Core Viewpoint - The article discusses the termination of the exclusive distribution rights of AestheFill products held by Dato Medical, a subsidiary of *ST Suwu, by REGEN Biotech, a subsidiary of Aimeike, due to alleged breaches of contract. This move is expected to significantly impact *ST Suwu's medical aesthetics business revenue and profits in the second half of 2025 [6][10][18]. Summary by Sections Company Actions - Aimeike's subsidiary REGEN sent a termination notice to Dato Medical on July 18, 2025, to revoke its exclusive distribution rights for AestheFill products in mainland China [6][12]. - The termination is based on Dato Medical's alleged transfer of its exclusive distribution business to its parent company, Jiangsu Wuzhong Meisheng Biotechnology Co., Ltd., which violates the agreement [21][22]. Financial Impact - In 2024, AestheFill contributed revenue of 326 million yuan, accounting for 20.42% of *ST Suwu's total revenue, with a gross profit of 269 million yuan, representing 34.80% of the company's gross profit [10][18]. - In the first quarter of 2025, AestheFill generated revenue of 113 million yuan, making up 35.55% of *ST Suwu's revenue, with a gross profit of approximately 92.44 million yuan, which is 45.77% of the company's gross profit [10][18]. Legal and Regulatory Context - *ST Suwu has denied any breach of contract and plans to take legal action to protect its rights [10][19]. - The company has faced regulatory scrutiny, including a notice from the China Securities Regulatory Commission regarding violations of securities laws, which could lead to severe penalties and potential delisting risks [24][25].

Core Viewpoint - The medical device sector is showing strong performance and resilience amidst market fluctuations, with significant investment interest and potential for growth driven by supportive policies and market dynamics [1][3]. Group 1: Market Performance - The medical device index ETF (159898) has recorded four consecutive days of gains, indicating strong market interest and a potential for further upward movement [1]. - Over the past three trading days, the ETF has attracted over 11 million in capital, signaling a clear initiation of investment interest [1]. Group 2: Policy Support - A significant policy, "Measures to Optimize Lifecycle Supervision to Support High-end Medical Device Innovation," was released in July, aimed at enhancing the development of high-end medical devices, including medical robots and AI medical devices [3]. - This policy is expected to streamline approval processes and shorten the profit cycle for companies, potentially matching or exceeding the support seen in the innovative drug sector [3]. Group 3: Domestic Market Opportunities - The announcement by a major player to reject imports of high-end medical devices over 45 million creates a substantial market opportunity for domestic manufacturers, particularly in high-end imaging and artificial organ sectors [6]. - The medical device index ETF covers key domestic companies that are likely to benefit from this shift towards domestic production [6]. Group 4: Market Trends and Projections - Historical data indicates that the medical device sector typically experiences a "front low, back high" performance pattern, with significant revenue growth expected in the third quarter as orders convert into income [8]. - Projections suggest that the overall market size for medical device bidding in China will exceed 80 billion in the first half of 2025, reflecting a year-on-year growth of over 60% [8].

Group 1 - The beauty care sector experienced a significant rise at the beginning of trading, with Jeya Co., Ltd. (301108) increasing by over 10% [1] - Yiyi Co., Ltd. (001206) approached the daily limit increase, indicating strong market interest [1] - Aimeike (300896) saw an increase of over 4%, reflecting positive sentiment in the industry [1] Group 2 - Other companies such as Shuiyang Co., Ltd. (300740) and Shanghai Jahwa United Co., Ltd. (600315) also experienced upward movement, suggesting a broader trend in the beauty care sector [1]

