Group 1 - The company Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Suwu) is facing the risk of being delisted due to significant violations, as indicated in a recent announcement [1] - The China Securities Regulatory Commission (CSRC) issued a notice confirming that the company inflated its revenue, costs, and profits, leading to false records in annual reports from 2020 to 2023 [1][2] - If the formal penalty decision confirms the violations, the company will apply for a trading suspension and disclose relevant information promptly [1] Group 2 - The company failed to accurately disclose its actual controller, with a change in control occurring in February 2018, where Qian Qunshan became the actual controller instead of Qian Qunying as reported [2] - Multiple subsidiaries of the company engaged in non-commercial trade activities with related parties, inflating revenue and profits by nearly 100 million yuan, resulting in false records in annual reports [2] - The company did not disclose significant non-operating fund occupation by related parties in its annual reports from 2020 to 2023, leading to major omissions [2]

Core Viewpoint - The unilateral termination of the exclusive agency rights for AestheFill by Regen has dealt a severe blow to Jiangsu Wuzhong, which is already struggling on the brink of delisting [1][4]. Group 1: Company Impact - The loss of AestheFill is critical for Jiangsu Wuzhong, as it contributed 326 million yuan to revenue in 2024, accounting for 20.42% of total revenue, and 269 million yuan to gross profit, representing 34.80%, leading to a net profit increase of 197.97% [3]. - In Q1 2025, AestheFill's revenue contribution surged to 35.55%, with gross profit share rising to 45.77%, making it the company's primary performance pillar [4]. - Jiangsu Wuzhong has indicated that the medical aesthetics segment's revenue and profit will "significantly decline" in the second half of the year due to this loss [4]. Group 2: Legal and Public Response - In response to the crisis, Jiangsu Wuzhong has initiated legal proceedings, asserting that there was no transfer of agency rights and that the agreement does not include clauses for termination due to administrative penalties [5]. - The company has publicly criticized Regen and Aimeike for "maliciously trampling on contractual spirit" and damaging the image of Chinese enterprises abroad, using unusually strong language [5]. Group 3: Industry Dynamics - The dispute highlights the inherent challenges within the medical aesthetics agency model, where brand owners maintain control, leaving agents in a passive position [6]. - This incident may increase insecurity among the agency group in the industry, potentially leading to reduced market investment and negatively impacting the overall performance of the medical aesthetics supply chain [6]. - The competition in the medical aesthetics market is intensifying, with the market size for facial rejuvenation products in China nearing 600 million yuan in 2023, and a product launch wave expected in 2024 [7].

New Stock Listings - HanGao Group listed on July 30, 2025, with an issue price of 15.43[1] - *ST Zitian and *ST Suwu are under severe abnormal fluctuations as of July 30, 2025[1] - Tianlu Convertible Bonds listed on July 30, 2025, with a risk warning[1] Market Alerts - Multiple stocks including *ST Xinchao and *ST Yuancheng are flagged for severe abnormal fluctuations on July 30, 2025[1] - New listings include companies like Xianghe Precision and Shenshui Planning, with announcements made on July 30, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1] Trading Insights - The report highlights the importance of monitoring newly listed stocks for potential volatility and investment opportunities[1] - Investors are advised to review the latest announcements and risk warnings associated with these stocks to make informed decisions[1]

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. is experiencing significant stock price fluctuations, with a cumulative decline of over 12% in closing prices over three consecutive trading days, indicating severe abnormal trading conditions [2][4]. Group 1: Stock Trading Abnormalities - The company's stock has shown a cumulative closing price decline of over 12% across three trading days (July 25, July 28, July 29, 2025) [4]. - The stock has exhibited four instances of the same directional abnormal fluctuation within ten trading days, qualifying as severe abnormal trading conditions as per Shanghai Stock Exchange regulations [4]. Group 2: Financial Reporting Issues - The company's 2024 annual financial report received a disclaimer of opinion from the auditing firm, triggering a risk warning for delisting under the Shanghai Stock Exchange rules [3]. - Internal controls over the financial report were also flagged, with related parties of the controlling shareholder identified as having non-operational fund occupation issues [3]. Group 3: Regulatory Actions - On July 13, 2025, the company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for inflating revenue and profits in annual reports from 2020 to 2023, which may lead to mandatory delisting [11]. - The stock has been under a delisting risk warning since July 14, 2025, pending the CSRC's final decision [11]. Group 4: Operational Status - The company has confirmed that, aside from disclosed matters, there have been no significant changes in its daily operations or external environment [5]. - No undisclosed major events, such as asset restructuring or significant business collaborations, have been identified [7]. Group 5: Other Relevant Information - The company is facing potential revenue and profit declines in its medical aesthetics segment due to a termination notice received from Regen Biotech Inc. regarding exclusive agency rights [13]. - As of July 22, 2025, all shares held by the controlling shareholder are under judicial pledge or freeze, indicating potential liquidity issues [13].

个证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-078 江苏吴中医药发展股份有限公司 股票交易严重异常波动的公告 重要风险提示： ? 江苏吴中医药发展股份有限公司（以下简称"公司"）股票连续三个交 易日内收盘价格跌幅偏离值累计超过 12%，属于股票交易异常波动的情形。 ? 公司股票连续 10 个交易日内 4 次出现《上海证券交易所交易规则》规定 的同向异常波动情形，属于《上海证券交易所交易规则》规定的股票交易严重异 常波动情形。近期，公司股票交易价格发生较大波动，敬请广大投资者注意二级 市场交易风险，理性决策，审慎投资。 ? 2025 年 7 月 13 日，公司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》（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：临 2025-064）。公司股票已于 2025 年 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。 ...

