Jiangsu wuzhong(SH:600200) Hua Xia Shi Bao·2025-08-31 09:30Core Viewpoint - *ST Suwu has experienced a significant decline in both revenue and net profit in the first half of 2025, primarily due to a substantial impairment provision for trade receivables, despite high growth in its medical beauty segment. The loss of exclusive distribution rights for its key product, AestheFill, poses a serious challenge for the company's future performance [2][3][7]. Financial Performance - In the first half of 2025, *ST Suwu reported revenue of 636 million yuan, a year-on-year decrease of 27.08% [3]. - The net profit attributable to shareholders was a loss of 44.42 million yuan, a decline of 281.63% compared to the previous year [3]. - The operating cash flow was negative at -885 million yuan, down 680.0% year-on-year [3]. - Basic earnings per share stood at -0.062 yuan [3]. Business Segment Analysis - The pharmaceutical business, as the traditional core segment, generated revenue of 358.10 million yuan, a decline of 53.81% year-on-year [4]. - The medical beauty segment achieved revenue of 268.19 million yuan, a remarkable increase of 234.73% year-on-year [5]. - The gross profit from the pharmaceutical segment was 184.66 million yuan, down 32.09% year-on-year, while the medical beauty segment's gross profit was 220.44 million yuan, up 231.94% year-on-year [5]. Key Product and Market Changes - The exclusive distribution rights for AestheFill were unilaterally terminated by Regen Biotech, which poses a significant risk to *ST Suwu's revenue stream [7]. - The termination was attributed to alleged violations of the distribution agreement and financial misconduct by *ST Suwu [7][8]. - The product AestheFill will be rebranded as "Zhen Ai Su Fei" in the Chinese market, further complicating *ST Suwu's ability to maintain its market position [8]. Stock Market Activity - Despite the declining performance and potential delisting risks, *ST Suwu's stock has seen unusual trading activity, with significant price increases observed in late August 2025 [8][9]. - The stock price fluctuated, with a notable drop of 1.71% and 5.22% on August 28 and 29, respectively, bringing it close to the warning line of 1 yuan [9].