证券代码：300896 证券简称：爱美客 公告编号：2025-029 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.重大仲裁的公告 重要内容提示： 1、案件所处的仲裁阶段：仲裁院已受理仲裁申请，尚未开庭审理。 2、上市公司所处的当事人地位：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"REGEN 公司"）为被 申请人。 3、涉案金额：根据申请人提交的仲裁申请书等文件，具体赔偿金额尚不明 确 （初步提出了暂计人民币 16 亿元的主张，详见公告正文）。 4、对上市公司损益产生的影响：本次仲裁事项尚未开庭审理，对公司本期 利润或期后利润的影响存在不确定性。该仲裁事项对公司本期或期后经营成果的 影响以日后仲裁结果的实际发生金额为准。 一、本次仲裁受理的基本情况 2025 年 8 月 13 日，公司的控股子公司 REGEN 公司向深圳国际仲裁院主动获 取《仲裁通知》（（2025）深国仲涉外受 8781 号-2），达透医疗器械（上海） 有限公司（以下简称"达透公司"、"申请人"）就其与 REGEN 公司之间的经销 合 ...

Core Viewpoint - The medical device sector has shown a strong upward trend, with the China Securities Index for medical devices rising over 17% since June 20, indicating a confirmed reversal trend despite a slight adjustment recently [1][5]. Group 1: Market Performance - The medical device index ETF (159898) experienced a temporary decline of 1.34% after five consecutive days of gains, but the overall upward trend remains intact [1]. - During the recent adjustment, the ETF saw a significant net subscription of 17 million shares, indicating a clear "buy the dip" sentiment among investors [2]. - In the last five trading days, the ETF has attracted nearly 60 million in net inflows, and over 112 million in the past 20 days, highlighting strong investor interest [3]. Group 2: Company Performance - As of August 13, eight medical device companies have reported their mid-year results, showing a mixed performance with some companies experiencing significant growth while others faced declines [5]. - Notable performers include: - Aide Biological: Net profit increased by 31.41% to 189 million, driven by demand for tumor gene testing [7]. - Nanwei Medical: Revenue of 1.565 billion with a net profit growth of 17.04%, benefiting from a strong overseas market [7]. - Weili Medical: Net profit up by 14.17% to 121 million, supported by high-margin urology products [7]. - Conversely, companies like Shuoshi Biological and Maike Biological faced severe profit declines of 86.35% and 83.12%, respectively, due to challenges such as centralized procurement and tax rate increases [5][7]. Group 3: Industry Opportunities - The centralized procurement policy is stabilizing, with many sectors entering the second or third year of implementation, leading to a gradual easing of initial performance shocks [8]. - Recent policy initiatives to promote brain-computer interface technology are expected to accelerate growth in this frontier field, providing new opportunities for medical device companies [8]. - Leading companies like Mindray and United Imaging are expanding their international markets, which is seen as a long-term growth engine for the industry [10]. Group 4: ETF Composition - The medical device index ETF (159898) includes top companies in the sector, such as Mindray and United Imaging, which are key indicators of the sector's performance [10].

Core Viewpoint - The acquisition of Regen Biotech by Aimeike has led to a fierce commercial dispute with Jiangsu Wuzhong, the exclusive distributor of AestheFill in mainland China, following Regen's unilateral termination of the distribution agreement [1][3][4]. Group 1: Event Development - In August 2022, Dato Medical obtained exclusive distribution rights for AestheFill in mainland China, which was successfully launched in January 2024 [3]. - Aimeike announced its plan to acquire Regen in March 2025, completing the acquisition by June 30, 2025, which led to tensions regarding the distribution agreement [3][4]. - On July 21, 2025, Jiangsu Wuzhong received a termination notice from Regen, citing violations of the agreement by Dato Medical [3][4]. Group 2: Legal Actions and Financial Implications - Jiangsu Wuzhong has initiated arbitration proceedings against Regen, seeking to confirm the validity of the distribution agreement and claiming damages of 1.6 billion yuan [4][5]. - The dispute has negatively impacted Jiangsu Wuzhong's stock price, which fell over 41% since the termination notice, while Aimeike's stock remained relatively stable [1][4]. - Jiangsu Wuzhong reported a significant increase in net profit due to AestheFill sales, which accounted for 35.55% of its revenue in Q1 2025 [7][8]. Group 3: Market Dynamics and Industry Impact - AestheFill has shown strong market performance, generating 326 million yuan in sales in 2024 and contributing significantly to Jiangsu Wuzhong's recovery from previous losses [7][8]. - The ongoing dispute raises concerns about the stability of distribution agreements in the medical aesthetics industry, potentially affecting the confidence of distributors [9]. - Aimeike is facing pressure from slowing revenue growth, with a significant decline in its revenue and net profit growth rates from 2023 to 2024 [8][9].

