Core Viewpoint - A dispute has arisen between two A-share companies regarding the exclusive distribution rights of the AestheFill product, with *ST Suwu asserting its rights against Regen Biotech, a subsidiary of Aimeike [2][3] Group 1: Dispute Details - *ST Suwu claims that Regen Biotech intends to terminate the exclusive distribution agreement for AestheFill in mainland China, citing alleged violations of the agreement by *ST Suwu and its executives [2][3] - Regen Biotech has sent a termination notice to *ST Suwu, asserting that the latter has transferred the distribution rights to its controlling shareholder, Wu Zhong Meixue, which they claim violates the agreement [2][3] - *ST Suwu refutes these claims, stating that there has been no transfer of rights and that the exclusive distribution agreement remains legally binding until 2032 [3] Group 2: Product and Market Impact - AestheFill is a regenerative injection product developed by Regen Biotech, primarily composed of PDLLA microspheres and sodium carboxymethyl cellulose, aimed at skin rejuvenation [4] - The product was first approved for sale in South Korea in 2014, and *ST Suwu acquired a 51% stake in the distributor, Dato Medical, in 2021 for 166 million yuan [4][5] - AestheFill generated significant revenue for *ST Suwu, contributing 3.26 billion yuan to the company's total revenue in 2024, accounting for 20.42% of total revenue and 34.80% of gross profit [6] Group 3: Corporate Developments - Aimeike recently acquired 85% of Regen Biotech for approximately 1.386 billion yuan, gaining control over the company and integrating it into its financial statements [5][6] - The sales performance of AestheFill is critical for *ST Suwu, especially as the company faces a potential delisting due to regulatory issues related to financial misreporting [6]

每经记者｜许立波 每经编辑｜董兴生 7月21日晚间，*ST苏吴（以下简称"江苏吴中"）披露公告称，其控股孙公司达透医疗器械（上海）有 限公司（以下简称"达透医疗"）近日收到韩国Regen Biotech Inc.（以下简称"Regen"）通过邮件发出的 《解约函》。 Regen在《解约函》中要求，撤销达透医疗作为AestheFill（中文名"艾塑菲"，俗称"童颜针"）产品在中 国内地独家经销商的所有相关授权。 今年3月，国内"医美三剑客"之一的爱美客宣布拟以1.90亿美元收购Regen 85%股权。7月2日，爱美客公 告称，Regen已经完成董事会改选，爱美客的控股子公司爱美客国际作为控股股东，在Regen董事会中 拥有多数席位，已经实际控制Regen的日常运营。爱美客也将Regen纳入公司合并报表范围。 江苏吴中的医美转型故事能否继续？ 7月18日，江苏吴中称，公司通过国家药品监督管理局网站查询，艾塑菲注册证代理人名称由达透医疗 变更为俪臻（北京）生物科技有限公司，后者正是由Regen100%持股。 尽管江苏吴中曾多次强调，达透医疗拥有艾塑菲在中国境内的独家代理权有效期至2032年8月28日，且 独家代理权 ...

Core Viewpoint - The China Securities Medical Advantage 50 Index has shown a recent upward trend, reflecting the performance of leading companies in the medical sector, despite a year-to-date decline. Group 1: Index Performance - The China Securities Medical Advantage 50 Index has increased by 5.31% over the past month and by 5.29% over the last three months, but has decreased by 2.32% year-to-date [2] - The index was established on December 31, 2015, with a base value of 1000.0 points [2] Group 2: Index Composition - The top ten weighted companies in the index are: Aier Eye Hospital (9.85%), Huatai Medical (9.05%), New Industry (6.52%), Aimeike (4.97%), United Imaging (4.72%), Mindray Medical (4.69%), Yuyue Medical (3.56%), Furuide (3.34%), Jianfan Bio (3.21%), and Lepu Medical (3.16%) [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.14%) and the Shanghai Stock Exchange (39.86%) [2] Group 3: Industry Breakdown - The index's sample companies are categorized as follows: medical consumables (35.25%), medical devices (29.57%), in vitro diagnostics (25.33%), and medical services (9.85%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

7月21日，中成药龙头企业沃华医药(002107)发布2025年半年报，在医疗改革、原材料成本上涨的背景 下，沃华医药上半年实现盈利同比增长超3倍。近年来，沃华医药持续推行精细化管理，以学术、研发 为抓手，促进业绩增长。与此同时，医疗行业正迎国家医疗强基工程的重要机遇，沃华医药有望借此进 一步拓展基层市场。 业绩报告显示，今年上半年，沃华医药实现营业收入4.25亿元，同比增长7.64%；净利润4467.64万元， 同比增长303.16%。同时拟向全体股东每10股派发现金红利1.2元(含税)。 近年来，沃华医药着力推动公司产品进入各项临床指南、专家共识和诊疗方案。今年上半年，沃华医药 四大独家医保支柱产品新增6项，共计获得93项权威教材、临床指南、临床路径诊疗方案及专家共识的 推荐。 值得关注的是，今年以来，我国医疗卫生强基工程促进优质医疗资源下沉和区域均衡布局，为沃华医药 提供了政策机遇。 据悉，2025年2月以来，我国已在2188个县（市、区）推进紧密型县域医共体建设。目前，心可舒片已 进入县域医共体目录近300个，仅2025年第二季度，新增进入41个目录。同时，沃华医药其他医保品种 也在努力通过进入相关目 ...

