Zheng Quan Shi Bao Wang·2025-08-11 13:34Core 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].