Core Viewpoint - The arbitration progress regarding the exclusive agency rights for "AestheFill" between Aimeike and *ST Suwu has led to significant market reactions, with Aimeike's stock declining and *ST Suwu's stock increasing on the same day [1][2]. Group 1: Arbitration Details - The Shenzhen International Arbitration Court ruled that Aimeike's subsidiary, Regen Biotech, cannot sell "AestheFill" in mainland China and must recognize Datou Medical as the exclusive distributor [1][3]. - Datou Medical's request for additional temporary measures, including the revocation of the exclusive authorization for Lizhen (Xiamen) Medical Technology Co., Ltd., was not granted [2][6]. - The emergency arbitrator confirmed that Datou Medical remains the undisputed exclusive distributor of "AestheFill" in mainland China until a final arbitration decision is made [3][5]. Group 2: Financial Impact - *ST Suwu reported a 27.08% year-on-year decline in revenue for the first half of the year, totaling 636 million yuan, with a net loss of approximately 44.42 million yuan, a 281.63% decrease [7]. - Aimeike's revenue for the same period was 1.299 billion yuan, down 21.59% year-on-year, with a net profit of 789 million yuan, reflecting a 29.57% decline [7]. Group 3: Future Implications - The ongoing arbitration will significantly impact both companies' strategies and developments in the medical aesthetics market, with the arbitration court set to form a tribunal for further proceedings [8].

Core Insights - The company's H1 2025 performance fell short of expectations, with revenue of 1.299 billion yuan, down 21.6%, and net profit attributable to shareholders of 789 million yuan, down 29.6% [1] - The Q2 2025 results also showed a decline, with revenue of 636 million yuan, down 25.1%, and net profit attributable to shareholders of 346 million yuan, down 41.8% [2] Financial Performance - H1 2025 revenue breakdown: - Solution revenue: 744 million yuan, down 23.8% - Gel revenue: 493 million yuan, down 23.99% - Lyophilized powder revenue: 19 million yuan - Facial embedding line revenue: 3.32 million yuan, down 4.6% - Other main business revenue: 39 million yuan, up 38.9% [3] - H1 2025 gross margin: 93.44%, down 1.5 percentage points, with declines in gross margins for solution, gel, facial embedding line, and other main businesses [3] - H1 2025 expense ratios: - Sales expense ratio: 11.1%, up 2.6 percentage points - Management expense ratio: 5.34%, up 1.3 percentage points - R&D expense ratio: 12.05%, up 4.5 percentage points - H1 2025 net profit margin: 60.77%, down 6.9 percentage points, and adjusted net profit margin: 55.6%, down 10.2 percentage points [3] Pipeline Progress - The product AestheFill has been renamed "Zhen Ai Su Fei" and officially launched in the Chinese market, with ongoing efforts in team building, channel expansion, and packaging optimization [4] - The company is collaborating with REGEN to expand globally, with an initial focus on increasing market share in South Korea [4] - Regulatory updates include submissions for botulinum toxin and minoxidil lotion, currently under review, and new product registrations for other treatments [4] - Clinical trials are ongoing for several products, with the second-generation embedding line expected to enter registration by 2025 [4] Investment Outlook - The company is expected to face short-term pressure on performance due to low industry sentiment and intensified competition in Q2 [4] - The introduction of a low-threshold light medical beauty chain model by a competitor may stimulate industry demand, with the company positioned to benefit as a leading player [4] - With the adjustment of distribution rights and the gradual rollout of its own pipeline, the company anticipates a concentrated launch period for new products like botulinum toxin in 2026, projecting net profits of 1.6 billion yuan and 2 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of approximately 38x and 29x [4]

Core Viewpoint - The arbitration progress regarding the exclusive agency rights of "AestheFill" between Aimeike and *ST Suwu has led to significant market reactions, with Aimeike's stock declining and *ST Suwu's stock increasing on the same day [2][8]. Group 1: Arbitration Details - The Shenzhen International Arbitration Court ruled that Aimeike's subsidiary, Regen Biotech, cannot sell "AestheFill" in mainland China until the arbitration decision is made, affirming that Datou Medical is the exclusive distributor [2][4]. - Datou Medical's request for additional temporary measures, including the revocation of the exclusive authorization for Lizhen (Xiamen) Medical Technology Co., Ltd., was not granted [3][7]. - The emergency arbitrator confirmed that Datou Medical retains its status as the undisputed exclusive distributor of AestheFill in mainland China [4][5]. Group 2: Financial Impact - *ST Suwu reported a revenue of 636 million yuan in the first half of the year, a decrease of 27.08%, with a net loss of approximately 44.42 million yuan, down 281.63% [8]. - Aimeike's revenue for the same period was 1.299 billion yuan, a decline of 21.59%, with a net profit of 789 million yuan, down 29.57% [8]. Group 3: Future Implications - The ongoing arbitration will significantly impact both companies' strategies and developments in the medical aesthetics market, with the final outcome still uncertain [9].

