IMEIK(SZ:300896) Sou Hu Cai Jing·2025-07-22 06:56Core Viewpoint - The medical aesthetics industry is undergoing a significant restructuring of its agency rights, highlighted by the recent dispute between REGEN and *ST Suwu over the exclusive agency rights for the injection product Aisufei, which has substantial financial implications for both companies [1][4]. Financial Impact - Aisufei, known as the "youthful needle," generated sales of 326 million yuan in its first year of launch in 2024, with a gross profit of 269 million yuan [1]. - Following the announcement of regulatory penalties against *ST Suwu for financial misconduct, the company's stock price has dropped significantly, losing over 600 million yuan in market value [7]. - In contrast, despite facing growth pressures, Aimeike's stock price increased by 3.85% during the same period, reflecting investor confidence in its fundamentals [7]. Legal and Regulatory Context - The regulatory penalties against *ST Suwu, including a 10-year ban for its chairman, triggered the agency rights dispute, as REGEN cited breaches of contract due to the company's illegal activities [4][6]. - The legal interpretation of the exclusive agency agreement is central to the dispute, with *ST Suwu arguing that there was no transfer of rights, while REGEN claims that the reputation damage from *ST Suwu's actions justifies contract termination [7]. Market Dynamics - The change in agency rights is leading to a rapid reshuffling of distribution channels, with REGEN's subsidiary now taking over the distribution of Aisufei [8]. - Aimeike plans to adopt a direct sales model, enhancing its control over pricing and service standards, which is crucial for maintaining the product's premium positioning [8]. - The market for regenerative injectables is expanding at a compound annual growth rate of 29%, indicating a significant growth opportunity for companies that can effectively navigate the changing landscape [9]. Industry Transformation - The dispute reflects a broader shift in the medical aesthetics industry from a loosely regulated agency model to a more integrated and compliant operational structure [6][9]. - The loss of the medical aesthetics segment poses a challenge for *ST Suwu, which must find ways to sustain its listing status amid declining market support [9].