Investment Rating - The report indicates a positive outlook for the Poly-L-Lactic Acid (PLA) industry, with a projected compound annual growth rate (CAGR) of 20.4% from 2024 to 2030, suggesting strong investment potential in this sector [46][48]. Core Insights - The PLA market in China is still in its early stages, with a market size of approximately 1 billion yuan in 2021, expected to grow to 11 billion yuan by 2024 and reach 41 billion yuan by 2030 [48]. - The industry is characterized by a competitive landscape with 9 approved products and several others in development, indicating a diverse market with both domestic and imported brands [39]. - The rise of non-surgical aesthetic procedures has positioned PLA products like the "童颜针" (Youthful Needle) favorably, as they cater to a growing consumer base seeking natural anti-aging solutions [40][45]. Summary by Sections 1. Industry Overview - The PLA industry is primarily driven by the increasing demand for non-surgical aesthetic treatments, with a significant shift in consumer preferences towards natural and long-lasting results [40][45]. - The report highlights the importance of consumer education, as many potential users still confuse PLA products with traditional fillers, which may hinder market penetration [57][61]. 2. Market Dynamics - The PLA market is expected to benefit from a growing user base, particularly among the Z generation, who are becoming the main consumers of aesthetic procedures [84]. - The report notes that the market is currently dominated by domestic brands, with a focus on competitive pricing and innovative formulations [39]. 3. Competitive Landscape - The competitive landscape includes both domestic and imported brands, with a notable presence of 9 approved PLA products, each with distinct technical features and pricing strategies [33][39]. - The report outlines the pricing range for various products, indicating a clear segmentation in the market from high-end to more affordable options [34]. 4. Consumer Insights - Consumer motivations for seeking PLA treatments include personal satisfaction and social value, with safety and effectiveness being primary concerns [62][64]. - The report emphasizes the need for improved consumer understanding of PLA products, as many potential users are not fully aware of the benefits and mechanisms of action [57][61]. 5. Future Opportunities - The report identifies several growth opportunities, including the increasing penetration of aesthetic procedures among younger consumers and the potential for product innovation through technology [86][87]. - Regulatory changes are expected to enhance product quality and safety, further driving consumer trust and market growth [51][87].

Core Viewpoint - A commercial dispute over the代理权 of "童颜针" (AestheFill) between *ST苏吴 and爱美客 has escalated, with *ST苏吴 seeking 1.6 billion yuan in arbitration against爱美客's subsidiary, Regen Biotech, for breach of contract [1][5][9]. Group 1: Background of the Dispute - The dispute originated on July 18, when爱美客 sent a termination letter to达透公司, revoking its exclusive distribution rights for AestheFill in mainland China [1][5]. -达透公司 had previously secured exclusive sales rights for AestheFill in China through a tripartite agreement signed in August 2022, valid until August 2032 [2][5]. Group 2: Financial Implications - AestheFill has significantly contributed to *ST苏吴's financial performance, generating 3.26 billion yuan in sales revenue in 2024, accounting for 20.42% of the company's total revenue [10]. - The medical aesthetics sector, driven by AestheFill, reported a staggering revenue increase of 4225.64% year-on-year, reaching 3.03 billion yuan in 2024 [10]. Group 3: Market Dynamics - The "童颜针" market is rapidly expanding, with its size growing from 6 billion yuan in 2023 to over 30 billion yuan in 2024, indicating a strong growth trajectory [12]. - The global market for "童颜针" is projected to reach approximately 1.54 billion USD (about 11.04 billion yuan) by 2025, further highlighting its potential as a lucrative segment [12]. Group 4: Competitive Landscape - The dispute reflects the competitive nature of the medical aesthetics market, with both companies vying for control over a high-margin product that has shown remarkable profitability [14]. - As the number of approved "童颜针" products increases, industry experts predict a potential decline in profit margins due to heightened competition [14].