2025.07. 21 此前发表在《美国国家科学院院刊》上的一项研究发现，NIH的资金支持了美国食品药品监督管理局 (FDA) 在2010年至2016年期间批准的210种新药的相关研究。 本文字数：1314，阅读时长大约2分钟 作者 | 第一财经 钱童心 美国国会预算办公室（CBO）日前表示，特朗普政府计划将美国国立卫生研究院（NIH）2026年的 预算大幅削减，将最终导致市场上的药物数量减少，这一影响可能会在更长的时间内显现。 特朗普政府此前宣布，将2026年NIH预算大幅削减180亿美元，削减幅度达40%。如果预算获得美国 国会通过，将于今年10月1日正式生效。 美国国会预算办公室主任菲利普·斯瓦格尔（Phillip Swagel）在回复美国国会民主党议员的一封信 中表示，如果NIH对临床前研究的资助削减10%，在未来30年内，进入临床试验的候选药物数量将 逐年减少，每年将影响2种药物的研发。该机构估计，未来30年将至少减少20种药物进入研发，最终 导致上市新药数量减少约4.5%。 研究机构Grant Watch报告称，截至7月3日，受影响的NIH拨款项目达到4473项，面临资金资助冻 结风险的资金总额超 ...

Core Insights - The Guangdong Provincial Health Commission has announced the first batch of "Artificial Intelligence + Healthcare" application scenarios, with the "Zhongsi" Smart Traditional Chinese Medicine Platform from Guangzhong Medicine Shenzhen Hospital being selected for provincial promotion, indicating a significant achievement in the integration of traditional Chinese medicine and artificial intelligence [1] Group 1 - The "Zhongsi" platform is based on a large language model with 34 billion parameters, utilizing over 3.8 million high-quality medical instruction data and 60,000 detailed traditional Chinese medicine instructions, integrating technologies such as ASR voice recognition and knowledge graphs [1] - The platform enables real-time transcription of doctor-patient dialogue, automatic extraction of patient symptoms and examination indicators, and ensures medical record quality through an intelligent error correction mechanism [1] - The platform has been deployed in 31 community health institutions and one community hospital under Guangzhou University of Traditional Chinese Medicine Shenzhen Hospital, serving 200 clinical physicians with a total consultation volume of 5,000, improving community health service efficiency by 20% [2] Group 2 - The platform analyzes and integrates multimodal diagnostic data to provide comprehensive diagnostic support for doctors, enhancing follow-up efficiency and achieving a closed-loop management of "diagnosis - follow-up" [2] - Features such as intelligent inquiry recommendations, disease differentiation, prescription recommendations, and care plan suggestions are available to assist physicians during consultations [2] - After consultations, the system automatically synchronizes diagnostic data and health reports to the platform, supporting the intelligent follow-up system and gradually building a local data pool [2]

南方财经全媒体记者 林汉垚、孙诗卉 北京、上海报道 当一款治疗癌症的创新药年治疗费用高达数十万、上百万元，而患者自付比例接近50%时，一个尖锐的 问题浮出水面——正遭受疾病磨难的患者，该如何负担这些承载生命希望的创新药物？ 《中国创新药械多元支付白皮书（2025）》（以下简称《白皮书》）显示，2024年，我国创新药销售额 预计达1620亿元，其中医保基金支付约710亿元，覆盖44%；个人现金支付约786亿元，占比49%；商业 健康险支出约124亿元，仅贡献7.7%。 在"保基本"的定位下，医保基金对部分高值创新药的支付存在天然限制，个人负担过重与商保支付严重 不足的结构性矛盾，已成为制约创新药发展的关键瓶颈。 创新药支付困境的核心，在于多层次医疗保障体系中各层级的责任错配。尤其当公众将目光投向近年快 速普及的"惠民保"时，需清醒认识到，这一普惠型补充保险，绝非解决高值创新药支付难题的"万能钥 匙"。 定位之限 目前，我国已基本实现全民医保，建成了世界上最大的基本医疗保障网。作为我国多层次医疗保障中最 基本的一层，基础医保覆盖范围广，不分年龄、不论病史为广大群众提供了基本、可靠和安全的医疗保 障，防范"因病致贫 ...

