Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Wuzhong) is facing significant legal issues due to violations of information disclosure regulations, which may lead to severe penalties including potential delisting from the stock exchange [1][5][15] Group 1: Violations of Information Disclosure - The company failed to accurately disclose its actual controller from 2018 to 2023, with false records in annual reports stating Qian Qunying as the actual controller instead of Qian Qunshan, who gained control in February 2018 [1][8] - From 2020 to 2023, *ST Wuzhong inflated its operating income, operating costs, and profits through non-commercial trade activities with related companies, resulting in inflated operating income of 495.26 million yuan, 468.51 million yuan, 430.75 million yuan, and 376.66 million yuan, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of the reported operating income respectively [2][9] - The company did not disclose significant non-operating fund occupation by related parties in its annual reports from 2020 to 2023, with balances of 127.41 million yuan, 1.39 billion yuan, 1.54 billion yuan, and 1.69 billion yuan, representing 6.88%, 74.20%, 84.60%, and 96.09% of the reported net assets respectively [3][10] Group 2: Penalties and Consequences - The company and five responsible individuals are facing a total penalty of 30.5 million yuan, and the actual controller Qian Qunshan may be banned from the securities market for 10 years [4][7] - The company has indicated that it may face mandatory delisting due to the serious violations identified in the administrative penalty notice, which could affect its future operations and investor confidence [5][15]

证券代码：600200 证券简称：江苏吴中 公告编号：2025-067 江苏吴中医药发展股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 14 日 (二)股东大会召开的地点：江苏省苏州市吴中区东方大道 988 号，公司会议室。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 16 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 123,404,463 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 17.36 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由董事长钱群山先生主持。会议采用 现场投票和网络投票相结合的表决方式进行表决。会议的召开和表决程 ...

干 天册律师赛务所 下 下 & C L A W F I R M 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 2025 年第一次临时股东大会的 法律意见书 天册律师事务所 T & C L A W F I R M 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话: 0571-87901111 传真: 0571-87901500 厅 天册律师事务所 【AW FIRN 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 2025 年第一次临时股东大会的 法律意见书 编号: TCYJS2025H1111 号 致:江苏吴中医药发展股份有限公司 (二) 本次股东大会采取现场投票与网络投票相结合的方式。 1 干 天册律师事务所 下 下 & C LAW F I R M 法律意见书 根据本次股东大会的会议通知,本次股东大会现场会议召开的时间为 2025 年 7 月 14 日下午 14 点 30 分; 召开地点为江苏省苏州市吴中区东方大道 988 号公司 会议室。经本所律师的审查,本次股东大会现场会议召开的实际时间、地点与本 次股东大会的会议通知中所告知的时间、地点 ...

证券代码：600200 证券简称：江苏吴中 公告编号：2025-067 江苏吴中医药发展股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 14 日 (二)股东大会召开的地点：江苏省苏州市吴中区东方大道 988 号，公司会议室。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 17.36 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 审议结果：通过 表决情况： | | 股东类型 | 同意 | | | 反对 | 弃权 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 票数 | 比例（%） | | 票数 | 比例（%） | 票数 | 比 | | 例（%） | | | | | | | | | | | A股 | 123,259,763 | 99.8827 ...

江苏吴中医药发展股份有限公司 2025 年半年度业绩预亏公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600200 证券简称：江苏吴中 公告编号：临2025-068 归属于上市公司股东的扣除非经常性损益的净利润：1059.29 万元。 重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 6 月 30 日 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年半年度实现归属于上市公司股东的净 利润约-6000 至-4000 万元，与上年同期相比，将出现亏损。 2、预计 2025 年半年度实现归属于上市公司扣除非经常性损益的净利润约 -6460 至-4460 万元。 （三）本期业绩预告未经注册会计师审计。 二、上年同期业绩情况 （一）归属于上市公司股东的净利润：2445.46 万元。 业绩预告的具体适用情形：净利润为负值。 业绩预告相关的主要财务数据情况：江苏吴中医药发展股份有限公司 （以下简称"公司"或"上市公司"）预计 2025 年半年度实现归属于 上市公司股东的 ...

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Suwu*) has been found to have false records in its annual reports from 2020 to 2023, leading to a proposed fine of 10 million yuan and potential forced delisting due to major violations [1][4][7]. Group 1: Company Violations - *ST Suwu* has been identified for financial fraud over four consecutive years, with significant false reporting in its annual financial statements [3]. - The company inflated its operating income by 495 million yuan, 469 million yuan, 431 million yuan, and 377 million yuan for the years 2020 to 2023, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of the reported revenue respectively [4]. - The inflated total profit for the same years was 14.58 million yuan, 20.27 million yuan, 19.92 million yuan, and 21.22 million yuan, representing 2.89%, 51.65%, 26.42%, and 29.81% of the total profit [4]. Group 2: Related Financial Misconduct - The company failed to disclose non-operating fund occupation by related parties, which amounted to 127 million yuan, 1.393 billion yuan, 1.543 billion yuan, and 1.693 billion yuan from 2020 to 2023, constituting 6.88%, 74.20%, 84.60%, and 96.09% of the net assets reported [5]. - There was also a misrepresentation of the actual controller of the company, with false disclosures made from 2018 to 2023 regarding the control of the company [5]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has mandated *ST Suwu* to rectify its reports, issued warnings, and imposed fines on the actual controller and other executives [6]. - The company is among several others facing similar risks of forced delisting due to major violations, with at least five other companies also potentially facing this outcome [2][8].