Market Overview - The Shanghai Composite Index fell by 0.12% on September 12, with 9 out of the 28 sectors rising, led by non-ferrous metals and real estate, which increased by 1.96% and 1.51% respectively [1] - The communication and comprehensive sectors experienced the largest declines, down by 2.13% and 1.95% respectively [1] - Overall, there was a net outflow of 53.64 billion yuan in the main funds across the two markets, with 6 sectors seeing net inflows [1] Sector Performance - The non-ferrous metals sector had the highest net inflow of main funds, totaling 2.168 billion yuan, coinciding with its 1.96% increase [1] - The construction and decoration sector also saw a positive performance with a 0.96% rise and a net inflow of 721 million yuan [1] - In contrast, the non-bank financial sector had the largest net outflow, amounting to 8.138 billion yuan, followed by the electronics sector with a net outflow of 7.517 billion yuan [1] Beauty and Personal Care Industry - The beauty and personal care sector declined by 1.52% with a net outflow of 228 million yuan [2] - Out of 29 stocks in this sector, 5 rose while 24 fell [2] - The top three stocks with the highest net outflows included Aimeike, Shanghai Jahwa, and Proya, with outflows of 55.4558 million yuan, 51.6741 million yuan, and 38.7707 million yuan respectively [2][3] Fund Flow in Beauty and Personal Care - The top stock in terms of net inflow was Shuiyang Co., with an inflow of 12.3562 million yuan, followed by Zhongshun Jierou and Huaxi Biological, with inflows of 10.1629 million yuan and 7.6373 million yuan respectively [2][4] - The table of fund flow indicates that Aimeike had the largest outflow at -55.4558 million yuan, with a decline of 3.03% [3] - Other notable outflows included Shanghai Jahwa at -51.6741 million yuan and Proya at -38.7707 million yuan [3]

Group 1 - The medical beauty sector experienced a decline of 2.03% on September 12, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Major stocks in the medical beauty sector showed varied performance, with Jinbo Biological up 2.34% and Ai Meike down 2.29% [1] Group 2 - The net outflow of main funds in the medical beauty sector was 48.89 million yuan, while retail funds saw a net inflow of 14.71 million yuan [1] - Specific stock performances included Huaxi Biological with a net outflow of 19.84 million yuan and Ai Meike with a net outflow of 52.82 million yuan [2]

Core Viewpoint - The dispute over the exclusive agency rights for the "AestheFill" product has intensified between *ST Suwu and Aimeike, following arbitration initiated by *ST Suwu's subsidiary, Datou Medical [1][2]. Group 1: Arbitration Developments - Datou Medical's request for temporary measures was approved, resulting in a temporary ban on the sale of AestheFill products by Regen in mainland China [1][3]. - The arbitration case was accepted by the Shenzhen International Arbitration Court on August 7, 2025, with Datou Medical seeking to confirm the validity of the exclusive agency agreement and claiming initial damages of 1.6 billion RMB [2]. - The arbitration decision prohibits Regen from selling AestheFill products in mainland China until the arbitration ruling is made and mandates that Regen must continue supplying the product to Datou Medical [3]. Group 2: Company Performance Impact - Both Aimeike and *ST Suwu are experiencing financial pressure, with Aimeike's revenue declining by 21.59% to 1.299 billion RMB and net profit down 29.57% to 789 million RMB in the first half of the year [4]. - *ST Suwu reported a revenue drop of 27.08% to 636 million RMB, with a net loss of 44.42 million RMB, marking a significant decline of 281.63% [4].

证券代码：300896 证券简称：爱美客 公告编号：2025-039 号 爱美客技术发展股份有限公司 关于公司控股子公司 REGEN Biotech, Inc.重大仲裁的进展公告 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。 重要内容提示： 深圳国际仲裁院（以下简称"深国仲"）作出《决定书》（（2025）深国仲 涉外受 8781 号，以下简称"《决定书》"）为紧急仲裁员对达透医疗器械（上 海）有限公司（以下简称"达透医疗""申请人"）申请临时措施请求作出的决 定，系仲裁庭组庭前的一项程序性事项，不是本案的最终结果，本案的最终结果 以仲裁庭作出的裁决结果为准。 2025 年 8 月 14 日，爱美客技术发展股份有限公司（以下简称"公司""本 公司"）披露了《关于公司控股子公司 REGEN Biotech, Inc.重大仲裁的公告》 （公告编号：2025-029），内容详见公司在中国证监会规定的信息披露法定媒体 巨潮资讯网（www.cninfo.com.cn）披露的公告。 2025 年 9 月 10 日，公司控股子公司 REGEN Biotech, Inc.（以 ...

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证券代码：300896 证券简称：爱美客 公告编号：2025-038 号 爱美客技术发展股份有限公司 2025 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现否决议案的情形； 一、会议召开和出席情况 （一）会议召开情况 1、会议通知： （1）公司董事会于 2025 年 8 月 19 日在中国证监会指定的创业板信息披露 网站巨潮资讯网（www.cninfo.com.cn）上刊登了《关于召开 2025 年第二次临时 股东大会的通知》（公告编号：2025-036）。 2、会议召开时间： 2、本次股东大会不涉及变更以往股东大会已通过的决议。 4、会议召开地点：北京市平谷区马坊工业园区金平西路 20 号院爱美客大厦 1 层会议室 1 5、会议召集人：公司董事会 6、会议主持人：公司董事长简军女士 本次股东大会的召集程序符合有关法律、行政法规、部门规章、规范性文件、 深圳证券交易所业务规则和《公司章程》等有关规定。 （1）现场会议召开时间：2025 年 9 月 11 日 15:00 （2）网络投票时间：通 ...