Core Viewpoint - The dispute over the exclusive agency rights of AestheFill (艾塑菲) between *ST Suwu and REGEN has escalated into legal proceedings, with *ST Suwu's subsidiary, Datou Medical, filing for arbitration to confirm the validity of the exclusive agency agreement and seeking significant compensation for alleged losses [1][3][5]. Group 1: Legal Proceedings and Dispute - Datou Medical has initiated arbitration at the Shenzhen International Arbitration Court, which was formally accepted on August 7, 2023, requesting confirmation of the exclusive agency agreement and continuation of supply obligations, along with a compensation claim of up to 1.6 billion yuan for various losses [3][4]. - The partnership between Datou Medical and REGEN began in August 2022, granting Datou Medical exclusive distribution rights for AestheFill in mainland China until August 28, 2032 [3][4]. - REGEN terminated the agreement citing violations by Datou Medical, including the unauthorized transfer of agency rights and reputational damage due to *ST Suwu's legal issues [4][5]. Group 2: Financial Implications - AestheFill is a critical revenue driver for *ST Suwu, with projected sales of 3.26 billion yuan in 2024, accounting for 20.42% of the company's total revenue, and a gross profit of 2.69 billion yuan, representing 34.8% of total gross profit [6]. - In Q1 2025, AestheFill's sales revenue increased to 1.13 billion yuan, making up 35.55% of total revenue, with gross profit reaching 0.92 billion yuan, which is 45.77% of total gross profit, highlighting its importance to the company's profitability [6][7]. Group 3: Market Context and Strategic Importance - The dispute over AestheFill's agency rights reflects the competitive nature of the medical aesthetics industry, where control over distribution and pricing can significantly impact revenue and profit margins [8]. - The ongoing legal battle underscores the reliance of companies in the medical aesthetics sector on blockbuster products to drive financial performance, indicating a broader trend in the industry [8].

证券日报网讯爱美客（300896）8月12日在互动平台回答投资者提问时表示，截至目前公司未有应披露 而未披露的重大信息。 ...

爱美客对*ST苏吴方面提起仲裁并不意外，但目前还未正式收 到仲裁机构的口头或书面通知。 作者：刘晓诺 封图：图虫创意 自称"已陷入生死存亡的困境"的*ST苏吴（600200.SH），把AestheFill"童颜针"代理权之争推进 到了法律层面。 8月11日晚，*ST苏吴发布公告，其控股孙公司达透医疗器械（上海）有限公司（下称"达透公 司"）已向深圳国际仲裁院申请仲裁，并已于8月7日获受理立案。仲裁的另一方当事人，便是爱美 客（300896.SZ）间接控股的韩国公司REGEN Biotech,Inc.（下称"REGEN"）。 关于上述仲裁请求，爱美客相关负责人表示："在我们看来，是达透公司有违约行为在先，而且他 们的行为在经济和品牌商誉方面，对我们都有影响。我们也会根据情况采取法律手段，维护我们的 正当权益。" REGEN公司与达透公司的代理权纠纷自2025年7月开始发酵。 "童颜针"AestheFill本是韩国REGEN公司的产品，达透公司具有该产品在中国大陆地区的独家代理 权。2021年底，*ST苏吴花了1.66亿元间接控股了达透公司，并将AestheFill打造为其核心产品。 *ST苏吴称，据不完全统计， ...

证券之星消息，8月12日医疗美容板块较上一交易日上涨0.16%，*ST美谷领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。医疗美容板块个股涨跌见下表： | 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 688363 华熙生物 | 1803.13万 | 5.27% | 900.06万 | 2.63% | -2703.19万 | -7.89% | | 000615 *ST美谷 | 639.16万 | 13.49% | -212.57万 | -4.49% | -426.59万 | -9.00% | | 300896 爱美客 | -176.08万 | -0.27% | 1005.58万 | 1.57% | -829.50万 | -1.29% | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日医疗美容板块主力资金净流入2266.21万元，游资资金净流入1693.07万元，散户 资金 ...

