经济观察报·2025-07-22 06:48Core Viewpoint - The article discusses the termination of the exclusive agency agreement for the "Tian Yan Needle" product, Aisufei, between Aimeike and *ST Suwu, following *ST Suwu's recent regulatory penalties for revenue inflation and potential delisting risks [2][3]. Group 1: Company Actions - Aimeike's subsidiary REGEN has decided to reclaim the exclusive agency rights for Aisufei in China, previously held by *ST Suwu's subsidiary Datou Medical [2][3]. - REGEN's global market head stated that the termination is a measure to protect legitimate rights, rejecting collaboration with a company involved in fraudulent activities [3][9]. - Following the termination, Aimeike plans to consider direct sales of Aisufei in mainland China [3][15]. Group 2: Regulatory Context - *ST Suwu was recently penalized by the China Securities Regulatory Commission (CSRC) for inflating revenue and may face forced delisting [1][3]. - The CSRC's investigation revealed multiple violations by *ST Suwu, including undisclosed related-party transactions and revenue inflation [7][9]. Group 3: Financial Implications - Aisufei is projected to generate significant revenue, with an expected sales income of 326 million yuan and a gross profit of 269 million yuan in 2024 [2]. - The termination of the agency agreement is likely to lead to a substantial decrease in *ST Suwu's medical aesthetics segment revenue and profit for the second half of the year [13]. Group 4: Market Reactions - As of July 22, Aimeike's stock price increased by 3.85%, reaching a market capitalization of 55.9 billion yuan, while *ST Suwu's stock fell by 5.03%, with a market capitalization of 1.2 billion yuan [16].