记者 秦楚远 因连续四年财务造假，江苏吴中医药发展股份有限公司（*ST苏吴，证券代码：600200）触及重大违法 强制退市情形。2025年7月14日，*ST苏吴发布关于收到中国证券监督管理委员会（以下简称中国证监 会）下发的《行政处罚事先告知书》的公告。 三大违法事实曝光：隐瞒实控人、虚增业绩、隐瞒资金占用 根据该告知书，*ST苏吴未如实披露实际控制人，2018年2月，*ST苏吴控股股东苏州吴中投资控股有限 公司发生股权变更，变更后，钱群山实际支配*ST苏吴行为，成为*ST苏吴实际控制人。*ST苏吴2018年 至2023年年度报告披露钱群英为实际控制人，存在虚假记载。 受损股民是否符合索赔条件？索赔流程是怎样的？股民朋友可联系《投资快报》股票维权咨询、新闻报 料渠道（微信：tz315-wh）。报社将组织专业的金融315团队，为广大投资者提供一站式咨询服务支 持，通过法律途径及时挽回投资受损。目前，初步判断在2019年4月20日至2025年2月26日（含当日）期 间买入，并在2025年2月27日之后卖出或仍持有*ST苏吴的受损投资者，可以提出索赔（最终索赔条件 须以法院认定为准）。 此外，*ST苏吴多家子公司通 ...

Core Viewpoint - The article discusses the rapid growth and popularity of "童颜针" (youthful face injection) in the Chinese medical aesthetics market, highlighting its mechanism, market dynamics, and the competitive landscape among companies involved in this sector [6][8][22]. Market Growth - The market size of youthful face injections in China grew from approximately 100 million yuan in 2021 to over 3 billion yuan by 2024, representing a 30-fold increase in three years [6]. - Major companies like 长春圣博玛 and 爱美客 reported significant revenues from their youthful face injection products, with 长春圣博玛's "艾维岚" expected to generate over 4 billion yuan in revenue [6][24]. Product Dynamics - The core ingredient of most youthful face injections is 聚左旋乳酸 (PLLA), which stimulates collagen production in the skin [4][15]. - Different brands of youthful face injections vary in composition and pricing, with products like "濡白天使" priced around 10,000 yuan, while others like "艾塑菲" exceed 20,000 yuan [12][24]. Competitive Landscape - The entry of numerous pharmaceutical companies into the youthful face injection market has intensified competition, with over 20 companies currently registering products [30]. - The high profit margins associated with these products, with 爱美客 reporting a gross margin of 93.76% for gel-based injections, have attracted more players to the market [24][25]. Regulatory Environment - The approval of several youthful face injection products by the National Medical Products Administration (NMPA) has legitimized the market, with five products approved by 2024 [22][27]. Consumer Behavior - The article notes a growing trend among urban women to seek youthful face injections, driven by aggressive marketing and social media promotions [10][11]. - Despite the high costs, the demand for youthful face injections remains strong, with companies like 江苏吴中 achieving significant sales shortly after product launches [24][26]. Future Outlook - The global market for youthful face injections is projected to reach $1.545 billion by 2025, with a compound annual growth rate of approximately 3.8% from 2025 to 2033 [26]. - The competitive landscape is expected to evolve further, with potential price wars as more products enter the market [30].

Group 1 - The core issue is that *ST Suwu has been found to have inflated its revenue by a total of 1.771 billion yuan and profits by 75.9975 million yuan over four consecutive years from 2020 to 2023, indicating systematic and intentional fraud rather than occasional errors [1] - The company has received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties, which could lead to mandatory delisting if the final decision confirms serious violations [1] - The chairman, Qian Qunshan, is both a senior executive and the actual controller of the company, and has been implicated in organizing and directing the fraudulent activities, which severely undermines legal and ethical standards [1] Group 2 - The CSRC's proposed penalties reflect a zero-tolerance approach towards major violations, including a 10 million yuan fine for the company and a 15 million yuan fine along with a ten-year market ban for the chairman, indicating severe repercussions for key executives involved in financial misconduct [2] - The mandatory delisting system for serious violations has become a core tool for maintaining order in the capital market, emphasizing that listing status is not guaranteed and violators will face consequences for short-sighted actions [2] - The *ST Suwu incident highlights the necessity of strict penalties to reinforce the importance of truthful information disclosure, which is fundamental for the long-term development of companies [2]

Core Viewpoint - *ST Suwu has been identified for financial fraud over four consecutive years, leading to potential mandatory delisting due to significant violations of regulations [1][2]. Financial Misconduct - The company has inflated its operating income and profits through non-commercial trade activities with related companies, resulting in a total inflated operating income of 1.772 billion yuan from 2020 to 2023, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of the reported operating income for each respective year [1]. - The inflated total profits during the same period amounted to approximately 75.9975 million yuan, representing 2.89%, 51.65%, 26.42%, and 29.81% of the reported total profits for each year [1]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued a warning to *ST Suwu, imposed a fine of 10 million yuan, and penalized the chairman, Qian Qunshan, with a total fine of 15 million yuan, including 5 million yuan for direct responsibility and 10 million yuan as the actual controller [4]. - Qian Qunshan is also subject to a 10-year ban from the securities market, prohibiting him from engaging in any securities-related activities during this period [4]. Company Background - Established in June 1994, *ST Suwu was previously known as a school-run enterprise and was listed on the Shanghai Stock Exchange in 1999, once referred to as "China's first stock in public education" [4]. - The company's main business involves drug research, production, and sales [4]. Financial Position - As of July 11, *ST Suwu's stock price was 2.42 yuan per share, with a market capitalization of 1.72 billion yuan [5]. - The company has reported significant non-operating fund occupation by related parties, with balances of 1.27 billion yuan, 1.393 billion yuan, 1.543 billion yuan, and 1.693 billion yuan from the end of 2020 to 2023, which represented 6.88%, 74.20%, 84.60%, and 96.09% of the disclosed net assets for those years [2].