2026 年 1 月 9 日 公司研究 肉毒产品顺利获批，增量斜率开始上扬 ——爱美客（300896.SZ）注射用 A 型肉毒毒素获批点评 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：吴子倩 执业证书编号：S0930525070004 买入（维持） 当前价：145.99 元 021-52523872 wuziqian@ebscn.com 市场数据 股价相对走势 -18% -7% 4% 15% 26% 01/25 04/25 07/25 10/25 爱美客 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -0.28 | -19.68 | -37.98 | | 绝对 | 2.23 | -19.08 | -12.95 | | 资料来源：Wind | | | | 相关研报 宏观影响下收入延续承压，尚待需求拐点出 现——爱美客（300896.SZ）2025 年三季报 点评（2025-10-30） 市场竞争加剧，上半年业绩承压—— ...

每经AI快讯，有投资者在投资者互动平台提问：有没有脑机接口的相关布局？ 爱美客（300896.SZ）1月8日在投资者互动平台表示，公司暂没有相关业务布局。 （记者 张明双） ...

因钱群英、钱群山姐弟的一系列违规操作，苏州第六家上市公司江苏吴中（即退市苏吴）结束A股旅 程。江苏吴中成立于1994年，前身为普教系统校办企业，1999年在上交所上市，被称为"中国普教第一 股"。 回顾26年上市历程，江苏吴中市值几经起落：2015年股价创新高后持续下行，直至钱氏姐弟入主并推动 医美转型后股价回暖，市值一度攀至近百亿元规模。 但如今，往日种种都已隐入尘烟。12月29日下午三点，A股收盘，江苏吴中股价最终定格在0.29元，当 日下跌超9%，市值仅剩2.06亿元。 据公司盘后公告，截至2025年12月29日，公司股票已交易满15个交易日，退市整理期已结束。上交所将 在2025年12月31日对公司股票予以摘牌，公司股票终止上市。 从过往公告来看，监管对江苏吴中的关注实际早就有之。2023年4月26日晚间，江苏吴中一口气发出42 条公告，除了定期发布的2022年年报外，其还公示了一份2023年度定增议案。也是在这个时候，上交所 开始关注起江苏吴中的贸易业务。 《每日经济新闻》记者（下称每经记者）沿着监管机构留下的线索顺藤摸瓜发现，这场持续五年的"猫 鼠游戏"，在2023年定增项目中就已经露出马脚。仅从 ...

一家医美机构如果直接推销高价项目,爱美人士未必买账。如果医美"患者"、偶遇的"路人"都对医美机 构赞不绝口,爱美人士会不会动心? 用"美托"忽悠消费者,与其说是营销,不如说是诈骗。据报道,陈女士在医美机构花了近9万元,折腾了大半 年,美容效果并不明显。消费者浪费了感情,耗费了时间精力,还白白花冤枉钱。其实,连环套套伤了消费 者,何尝不是套住了医美行业的未来。当"剧本杀"真相大白,谁还会为渠道机构买单? 陈女士之所以掉进坑里,是因为这场"剧本杀"从头到尾都是为她量身定制。制造"拼房"美容,把陈女士带 进剧本；技师和"老客户"在攀谈中透露医美信息,是有意激发陈女士好奇心；"贵妇"现身说法,是为了降 低陈女士的防备心；面诊师有意虚高报价再打折,是要让陈女士感到划算。"导演"深谙消费者可能存在 的质疑,通过一个个演员、一幕幕剧情、一句句台词,精准对接消费者心理,一步步诱导其走向设好的圈 套。 医美剧本杀是医美行业种种套路的缩影。医美机构分为直客机构和渠道机构,一些渠道机构正是"医美剧 本杀"的幕后推手,通过中介、代理商等合作方引流获客,并支付高额渠道费用作为激励。多年来,渠道机 构频频出现连环套。比如,统一培训"美托 ...

