*此图由AI生成 作者| 史大郎&猫哥 来源| 是史大郎&大猫财经Pro 还有10个交易日，"大忽悠"就要彻底退市了。 江苏吴中上市26年，只用了5年，就被大股东姐弟掏空了，6.7万股东被埋在里头了。 它曾是"中国普教第一股"，从一个做校服的校办企业，5年就干上市了，但是发展一直不温不火，甚至 可以说是，做啥雷啥。 最开始，做的纺织+医药，结果主业纺织不好做了，退出纺织行业； 2010年，进军房地产，干了4年就低迷了，开始"去库存"，退出地产业； 他们发迹在杭州，2015年，复基控股成立，主要是做长租公寓以及对应的租金分期。 那会，长租公寓正红，他们也融了资，挣了不少钱。 后来长租公寓暴雷的时候，他们还趁机收购了不少资产，"房产中介生意"成为他们的基本盘。 一个要卖，一个要买，双方都很急。 2018年2月，钱氏姐弟以7.07亿的价格，通过实控吴中投资，持有江苏吴中17.01%股份，钱群英成为了 实控人。 2016年，进军化工，2018年遭遇环保整治，收购的化工公司停产了。 眼瞅着业绩越来越差，大股东也想找接盘侠，于是，他们遇上了钱氏姐弟，钱群英和钱群山。 大家心里都有自己的小九九。 原来9个股东，7个套现走人 ...

Core Viewpoint - Aimeike has completed its first new cosmetic ingredient filing, "Glycyrrhizic Chalcone A," derived from the traditional Chinese plant licorice, marking a significant step in its strategic expansion into the cosmetics sector [2][3][4]. Group 1: Business Development - Aimeike is actively expanding its cosmetics business, leveraging its technological advantages accumulated in the medical aesthetics field to drive innovation [4][8]. - The company reported a revenue of 1.299 billion yuan in the first half of 2025, a year-on-year decline of 21.6%, and a net profit of 789 million yuan, down 29.6%, indicating pressure on its core products [6]. - Aimeike has initiated a multi-line transformation strategy, including product diversification and pipeline expansion, with new products like "Gakola" and ongoing clinical trials for other products [6][8]. Group 2: Market Context - The cosmetic ingredient market is experiencing intense competition, with a 77.8% year-on-year increase in new ingredient filings in the first half of the year, highlighting the growing interest in this sector [11]. - Major players like Proya and Beautylife have also completed new ingredient filings, indicating a trend among domestic beauty giants to secure upstream raw material capabilities [11]. Group 3: Strategic Challenges - Aimeike faces significant challenges, including a lack of experience in managing cosmetic raw material supply chains and the need for time to transition from filing to commercialization [12]. - The company is also contending with established competitors who have first-mover advantages and the potential for regulatory hurdles during the three-year monitoring period following the new ingredient filing [12].

Core Viewpoint - *ST Suwu has experienced a significant decline in both revenue and net profit in the first half of 2025, primarily due to a substantial impairment provision for trade receivables, despite high growth in its medical beauty segment. The loss of exclusive distribution rights for its key product, AestheFill, poses a serious challenge for the company's future performance [2][3][7]. Financial Performance - In the first half of 2025, *ST Suwu reported revenue of 636 million yuan, a year-on-year decrease of 27.08% [3]. - The net profit attributable to shareholders was a loss of 44.42 million yuan, a decline of 281.63% compared to the previous year [3]. - The operating cash flow was negative at -885 million yuan, down 680.0% year-on-year [3]. - Basic earnings per share stood at -0.062 yuan [3]. Business Segment Analysis - The pharmaceutical business, as the traditional core segment, generated revenue of 358.10 million yuan, a decline of 53.81% year-on-year [4]. - The medical beauty segment achieved revenue of 268.19 million yuan, a remarkable increase of 234.73% year-on-year [5]. - The gross profit from the pharmaceutical segment was 184.66 million yuan, down 32.09% year-on-year, while the medical beauty segment's gross profit was 220.44 million yuan, up 231.94% year-on-year [5]. Key Product and Market Changes - The exclusive distribution rights for AestheFill were unilaterally terminated by Regen Biotech, which poses a significant risk to *ST Suwu's revenue stream [7]. - The termination was attributed to alleged violations of the distribution agreement and financial misconduct by *ST Suwu [7][8]. - The product AestheFill will be rebranded as "Zhen Ai Su Fei" in the Chinese market, further complicating *ST Suwu's ability to maintain its market position [8]. Stock Market Activity - Despite the declining performance and potential delisting risks, *ST Suwu's stock has seen unusual trading activity, with significant price increases observed in late August 2025 [8][9]. - The stock price fluctuated, with a notable drop of 1.71% and 5.22% on August 28 and 29, respectively, bringing it close to the warning line of 1 yuan [9].

