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].

Group 1 - The medical beauty sector rose by 1.64% on August 11, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 3647.55, up 0.34%, while the Shenzhen Component Index closed at 11291.43, up 1.46% [1] - The trading volume and turnover for key stocks in the medical beauty sector were as follows: Ai Meike (25,700 hands, 478 million yuan), Huaxi Biological (38,100 hands, 202 million yuan), Jinbo Biological (7,768 hands, 24.7 million yuan), and *ST Meigu (89,200 hands, 27.53 million yuan) [1] Group 2 - The net capital flow in the medical beauty sector showed a net outflow of 9.1 million yuan from institutional investors, while retail investors had a net inflow of 7.89 million yuan [1] - The individual stock capital flow indicated that Ai Meike had a net outflow of 11.18 million yuan, while *ST Meigu experienced a net inflow of 4.11 million yuan [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of differentiated membership stores, such as the WS Jiangtun membership store launched by Wushang Group in Wuhan, which focuses on unique products and services [5][24] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics [8][29] Summary by Sections Retail Market Review - The retail industry index reported a decline of 0.38% for the week of August 4 to August 8, 2025, underperforming the Shanghai Composite Index, which increased by 2.11% [14][21] - The jewelry sector showed the highest growth among retail sub-sectors, with a weekly increase of 6.07% and a year-to-date increase of 32.99% [16][19] Retail Insights - Wushang Group's WS Jiangtun membership store adopts a "paid membership + selected products" model, aiming to provide a differentiated shopping experience [5][24] - The store features a dual membership structure with basic and diamond tiers, enhancing customer engagement and loyalty [25] Investment Recommendations - Focus on gold jewelry brands with differentiated product offerings and consumer insights, recommending companies like Laopu Gold and Chaohongji [8][29] - Highlight the potential of offline retail companies that adapt to consumer trends, recommending Yonghui Supermarket and Aiyingshi [8][29] - Emphasize the growth of domestic cosmetics brands, recommending companies like Maogeping and Pola [8][29] - Suggest investment in medical aesthetics firms with differentiated product lines, recommending Aimeike and Kedi-B [8][29] Company Performance Highlights - Laopu Gold achieved a revenue of 8.506 billion yuan in FY2024, with a net profit increase of 253.9% [31][36] - Yonghui Supermarket reported a revenue of 17.479 billion yuan in Q1 2025, with a significant decline in net profit [31] - Chaohongji's Q1 2025 revenue increased by 25.4%, driven by its focus on fashion jewelry [43]

Core Viewpoint - The dispute over the exclusive agency rights for the "童颜针" (AestheFill) between *ST Suwu and Aimeike highlights the lucrative nature of the medical beauty industry, particularly the significant revenue generated by AestheFill for *ST Suwu, which could be jeopardized by the termination of the agency agreement [1][2][8]. Group 1: Agency Dispute - Aimeike announced the termination of the exclusive distribution agreement for AestheFill, which affects *ST Suwu's subsidiary, Datuo Medical, potentially leading to a loss of significant revenue [2][3]. - The reasons for the termination include alleged violations of the agreement by Datuo Medical and serious legal issues faced by *ST Suwu's executives, which have impacted the reputation of AestheFill in China [3][5]. - *ST Suwu refuted these claims, asserting that there was no transfer of agency rights and that the termination was unjustified, indicating potential legal actions against Aimeike [5][6]. Group 2: Financial Impact - AestheFill contributed over 3 billion yuan in revenue to *ST Suwu within a year, representing a 4000% increase in the medical beauty segment's performance [1][8]. - If the agency agreement is terminated, *ST Suwu anticipates a significant decline in revenue and profit from its medical beauty segment, with AestheFill projected to account for 20.42% of total revenue in 2024 [8][11]. - Aimeike's corresponding product, "濡白天使," has also shown strong performance, with revenues increasing from 385 million yuan in 2021 to 1.216 billion yuan in 2024, indicating robust growth in the medical beauty market [13]. Group 3: Market Dynamics - The medical beauty injection market, particularly for products like AestheFill, is expected to grow rapidly, with projections estimating a market size of 11.52 billion yuan by 2027 and a compound annual growth rate of 54.73% from 2021 to 2025 [9]. - The competition in the "童颜针" market is intensifying, with multiple players entering the space, including products from Aimeike, Korean REGEN, and others, indicating a crowded and competitive landscape [15].