Core Insights - The report by KPMG highlights the rapid growth and structural changes in China's medical aesthetics market, emphasizing its potential as a global focal point due to its large market size, evolving technology, and increasing consumer demand [1][2] - The medical aesthetics industry in China is characterized by a swift increase in demand, a growing number of tech-savvy young consumers, and is reshaping the future of the global medical aesthetics market [1] Market Overview - The report indicates that the medical aesthetics industry in China is one of the most promising markets globally, driven by significant market growth and technological advancements [1] - The industry is transitioning towards a more mature, regulated, and intelligent development phase due to rapid business expansion, improved policy environments, and structural changes in consumer demographics [2] Future Trends - Digitalization and new service models are leading the future development of the industry, with a shift from concentrated service models in first-tier cities to a more decentralized digital model that covers small cities and rural areas [1] - Despite the strong growth momentum, the industry faces challenges such as safety compliance, talent shortages, and consumer outflow [1]

Core Viewpoint - *ST Suwu has issued a warning regarding significant trading risks and potential forced delisting due to multiple ongoing issues, including financial fraud and substantial losses in its operations [1][2][5]. Group 1: Trading Risks - The company has experienced a significant stock price increase recently, which has raised concerns about trading risks, described as "obvious signs of a hot potato" [1][5]. - Since being investigated, *ST Suwu has issued over 40 warnings about the risk of forced delisting due to major violations [5]. Group 2: Financial Misconduct - The company has been found guilty of financial fraud over several years, which has led to the issuance of an administrative penalty notice by the China Securities Regulatory Commission [2][4]. - The company is at risk of being delisted as it has violated the Shanghai Stock Exchange's regulations regarding major misconduct [2]. Group 3: Performance Decline - *ST Suwu has projected a significant loss for the first half of 2025, estimating a net profit loss of approximately 60 million to 40 million yuan [3]. - The company's medical aesthetics business has faced severe setbacks, including the termination of exclusive distribution rights for a key product, AestheFill, leading to halted sales [3]. Group 4: Financial Health - The company reported a non-operating fund occupation of 769 million yuan, which has escalated to 1.693 billion yuan, representing 96.09% of its net assets [4]. - The controlling shareholder's shares are currently frozen, indicating potential financial instability and lack of resolution for the fund occupation issue [4].

Core Viewpoint - ST Suwu has announced arbitration against Regen Biotech, Inc. for a claim of 1.6 billion yuan due to a breach of contract regarding the exclusive distribution rights of the "AestheFill" product, which has led to significant financial distress for the company [2][4][7]. Group 1: Company Situation - ST Suwu's stock price has fallen to 1.07 yuan per share, just above the "1 yuan delisting" threshold, following a series of financial and operational challenges [4][11]. - The company is facing severe penalties from the China Securities Regulatory Commission (CSRC) for concealing the actual controlling shareholder and financial fraud, with a potential fine of 15 million yuan and a 10-year market ban for the controlling shareholder [14]. - ST Suwu and its subsidiary have invested over 400 million yuan in the clinical registration and market expansion of the "AestheFill" product, which has now put them in a precarious survival situation [9]. Group 2: Legal and Financial Implications - The arbitration request has been accepted by the Shenzhen International Arbitration Court, with ST Suwu reserving the right to adjust the claim amount based on the case's progress [7]. - The company has publicly accused Aimeike of "capital bullying" and harming the interests of over 80,000 small investors and thousands of employees [7][9]. - Despite the potential for a successful arbitration, analysts suggest that the lengthy process may not provide immediate relief for ST Suwu, which is already on the brink of delisting [14]. Group 3: Market Context - Aimeike's acquisition of Regen Biotech has raised concerns about its commitment to the Chinese market, as it has allegedly delayed supply to ST Suwu's core business [9]. - The "AestheFill" product, known as "童颜针," is a high-margin regenerative aesthetic injection that has been crucial for ST Suwu's financial turnaround [17]. - Aimeike has experienced a significant decline in revenue growth, with its stock price dropping from a peak of 596 yuan to below 200 yuan, indicating a challenging market environment for high-end aesthetic products [17][18].