Core Viewpoint - The acquisition of Regen Biotech by Aimeike has led to a fierce commercial dispute with Jiangsu Wuzhong, the exclusive distributor of AestheFill in mainland China, following Regen's unilateral termination of the distribution agreement [1][2]. Group 1: Background of the Dispute - Jiangsu Wuzhong obtained exclusive distribution rights for AestheFill in mainland China in August 2022, with the product approved for sale in January 2024 [2]. - Aimeike's acquisition of Regen was completed on June 30, 2025, which led to the emergence of conflicts regarding the distribution agreement [2][3]. - On July 21, 2025, Jiangsu Wuzhong received a termination notice from Regen, citing violations of the agreement and concerns over Jiangsu Wuzhong's legal issues affecting AestheFill's brand reputation [2][3]. Group 2: Legal Actions and Claims - Jiangsu Wuzhong has initiated arbitration proceedings against Regen, seeking to confirm the validity of the distribution agreement and claiming damages of 1.6 billion yuan for market development costs and lost profits [3][4]. - The company asserts that it has not transferred its exclusive rights and that the agreement does not allow termination due to administrative penalties against its parent company [3][4]. Group 3: Financial Implications - AestheFill has been a significant revenue driver for Jiangsu Wuzhong, contributing 35.55% of its revenue and 45.77% of its gross profit in Q1 2025 [6]. - The company reported a net profit of 70.48 million yuan in 2024, a 197.97% increase year-on-year, largely attributed to AestheFill sales [6]. - The ongoing dispute threatens Jiangsu Wuzhong's financial stability, as losing the distribution rights could severely impact its revenue and profitability [7]. Group 4: Industry Context - The conflict highlights broader issues within the medical aesthetics industry, where the relationship between brand owners and distributors is often contentious due to the lack of ownership of the brand by distributors [8]. - The uncertainty created by such disputes may lead to a decline in the performance of medical aesthetic products in the market, as distributors may become less motivated to invest in marketing and sales efforts [8].

Core Viewpoint - The dispute over the代理权 of AestheFill (艾塑菲), a high-demand product known as "童颜针," has escalated into a significant arbitration case, with *ST Suwu (600200.SH) seeking damages of up to 1.6 billion yuan against the Korean REGEN company, a subsidiary of Aimeike (爱美客) [1][2][3]. Group 1 - *ST Suwu's subsidiary, Daxiu Medical, has filed for arbitration against Korean REGEN, alleging breach of contract and seeking 1.6 billion yuan in damages [1][3]. - The AestheFill product has generated over 300 million yuan in sales within just eight months, boasting an 82% gross margin, making it a crucial revenue source for *ST Suwu [1][8]. - Aimeike's recent decision to terminate the exclusive distribution agreement with Daxiu Medical has raised concerns about the future of AestheFill's distribution in mainland China [2][3]. Group 2 - Aimeike's revenue growth has been slowing, with a projected revenue of 3.026 billion yuan in 2024, reflecting a mere 5.45% increase compared to over 47% in 2023 [8][9]. - The overall medical aesthetics market in China is expected to grow at a rate of 10% to 15% in the coming years, contrasting with Aimeike's declining performance [9]. - AestheFill's sales accounted for 20.42% of *ST Suwu's total revenue in 2024, significantly contributing to the company's turnaround from losses [9][10].

