12月2日，医美概念股*ST苏吴（600200.SH）发布公告称，公司股票进入退市整理期的起始日为2025年12月9日； 预计最后交易日期为2025年12月29日。 据了解 ，12月1日，*ST苏吴收到上海证券交易所出具的《关于江苏吴中医药发展股份有限公司股票终止上市的决 定》上海证券交易所决定终止公司股票上市。终止上市的原因包括"财务造假"等。 一边是因连续四年财务造假收到强制退市"判决书"，一边是代理的"王牌"医美产品AestheFill陷入代理权之争。这 家曾站在风口上的医美概念股，在巨大的业绩反差与无法掩盖的造假事实面前，迎来了资本市场的"退市"终局。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 600200 | *ST 苏吴 | A 股 复牌 | | | 2025/12/8 | 2025/12/9 | 来源于江苏吴中公告 连续多年财务造假，重大违法遭强制退市 11月25日，*ST苏吴收到中国证监会《行政处罚决定书》，根据中国证监会行政处罚认定的事 ...

来源：新华日报 四年累计虚增收入超17亿元，苏州老牌上市公司被强制退市。 12月1日晚间，江苏吴中医药发展股份有限公司（简称"江苏吴中"）披露，上海证券交易所决定终止其 股票上市，公司股票自12月9日起进入为期15个交易日的退市整理期。 此前11月25日，江苏吴中及相关当事人收到中国证监会出具的《行政处罚决定书》。 来源： "江苏吴中"微信公众号 江苏吴中被强制退市 停牌前上演"五连板" 实控人被禁市十年 之所以被强制退市，是因为江苏吴中触及重大违法强制退市情形。 今年2月26日，江苏吴中因涉嫌信息披露违法违规收到中国证监会《立案告知书》。11月25日，江苏吴 中及相关当事人收到中国证监会出具的《行政处罚决定书》，认定其存在隐瞒实控人变更、严重财务造 假、隐瞒资金占用三大问题。 经查明，2018年2月，江苏吴中控股股东苏州吴中投资控股有限公司发生股权变更，变更后，钱群山实 际支配江苏吴中行为，成为江苏吴中实际控制人。但江苏吴中在2018年至2023年的年度报告中，均披露 钱群英为实际控制人。公开资料显示，钱群英与钱群山系姐弟关系，分别出生于1968年、1973年，钱群 英为中专学历。 据江苏吴中最新公告，12 ...

成为一家百年老店，几乎是商业世界中最让人心动的祝福也是最难以实现的愿景。 化学家Friedrich Merz 1908年春天在法兰克福美茵河畔创立属于自己的制药工厂时，恐怕很难想象这个以10000金马克和几种药品专利作为初始资本的小型 公司可以一直发展到今天。 现在这家以创始人姓氏Merz命名的企业——麦施集团不仅已经有117年历史，还早已突破德国乃至欧洲的地理边界，成为一家全球性集团公司。 麦施集团自1930年代开始在柏林、维也纳、苏黎世、伦敦及美国纽瓦克等地设立销售或代表机构，初步构建起跨国市场网络。 2002年，麦施集团成功研发适应症为中度至重度阿尔茨海默病的美金刚（Memantine），这款药物在全球多个国家获批上市，成为麦施正式进入中枢神经 系统疾病治疗领域的标志。 2005年，麦施集团推出自主研发的注射用A型肉毒毒素，这个全球第一款不含复合蛋白等不必要杂质的肉毒毒素在欧美多个国家被批准用于运动障碍治疗 及医美除皱，成为麦施集团医学美学业务的核心支柱产品之一。 现在，麦施集团的业务已扩展为包括医美业务（Merz Aesthetics®）、神经与运动障碍治疗（Merz Therapeutics）、消费 ...