Group 1: Policy Direction - The core policy themes for China in 2025 are "expanding domestic demand" and "countering involution," focusing on effective investment and consumption stimulation while addressing excessive competition in certain industries [1][9] - Professor Xing Yuqing emphasizes the need to analyze the deep-rooted causes of insufficient domestic demand and increasing involution to make necessary adjustments [1][2] Group 2: Consumer Demand - According to Maslow's hierarchy of needs, Chinese consumers are moving towards higher-level demands, indicating a need for high-skilled talent to create supply for these new consumption needs [1][2] - The development of high-end service industries is crucial for increasing income for skilled individuals, which in turn can stimulate demand [1][3] Group 3: Involution and Industrial Policy - Involution is exacerbated by unreasonable local government industrial policies, suggesting a need to revisit industrial policies to find solutions [1][10] - The phenomenon of excessive competition, such as price wars in the food delivery market, highlights the need for regulation to prevent unhealthy business practices [10][18] Group 4: Service Industry Development - The service industry, particularly high-end services, is essential for creating new employment opportunities and stimulating demand, which is currently lacking in China [3][4] - Japan's tourism industry serves as a successful model, demonstrating the importance of service sectors in driving economic growth and providing a more equitable growth model compared to capital-intensive industries [6][7] Group 5: Global Value Chain and Corporate Strategy - Companies are increasingly adjusting their global value chain distribution to balance risks, which aligns with the trend of Chinese enterprises going global [2][12] - The focus should shift from merely increasing production capacity to enhancing the value created by enterprises, positioning them as leaders in the global value chain [2][16] Group 6: Regulatory Environment - A conducive regulatory environment is necessary for the growth of high-end service industries, with calls for adjustments in regulations to improve service quality [4][5] - The need for stricter regulations in certain sectors, such as the medical beauty industry, is highlighted to ensure consumer safety and industry integrity [5][18]

Core Viewpoint - The article discusses serious allegations against Huaxi Biological, a leading player in the medical aesthetics industry, regarding financial misconduct and governance issues, which have led to significant market concerns and a drastic decline in the company's stock price and market value [1][4][12]. Company Response - Huaxi Biological quickly responded to the allegations, stating that the claims are fabricated and maliciously distort the facts, and they have reported the matter to law enforcement [2][6][8]. - The company emphasized that the whistleblower, Li, had a brief tenure and was previously involved in a financial misconduct case, which raises questions about the credibility of the allegations [10][11]. Market Impact - Following the allegations, Huaxi Biological's stock price fell to 53.83 CNY, a decrease of 1.73%, with a market capitalization of 25.9 billion CNY, reflecting a significant drop from its peak valuation of over 100 billion CNY [5][14]. - The company's market value has shrunk by over 80% from its peak, indicating a severe loss of investor confidence [14][15]. Financial Performance - Huaxi Biological's financial performance has deteriorated, with a reported revenue of 5.371 billion CNY in 2024, down 11.61% year-on-year, and a net profit of 174 million CNY, a staggering decline of 70.59% [18]. - The first quarter of 2025 showed continued declines in revenue and net profit, with year-on-year decreases of 20.77% and 58.13%, respectively [19]. Industry Context - The medical aesthetics industry is facing intense competition, with Huaxi Biological struggling against rivals like Juzhi Biological, which has seen significant growth and market capitalization [22][24]. - The article highlights a shift in consumer preferences towards product safety and efficacy, suggesting that companies with genuine technological advantages will prevail in the evolving market landscape [24].

Core Viewpoint - Huaxi Biological has officially responded to false information circulating on online platforms, claiming that the content is fabricated and maliciously distorts facts, which has severely damaged the company's reputation. The company has reported the matter to the public security authorities and will pursue legal action against the spreaders of rumors [1][2]. Summary by Sections - The company discovered serious false information about itself on online platforms, which was confirmed to be fabricated and published on an overseas website. The nature of the content includes political rumors, which the company deems extremely malicious [2]. - The individual responsible for the false information, identified as Li, previously served as the marketing director at Huaxi Xinyu Investment Co., Ltd. Li had a history of embezzlement, having fraudulently obtained 9 million yuan that was supposed to be paid to a brokerage firm. This incident was uncovered during an annual report review [2]. - Following the discovery of Li's actions, the company reported the case to the public security authorities, which led to a criminal prosecution based on the embezzlement charge. During the investigation, Li attempted to mitigate his punishment by writing an apology letter, but the company refused to entertain any additional compensation demands beyond the return of the embezzled funds [2]. - As of July 25, Huaxi Biological's stock closed at 53.83 yuan per share, with a market capitalization of 25.9 billion yuan [2].