智通财经APP讯，*ST苏吴(600200.SH)发布公告，公司股票9月2日盘中由跌停至涨停，振幅较大。公司 股票存在多重退市风险，可能存在非理性炒作迹象。敬请广大投资者理性投资、审慎决策，切勿盲目跟 风炒作，避免因公司股价波动造成投资损失。 2025年7月13日，公司收到中国证券监督管理委员会(简称"中国证监会")下发的《行政处罚事先告知 书》(处罚字〔2025〕58号)，认定公司虚增营业收入、营业成本和利润，2020-2023年年度报告存在虚假 记载，触及重大违法强制退市情形。公司目前存在控股股东大额资金占用尚未解决、控股股东所持股份 被全部冻结、医美产品独家代理解约并导致相关业务停滞等多重风险，同时存在财务类退市、面值退市 及重大违法强制退市等多重退市风险。公司2025年半年度业绩亏损。2025年半年度归属于上市公司股东 的净利润-4,441.78万元，比上年同期下降281.63%。请投资者注意投资风险。 ...

Core Viewpoint - The competition between two major companies in the Korean aesthetic medicine market, particularly regarding the exclusive distribution rights of the "AestheFill" product in China, has significant implications for their financial health and market positioning [1][6]. Group 1: Company Developments - Jiangsu Wuzhong's subsidiary, Datou Medical, received a termination notice from Regen, which demands the cancellation of the exclusive distribution rights for "AestheFill" in mainland China [1]. - The loss of this product, which contributed 35.55% of revenue and 45.77% of gross profit in Q1, has led to a stock price drop of over 40%, with a market value of only 768 million yuan [1]. - Aimei Ke's acquisition of Regen for 1.386 billion yuan for an 85% stake is seen as a strategic move to enhance its product offerings and market control [1][2]. Group 2: Financial Implications - The "AestheFill" product had a terminal price of 18,000 to 22,000 yuan per unit, with a gross margin exceeding 82%, making it a crucial revenue source for Jiangsu Wuzhong [2]. - In 2024, "AestheFill" generated 326 million yuan in revenue, marking the first profit for Jiangsu Wuzhong in six years [2]. - Following the loss of distribution rights, Jiangsu Wuzhong is projected to face a loss of 40 to 60 million yuan in the first half of the year, with no viable alternatives to replace the lost revenue [4]. Group 3: Legal and Regulatory Issues - Datou Medical has initiated arbitration seeking 1.6 billion yuan in compensation, citing investments in clinical registration and market development costs, as well as expected profit losses from the remaining eight years of the exclusive agency period [1][5]. - The arbitration will focus on the legality of the contract termination and whether Jiangsu Wuzhong's financial misconduct constitutes grounds for reputational damage [5]. - Legal experts suggest that if Aimei Ke is found to have acted in bad faith, the compensation could exceed the 190 million USD cost of acquiring Regen [5]. Group 4: Industry Trends - The dispute highlights the inherent weaknesses in the agency model within the aesthetic medicine industry, where control over core technology remains with the brand owner [3]. - The broader industry is experiencing anxiety among distributors regarding their future viability, especially in light of Jiangsu Wuzhong's financial misreporting and potential delisting risks [4]. - This conflict represents a shift in the industry from a "channel-driven" approach to one focused on "technological superiority," as larger players leverage capital and technology to dominate the market [6].