个证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-078 江苏吴中医药发展股份有限公司 股票交易严重异常波动的公告 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。 重要风险提示： 江苏吴中医药发展股份有限公司（以下简称"公司"）股票连续三个交 易日内收盘价格跌幅偏离值累计超过 12%，属于股票交易异常波动的情形。 公司股票连续 10 个交易日内 4 次出现《上海证券交易所交易规则》规定 的同向异常波动情形，属于《上海证券交易所交易规则》规定的股票交易严重异 常波动情形。近期，公司股票交易价格发生较大波动，敬请广大投资者注意二级 市场交易风险，理性决策，审慎投资。 2025 年 7 月 13 日，公司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》（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：临 2025-064）。公司股票已于 2025 年 7 月 14 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The beauty care sector is highlighted with the launch of the world's first "honeycomb collagen" gel product by Jinbo Biological, which shows significant advancements in cell adhesion and collagen retention [3][23]. - The report notes a general increase in the performance of retail, social services, and beauty care sectors, with respective weekly gains of +2.65%, +2.30%, and +5.42% [14][16]. - Key companies such as Proya and Huaxi Hospital are collaborating on mitochondrial anti-aging research, indicating a trend towards scientific advancements in beauty products [3][23]. Summary by Sections Market Performance - For the week of July 21-25, 2025, the retail, social services, and beauty care sectors saw increases of +2.65%, +2.30%, and +5.42%, ranking 14th, 17th, and 6th among 31 primary industries [14][16]. - Sub-sectors such as personal care products, tourism, and cosmetics experienced notable gains of +7.74%, +3.93%, and +3.39% respectively [16][19]. Key Industry Events and News - The National Development and Reform Commission announced that the Hainan Free Trade Port will officially close on December 18, 2025, which is expected to enhance trade conditions [3][23]. - Jinbo Biological launched a new injectable collagen gel product, which is expected to significantly improve skin treatment outcomes [3][23]. - Proya and Huaxi Hospital have partnered to focus on mitochondrial anti-aging research, which may lead to innovative product developments [3][23]. Investment Recommendations - The report recommends focusing on companies within the beauty care, IP derivatives, and gold jewelry sectors, suggesting specific stocks such as Proya, Giant Biological, and Marubi [5][29]. - The report emphasizes the potential for growth in these sectors, particularly in light of recent product innovations and market trends [5][29].

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-077 江苏吴中医药发展股份有限公司关于公司股票 可能被实施重大违法强制退市的第三次风险提示公告 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 截至本公告披露日，公司尚未收到就上述立案调查事项的正式处罚决定，公 司将全力配合中国证监会的相关工作,并严格按照相关要求履行信息披露义务。 如根据正式的行政处罚决定书结论，公司触及重大违法强制退市情形，公司股票 将被终止上市。 二、其他说明及风险提示 正式处罚决定为准。敬请广大投资者关注后续公告并注意投资风险。 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。 公司指定信息披露媒体为《中国证券报》《上海证券报》以及上海证券交易 所网站（www.sse.com.cn），有关公司的信息均以上述指定媒体刊登的信息为准。 敬请投资者注意投资风险。 述或者重大遗漏， ...

Core Viewpoint - The dispute between Aimeike and Jiangsu Wuzhong has severely impacted the AestheFill brand, potentially driving consumers towards competitors like Aivilan and Su Yan Cui [1] Group 1: Background of the Dispute - On July 21, Jiangsu Wuzhong announced that its subsidiary, Datou Medical, received a termination notice from Korean company Regen, ending their exclusive agency agreement for AestheFill products in mainland China [3] - The day before, Regen announced a new Chinese trademark "Zhen Ai · Su Fei" for AestheFill, indicating a public split from Jiangsu Wuzhong [4][7] - The conflict stems from Aimeike's acquisition of Regen in March, where Aimeike paid $190 million (approximately 1.386 billion RMB) for controlling interest in Regen, thereby gaining ownership of the AestheFill brand [8] Group 2: Financial Implications - AestheFill's success in China is significant, with estimated sales of 85,000 units in its first year, contributing approximately 326 million RMB in revenue to Jiangsu Wuzhong [16] - Aimeike's acquisition of 85% of Regen's shares came with a premium of about 1344.12%, and as of Q3 2024, Aimeike's cash reserves were only 1.6 billion RMB [16] - The loss of exclusive sales rights for AestheFill poses a severe financial threat to Jiangsu Wuzhong, which has already faced scrutiny from the regulatory body for financial misreporting [21] Group 3: Market Dynamics and Brand Impact - The introduction of the new brand name "Zhen Ai · Su Fei" could lead to confusion among consumers, potentially driving them towards more stable competitors [19] - The medical aesthetics market is highly competitive, with the lifecycle of products typically lasting only 8 to 12 months, making the timing of brand transitions critical [17] - The previous success of AestheFill may be undermined by the brand confusion, requiring significant marketing investment to rebuild consumer recognition [20] Group 4: Legal and Ethical Considerations - Jiangsu Wuzhong has indicated plans to pursue legal action to protect its interests following the termination of the agency agreement [24] - The reasons for the termination cited by Regen include alleged unauthorized transfer of exclusive distribution rights by Datou Medical [25] - The ongoing legal disputes and the potential for significant compensation claims could further complicate the situation for both Aimeike and Jiangsu Wuzhong [27]

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-077 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。 重要风险提示： 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 二、其他说明及风险提示 江苏吴中医药发展股份有限公司关于公司股票 可能被实施重大违法强制退市的第三次风险提示公告 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. ...