Core Viewpoint - The article discusses the ongoing dispute over the exclusive distribution rights of AestheFill, a popular facial filler product, between ST Suwu and REGEN, which has implications for both companies' financial performance and market positioning [2][3][6]. Summary by Sections Company Background - ST Suwu's medical beauty segment, which began generating revenue in 2022, is expected to be a significant contributor in 2024, with AestheFill projected to generate sales of 3.26 billion yuan [4][22]. - AestheFill has been approved for sale in 34 countries and regions, giving it a competitive edge in the global market [21]. Dispute Overview - The dispute arose when REGEN terminated its exclusive distribution agreement with ST Suwu's subsidiary, Datuo Medical, citing serious breaches of contract [2][6]. - ST Suwu denies any wrongdoing and claims that there was no transfer of distribution rights [7][8]. Financial Implications - The sales discrepancy of 2.3 billion yuan between Datuo Medical's reported revenue and ST Suwu's AestheFill sales figures raises questions about revenue attribution [9]. - ST Suwu's overall revenue for 2024 is projected to decline by 28.6%, with the medical beauty segment's contribution becoming critical [22][23]. Market Reactions - Medical beauty practitioners express concern over potential supply disruptions and the need for clear communication from suppliers regarding the distribution changes [14][16]. - Despite the ongoing dispute, REGEN assures that the supply chain for AestheFill remains intact and operational [15]. Future Outlook - The outcome of the dispute may affect AestheFill's brand positioning and market share, with potential implications for consumer trust and sales [17][20]. - Love Beauty, the parent company of REGEN, aims to leverage AestheFill to enhance its product portfolio and address declining growth rates in its core business segments [20][22].

Core Viewpoint - The announcement from Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (ST Wuzhong) regarding the termination of the exclusive distribution agreement for AestheFill in mainland China has highlighted a significant dispute involving multiple parties, including REGEN Biotech and Aimeike [2][4]. Company Overview - ST Wuzhong's subsidiary, Datuo Medical, received a termination notice from REGEN, which has been acquired by Aimeike, leading to the withdrawal of Datuo Medical's exclusive rights to distribute AestheFill, a popular facial filler in China [2][3]. - AestheFill, developed by REGEN, is a medical aesthetic injection that stimulates collagen regeneration to improve skin tightness and reduce wrinkles [3]. Financial Impact - In 2024, AestheFill's sales in China reached 326 million yuan, accounting for approximately 20% of ST Wuzhong's total revenue [4][6]. - Datuo Medical reported a revenue of 96 million yuan with a gross profit of 37 million yuan, marking its first appearance in ST Wuzhong's significant subsidiaries list [6]. - There is a discrepancy of 230 million yuan between Datuo Medical's reported revenue and AestheFill's sales figures, raising questions about revenue attribution [6]. Legal and Compliance Issues - Aimeike's reasons for terminating the agreement include allegations of Datuo Medical transferring its rights to its parent company, Wuzhong Meixue, and ST Wuzhong's history of financial misconduct leading to regulatory penalties [5][8]. - ST Wuzhong refuted these claims, asserting that no transfer of rights occurred and that the agreement did not stipulate that administrative penalties would trigger termination [5][8]. Market Dynamics - The dispute over AestheFill's distribution rights has not yet significantly impacted the operations of medical aesthetic institutions, which continue to procure the product from Wuzhong Meixue [9][10]. - Concerns remain regarding potential brand and trademark disputes, especially with the recent change in the registration agent for AestheFill [11]. Strategic Importance - For Aimeike, regaining control over AestheFill aligns with its internationalization strategy and aims to enhance its product portfolio, especially as its core product lines face declining growth rates [12][13]. - AestheFill has been approved in 34 countries, positioning it as a competitive product in the global market [14]. Future Outlook - ST Wuzhong has warned investors that the termination of AestheFill's distribution rights could lead to a significant decline in revenue and profits for its medical aesthetics segment in the second half of the year [15]. - Aimeike has indicated that REGEN's new factory in South Korea will ensure a stable supply of AestheFill to meet global demand, including the Chinese market [15].

