证券之星消息，9月15日，生物经济（970038）指数报收于2418.21点，涨0.91%，成交345.84亿元，换手 率2.15%。当日该指数成份股中，上涨的有21家，福瑞股份以20.01%的涨幅领涨，下跌的有29家，华大 基因以3.11%的跌幅领跌。 生物经济（970038）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 13.82% | 239.60 | -0.58% | 2905.01 | r 医药生物 | | sz002252 | 十肖史上 | 4.71% | 6.84 | 0.15% | 454.04 | 医药生物 | | sz300347 | 泰格医药 | 4.69% | 61.77 | 1.25% | 531.86 | 医药生物 | | sz000661 | 长春高新 | 4.34% | 126.81 | 0.88% | 517.31 c | 医药生物 | | sz300759 | 康龙化成 ...

Group 1 - The ongoing dispute over the "AestheFill" product involves Aimei Ke's subsidiary REGEN Biotech, which has been restricted from selling the product in mainland China until arbitration is resolved [1][2] - Aimei Ke confirmed that the recent decision is a procedural matter and does not constitute a final arbitration ruling, indicating that REGEN may still sell AestheFill in mainland China [2][3] - The product AestheFill has been out of stock for two months, affecting downstream medical beauty institutions, although Aimei Ke attributes the shortage to distributor sales strategies [2][3] Group 2 - AestheFill has been rebranded as "Zhen Ai Su Fei," but many institutions still refer to it as "Ai Su Fei," leading to confusion in the market [2][3] - There is a significant price discrepancy between the two names, with "Ai Su Fei" priced as low as 8,700 yuan per 200mg unit, while "Zhen Ai Su Fei" is priced around 21,000 yuan for the same quantity [3] - The ability of Aimei Ke to stabilize the sales and pricing of AestheFill remains uncertain and will require further observation [3]

Core Viewpoint - REGENBiotech, a subsidiary of Aimeike, is currently under a temporary arbitration decision that restricts its ability to sell a specific facial filler product in mainland China and recognizes a local distributor as the exclusive seller [2][3]. Group 1: Arbitration Decision - The Shenzhen International Arbitration Court issued a decision that prohibits REGEN from independently selling the "AestheFill" product in mainland China until the arbitration case is resolved [2]. - The decision confirms that Datou Medical is the exclusive distributor of the product in mainland China and mandates REGEN to continue supplying the product to Datou Medical as per their agreement [2]. - REGEN is not allowed to authorize any third party to sell the product in mainland China and must not provide the product to anyone other than Datou Medical for sales requests [2]. Group 2: Legal Response - Aimeike and REGEN are taking the arbitration matter seriously and have engaged a professional legal team to respond to the situation [3]. - REGEN intends to take all necessary legal actions to modify, suspend, or revoke the temporary measures outlined in the arbitration decision [3]. - The decision is a procedural matter and does not affect the final outcome of the case, which will be determined by the arbitration tribunal [3].

Market Overview - The medical beauty sector increased by 0.3% on September 15, with Huaxi Biological leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Huaxi Biological (688363) closed at 59.90, up 1.34%, with a trading volume of 56,000 shares and a transaction value of 334 million [1] - *ST Meigu (000615) closed at 3.13, up 0.32%, with a trading volume of 58,300 shares and a transaction value of 18.19 million [1] - Aimeike (300896) closed at 194.07, down 0.43%, with a trading volume of 28,800 shares and a transaction value of 561 million [1] - Jinbo Biological (832982) closed at 302.60, down 3.69%, with a trading volume of 15,400 shares and a transaction value of 471 million [1] Capital Flow Analysis - The medical beauty sector experienced a net outflow of 46.726 million from institutional investors, while retail investors saw a net inflow of 27.246 million [1] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite institutional outflows [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Shuiyang Co., Ltd. [3][13] Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index increasing by 0.2% from September 5 to September 12, 2025, lagging behind the Shenwan A Index by 2.7 percentage points [3][4] - Domestic cosmetics brands showed strong growth in August, with key brands under Shumei Co. achieving a 70% growth rate on Douyin and Taobao platforms, indicating a robust performance despite high base effects [3][9] - The report highlights the upcoming Double 11 shopping festival, suggesting that brands should prepare for promotional strategies [3][9] Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance was weaker than the market, with declines in the Shenwan Cosmetics Index by 0.5% and the Shenwan Personal Care Index by 0.8% during the specified period [3][4] Key Company Review - Shuiyang Co., Ltd. is positioned as a leading technology-driven beauty company in China, with stable revenue between 4 to 5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024, up by 10.94 percentage points from 2021 [3][10] - The company has a dual business model of proprietary brands and CP agency brands, with a strong focus on high-end and global market transformation [3][10][12] E-commerce Data - In August, key domestic brands on Douyin and Taobao platforms showed significant growth, with Shumei Co. brands achieving a 70% increase, and other brands like Maogeping and Runben also reporting substantial growth rates [3][14] Market Trends - The report notes that the overall retail sales of cosmetics in July 2025 grew by 4.5%, indicating a recovery in consumer spending [3][17] - The domestic skincare market is projected to reach 271.2 billion yuan in 2024, despite a slight decline of 3.7% year-on-year, with domestic brands gaining market share [3][26] Company Announcements - Shumei Co. has appointed Dr. Karl Lintner, a pioneer in peptide beauty, as the chief scientific advisor, aiming to enhance its global competitiveness in research and development [3][21]

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].

管线进展：AestheFill 改名"臻爱塑菲"正式登陆中国市场，肉毒已重新进入排队待审评状态 25Q2：收入6.36 亿元/-25.1%，归母净利3.46 亿元/-41.8%，扣非归母净利3.2 亿元/-42.8%。 低景气度+竞争加剧背景下内生短期承压 收入拆分：25H1 溶液类收入7.44 亿元/-23.8%；凝胶类收入4.93 亿元/-23.99%；冻干粉类收入0.19 亿 元；面部埋值线332 万元/-4.6%；其他主营业务0.39 亿元/+38.9%； 毛利率拆分：25H1 毛利率93.44%/-1.5pct，其中溶液类、凝胶类、面部埋值线、其他主营业务毛利率分 别下滑0.83pct/0.23pct/3.86pct/3.23pct，产品在竞争加剧背景下毛利率有所下行，其中非核心品类下滑更 多。 费用＆净利率：25H1 销售、管理、研发费率分别为11.1%(+2.6pct）、5.34%(+1.3pct）、12.05% （+4.5pct）；25H1 归母净利率60.77%/-6.9pct ，扣非归母净利率55.6%/-10.2pct。 公司披露25 年中报业绩低于预期 25H1：收入12.99 亿元/ ...

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]

| 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 688363 华熙生物 | 714.97万 | 2.62% | 1269.34万 | 4.66% | -1984.31万 | -7.28% | | 000615 *ST美谷 | -322.59万 | -17.05% | 238.25万 | 12.59% | 84.34万 | 4.46% | | 300896 爱美客 | -5281.66万 | -5.76% | 1911.13万 | 2.08% | 3370.53万 | 3.67% | 从资金流向上来看，当日医疗美容板块主力资金净流出4889.28万元，游资资金净流入3418.72万元，散户 资金净流入1470.56万元。医疗美容板块个股资金流向见下表： 证券之星消息，9月12日医疗美容板块较上一交易日下跌2.03%，爱美客领跌。当日上证指数报收于 3883.69，上涨0.22%。深证成指报收于12996.38，上涨0.13%。医疗美容板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交 ...