Core Viewpoint - The commercial dispute over the exclusive distribution rights of the "AestheFill" product between Jiangsu Wuzhong and Regen Biotech has escalated, leading to significant implications for both companies and the medical aesthetics industry as a whole [2][3][4]. Group 1: Company Actions and Responses - Jiangsu Wuzhong announced that it would seek arbitration to confirm the validity of the exclusive distribution agreement and is claiming damages of 1.6 billion yuan, covering development costs and potential profits [8]. - Following the receipt of a termination letter from Regen, Jiangsu Wuzhong initiated a legal response, asserting that there was no transfer of exclusive rights and that the termination was unjustified [6][11]. - Aimeike, which has taken operational control of Regen, has been accused by Jiangsu Wuzhong of manipulating the situation to undermine its distribution rights [17]. Group 2: Financial Impact - Jiangsu Wuzhong's stock price has dropped over 40% since receiving the termination notice, with its market capitalization falling to 704 million yuan [3]. - The "AestheFill" product has been a significant revenue driver for Jiangsu Wuzhong, contributing 3.26 billion yuan in sales in its first year and 1.13 billion yuan in the first quarter of 2025 [9]. - The company reported a net profit of 70.48 million yuan in 2024, a 197.97% increase, largely attributed to the success of "AestheFill" [9]. Group 3: Industry Implications - The dispute has created uncertainty in the medical aesthetics industry, potentially causing anxiety among distributors and affecting market dynamics [3][12]. - The conflict highlights deeper issues within the industry regarding the balance of power between brand owners and distributors, with the latter often feeling insecure in their roles [17]. - Aimeike is also facing its own growth challenges, with a significant slowdown in revenue growth, indicating that the competitive landscape is becoming increasingly difficult for all players involved [13].

Core Viewpoint - The acquisition of Regen Biotech by Aimeike has led to a fierce commercial dispute with Jiangsu Wuzhong, the exclusive distributor of AestheFill in mainland China, following Regen's unilateral termination of the distribution agreement [1][3][4]. Group 1: Event Development - In August 2022, Dato Medical obtained exclusive distribution rights for AestheFill in mainland China, which was successfully launched in January 2024 [3]. - Aimeike announced its plan to acquire Regen in March 2025, completing the acquisition by June 30, 2025, which led to tensions regarding the distribution agreement [3][4]. - On July 21, 2025, Jiangsu Wuzhong received a termination notice from Regen, citing violations of the agreement by Dato Medical [3][4]. Group 2: Legal Actions and Financial Implications - Jiangsu Wuzhong has initiated arbitration proceedings against Regen, seeking to confirm the validity of the distribution agreement and claiming damages of 1.6 billion yuan [4][5]. - The dispute has negatively impacted Jiangsu Wuzhong's stock price, which fell over 41% since the termination notice, while Aimeike's stock remained relatively stable [1][4]. - Jiangsu Wuzhong reported a significant increase in net profit due to AestheFill sales, which accounted for 35.55% of its revenue in Q1 2025 [7][8]. Group 3: Market Dynamics and Industry Impact - AestheFill has shown strong market performance, generating 326 million yuan in sales in 2024 and contributing significantly to Jiangsu Wuzhong's recovery from previous losses [7][8]. - The ongoing dispute raises concerns about the stability of distribution agreements in the medical aesthetics industry, potentially affecting the confidence of distributors [9]. - Aimeike is facing pressure from slowing revenue growth, with a significant decline in its revenue and net profit growth rates from 2023 to 2024 [8][9].

