【导读】爱美客完成首个化妆品新原料备案，推动化妆品业务发展 中国基金报记者 赵心怡 从原料端入手，医美龙头爱美客高调布局化妆品业务。 10 月 21 日，爱美客在官方微信公众号宣布，完成首个化妆品新原料备案，核心成分 " 甘草 查尔酮 A" 。该成分源自中国特色植物甘草，可作为皮肤保护剂和保湿剂用于化妆品。 | 国家药品监督管理局 National Medical Products Administration | 款据宣询 | | --- | --- | | 固化妆品新原料备案信息 -- "国妆原备字20250124" 基本信息 | | | 标准中文名称 | 甘草查尔酮A | | 餐室号 | 国妆原备字20250124 | | 备案人中文 | 北京诺博特生物科技有限公司 | | 备案人外文 | | | 备案人住所地址 | 北京市昌平区科技园区双营西路79号院6号楼6层 | | 备案人所在国(地区) | 中国 | | 境内责任人名称 | | | 境内责任人住所地址 | | | 备案日期 | 2025-10-11 | | 状态 | | | 技术要求 | | | 备案后监督检查情况 | | | 历史记录 | | ...

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]