Market Overview - The Shanghai Composite Index rose by 0.16% on August 7, with 18 out of 28 sectors experiencing gains, led by the non-ferrous metals and beauty care sectors, which increased by 1.20% and 0.99% respectively [1] - The pharmaceutical and electrical equipment sectors saw the largest declines, with decreases of 0.92% and 0.74% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 37.824 billion yuan, with 8 sectors seeing net inflows [1] - The electronics sector had the highest net inflow of 3.124 billion yuan, rising by 0.45%, followed by the non-ferrous metals sector with a net inflow of 650 million yuan and a daily increase of 1.20% [1] Beauty Care Sector Performance - The beauty care sector increased by 0.99% despite a net outflow of 37.9182 million yuan in main funds [2] - Out of 31 stocks in the beauty care sector, 21 stocks rose, including one that hit the daily limit, while 8 stocks fell, with one hitting the lower limit [2] - The top three stocks with the highest net inflow in the beauty care sector were Aimeike (714.056 million yuan), Lafang Jiahua (597.061 million yuan), and Shuiyang Co. (424.243 million yuan) [2][3] Notable Stocks in Beauty Care Sector - The stock "Beijia Jie" saw the largest net outflow of 261.5248 million yuan, with a decline of 10.01% [2] - Other notable stocks with significant net outflows included "Runben Co." and "Haoyue Care," with outflows of 21.2646 million yuan and 18.7484 million yuan respectively [2]

Group 1 - The A-share pharmaceutical sector is experiencing a rebound, with the Medical Innovation ETF (516820.SH) rising by 0.78% [1] - Key stocks such as Antu Bio (603658) increased by 6.18%, Mindray Medical (300760) by 2.61%, and Aimeike (300896) by 1.88% [1] - The Shanghai Regulatory Bureau and seven other ministries issued measures to promote the high-quality development of commercial insurance to support pharmaceutical innovation, encouraging the establishment of "patient capital" for long-term support of innovative drug research and development [1] Group 2 - The new measures have attracted over 100 drug applications for inclusion in the commercial health insurance innovative drug catalog, shifting the industry from a "single-driver" model to a "dual-driver" model of "medical insurance + commercial insurance" [1] - The national unified medical insurance big data platform, covering 1.3 billion insured individuals and over 300,000 types of drugs and consumables, is seen as a significant support for the development of the industry [1] - The platform aids in quickly analyzing clinical needs, enhancing drug value assessment, and accelerating the inclusion of innovative drugs into medical insurance, thus promoting the development of commercial insurance [1] Group 3 - Market dynamics are shifting, with funds moving from high-valued sectors to reasonably valued ones, leading to a gradual rebound of core assets at the bottom [2] - The medical innovation sector, including CXO (WuXi AppTec/TigerMed), medical devices (Mindray), and medical consumption (Aier Eye Hospital/Aimeike), is highlighted as having core assets that are significantly undervalued [2] - Weak U.S. economic and employment data may accelerate the Federal Reserve's rate cuts, enhancing global liquidity and benefiting technology stocks, presenting a good opportunity for investment in the medical innovation ETF (516820) [2]

Group 1 - The medical beauty sector increased by 0.16% on August 6, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] - Key stocks in the medical beauty sector showed varied performance, with Jinbo Biological closing at 328.28, up 0.90%, and Aimeike slightly down by 0.03% [1] Group 2 - The medical beauty sector experienced a net outflow of 171.11 thousand yuan from main funds, while retail funds saw a net outflow of 668.85 thousand yuan [1] - The table indicates that *ST Meigu had a main fund inflow of 145.78 thousand yuan but a significant outflow from retail investors [2] - Huaxi Biological and Aimeike also showed mixed fund flows, with Huaxi experiencing a net outflow from main funds and a small inflow from retail investors [2]

Group 1 - The company, Aimeike, confirmed on August 5 that it has been supplying products normally after acquiring the South Korean company REGEN, adhering to its current production capacity [2] - The company's performance targets are evaluated based on unified standards, regardless of whether the products are domestic or from South Korea [2] - All products must comply with the regulatory requirements of each country for registration [2]