Core Viewpoint - The acquisition of Regen Biotech by Aimeike has led to a fierce commercial dispute with Jiangsu Wuzhong, the exclusive distributor of AestheFill in mainland China, following Regen's unilateral termination of the distribution agreement [1][2]. Group 1: Background of the Dispute - Jiangsu Wuzhong obtained exclusive distribution rights for AestheFill in mainland China in August 2022, with the product approved for sale in January 2024 [2]. - Aimeike's acquisition of Regen was completed on June 30, 2025, which led to the emergence of conflicts regarding the distribution agreement [2][3]. - On July 21, 2025, Jiangsu Wuzhong received a termination notice from Regen, citing violations of the agreement and concerns over Jiangsu Wuzhong's legal issues affecting AestheFill's brand reputation [2][3]. Group 2: Legal Actions and Claims - Jiangsu Wuzhong has initiated arbitration proceedings against Regen, seeking to confirm the validity of the distribution agreement and claiming damages of 1.6 billion yuan for market development costs and lost profits [3][4]. - The company asserts that it has not transferred its exclusive rights and that the agreement does not allow termination due to administrative penalties against its parent company [3][4]. Group 3: Financial Implications - AestheFill has been a significant revenue driver for Jiangsu Wuzhong, contributing 35.55% of its revenue and 45.77% of its gross profit in Q1 2025 [6]. - The company reported a net profit of 70.48 million yuan in 2024, a 197.97% increase year-on-year, largely attributed to AestheFill sales [6]. - The ongoing dispute threatens Jiangsu Wuzhong's financial stability, as losing the distribution rights could severely impact its revenue and profitability [7]. Group 4: Industry Context - The conflict highlights broader issues within the medical aesthetics industry, where the relationship between brand owners and distributors is often contentious due to the lack of ownership of the brand by distributors [8]. - The uncertainty created by such disputes may lead to a decline in the performance of medical aesthetic products in the market, as distributors may become less motivated to invest in marketing and sales efforts [8].

*ST苏吴（维权）"救命稻草"不保，韩国Regen公司单方面宣布解除合作，撤销其孙公司达透医疗对"童 颜针"AestheFill（艾塑菲）在中国大陆的独家代理权。这对本就挣扎在退市边缘的江苏吴中而言，无异 于致命一击。 代理权争夺战：爱美客入主引爆"核弹" 这场风暴早有预兆。今年3月，医美巨头爱美客（300896.SZ）宣布拟收购Regen控股权——而Regen正 是AestheFill的研发方。6月底，随着爱美客完成对Regen的控股并改组董事会，达透医疗便收到一纸 《解约函》。Regen指控达透医疗违规转让业务至母公司江苏吴中美学，且江苏吴中因财务造假、实控 人隐瞒变更等重大违规遭证监会处罚，"严重损害品牌声誉"。 生死攸关：一款产品撑起半壁江山 对江苏吴中而言，失去AestheFill绝非普通业务调整。数据显示： 2024年：AestheFill贡献营收3.26亿元，占总收入20.42%；毛利2.69亿元，占比高达34.80%，助公司净利 润暴增197.97%扭亏为盈。 舆论层面：通过官微痛斥Regen及爱美客"恶意践踏契约精神""打压竞争对手"，更指其"黑化中国企业跨 国形象"，措辞之激烈近年罕见。 ...

Core Viewpoint - Jiangsu Wuzhong (ST Suwu) faces a significant setback as its subsidiary, Datou Medical, receives a termination notice from Regen Biotech, ending their exclusive distribution agreement for AestheFill in mainland China, which may lead to a loss of market position and revenue [2][11]. Group 1: Company Developments - Jiangsu Wuzhong's subsidiary, Datou Medical, had secured exclusive rights for AestheFill in August 2022, with expectations of significant revenue contributions [5][6]. - AestheFill was projected to generate substantial profits, contributing 3.26 billion yuan in sales and 2.69 billion yuan in gross profit for Jiangsu Wuzhong in 2024 [6]. - Following the termination notice, Jiangsu Wuzhong's stock plummeted by 5.03%, reducing its market capitalization to 1.211 billion yuan [3]. Group 2: Market Context - The aesthetic medicine market, particularly the "童颜针" (youthful needle) segment, is rapidly growing, with the market size approaching 600 million yuan in 2023 [16]. - Increased competition in the market is evident, with multiple products receiving approval, intensifying the struggle for market share [16]. - The loss of AestheFill's distribution rights could significantly impact Jiangsu Wuzhong's revenue and market strategy in the aesthetic sector [16]. Group 3: Legal and Strategic Responses - Jiangsu Wuzhong has initiated a response plan and is in active communication with Regen, considering legal action to protect its interests [11][13]. - The company has publicly condemned Regen's unilateral termination of the agreement, asserting that it violates the contractual spirit and could disrupt market order [11][13].