Core Viewpoint - *ST Suwu is in a critical situation regarding the legal dispute over the exclusive agency rights for AestheFill, a product of REGEN Biotech, which has escalated to arbitration [2][3]. Group 1: Legal Dispute - DaTou Medical, a subsidiary of *ST Suwu, has filed for arbitration to confirm its exclusive agency rights for AestheFill and demands continued supply from REGEN [3]. - If DaTou's exclusive rights are not confirmed, it seeks compensation of approximately 1.6 billion yuan from REGEN, with the right to adjust this claim [3]. Group 2: Company Background and Financials - *ST Suwu acquired indirect control of DaTou for 166 million yuan and has invested over 400 million yuan in the clinical registration and market expansion of AestheFill [4]. - In 2024, AestheFill was approved for sale in China, contributing to *ST Suwu's revenue of 330 million yuan, a more than 40-fold increase from the previous year, accounting for 21% of total revenue [4]. Group 3: Regulatory Issues - In February 2025, *ST Suwu was investigated by the CSRC for information disclosure violations, leading to a fine of 10 million yuan and penalties for its chairman [5]. - Following the investigation, REGEN unilaterally terminated the exclusive agency agreement with DaTou, citing violations of the agreement and reputational damage due to *ST Suwu's regulatory issues [5]. Group 4: Market Reaction - As of August 12, *ST Suwu's stock price was 1.08 yuan per share, with a market capitalization of 768 million yuan, while Aimei Ke's stock was 188.45 yuan per share, with a market capitalization of 57 billion yuan [7].

Core Viewpoint - The revocation of the exclusive distribution rights for AestheFill (童颜针) by Regen has led to significant turmoil for *ST Suwu, resulting in a sharp decline in its stock price and potential legal battles for compensation [1] Group 1: Company Actions - On July 18, Regen sent a termination letter to Dato Medical, revoking its exclusive distribution rights for AestheFill in China [1] - In response, *ST Suwu announced on August 11 that its subsidiary Dato Medical has initiated arbitration against Regen for breach of contract, seeking initial compensation of 1.6 billion RMB [1] - *ST Suwu issued a strong statement condemning the actions of Aimeike, describing them as "capital bullying" and claiming that the situation has jeopardized the survival of the company and its subsidiary [1] Group 2: Financial Impact - The stock price of *ST Suwu experienced consecutive trading halts following the announcement of the revocation of distribution rights [1] - The company claims that over 80,000 small and medium investors have been severely affected, along with thousands of employees and numerous partner institutions facing significant losses [1]

Core Viewpoint - *ST Suwu has announced an arbitration claim against Regen Biotech, Inc. for 1.6 billion yuan due to a breach of contract, while the company's stock price is perilously close to the 1 yuan delisting threshold [1][4][10]. Group 1: Company Situation - *ST Suwu's stock price has fallen to 1.07 yuan per share, down 5.31% from the previous trading day, putting it just one step away from the delisting threshold [4][10]. - The company is facing severe challenges due to allegations of concealing the actual controller and financial fraud, leading to a warning from the China Securities Regulatory Commission (CSRC) [4][10]. - The company claims that the actions of Regen have put it and its subsidiary, Datou Medical, in a life-and-death situation, severely harming the interests of over 80,000 small investors and thousands of employees [5][8]. Group 2: Legal and Financial Issues - *ST Suwu plans to claim 1.6 billion yuan in damages from Regen, with the right to adjust this amount based on the case's progress [4][10]. - The CSRC has issued a notice indicating that *ST Suwu's financial misconduct involved inflating revenue by 1.77 billion yuan and profits by 75.9975 million yuan from 2020 to 2023 [10]. - The company has been warned of a forced delisting risk due to serious violations, which could lead to the termination of its stock listing if the CSRC's final decision confirms the violations [10]. Group 3: Industry Context - The acquisition of Regen by Aimeike in March 2023 for 190 million USD aimed to enhance its market presence in the aesthetic medicine sector, but the company is now facing growth challenges [12]. - Aimeike's revenue and net profit growth have sharply declined to single digits in 2024, marking the lowest performance since its listing, amid increasing competition in the hyaluronic acid market [12]. - Analysts suggest that the acquisition could help Aimeike improve its international market share and reduce reliance on the domestic market [12].