Core Viewpoint - The market for "童颜针" (youthful face injection) is experiencing significant turmoil, with recent developments including the termination of exclusive distribution rights for Jiangsu Wuzhong and an increase in competition as more products gain approval for sale in China [1][4]. Company Summary - Jiangsu Wuzhong's subsidiary, Dato Medical, received a termination notice from Regen Biotech Inc., ending its exclusive distribution rights for AestheFill, the first imported "童颜针" in China [1][2]. - The termination is attributed to alleged violations of the distribution agreement and securities law by Jiangsu Wuzhong and its executives, which Regen claims have harmed the product's reputation [1][4]. - AestheFill is a critical product for Jiangsu Wuzhong, contributing significantly to its revenue, with projected sales of 326 million yuan in 2024, accounting for 20.42% of total revenue [3]. Industry Summary - The number of approved "童颜针" products in China has increased to nine, intensifying competition in the market [1][4]. - The high pricing of "童颜针" has historically positioned it as a lucrative product, but recent price reductions by competitors are threatening this status [5][7]. - The introduction of lower-priced alternatives, such as a 5,999 yuan version of Aivilan, has sparked controversy and dissatisfaction among established brands [7]. - Analysts predict that profit margins for "童颜针" may decline from 90% to below 80% as the industry approaches a price war [8]. - Concerns regarding product safety are rising, with reports of complications from excessive injections, prompting a need for differentiation, education, and compliance among companies [8].

Core Viewpoint - *ST Suwu is facing significant challenges, including potential delisting risks due to regulatory violations, loss of exclusive distribution rights for its key product AestheFill, and the freezing of its major shareholder's shares, leading to a precarious financial situation [2][8]. Group 1: Regulatory and Legal Issues - On July 13, *ST Suwu received a notice from the China Securities Regulatory Commission regarding administrative penalties for false reporting in its annual reports from 2020 to 2023, indicating a risk of forced delisting [2]. - The company’s major shareholder, Suzhou Wuzhong Investment Holding Co., has had 123 million shares frozen by the Suzhou Intermediate People's Court, raising concerns about the stability of the company's share structure [7][8]. Group 2: Loss of Distribution Rights - On July 18, *ST Suwu's subsidiary, Datou Medical, received a termination letter from Regen Biotech, ending its exclusive distribution agreement for AestheFill in mainland China [3][4]. - Regen Biotech, now controlled by domestic medical beauty giant Aimeike, cited violations of the distribution agreement by Datou Medical, claiming that the distribution rights had effectively been transferred to its parent company, Wuzhong Medical [4][5]. Group 3: Financial Impact - AestheFill is a critical product for *ST Suwu, contributing approximately 3.30 billion yuan in revenue for 2024, with AestheFill sales alone accounting for 3.26 billion yuan, representing 20.42% of total revenue [6]. - The company previously indicated that the profitability for 2024 would largely depend on the sales of AestheFill, which has been a significant driver of its financial performance [6]. Group 4: Market Reactions and Future Outlook - Following the series of negative events, *ST Suwu's stock has experienced a continuous decline, hitting a limit down for nine consecutive trading days, with a closing price of 1.54 yuan per share, nearly halving compared to the same period last year [2]. - The company has initiated a response plan to address the distribution rights dispute and is prepared to take legal action if necessary [4][6].

Core Viewpoint - The article discusses the ongoing dispute between Jiangsu Wuzhong and Aimeike over the exclusive distribution rights of the AestheFill product, a popular imported facial filler, highlighting the implications for both companies amid a competitive medical aesthetics market [2][4][44]. Group 1: Dispute Overview - The dispute involves Jiangsu Wuzhong and Aimeike regarding the exclusive distribution rights of AestheFill, with Aimeike's subsidiary REGEN Biotech seeking to terminate the agreement with Jiangsu Wuzhong's subsidiary [4][10]. - Jiangsu Wuzhong claims that the exclusive distribution rights are valid until August 28, 2032, and that the agreement has not been violated [28][40]. - The conflict arises from allegations of business transfer violations and regulatory issues faced by Jiangsu Wuzhong, which could impact the reputation of AestheFill in the Chinese market [10][11]. Group 2: Financial Implications - Jiangsu Wuzhong's stock price fell to a 60-day low following the dispute, while Aimeike's stock price increased, indicating market reactions to the news [6][30]. - AestheFill significantly contributed to Jiangsu Wuzhong's financial turnaround, with sales revenue of approximately 326.41 million yuan in 2024, accounting for 20.42% of the company's total revenue [37][33]. - Aimeike's revenue from its injection products, including AestheFill, was approximately 3.0257 billion yuan in 2024, reflecting a 5.44% increase from the previous year [38]. Group 3: Market Context - The dispute highlights the intensifying competition in the medical aesthetics sector, with multiple players vying for market share, including established cosmetic companies and new entrants [44][46]. - The market has seen a rise in the number of approved facial fillers, with nine products currently available, indicating a growing demand and competition in the sector [45]. - The outcome of the dispute will likely influence the market positions and future prospects of both Jiangsu Wuzhong and Aimeike in the medical aesthetics industry [47].