一个新应用，上线 iOS不到24小时，冲上苹果应用商店医疗榜榜首。 这在任何一个赛道都堪称现象级。而这次的主角，是蚂蚁集团的 AI健康应用AQ。 大厂们正以前所未有的姿态涌入 AI医疗健康领域。腾讯、百度、京东、字节，无一缺席。投资女 王"木头姐"Cathie Wood曾断言，医疗保健是AI最具潜力却也最被低估的应用领域。 当所有人都挤进这条价值万亿的赛道时，蚂蚁的这张牌，究竟想打什么 ？ 答案早已写在其过去十年的布局里。 AQ，不止于"问" 要理解蚂蚁的意图，首先要看 AQ本身。它并非一个简单的"你问我答"式AI机器人。它的产品设计， 是 对真实诊疗流程的 复刻 。 传统 AI问诊的一大痛点，是用户往往无法准确描述自己的复杂症状。AQ试图解决这个问题。它 的"AI诊室"功能，核心特点是"能追问"。它不 是 一个搜索引擎，而更像一个有经验的预检医生，通 过多轮引导式对话，循序渐进地帮助用户厘清症状，收集必要信息，从而给出更具参考价值的建议。 AQ的iOS版，深度集成了苹果的HealthKit平台。这意味着，经用户授权，AQ可以读取iPhone和 Apple Watch记录的步数、心率、睡眠、健身等数据。这些来 ...

Core Viewpoint - The article discusses the rapid growth of the dental implant market and highlights the innovative dental implant distractor developed by Shanghai Yangshan Biotechnology Co., which aims to address the challenges of bone deficiency in dental implant surgeries [3][9]. R&D Background - The dental implant market is experiencing significant growth due to increased awareness of oral health and the popularity of implant technology. However, the success rate of implant surgeries is influenced by various factors, particularly the condition of the alveolar bone [3]. - Many patients face issues such as alveolar bone atrophy or insufficient bone volume before surgery, complicating the procedure. Traditional methods like bone grafting and guided bone regeneration (GBR) have limitations, including complexity, trauma, and prolonged recovery time [3]. Traction Osteogenesis Technology - Traction osteogenesis technology is emerging as a new method for bone augmentation, offering advantages such as no donor site requirement and minimal impact on surrounding soft tissues. This technique promotes new bone formation through applied traction, improving conditions for dental implant surgeries [5]. - The integration of digital technologies like 3D printing and CAD/CAM has significantly enhanced the precision and predictability of dental implant procedures, aligning with the development of the dental implant distractor [5]. Clinical Application - Clinical results indicate that traction osteogenesis can increase alveolar bone volume, providing better conditions for implant placement. Additionally, this technology reduces postoperative bone resorption and complications such as bone window and fracture [8]. Market Overview - The global dental implant market was approximately $5 billion in 2023 and is projected to reach $7 billion by 2028, with a CAGR of about 7%. Bone traction osteogenesis devices account for 10-15% of the dental implant market [11]. - In Europe and the U.S. (Switzerland, the U.S., Germany), there is a technological advantage in the design of distractors and digital implant solutions, holding over 90% market share. In Asia (South Korea, Japan), products are noted for their cost-effectiveness and regional adaptability [11]. - The Chinese dental implant market is expected to reach RMB 15-20 billion in 2024, with a CAGR of approximately 10-12%. The number of dental implant surgeries is increasing annually, with around 2 million implants performed in 2023. About 30-40% of patients require bone augmentation due to insufficient alveolar bone, with traction osteogenesis technology's market penetration expected to grow at a CAGR of 15% from 2025 to 2030 [11]. Competitors in the Same Field - Domestic competitors include WEGO, which offers dental implant systems and bone augmentation devices, and Kangsheng Medical, which is developing implant systems and bone augmentation tools [12][15]. - International competitors include Nobel Biocare (Sweden) and CORTEX (Israel), both of which provide dental implants and traction osteogenesis devices, emphasizing advanced design and integration with digital workflows [17][18]. About Yangshan Biotechnology - Shanghai Yangshan Biotechnology Co., established in September 2023, is located in Minhang District, Shanghai. The company has formed partnerships with top-tier hospitals and well-known dental clinic chains. Its core product has received a national scientific advancement award, and the core team consists of experienced professionals in surgical robotics and oral-maxillofacial devices [19].

我们梳理出本月海内外医疗领域融资中最值得关注的企业，帮助大家及时了解全球市场动向。 Renasant Bio 完成 5450 万美元种子轮融资，投资方为 5AM Ventures、Atlas Venture、Qiming Venture Partners USA、奥博资本。Renasant Bio 总部位于美国，是一家专注于多囊肾病小分子疗法的企业。 Synfini完成 890 万美元种子轮融资，投资方为 JSL Health Capital、SRI Ventures、WERU Investments、 Ferocity Capital、High Water Venture Partners、Foothill Ventures、Trust Ventures、Gaingels、Mana Ventures。Synfini 总部位于美国，是一家专注于小分子药物研发的企业。 凯米生物完成近 1.7 亿人民币 Pre-A 轮融资，投资方为国投创业、中科创星、国生创新、龙磐投资。凯 米生物总部位于中国成都，是一家专注于创新治疗性疫苗开发的企业。 清协华和完成数千万人民币 Pre-A 轮融资，投资方为昆山工业技术研究院、创 ...