Core Viewpoint - The micro-plastic surgery industry is rapidly expanding globally, particularly in China, driven by advancements in medical technology and a growing societal emphasis on beauty, leading to a shift from luxury consumption to mass demand. The market size in China is projected to reach 122.52 billion yuan in 2024, reflecting a year-on-year increase of 13.5% [1][14]. Industry Overview - Micro-plastic surgery refers to minimally invasive procedures aimed at enhancing specific facial features, typically involving local anesthesia and resulting in minimal recovery time. It is characterized by lower risks compared to traditional surgeries, although it may require multiple sessions within a year for sustained effects [3][5]. - The industry includes various procedures, primarily categorized into injection and light-based treatments, with common injection materials being botulinum toxin, hyaluronic acid, and collagen [6][10]. Market Dynamics - The average disposable income and consumer spending in China have been steadily increasing, with disposable income rising from 32,189 yuan in 2020 to 41,314 yuan in 2024. This growth enhances consumer spending capacity on non-essential items, including micro-plastic surgery [8]. - The consumer demographic is primarily aged 18-35, viewing micro-plastic surgery as an advanced skincare option. Additionally, there is a notable increase in interest from the 55+ age group, with their share of new customers rising from 5% to 19% between 2019 and 2024 [16]. Competitive Landscape - The micro-plastic surgery market is becoming increasingly diversified, with numerous domestic and international companies entering the space. Major players include Langzi Co., Modern Health Technology, Shanghai Haohai Biotechnology, Huaxi Biotechnology, and Aimeike Technology [18][19]. Industry Trends - The emergence of regenerative materials is identified as a new growth point, with the market for such materials expected to exceed 5.5 billion yuan in 2024, marking a year-on-year increase of 89%. This shift indicates a transition from traditional fillers to materials that stimulate the body's collagen production [23]. - There is a growing trend of male consumers in the micro-plastic surgery market, particularly among younger males born after 1995, indicating a significant shift in societal perceptions and expanding market potential [24]. Regulatory Environment - The industry faces challenges related to pricing transparency and service quality. The National Healthcare Security Administration is implementing guidelines to standardize pricing and improve market conditions, aiming for a more regulated and transparent environment [25].

Core Viewpoint - The announcement by Aimeike (300896.SZ) regarding the termination of the exclusive distribution agreement with Dato Medical Devices (Shanghai) Co., Ltd. clarifies the ownership of the AestheFill product distribution rights in mainland China, allowing for potential future sales by REGEN Biotech, Inc. [2][3] Group 1: Company Actions - Aimeike's subsidiary, REGEN Biotech, terminated the exclusive distribution agreement with Dato due to serious violations, including unauthorized transfer of distribution rights [2] - Following the termination, Dato is prohibited from operating as the exclusive distributor for AestheFill in mainland China, and REGEN will not accept any new orders from Dato [2] - Aimeike aims to enhance the AestheFill brand image and market positioning by potentially establishing a direct sales team in China [3] Group 2: Market Context - The global market for regenerative injection fillers is experiencing rapid growth, with a projected annual compound growth rate of over 30% in the next three years due to increasing consumer awareness of anti-aging products [4] - AestheFill has quickly become a leading product in the regenerative injection market, capturing nearly 30% market share in Taiwan [3][4] Group 3: Strategic Implications - The recovery of AestheFill distribution rights is expected to strengthen Aimeike's position in the aesthetic injection market and enhance its global resource integration capabilities [5] - Aimeike's comprehensive integration of AestheFill is anticipated to drive sustainable growth and long-term value creation through technological collaboration and brand revitalization [5]

Core Viewpoint - A dispute has arisen between two A-share companies regarding the exclusive distribution rights of the AestheFill product, with *ST Suwu asserting its rights against Regen Biotech, a subsidiary of Aimeike [2][3] Group 1: Dispute Details - *ST Suwu claims that Regen Biotech intends to terminate the exclusive distribution agreement for AestheFill in mainland China, citing alleged violations of the agreement by *ST Suwu and its executives [2][3] - Regen Biotech has sent a termination notice to *ST Suwu, asserting that the latter has transferred the distribution rights to its controlling shareholder, Wu Zhong Meixue, which they claim violates the agreement [2][3] - *ST Suwu refutes these claims, stating that there has been no transfer of rights and that the exclusive distribution agreement remains legally binding until 2032 [3] Group 2: Product and Market Impact - AestheFill is a regenerative injection product developed by Regen Biotech, primarily composed of PDLLA microspheres and sodium carboxymethyl cellulose, aimed at skin rejuvenation [4] - The product was first approved for sale in South Korea in 2014, and *ST Suwu acquired a 51% stake in the distributor, Dato Medical, in 2021 for 166 million yuan [4][5] - AestheFill generated significant revenue for *ST Suwu, contributing 3.26 billion yuan to the company's total revenue in 2024, accounting for 20.42% of total revenue and 34.80% of gross profit [6] Group 3: Corporate Developments - Aimeike recently acquired 85% of Regen Biotech for approximately 1.386 billion yuan, gaining control over the company and integrating it into its financial statements [5][6] - The sales performance of AestheFill is critical for *ST Suwu, especially as the company faces a potential delisting due to regulatory issues related to financial misreporting [6]