Market Overview - The medical beauty sector experienced a decline of 0.21% on August 13, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - ST Meigu closed at 3.15 with no change, trading volume of 88,100 shares, and a transaction value of 27.62 million yuan [1] - Huaxi Biological closed at 53.60, down 0.09%, with a trading volume of 40,900 shares and a transaction value of 218 million yuan [1] - Aimeike closed at 186.00, down 0.29%, with a trading volume of 32,400 shares and a transaction value of 600 million yuan [1] - Jinbo Biological closed at 301.49, down 0.49%, with a trading volume of 8,955 shares and a transaction value of 271 million yuan [1] Capital Flow Analysis - The medical beauty sector saw a net outflow of 63.94 million yuan from institutional investors, while retail investors had a net inflow of 61.61 million yuan [1] - Speculative funds recorded a net inflow of 2.34 million yuan [1] Additional Stock Data - ST Meigu reported a net outflow of 3.73 million yuan, a decrease of 13.52% [2] - Huaxi Biological had a net outflow of 16.99 million yuan, a decrease of 7.78% [2] - Aimeike experienced a net outflow of 43.22 million yuan, a decrease of 7.20% [2]

Summary of Key Points Core Viewpoint - The investment and financing landscape of the medical beauty injection materials industry in China is relatively mature, with a significant number of investment events and a focus on scientific research and technology services. Group 1: Financing Status - As of June 2025, there have been 39 investment events in the medical beauty injection materials industry, indicating a mature investment environment [2][4]. - The majority of financing events are concentrated in Shandong and Jiangsu provinces, with Shandong having 8 events and Jiangsu 7 events [4]. Group 2: External Investment Layout - Representative companies in the medical beauty injection materials industry have engaged in numerous external investment events, primarily focusing on scientific research and technology services, which account for approximately 58% of their investments [14][13]. - Other sectors of investment include manufacturing (18%) and wholesale and retail (8%) [14]. Group 3: Mergers and Acquisitions - The level of mergers and acquisitions in the medical beauty injection materials industry is relatively low, with notable participation from real estate companies. For instance, Lushang Development acquired 100% of Shandong Furuida Pharmaceutical Group in 2018 to enter the medical beauty sector [16].

Core Viewpoint - The dispute over the exclusive agency rights for the "童颜针" (AestheFill) between *ST Suwu and the medical beauty giant Aimeike has escalated, with *ST Suwu seeking arbitration and claiming significant financial losses due to alleged breaches of contract [2][5][6]. Group 1: Company Actions and Legal Proceedings - *ST Suwu's subsidiary, Datou Medical, has filed for arbitration with the Shenzhen International Arbitration Court regarding a breach of contract by Regen, seeking to confirm its exclusive agency rights for AestheFill and claiming preliminary damages of 1.6 billion yuan [2][6]. - The arbitration request was accepted by the Shenzhen International Arbitration Court on August 7, 2025 [5]. - *ST Suwu has publicly accused Aimeike of "capital bullying" and "serious damage to business ethics" in its defense [2][8]. Group 2: Financial Context and Company Performance - *ST Suwu is facing severe financial difficulties, including risks of forced delisting due to financial fraud allegations, with a reported inflated revenue of 1.77 billion yuan from 2020 to 2023 [3][9]. - Aimeike, which acquired 85% of Regen for $190 million in March 2025, is also experiencing declining financial performance, with revenue and net profit growth rates dropping to single digits in 2024 [3][12]. - Aimeike's market capitalization has decreased from over 180 billion yuan at its peak to approximately 60 billion yuan, reflecting a loss of over 120 billion yuan [4][14]. Group 3: Market Implications and Future Outlook - The ongoing dispute over the AestheFill agency rights is critical for both companies, as AestheFill is seen as a potential growth driver for Aimeike amidst its declining performance [10][11]. - The market has reacted negatively to the news, with *ST Suwu's stock price experiencing consecutive trading halts following the announcement of the termination of its agency rights [8]. - The outcome of the arbitration and the future of the AestheFill product in the Chinese market remain uncertain, with significant implications for both companies and their stakeholders [4][15].