Core Viewpoint - The domestic medical beauty industry is undergoing significant changes, with major players experiencing a decline in performance due to market shifts and increased competition from new regenerative materials like collagen and "童颜针" (youthful needle) [4][7][14]. Group 1: Industry Performance - The three major companies in the medical beauty sector, including 华熙生物, 爱美客, and 昊海生科, reported substantial declines in revenue and net profit, with 爱美客's revenue dropping by 21.59% to 12.99 billion yuan and net profit decreasing by 29.57% to 7.89 billion yuan in the first half of 2024 [7][8]. - 爱美客's core products, including "嗨体" and "濡白天使," saw revenue declines of 23.79% and 23.99%, respectively, despite maintaining high gross margins of over 90% [6][7]. Group 2: Market Trends - The introduction of "童颜针," particularly the imported product 艾塑菲, has gained rapid popularity, with sales reaching 20,000 units and contributing over 800 million yuan in revenue within two months of its launch [5][17]. - The shift towards regenerative materials is evident, as "童颜针" offers longer-lasting effects and a different mechanism compared to traditional hyaluronic acid fillers, which are facing price declines due to increased competition [16][17]. Group 3: Strategic Moves - 爱美客's acquisition of REGEN, a Korean medical beauty company, for 1.386 billion yuan marks the largest cross-border acquisition in the domestic medical beauty industry, aiming to enhance its product portfolio and market presence [5][9]. - The ongoing dispute between 江苏吴中 and 爱美客 over the distribution rights of 艾塑菲 highlights the competitive landscape and the challenges of dependency on agency models in the medical beauty sector [19][20]. Group 4: R&D and Innovation - 爱美客 has increased its R&D investment to 1.57 billion yuan, representing 12.05% of its revenue, indicating a focus on enhancing its competitive edge through innovation [8]. - The company holds 182 valid patents, including 53 invention patents, showcasing its commitment to developing proprietary technologies [8].

Core Viewpoint - The company, Aimeike, reported a significant decline in both revenue and profit for the first half of 2025, marking the first time since its IPO in 2020 that it experienced such a downturn [3][4]. Financial Performance - Aimeike's revenue for the first half of 2025 was approximately 1.30 billion yuan, a decrease of 21.6% compared to the same period last year [4]. - The net profit attributable to shareholders was about 789 million yuan, down 29.6% year-on-year [4]. - The net profit after deducting non-recurring gains and losses was around 722 million yuan, reflecting a decline of 33.7% [4]. - The net cash flow from operating activities was approximately 655 million yuan, a drop of 43.1% compared to the previous year [4]. Legal and Contractual Issues - Aimeike faced a 1.6 billion yuan compensation claim due to the unilateral termination of the exclusive distribution agreement for the "Tongyan Needle" product by its subsidiary REGEN [5][6]. - The termination was based on allegations of financial fraud by the previous distributor, ST Suwu, which led to legal arbitration [5][6]. Governance and Risk Management - The company claimed to have a comprehensive risk management system, yet the recent events highlighted deficiencies in its contract management and risk assessment processes [6][8]. - Aimeike's sustainable development report emphasized the importance of governance and risk management, but the unilateral termination of the contract raised questions about its adherence to these principles [7][11]. - The company had previously stated its commitment to a responsible supply chain and stakeholder engagement, but the recent actions contradicted these claims, indicating a need for improvement in these areas [11][12]. Supply Chain and Stakeholder Relations - Aimeike's actions have been criticized for not adequately addressing the interests of its partners, which has led to reputational damage and potential market disruption [11][12]. - The company emphasized the importance of compliance and ethical practices in its operations, but the recent unilateral decision to terminate the agreement raised concerns about its commitment to these values [12].

Core Viewpoint - The dispute over the exclusive agency rights for the "童颜针" (AestheFill) between *ST Suwu and the medical beauty giant Aimeike has escalated, with *ST Suwu seeking arbitration and claiming significant financial losses due to alleged breaches of contract [2][5][6]. Group 1: Company Actions and Legal Proceedings - *ST Suwu's subsidiary, Datou Medical, has filed for arbitration with the Shenzhen International Arbitration Court regarding a breach of contract by Regen, seeking to confirm its exclusive agency rights for AestheFill and claiming preliminary damages of 1.6 billion yuan [2][6]. - The arbitration request was accepted by the Shenzhen International Arbitration Court on August 7, 2025 [5]. - *ST Suwu has publicly accused Aimeike of "capital bullying" and "serious damage to business ethics" in its defense [2][8]. Group 2: Financial Context and Company Performance - *ST Suwu is facing severe financial difficulties, including risks of forced delisting due to financial fraud allegations, with a reported inflated revenue of 1.77 billion yuan from 2020 to 2023 [3][9]. - Aimeike, which acquired 85% of Regen for $190 million in March 2025, is also experiencing declining financial performance, with revenue and net profit growth rates dropping to single digits in 2024 [3][12]. - Aimeike's market capitalization has decreased from over 180 billion yuan at its peak to approximately 60 billion yuan, reflecting a loss of over 120 billion yuan [4][14]. Group 3: Market Implications and Future Outlook - The ongoing dispute over the AestheFill agency rights is critical for both companies, as AestheFill is seen as a potential growth driver for Aimeike amidst its declining performance [10][11]. - The market has reacted negatively to the news, with *ST Suwu's stock price experiencing consecutive trading halts following the announcement of the termination of its agency rights [8]. - The outcome of the arbitration and the future of the AestheFill product in the Chinese market remain uncertain, with significant implications for both companies and their stakeholders [4][15].