Core Viewpoint - The dispute over the exclusive agency rights for the "童颜针" (AestheFill) between *ST Suwu and Aimeike highlights the lucrative nature of the medical beauty industry, particularly the significant revenue generated by AestheFill for *ST Suwu, which could be jeopardized by the termination of the agency agreement [1][2][8]. Group 1: Agency Dispute - Aimeike announced the termination of the exclusive distribution agreement for AestheFill, which affects *ST Suwu's subsidiary, Datuo Medical, potentially leading to a loss of significant revenue [2][3]. - The reasons for the termination include alleged violations of the agreement by Datuo Medical and serious legal issues faced by *ST Suwu's executives, which have impacted the reputation of AestheFill in China [3][5]. - *ST Suwu refuted these claims, asserting that there was no transfer of agency rights and that the termination was unjustified, indicating potential legal actions against Aimeike [5][6]. Group 2: Financial Impact - AestheFill contributed over 3 billion yuan in revenue to *ST Suwu within a year, representing a 4000% increase in the medical beauty segment's performance [1][8]. - If the agency agreement is terminated, *ST Suwu anticipates a significant decline in revenue and profit from its medical beauty segment, with AestheFill projected to account for 20.42% of total revenue in 2024 [8][11]. - Aimeike's corresponding product, "濡白天使," has also shown strong performance, with revenues increasing from 385 million yuan in 2021 to 1.216 billion yuan in 2024, indicating robust growth in the medical beauty market [13]. Group 3: Market Dynamics - The medical beauty injection market, particularly for products like AestheFill, is expected to grow rapidly, with projections estimating a market size of 11.52 billion yuan by 2027 and a compound annual growth rate of 54.73% from 2021 to 2025 [9]. - The competition in the "童颜针" market is intensifying, with multiple players entering the space, including products from Aimeike, Korean REGEN, and others, indicating a crowded and competitive landscape [15].