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. is facing delisting due to severe violations including concealing the actual controller, financial fraud, and fund occupation, leading to a penalty of 10 million yuan and a forced delisting decision by the Shanghai Stock Exchange [2][13][16]. Group 1: Company Background and Control - Jiangsu Wuzhong was controlled by Qian Qunshan's sister, Qian Qunying, after a share transfer in February 2018, where 60.61% of the shares were sold for approximately 707 million yuan [3][4]. - Prior to the transfer, the company had nine actual controllers, and its revenue dropped significantly to 1.702 billion yuan in 2018, with a net loss of 286 million yuan [4]. - Qian Qunshan was found to be the actual controller despite Qian Qunying being the nominal controller, as he exercised real control over the company [5][8]. Group 2: Violations and Penalties - The China Securities Regulatory Commission (CSRC) issued a penalty on November 25, 2025, for financial fraud, revealing that the company inflated revenues and profits through non-commercial trade activities from 2020 to 2023 [14][15]. - The inflated revenues amounted to 4.95 billion yuan, 4.69 billion yuan, 4.31 billion yuan, and 3.77 billion yuan for the respective years, constituting significant percentages of reported revenues [14]. - The total fund occupation reached 1.693 billion yuan by the end of 2023, nearly exhausting the company's net assets of 1.744 billion yuan [15]. Group 3: Future Implications - The company is set to enter a delisting period on December 9, 2025, with the last trading day expected to be December 29, 2025, under the new name "Delisted Suwu" [2]. - There are ongoing concerns regarding the potential criminal implications for the involved parties, as the actions may constitute embezzlement under Chinese law [16].

Core Viewpoint - Bank of America Securities has downgraded the revenue forecasts for Giant Bio (02367) for 2025 to 2027 by 21%, 24%, and 25% respectively, and has also reduced net profit forecasts by 21%, 24%, and 24% respectively, while lowering the target price from HKD 68.3 to HKD 55.5, but maintains a "Buy" rating due to the potential of newly approved injectable aesthetic products to drive growth next year [1] Revenue and Profit Forecasts - Revenue forecasts for Giant Bio have been reduced by 21%, 24%, and 25% for the years 2025, 2026, and 2027 respectively [1] - Net profit forecasts have also been adjusted downwards by 21%, 24%, and 24% for the same years [1] Target Price Adjustment - The target price for Giant Bio has been decreased from HKD 68.3 to HKD 55.5 [1] Sales Performance - During the Double Eleven shopping festival, sales for the Comfy brand were under pressure, with a year-on-year decline of 20% on Tmall and 50% on Douyin [1] - In contrast, the Collgene brand achieved positive growth during the same period [1] Management Guidance - Management has lowered the performance guidance for the current year, expecting revenue to be flat or slightly down year-on-year [1] - The net profit forecast has been adjusted to reflect a year-on-year decline in the mid to high single digits [1]

智通财经APP获悉，美银证券发布研报称，将巨子生物(02367)2025至2027年的收入预测各下调21%、 24%及25%，并将纯利预测分别下调21%、24%及24%，目标价由68.3港元降至55.5港元，但重申"买 入"评级，因相信新获批的注射型医美产品有望成为公司明年的新增长引擎。 巨子生物在双十一期间销售受压，据管理层数据，Comfy品牌在天猫及抖音的销售分别同比下降20%及 50%。相较之下，Collgene品牌期内实现正增长。报告提到，管理层下调今年业绩指引，预期收入将同 比持平或轻微下降，下调纯利预测至同比录中至高个位数跌幅。 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3898 | -0.42 | -1.44 | 0.72 | | 深证综指 | 2462 | -0.67 | -1.89 | 1.54 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.41 | -1.66 | 19.06 | | 中盘指数 | -1.01 | -4.21 | 25.79 | | 小盘指数 | -1.03 | -2.6 | 22.37 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 房地产服务 | 2.1 | 3.91 | 6.31 | | 医药商业Ⅱ | 1.83 | 4.17 | 5.62 | | 焦炭Ⅱ | 1.67 | 3.35 | 35.03 | | 酒店餐饮 | 1.39 | 12.14 | 11.67 | ...

因长期财务造假、信披违规，*ST苏吴退市落定。12月1日，江苏吴中医药发展股份有限公司（以下简 称"*ST苏吴"）公告，公司收到上海证券交易所出具的《关于江苏吴中医药发展股份有限公司股票终止 上市的决定》，决定终止公司股票上市，12月9日，其股票将进入退市整理期。 根据中国证监会查证，自2018年起，*ST苏吴长期隐瞒实际控制人，并通过关联交易累计虚增营业收入 超过17.71亿元。更为严重的是，公司约16.93亿元资金被关联方非经营性占用，几乎被掏空核心资产。 退市之际，*ST苏吴经营亦深陷泥潭。其曾寄予厚望、贡献超四成毛利的"童颜针"代理业务因权属争议 已然停摆，而传统医药板块表现溃败。2025年前三季度，*ST苏吴营收同比大幅下滑38.85%，净亏损扩 大至8746.8万元。 虚增与侵占 *ST苏吴的退市，早在10个月前就初露端倪。 今年2月，*ST苏吴收到中国证监会的《立案告知书》，因公司涉嫌信息披露违法违规，根据《中华人 民共和国证券法》等相关法律法规，中国证监会决定对公司立案。5月，*ST苏吴再度公告，因2024年 度财务报告出具了无法表示意见的审计报告，同时叠加控股股东关联方存在非经营性资金占用， ...

