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]

证券之星刘凤茹 证券之星注意到，今年3月10日，爱美客正式官宣拟以1.9亿美元收购韩国Regen公司，此事随即引发市 场关于艾塑菲国内代理权的舆论热议。 根据国家法规，进口医疗器械注册代理人的职责是协助境外企业完成注册等手续，而销售代理权则涉及 产品在国内的市场推广、渠道铺设与终端销售。在市场上，进口产品的注册代理人部分由原厂的中国子 公司担任，也有一部分由中国销售代理商担任。例如由上海高实医疗代理销售的婕尔玻尿酸，其注册代 理人就是产品原厂韩国大熊制药的中国子公司。 *ST苏吴发布官方声明，表明其独家代理权有效期至2032年8月28日，且协议明确该代理权"不可撤 销"，Regen公司也承诺"不存在取消或终止风险"。也就是说，目前艾塑菲在中国大陆的独家销售权仍明 确归属吴中美学。 爱美客曾在接受媒体采访时回应称："*ST苏吴目前拥有艾塑菲的独家代理权，现阶段爱美客不会在中 国市场自行销售艾塑菲。" 近日，艾塑菲童颜针的医疗器械注册证代理人由达透医疗器械(上海)有限公司(以下简称"达透医疗")变 更为俪臻(北京)生物科技有限公司(以下简称"俪臻生物")的消息，引发了医美行业对其代理权走向的广 泛猜测。 据悉，达 ...