Core Viewpoint - The company *ST Suwu (600200.SH)* faces potential loss of exclusive distribution rights for AestheFill products in mainland China due to a termination notice from Regen Biotech, which could significantly impact its revenue and profit from the medical aesthetics segment [1][2][3] Group 1: Agreement and Sales Performance - DaTou Medical obtained exclusive distribution rights for AestheFill products in mainland China through an agreement effective until August 28, 2032 [1] - In 2024, AestheFill sales revenue reached 326.41 million yuan, accounting for 20.42% of the company's total revenue, with a gross profit of 268.84 million yuan, representing 34.80% of total gross profit [3] - In Q1 2025, AestheFill sales revenue was 112.77 million yuan, making up 35.55% of the company's total revenue, with a gross profit of 92.44 million yuan, which is 45.77% of total gross profit [3] Group 2: Termination Notice and Company Response - Regen issued a termination notice citing violations of the agreement by DaTou Medical, including the alleged transfer of exclusive distribution rights to its controlling shareholder [2] - The termination would revoke DaTou Medical's status as the exclusive distributor for AestheFill products, halting any business activities under this capacity [2] - The company has initiated a response plan and is in communication with Regen, considering legal action to protect its rights, asserting that it has not transferred the exclusive rights [3]

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。 个证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-073 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。 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》 ...

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-072 江苏吴中医药发展股份有限公司 关于控股孙公司收到《解约函》的公告 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。 一、基本概况 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 Dace International Medical Co., Ltd 以及 Regen Biotech Inc.（"Regen"，其于 2025 年 7 月成为爱美客技术发展股份有限公司(300896.SZ)的控股子公司）三方 共同签署了《关于 AestheFill 独家销售代理权转让协议》（同此前签署的一系 列协议以及修订协议，合称为"《独家代理权协议》"），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 ...

New Stock Issuance - The new stock issued by Hanguo Group is priced at 15.43 RMB per share[1] - The subscription period for the tender offer of ST Kelly is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - Several stocks, including ST Zitian and Guangshengtang, have reported severe abnormal fluctuations[2] - The announcement links for stocks experiencing abnormal fluctuations are provided for investor reference[2] Market Updates - A total of 30 stocks have been listed for trading updates, with various announcements made between July 15 and July 21, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1]

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. faces the risk of being forcibly delisted due to major legal violations, as the China Securities Regulatory Commission (CSRC) has initiated an investigation into the company for suspected information disclosure violations [1][3]. Group 1: Investigation and Legal Proceedings - The company received a notice from the CSRC on February 26, 2025, indicating that it is under investigation for engaging in trade activities with related companies that lacked commercial substance, resulting in inflated revenue, costs, and profits from 2020 to 2023 [1][3]. - The inflated figures include a revenue increase of 26.46%, 26.39%, 21.26%, and 16.82% for the years 2020 to 2023, respectively, along with inflated costs amounting to 480.68 million, 448.24 million, 410.82 million, and 355.44 million yuan, which represented 37.08%, 35.47%, 28.40%, and 20.95% of the reported costs for the same periods [1][3]. Group 2: Potential Consequences - If the formal administrative penalty decision indicates that the company has committed major legal violations, its stock will be terminated from listing [2][3]. - The company will apply for a trading suspension upon receiving the administrative penalty decision and will disclose relevant information promptly [2][3]. Group 3: Compliance and Communication - The company commits to fully cooperating with the CSRC and will exercise its rights to defend itself during the investigation process [3]. - Investors are advised to pay attention to subsequent announcements regarding the investigation and potential risks associated with their investments [2][3].

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 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 9.5.7 条、 第 9.5.8 条，如公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。 公司将全力配合中国证监会的相关工作，并积极行使听证或进行陈述、 申辩等合法权利，维 ...

Core Viewpoint - The article highlights the increasing involvement of third-party entities in financial fraud within the A-share market, with regulatory bodies intensifying efforts to combat this issue and hold all parties accountable [3][4][6]. Group 1: Financial Fraud Cases - Approximately 30 companies in the A-share market have been penalized or are under investigation for financial fraud this year, with at least 7 of these cases involving third-party collaboration, accounting for 23% of the total [4][5]. - Notable companies involved in financial fraud with third-party assistance include *ST Suwu, *ST Hengjiu, *ST Guangdao, *ST Jingang, ST Langyuan, ST Zhiyun, and ST Zhongqingbao [4]. - The *ST Suwu case involved its subsidiaries engaging in non-substantive trade activities with multiple related companies, resulting in inflated revenue of 1.771 billion yuan and inflated profits of 76 million yuan from 2020 to 2023 [4]. Group 2: Characteristics of Third-Party Involvement - The trend of third-party collaboration in financial fraud has emerged as a new characteristic of capital market misconduct, driven by factors such as the need to evade regulatory scrutiny and the rise of professional "fraud accomplices" [6][13]. - The complexity of these fraud schemes often involves multiple independent parties, making it difficult for regulators to identify and address the underlying issues [13][14]. - The involvement of third parties creates a network of deceit that can lead to systemic risks and undermine market trust [8][9]. Group 3: Challenges for Auditors - Third-party collaboration in fraud poses significant challenges for external auditors, as these accomplices may manipulate various stages of the auditing process to conceal the true nature of transactions [9][10]. - The effectiveness of traditional audit procedures is compromised when companies and their accomplices coordinate their efforts to mislead auditors [10]. - The prevalence of third-party involvement in fraud is a key reason for the frequent failures of auditing standards and practices [10]. Group 4: Regulatory Response - The China Securities Regulatory Commission (CSRC) is actively exploring comprehensive measures to hold third-party accomplices accountable, including administrative, civil, and criminal penalties [11][12]. - The CSRC has begun to impose penalties on third-party entities involved in fraud, as seen in the case of Yuebo Power, where accomplices faced fines for their roles in the fraudulent activities [12]. - Future regulatory efforts will focus on dismantling the "ecosystem" of fraud by targeting both the primary perpetrators and their accomplices [12][15].