Core Viewpoint - The restructuring of *ST Meigu (000615.SZ) is a focal point for the market, with the company seeking to emerge from its current difficulties through a comprehensive restructuring plan and the appointment of an auditing firm for oversight [1][3]. Restructuring Plan - The board of *ST Meigu has approved the reappointment of Zhongshun Zhonghuan Accounting Firm as the auditing agency for the fiscal year 2025, pending approval from a temporary shareholders' meeting [1]. - The restructuring plan includes the recruitment of investors, with three main investors identified: Hubei Jiuzhou Industrial Park Operation Management Co., Tianjin Xinmeitongcheng Equity Investment Partnership, and six financial investors [4][5]. - The restructuring plan proposes a capital increase of approximately 10.24 billion shares, raising the total share capital to 17.87 billion shares, with a conversion ratio of 13.4278 shares for every 10 shares held [5]. Financial Details - Approximately 8.6 billion shares from the capital increase will be allocated to introduce restructuring investors, with a total investment amount of 1.536 billion yuan, where Hubei Jiuzhou accounts for 706 million yuan, nearly 46% of the total [5]. - The restructuring investors will use part of the shares for debt settlement with related guarantee creditors, and they will not be allowed to seek further compensation from *ST Meigu for these shares [5]. Business Strategy - Post-restructuring, *ST Meigu plans to leverage the funds and resources from industrial investors to strengthen its existing beauty and health services while expanding into related businesses within the health industry [6]. - The company aims to acquire quality assets related to its main business through retained funds and share issuance after the restructuring [6]. Medical Aesthetics Focus - *ST Meigu's core asset remains its medical aesthetics business, which began in 2021 with a 697 million yuan acquisition of a 55% stake in Zhejiang Liantianmei [6][7]. - The company has formed strategic partnerships with various entities in the medical aesthetics sector, although its real estate business has faced challenges leading to financial losses [7]. - In 2023, *ST Meigu was placed under "delisting risk warning" due to its inability to repay debts, prompting a restructuring application [7]. Investor Background - Jiuzhou Tong, through its subsidiary Jiuzhou Chuantou, signed a restructuring investment agreement with *ST Meigu, potentially becoming the controlling shareholder if the restructuring is successful [8]. - Jiuzhou Tong has been investing in the medical aesthetics sector since 2016, with significant growth in its medical aesthetics business, achieving a sales revenue of 851 million yuan in 2024, a 120.47% increase year-on-year [9]. - The company reported a compound annual growth rate of 111.64% in sales revenue from 2022 to 2024, indicating a robust growth trajectory in the medical aesthetics market [9].

12月1日晚间，上海证券交易所发布公告：*ST苏吴（维权）（江苏吴中）因重大违法行为被强制终止上市，最后交易日期为2025年12月29日。戏剧性的 是，就在11月罚单公布前，其股价竟诡异地连续涨停，仿佛最后的狂欢。曾被视为江苏吴中"救命稻草"的韩国童颜针，在贡献45%毛利后，一纸解约函让 最后的希望破灭——这不仅是产品丢失，更是信用破产的连锁反应。 当*ST苏吴因17.72亿财务造假、16.9亿资金被实控人当提款机而强制退市时，它不过是这场2025退市风暴的缩影——全年已有多家医疗大健康上市公司被 摘牌，波及A股、港股、美股三地市场，数万名投资者血本无归。 从2月大理药业因市值不足5亿元首尝退市苦果，到5月普利制药虚增利润6.59亿触发重大违法退市，再到10月"癌症早筛第一股"诺辉健康因造假400亿市值 归零、11月美股湖岸生物因股价跌破1美元黯然离场，每起案例都在撕开行业最痛的伤疤：财务造假、资金占用、业绩爆雷、治理失控。 2025年，医疗大健康行业正在经历一场残酷的"清创手术"。一家25年老牌医药巨头，用5年时间编织了一张17.72亿的财务造假巨网，最终把自己送进了退 市之门。 值得注意的是，因违法行为" ...