退市的*ST苏吴：败走童颜针后，又现财务造假与信披违规

Core Viewpoint - *ST Suwu has been delisted due to long-term financial fraud and information disclosure violations, with significant implications for its future operations and market presence [2][6]. Financial Misconduct - Since 2018, *ST Suwu has concealed its actual controlling shareholder and inflated its revenue by over 1.77 billion yuan through related party transactions [2][6]. - Approximately 1.69 billion yuan of funds have been non-operationally occupied by related parties, nearly depleting the company's core assets [2][6]. - The company has been fined 10 million yuan, and its actual controller has been fined 15 million yuan and banned from the securities market for 10 years [6]. Business Performance - The company's revenue has significantly declined, with a year-on-year drop of 38.85% in the first three quarters of 2025, resulting in a net loss of 87.468 million yuan [2][8]. - The traditional pharmaceutical sector has also suffered, with a 55.79% decline in revenue during the same period [8]. Legal and Regulatory Issues - In February 2023, *ST Suwu received a notice from the China Securities Regulatory Commission (CSRC) regarding suspected violations of information disclosure laws [5]. - The company faced a series of regulatory actions, including warnings and administrative penalties, culminating in its delisting [5][6]. Product and Market Challenges - The "Tongyan Needle" (AestheFill) has become a critical growth point for *ST Suwu, contributing 35.55% of its revenue in Q1 2025 [7][8]. - A dispute over the agency rights for AestheFill has emerged, with the company facing a potential loss of this key product due to a contract termination by a partner [7][8]. Future Outlook - With the delisting, *ST Suwu faces severe challenges in liquidity and creditworthiness, as it loses access to capital markets [9][10]. - The company must find new revenue sources quickly to survive, as its current financial situation is precarious, with only about 49.19 million yuan in cash remaining [9][10].