Core Viewpoint - The recent change in the medical device registration agent for Aisufei Tongyan Needle from Datou Medical to Lizhen Biotechnology has raised concerns in the medical aesthetics industry regarding the future of its agency rights [1][2]. Group 1: Agency Rights and Market Impact - Datou Medical, a subsidiary of Jiangsu Wuzhong Pharmaceutical Development Co., holds exclusive sales rights for Aisufei in mainland China until August 28, 2032, as confirmed by *ST Suwu [1][3]. - The exclusive sales rights are protected by a legally binding agreement, which states that there are no risks of cancellation or termination during the effective period [1][4]. - The market is speculating whether Aimeike's acquisition of Regen will affect *ST Suwu's exclusive sales rights, despite current assurances that these rights remain intact [1][2][3]. Group 2: Financial Performance and Projections - Aisufei's sales in China are projected to account for approximately half of its global sales, making it the top international brand in the aesthetic needle category [2][4]. - In 2024, *ST Suwu's revenue from medical aesthetics is expected to reach 330 million yuan, representing about 21% of total revenue, marking a significant turnaround after six years of losses [2][4]. - The potential profits from Aisufei's sales during the remaining eight years of the agency agreement could amount to a substantial figure, far exceeding the 190 million USD acquisition cost of Regen by Aimeike [4][5]. Group 3: Legal and Brand Implications - If Regen were to breach the agreement and reclaim agency rights, *ST Suwu could seek damages equivalent to all potential profits during the agency period, which could have devastating financial implications for Regen [4][5]. - The core value of medical aesthetic products lies not only in their composition but also in the long-term brand recognition and trust built with distribution channels [5][6]. - A legal dispute over agency rights could lead to Aisufei being perceived as a "controversial product," potentially damaging its market position and consumer trust [5][6]. Group 4: Strategic Considerations for Aimeike - Aimeike must consider the potential impact on its capital market image if the core product of the acquired Regen faces significant sales risks and instability in overseas channels [6]. - The disruption of Regen's global agency network due to issues in China could hinder Aimeike's international expansion strategy, which relies on Regen's resources [5][6].

Core Points - The company announced a change in the agent for the medical device registration certificate for its product AestheFill, which is a polylactic acid facial filler [1][2] - The new agent for the registration certificate is now LIZHEN (Beijing) Biotechnology Co., Ltd., which is 100% owned by Regen Biotech, Inc. from South Korea [1] - The company’s subsidiary, Datuo Medical, retains exclusive agency rights for AestheFill in China until August 28, 2032, and the change in agent does not affect these rights [2] Summary by Sections Medical Device Registration - Datuo Medical received the medical device registration certificate for AestheFill from the National Medical Products Administration [1] - The registration agent's name has changed from Datuo Medical (Shanghai) Co., Ltd. to LIZHEN (Beijing) Biotechnology Co., Ltd. [1] Exclusive Agency Rights - Datuo Medical has exclusive agency rights for AestheFill in China, valid until August 28, 2032 [2] - Regen Biotech, Inc. has assured that there are no legal or factual obstacles to Datuo Medical's exclusive agency rights [2]

证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-070 江苏吴中医药发展股份有限公司 关于医疗器械注册证代理人变更的公告 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。 董事会 2025 年 7 月 18 日 江苏吴中医药发展股份有限公司 2024 年 1 月 22 日，江苏吴中医药发展股份有限公司（以下简称"江苏吴中"） 孙公司达透医疗器械（深圳）有限公司（现用名：达透医疗器械（上海）有限公 司，以下简称"达透医疗"）收到了国家药品监督管理局颁发的《医疗器械注册 证》，聚乳酸面部填充剂 AestheFill 获批上市。具体内容详见公司于 2024 年 1 月 23 日披露的《关于孙公司获得医疗器械注册证的公告》（公告编号：临 2024-008）。 近日，公司通过国家药品监督管理局网站查询，聚乳酸面部填充剂 AestheFill 注册证代理人名称由达透医疗器械（上海）有限公司变更为俪臻（北 京）生物科技有限公司。俪臻（北京）生物科技有限公司由 Regen Biotech,Inc. （韩国(株)丽臻生物科技股 ...