization of 55.9 billion yuan, while *ST Suwu's stock fell by 5.03%, with a market capitalization of 1.2 billion yuan [16].

Core Viewpoint - Jiangsu Wuzhong (ST Suwu) faces significant challenges as its subsidiary, Datou Medical, loses exclusive distribution rights for AestheFill in mainland China due to a termination notice from Regen Biotech, which may lead to a substantial decline in revenue and profits for the company [1][6]. Company Summary - Jiangsu Wuzhong's subsidiary, Datou Medical, received a termination notice from Regen Biotech, ending its exclusive distribution agreement for AestheFill, a key product in the high-end medical aesthetics market [1][3]. - The exclusive distribution agreement was initially signed in August 2022, granting Datou Medical rights until August 2032, with Regen promising no legal obstacles to the agreement [3]. - AestheFill significantly contributed to Jiangsu Wuzhong's financial recovery, with projected sales of 10 million units in 2024 and a net profit of 70.48 million yuan, marking a 197.97% increase year-on-year [3][4]. - Following the termination notice, Jiangsu Wuzhong's stock fell to 1.7 yuan per share, a 5.03% drop, reducing its market capitalization to 1.211 billion yuan [2]. Industry Summary - The medical aesthetics industry, particularly the "童颜针" (youthful injection) market, is rapidly growing, with the market size approaching 600 million yuan in 2023 [7]. - The competitive landscape is intensifying, with multiple companies vying for market share, including the recent entry of new products and brands [7]. - The loss of AestheFill's distribution rights could significantly impact Jiangsu Wuzhong's position in the medical aesthetics sector, raising concerns about its future growth and market presence [7].