风险提示：投资有风险，入市需谨慎。 来源：金融界 该公司属于医疗美容行业，专注于生物医用材料的研发、生产和销售。主要产品包括注射用透明质酸钠 系列、聚对二氧环己酮面部埋植线等。 爱美客近期卷入一起涉及16亿元的童颜针产品代理权纠纷。其控股子公司RegenBiotech被ST苏吴旗下达 透医疗提起仲裁，要求继续履行独家代理协议或赔偿16亿元损失。该仲裁案件已于8月7日获深圳国际仲 裁院受理立案。 爱美客最新股价为187.10元，较前一交易日上涨1.93%。盘中最高触及188.50元，最低下探182.80元，成 交金额达4.78亿元。 ...

Core Viewpoint - The ongoing dispute between *ST Suwu and Aimeike revolves around the exclusive agency rights for the AestheFill product, with *ST Suwu seeking arbitration to confirm the validity of their agreement and claiming damages of 1.6 billion RMB if unsuccessful [1][3]. Group 1: Company Actions and Developments - *ST Suwu announced on August 11 that its subsidiary, Dato Medical, has initiated arbitration against Regen Biotech for breach of contract regarding the exclusive agency agreement for AestheFill [1]. - Dato Medical is requesting the arbitration court to affirm the validity of the exclusive agency agreement and continue its enforcement, with a preliminary claim for damages amounting to 1.6 billion RMB [3]. - In July, *ST Suwu publicly stated that Regen Biotech attempted to terminate the exclusive distribution agreement for AestheFill, which *ST Suwu asserts remains legally binding until 2032 [1][2]. Group 2: Product and Financial Performance - AestheFill, developed by Regen Biotech, is a regenerative injection product that stimulates collagen production, first approved in South Korea in 2014 [2]. - *ST Suwu reported that AestheFill generated sales revenue of 326 million RMB in 2024, accounting for 20.42% of the company's total revenue, with a gross profit of 269 million RMB, representing 34.80% of total gross profit [2]. - In the first quarter of 2024, AestheFill sales reached 113 million RMB, making up 35.55% of *ST Suwu's revenue, with a gross profit of approximately 92.44 million RMB, which is 45.77% of the company's gross profit [2]. Group 3: Market Dynamics and Acquisitions - Aimeike's full acquisition of Regen Biotech was completed in March 2023, with a valuation of approximately 1.597 billion RMB, allowing Aimeike to control 59.5% of Regen [3]. - Following the acquisition, Aimeike has integrated Regen into its consolidated financial statements, leading to increased public disputes with *ST Suwu [3].

Core Viewpoint - The dispute centers around the exclusive distribution rights of the "AestheFill" product produced by Regen Biotech, Inc., which has significant implications for the financial performance of Jiangsu Wuzhong and its subsidiary, Datou Medical [3][5][8]. Group 1: Company Actions and Legal Proceedings - Datou Medical has initiated arbitration against Regen for breach of contract, seeking to confirm the validity of their exclusive agency agreement and claiming damages of 1.6 billion RMB if the arbitration is unsuccessful [1][7]. - The arbitration has been accepted by the Shenzhen International Arbitration Court, with the outcome uncertain due to potential counterclaims from Regen [1][7]. Group 2: Financial Implications - AestheFill is projected to contribute 330 million RMB to Jiangsu Wuzhong's revenue in 2024, accounting for 20.4% of total revenue, with a significant increase to 110 million RMB in Q1 2025, representing 35.55% of total revenue [5][6]. - The potential loss of distribution rights could lead to a drastic decline in revenue and the loss of several hundred million RMB in market development costs already invested by Jiangsu Wuzhong [7][8]. Group 3: Market Context and Competitive Dynamics - The market for aesthetic injectables, particularly the "童颜针" (youthful needle), has seen explosive growth, with the market size increasing from 100 million RMB in 2021 to over 3 billion RMB in 2024, reflecting a compound annual growth rate exceeding 200% [7][8]. - The acquisition of Regen by Aimei Ke for 190 million USD has altered the competitive landscape, allowing Aimei Ke to consolidate its supply chain and enhance its market position [5][6].