Group 1 - The AMAC Specialized Equipment Index increased by 1.29%, closing at 3496.58 points with a trading volume of 81.175 billion [1] - The AMAC Specialized Equipment Index has risen by 5.85% in the past month, 8.72% in the past three months, and 7.57% year-to-date [1] - The index is based on the classification guidelines from the China Securities Association and includes 43 industry classification indices [1] Group 2 - The top ten holdings of the AMAC Specialized Equipment Index include: North China Innovation (6.49%), Mindray Medical (6.42%), Sany Heavy Industry (5.43%), and others [1] - The market share of the AMAC Specialized Equipment Index is 57.23% from the Shenzhen Stock Exchange and 42.77% from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the AMAC Specialized Equipment Index shows that industrials account for 53.32%, healthcare for 24.75%, and information technology for 17.44% [2] - Other sectors include energy (1.75%), consumer discretionary (0.89%), financials (0.59%), materials (0.51%), utilities (0.39%), real estate (0.24%), and consumer staples (0.13%) [2]

智通财经7月21日电，爱美客(300896.SZ)公告称，公司控股子公司韩国REGEN公司已向达透公司送达 《解约函》，解除独家经销协议，并撤销达透公司作为AestheFill产品在中国大陆地区独家经销商所有 相关授权。此次解除独家经销权有助于维护韩国REGEN公司AestheFill产品在中国大陆地区的销售，维 护上市公司及股东的利益。解除后，不影响韩国REGEN公司后续授权其他方销售AestheFill产品，亦不 影响该产品的经营与销售。 爱美客：控股子公司韩国REGEN公司解除达透公司独家经销权 ...

证券代码：300896 证券简称：爱美客 公告编号：2025-028 号 2020 年 1 月至 2021 年 12 月期间，韩国 REGEN 公司与 DACE INTERNATIONAL MEDICAL CO., LTD（以下简称"达策公司"）先后签署《独家经销协议》及修订 爱美客技术发展股份有限公司 关于公司控股子公司韩国 REGEN Biotech,Inc. 解除达透公司独家经销权公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 爱美客技术发展股份有限公司(以下简称"公司")控股子公司 REGEN Biotech, Inc.（以下简称"韩国 REGEN 公司"）已于 2025 年 7 月 18 日向达透 医疗器械（上海）有限公司（以下简称"达透公司"）送达《解约函》，解除独 家经销协议，并撤销达透公司作为 AestheFill 产品在中国大陆地区独家经销商 所有相关授权。 一、收购韩国 REGEN 公司的基本情况 2025 年 3 月 10 日，公司第三届董事会第十六次会议审议通过了《爱美客技 术发展股份有限公司关于收购韩国 REGEN Biotec ...

Core Viewpoint - The dispute over the agency rights for the "Youthful Needle" AestheFill has escalated, with Jiangsu Wuzhong's subsidiary receiving a termination notice from REGEN, which will revoke its exclusive distribution rights in mainland China [1][2]. Group 1: Company Impact - Jiangsu Wuzhong's subsidiary, Datou Medical, received a termination letter from REGEN, which will withdraw all related authorizations for AestheFill's exclusive distribution in mainland China [1]. - AestheFill generated revenue of 326 million yuan within six months of its launch in April 2024, contributing to Jiangsu Wuzhong's turnaround with a net profit of 70 million yuan last year [1]. - The revenue for AestheFill reached 113 million yuan in the first quarter of this year, highlighting its significance for Jiangsu Wuzhong, which is already facing challenges due to previous financial misreporting [1]. Group 2: Market Dynamics - The announcement from Jiangsu Wuzhong on July 17 claimed that the medical beauty business was operating normally and that the change in registration agent would not affect the exclusive agency rights, only to be contradicted by the termination notice from REGEN the following day [2]. - The change of the registration agent from Datou Medical to Lizhen Biotechnology, a company controlled by REGEN, suggests prior negotiations that Jiangsu Wuzhong did not disclose, raising questions about their information disclosure practices [3]. - The market for "Youthful Needles" is becoming increasingly competitive, with multiple approvals for similar products from various companies, including four new products approved in less than seven months this year [7][8].