据悉，包括半岛医疗、华熙生物、锦波生物等40余家供应链企业参与庆典，凸显鹏爱在医美产业链中的 资源整合能力。庆典期间，深圳鹏爱医院携手爱美客（300896）旗下产品臻爱塑菲，共同发布了"上行 美学"项目。据介绍，该项目不局限于追求外在美，更希望以此来传递一种积极向上的精神，用上扬力 取代焦虑，以生命力引领时代，甚至是成为一种文化。 庆典以传统的醒狮表演开场，鹏爱医美控股集团董事长张晨与深圳鹏爱医院总经理潘尤胜共同为祥狮点 睛，象征新篇章的开启。潘尤胜在致辞中回顾了医院从初创到区域性标杆的成长历程。他表示，未来鹏 爱将继续倡导"三正规、安心美"，持续践行"安全塑美"的理念，不断精进医疗技术，努力深耕服务细 节，做好医美服务的生命周期管理，以更先进的审美理念、更好的效果交付，更细致周到的服务，给广 大客户提供卓越的变美体验。 艾尔建美学南二大区销售总监王永俊作为合作厂商代表发言，他回顾了与鹏爱长达十余年的合作，从保 妥适产品扩展到乔雅登玻尿酸等多品类布局。王永俊表示，双方共同经历了医美市场规范化进程，未来 将聚焦行业健康发展，为客户提供更加优质的产品和服务。 中证报中证网讯(王珞)近日，深圳鹏爱医疗美容医院在院内 ...

Group 1 - The ongoing dispute over the "AestheFill" product involves Aimei Ke's subsidiary REGEN Biotech, which has been restricted from selling the product in mainland China until arbitration is resolved [1][2] - Aimei Ke confirmed that the recent decision is a procedural matter and does not constitute a final arbitration ruling, indicating that REGEN may still sell AestheFill in mainland China [2][3] - The product AestheFill has been out of stock for two months, affecting downstream medical beauty institutions, although Aimei Ke attributes the shortage to distributor sales strategies [2][3] Group 2 - AestheFill has been rebranded as "Zhen Ai Su Fei," but many institutions still refer to it as "Ai Su Fei," leading to confusion in the market [2][3] - There is a significant price discrepancy between the two names, with "Ai Su Fei" priced as low as 8,700 yuan per 200mg unit, while "Zhen Ai Su Fei" is priced around 21,000 yuan for the same quantity [3] - The ability of Aimei Ke to stabilize the sales and pricing of AestheFill remains uncertain and will require further observation [3]

管线进展：AestheFill 改名"臻爱塑菲"正式登陆中国市场，肉毒已重新进入排队待审评状态 25Q2：收入6.36 亿元/-25.1%，归母净利3.46 亿元/-41.8%，扣非归母净利3.2 亿元/-42.8%。 低景气度+竞争加剧背景下内生短期承压 收入拆分：25H1 溶液类收入7.44 亿元/-23.8%；凝胶类收入4.93 亿元/-23.99%；冻干粉类收入0.19 亿 元；面部埋值线332 万元/-4.6%；其他主营业务0.39 亿元/+38.9%； 毛利率拆分：25H1 毛利率93.44%/-1.5pct，其中溶液类、凝胶类、面部埋值线、其他主营业务毛利率分 别下滑0.83pct/0.23pct/3.86pct/3.23pct，产品在竞争加剧背景下毛利率有所下行，其中非核心品类下滑更 多。 费用＆净利率：25H1 销售、管理、研发费率分别为11.1%(+2.6pct）、5.34%(+1.3pct）、12.05% （+4.5pct）；25H1 归母净利率60.77%/-6.9pct ，扣非归母净利率55.6%/-10.2pct。 公司披露25 年中报业绩低于预期 25H1：收入12.99 亿元/ ...

Group 1 - The arbitration regarding the agency rights of AestheFill in mainland China has seen a significant development, with the emergency arbitrator rejecting the request from Datou Medical to revoke the exclusive authorization of Lizhen (Xiamen) Medical Technology Co., Ltd. as the agent [1] - The emergency arbitrator confirmed that REGEN Biotech, Inc. must continue supplying AestheFill products to Datou Medical and cannot deny its status as the exclusive distributor [1] - The decision aims to balance the interests of both parties while ensuring a stable supply of AestheFill products in the Chinese market, minimizing the impact of the dispute on the end market and consumers [1] Group 2 - Despite the ongoing arbitration, the legal status of Lizhen (Xiamen) as the exclusive agent for AestheFill in mainland China remains intact, potentially weakening Datou Medical's claims of illegal deprivation of exclusive distribution rights [2] - REGEN's main reason for seeking to terminate the cooperation agreement with Datou Medical is the latter's transfer of agency business to its controlling shareholder, which violates the exclusivity agreement [2] - The product AestheFill has been renamed to "Zhenai Suofei" and continues to be supplied normally, indicating that the arbitration dispute has not materially affected sales [2] Group 3 - *ST Suwu is facing multiple delisting risks, including false reporting of revenue and profits, which could lead to mandatory delisting due to significant violations [3] - The stock price of *ST Suwu has repeatedly fallen below 1 yuan, putting it at risk of delisting due to its low market value [3] - The company is also dealing with major operational and governance risks, including unresolved large fund occupation issues by its controlling shareholder and ongoing litigation regarding exclusive agency agreements for core aesthetic products [3]

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 over the exclusive agency rights for AestheFill between *ST Suwu and REGEN has escalated into legal proceedings, with *ST Suwu's subsidiary, Datou Medical, filing for arbitration to confirm the validity of the exclusive agency agreement and seeking significant compensation for alleged losses [1][2][3]. Group 1: Legal Proceedings and Dispute - Datou Medical has initiated arbitration at the Shenzhen International Arbitration Court, which was formally accepted on August 7, requesting confirmation of the exclusive agency agreement and continuation of supply obligations, along with a compensation claim of up to 1.6 billion yuan for various losses [2][3]. - The partnership between Datou Medical and REGEN began in August 2022, granting Datou Medical exclusive distribution rights for AestheFill in mainland China until August 20232 [2]. - Following the acquisition of 85% of REGEN by Aimei Ke in March 2025, the relationship between the two parties soured, leading to REGEN's termination of the agreement citing breaches by Datou Medical [3]. Group 2: Financial Impact and Product Significance - AestheFill is a key product for *ST Suwu, contributing significantly to its financial performance, with sales revenue reaching 326 million yuan in 2024, accounting for 20.42% of the company's total revenue [4]. - The product's gross profit for 2024 was 269 million yuan, representing 34.8% of the company's total gross profit, indicating its critical role in the company's recovery from previous financial difficulties [4]. - In the first quarter of 2025, AestheFill's sales revenue increased to 113 million yuan, making up 35.55% of the company's revenue, with gross profit rising to 92 million yuan, which accounted for 45.77% of total gross profit [4]. Group 3: Market Dynamics and Industry Implications - The dispute over AestheFill's agency rights highlights the competitive nature of the medical aesthetics industry, where control over distribution channels and pricing can significantly impact revenue and profit margins [6]. - The situation reflects a broader trend in the industry, where companies often rely on blockbuster products to drive performance, indicating a pursuit of short-term profit maximization [6].