Core Viewpoint - Jiangsu Wuzhong (ST Suwu) is facing significant challenges, including a recent investigation by the China Securities Regulatory Commission (CSRC) and potential delisting risks, despite a brief turnaround in 2024 due to the successful launch of its product "AestheFill" [1][2][3][6]. Group 1: Financial Performance - Jiangsu Wuzhong reported a net profit of approximately 70.48 million yuan in 2024, primarily driven by the sales of "AestheFill," which sold around 20,000 units in the first two months post-launch, generating a gross profit of 66.41 million yuan [6]. - The company experienced a revenue decline of 28.64% year-on-year in 2024, with total revenue around 1.599 billion yuan, attributed to decreased pharmaceutical and trade income [6]. - In Q1 2024, the medical beauty business generated approximately 113 million yuan in revenue, marking a staggering year-on-year growth of 8781.59%, while the pharmaceutical segment saw a 52.51% decline in revenue [7]. Group 2: Regulatory Issues - The chairman of Jiangsu Wuzhong, Qian Qunshan, is under investigation by the CSRC for suspected violations of information disclosure laws, which has led to a significant drop in stock price [2][3]. - The company received an adverse audit opinion for its 2024 financial report due to issues related to overdue receivables and criminal liability for assisting in tax fraud, resulting in a risk warning and a change in stock designation to "*ST Suwu" [3][4]. - If the CSRC concludes that the company has committed major violations, it may face mandatory delisting under the Shanghai Stock Exchange rules [2]. Group 3: Competitive Landscape - Jiangsu Wuzhong's exclusive agency rights for "AestheFill" are in jeopardy as a competitor, Aimeike, has acquired 85% of the product's parent company, Regen, for approximately 1.373 billion yuan, raising concerns about the sustainability of its market position [8]. - The company previously stated that its rights to "AestheFill" are limited to a certain period and do not include ownership or production rights [8].
江苏吴中董事长被立案:涉信披违规 退市边缘童颜针代理权生悬念