业绩亮红灯、面临多重退市风险，*ST苏吴能否挺过“多事之秋”

Core Viewpoint - *ST Suwu is facing significant challenges, including a sharp decline in revenue and net profit, alongside multiple delisting risks, particularly related to the arbitration case concerning the exclusive agency rights for the AestheFill product. Financial Performance - In Q3 2025, *ST Suwu reported a revenue decline of 63.93% year-on-year to 148 million yuan, with a net profit attributable to shareholders of approximately -43.05 million yuan, a drastic decrease of 308.72% compared to the same period last year [1][3] - For the first three quarters, the company's revenue fell by 38.85% to 784 million yuan, and the net profit decreased by 294.03% to -87.47 million yuan, primarily due to significant impairment provisions for trade receivables [4][5] - The pharmaceutical business generated a total revenue of 468 million yuan, down 55.79% year-on-year, while the medical aesthetics sector achieved a revenue of 304 million yuan, up 52.78% [4] Business Operations - The decline in revenue is attributed to a significant drop in income from pharmaceutical and medical aesthetics businesses, with the company admitting it is currently unable to continue selling AestheFill products due to ongoing arbitration [1][5] - AestheFill, a key product for *ST Suwu, was launched in 2024 and contributed significantly to the company's revenue, accounting for 35.55% of total revenue in Q1 2024 [5][6] Legal and Regulatory Issues - *ST Suwu is under scrutiny for alleged information disclosure violations, having received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation [7] - The company has been found to have inflated revenue by approximately 1.771 billion yuan from 2020 to 2023 through non-commercial trade activities, leading to multiple delisting risks [8][9] - The company has faced a series of legal challenges, including a criminal case against its subsidiary for tax fraud, which further complicates its financial situation [9]