Core Viewpoint - The dispute between Aimeike and Jiangsu Wuzhong regarding the exclusive agency rights for AestheFill has escalated, with Aimeike asserting legal grounds for terminating the agreement due to alleged violations by Jiangsu Wuzhong and its affiliates [1][3][4]. Group 1: Company Actions and Responses - Aimeike claims that Jiangsu Wuzhong's subsidiary, Datou Medical, has transferred its exclusive distribution rights to its controlling shareholder, Wu Zhongmei, which violates the exclusive distribution agreement [1][3]. - Aimeike emphasizes that the termination of the agreement with Datou Medical is legally justified and will rely on judicial rulings for any disputes [1]. - Aimeike refutes allegations of supply delays, stating that the last shipment to Datou Medical occurred in mid-July and that supply to the Chinese market has slightly increased compared to the same period last year [1][2]. Group 2: Jiangsu Wuzhong's Position - Jiangsu Wuzhong disputes Aimeike's claims, asserting that Datou Medical has not transferred agency rights and that the exclusive agency agreement does not allow for termination based on administrative penalties against related parties [4]. - Jiangsu Wuzhong accuses Aimeike of intentionally delaying shipments to Datou Medical, which has led to product shortages and harmed consumer rights [4]. - Jiangsu Wuzhong's official statement claims that Aimeike is abusing its market position to disrupt the supply chain, which contradicts the spirit of the contract [4]. Group 3: Market Reactions - Following the announcement of the dispute, Jiangsu Wuzhong's stock price fell to 1.62 yuan per share, a decline of 4.71%, with a market capitalization of 1.154 billion yuan [6]. - In contrast, Aimeike's stock rose to 186.83 yuan per share, an increase of 0.99%, with a market capitalization of 56.533 billion yuan [6].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. faces potential delisting due to severe violations of information disclosure regulations, marking a significant downturn for the company after 25 years in the A-share market [1] Group 1: Company Overview - Jiangsu Wuzhong has aggressively entered the medical aesthetics sector through a "proxy + acquisition" model, securing exclusive rights for Korean products and acquiring stakes in related companies [2] - The company launched the AestheFill product in 2024, achieving sales of 85,000 units and generating nearly 350 million yuan in revenue [2] Group 2: Financial Irregularities - The company inflated profits by 1.77 billion yuan through related party transactions from 2020 to 2023, with over 51% of the fictitious profits occurring in 2021 [3] - There was a concealment of a change in the actual controlling shareholder for five years following a significant ownership shift in 2018 [3] - Related party fund occupation surged from 127 million yuan in January 2020 to 1.693 billion yuan in 2023, representing 96.09% of the company's net assets [3] Group 3: Regulatory Actions and Consequences - The China Securities Regulatory Commission (CSRC) imposed a fine of 10 million yuan on the company and 15 million yuan on the chairman, which is minimal compared to the 1.7 billion yuan in fraudulent activities [4] - The potential delisting could lead to significant losses for approximately 86,154 shareholders, raising concerns about the mismatch between the cost of violations and investor losses [4] - The case serves as a warning about the importance of robust information disclosure to maintain the integrity of the capital market [4]