个证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-076 江苏吴中医药发展股份有限公司 股票交易异常波动的公告 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。 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。敬请广大投资 者关注后续公告并注意投资风险。 公司 2024 年度财务报告被年审机构出具无法表示意见，触及《上海证券 交易所股票上市规则》 ...

New Stock Issuance - Multiple companies are scheduled for new stock issuance on July 24, 2025, including *ST Zitian (300280) and ST Nanzhi (002305) [1] - Significant announcements were made for companies like Guosheng Tang (300436) and Huayin Power (600744) on July 17 and July 15, respectively [1] Trading Alerts - Companies such as Gaoguan Min Explosive (002827) and Zhongyan Dadi (003001) have recent trading alerts as of July 24, 2025 [1] - A total of 50 companies have been flagged for abnormal trading fluctuations, indicating potential market volatility [2] Market Trends - The report highlights a trend of increased market activity with numerous companies announcing significant changes in stock status [1] - The presence of multiple *ST (Special Treatment) companies suggests heightened scrutiny and potential risk for investors [1] Regulatory Compliance - Companies are required to disclose significant announcements to ensure transparency in trading activities [1] - The report emphasizes the importance of monitoring announcements to assess market conditions and investment risks [1]

Group 1 - The controlling shareholder, Suzhou Wuzhong Investment Holding Co., Ltd., holds 122,795,762 shares of Jiangsu Wuzhong Pharmaceutical Development Co., Ltd., accounting for 17.24% of the total share capital [2] - As of the announcement date, all shares held by the controlling shareholder are under pledge, judicial marking, judicial freezing, or pending freezing status [2][3] - The company will actively and prudently address the risks associated with stock pledges and freezes [3] Group 2 - The company will further verify the situation regarding the controlling shareholder's shares being judicially frozen and marked, and will continuously monitor the resolution of debt risks [3]

Group 1 - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Suwu) faced its eighth consecutive trading halt on July 23 due to significant operational challenges stemming from a contract termination with its subsidiary REGEN Biotech, Inc. [1] - REGEN Biotech announced on July 18 that it had sent a termination notice to Datuo Medical (Shanghai) Co., Ltd., which will result in the loss of exclusive distribution rights for the AestheFill product in mainland China [1] - The termination of the distribution agreement is expected to lead to a substantial decrease in revenue and profit for *ST Suwu's medical aesthetics segment in the second half of 2025 [1] Group 2 - On July 13, *ST Suwu received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties for inflating revenue, costs, and profits, with false records in annual reports from 2020 to 2023 [2] - The CSRC plans to impose a fine of 10 million yuan and issue warnings to related personnel, which may trigger mandatory delisting due to serious violations of the Shanghai Stock Exchange listing rules [2] - Following the CSRC's notice, *ST Suwu has been placed under a delisting risk warning by the Shanghai Stock Exchange since July 14 [2]

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 江苏吴中医药发展股份有限公司 关于公司控股股东所持股份被司法冻结及司法标记的公告 2025-075 ? 截至本公告披露日，江苏吴中医药发展股份有限公司（以下简称"公司"） 控股股东苏州吴中投资控股有限公司（以下简称"控股股东"）持有公司 ? 截止目前，苏州吴中投资控股有限公司所持公司 122,795,762 股股份已全部 处于质押/司法标记/司法冻结/轮候冻结状态，请广大投资者注意投资风险。 统查询获悉，公司控股股东苏州吴中投资控股有限公司股份被司法冻结及司法标 记，具体情况如下： 一、本次股份被司法冻结和司法标记的基本情况 | 是否为 | | | | | | 冻结股份 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 冻结股份数量 | | 占其所持 | | 占公司 | | | | | | 总 | | | | 冻结申请 | | 冻结原 | | | | | 股东名称 | 控股股 | | | | | 是否为限 | | 冻结起始日 | 冻结 | | 到期日 ...