每经记者：黄海 许立波每经编辑：张益铭 时隔半年，再次谈起钱氏姐弟财务造假的细节，退市苏吴（以下统称江苏吴中，SH600200，股价0.37元，市值2.63亿元）时任高管们 变得沉默寡言。 因连续多年财务造假被勒令退市的江苏吴中股票于2025年12月9日进入退市整理期。退市整理期至12月29日结束。从12月9日开盘到现 在，江苏吴中股价累计下跌超过70%。 每经记者 黄海 摄 《每日经济新闻》记者深入调查发现，过去4年，江苏吴中董事长钱群山、副董事长钱群英两姐弟秘密搭建了一张关联交易网，通过至 少6家公司以贸易业务往来为掩护，4年累计虚增收入超过17亿元，并长期占用上市公司资金。记者进一步实地走访其中5家后发现，有 4家公司的注册地址"查无此人"，有1家公司已退租搬离。 12月初，记者通过多种渠道向江苏吴中财务总监、董秘及其他高管表达采访诉求。截至发稿，各方均未给出有效回应。 记者实探3家关联公司：注册地址均"查无此人" 11月下旬，中国证监会对江苏吴中下发《行政处罚决定书》，揭开了江苏吴中钱氏姐弟长达数年的违法行为。 监管查明，江苏吴中的3家子公司通过与浙江优诺德贸易有限公司（以下简称优诺德）等关联公司开展 ...

时隔半年，再次谈起钱氏姐弟财务造假的细节，退市苏吴（以下统称江苏吴中）的时任高管们变得沉默寡言。 因连续多年财务造假被勒令退市的江苏吴中股票于2025年12月9日进入退市整理期。截至发稿，留给中小股东决定去留的时间仅剩11个交易日。从12月9日 开盘到现在，江苏吴中股价累计下跌66.94%。 | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | AI交易策略 F9 前复权 超级叠加 画线 工具 @ ② > | 退市苏吴 1 | 600200 | △ 600200.SHi退市苏曼] 2025/01/24 收8.87 幅-2.31%(-0.21) 开9.16 高9.32 低8.74 均8.99 量42.75万 换6.01% 振6.39% 额 | WP | 0.41 | -0.04 -8.89% | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024/03/08-2025/12 ...

时隔半年，再次谈起钱氏姐弟财务造假的细节，退市苏吴（以下统称江苏吴中）的时任高管们变得沉默寡言。 12月初，每经记者通过多种渠道向江苏吴中财务总监、董秘及其他高管表达采访诉求。截至发稿，各方均未给出有效回应。 实探3家关联公司： 注册地址均"查无此人" 11月下旬，中国证监会对江苏吴中下发《行政处罚决定书》，揭开了江苏吴中钱氏姐弟长达数年的违法行为。 因连续多年财务造假被勒令退市的江苏吴中股票于2025年12月9日进入退市整理期。截至发稿，留给中小股东决定去留的时间仅剩11个交易日。从12月9日 开盘到现在，江苏吴中股价累计下跌66.94%。 监管查明，江苏吴中的三家子公司通过与浙江优诺德贸易有限公司（以下简称优诺德）等多家关联公司开展无商业实质的贸易业务，虚增营收、营业成本 和利润，并占用部分资金。 江苏吴中股价走势 图片来源：Wind 《每日经济新闻》记者深入调查发现，过去4年，江苏吴中董事长钱群山、副董事长钱群英两姐弟秘密搭建了一关联交易网，通过至少6家公司以贸易业务 往来为遮挡，4年累计虚增收入超17亿元，并长期占用上市公司资金。每经记者进一步实地走访其中5家后发现，有4家公司的注册地址"查无此人"， ...

Group 1: 3D Printing Industry Insights - The consumer-grade 3D printing market is entering an early mass adoption phase, with industry leaders achieving annual revenues exceeding 1 billion yuan [2] - The market for consumer-grade 3D printers is projected to surpass 200 billion yuan in the near future, with at least three to five leading companies expected to coexist despite increasing industry concentration [2] - The global 3D printing market is anticipated to reach a size of $24.61 billion by 2024, with a compound annual growth rate (CAGR) of 18.5% from 2024 to 2034, indicating a rapid growth phase [2] - The demand for personalized and differentiated products among new consumer generations is expected to drive the evolution of 3D printing into a "personal production tool," raising the industry's ceiling [3] - The export of 3D printers reached 3.491 million units in the first three quarters of this year, nearing the total for the previous year, reflecting strong industry growth [3] Group 2: Financial Performance of 3D Printing Stocks - Eight 3D printing stocks have seen net purchases exceeding 10 million yuan since the fourth quarter, with notable amounts including 311 million yuan for Chujiang New Materials [4] - Forecasts indicate that companies like Chujiang New Materials, Inno Laser, and Yinhui Technology are expected to double their net profits by 2025 compared to the previous year [6] - Companies such as Jinggong Technology and Meirui New Materials are projected to see net profit increases of 98.85% and 97.19%, respectively, highlighting strong financial performance in the sector [6] Group 3: Regulatory and Market Developments - Jiangsu Wuzhong (ST Suwu) has been forced to delist due to financial fraud, with significant discrepancies in reported revenues and profits amounting to 1.772 billion yuan and 759.975 million yuan, respectively [8] - The stock of Jiangsu Wuzhong has experienced a dramatic decline, dropping over 90% from its peak, with nearly 68,000 shareholders remaining as of the third quarter [10]

Group 1: Company Overview - *ST Suwu has been forced to delist from the stock market due to financial fraud, with the Shanghai Stock Exchange announcing the termination of its listing on December 1 [2][3] - The company was found to have falsely reported its actual controller and inflated revenue, costs, and profits by 1.772 billion, 1.695 billion, and 75.9975 million respectively from 2020 to 2023 [2][3] - The company will enter a delisting preparation period starting December 9, 2025, with a trading period of 15 days, and is expected to be delisted by December 29, 2025 [3] Group 2: 3D Printing Industry Insights - The consumer-grade 3D printing market is entering an early mass adoption phase, with leading companies achieving annual revenues exceeding 1 billion [4] - The market is projected to surpass 200 billion in the near future, with a compound annual growth rate of 18.5% expected from 2024 to 2034 [4][5] - The global 3D printing market is anticipated to reach 24.61 billion by 2024, indicating a rapid growth phase [4] Group 3: Financial Performance of 3D Printing Stocks - Eight 3D printing stocks have seen net purchases exceeding 10 million since the fourth quarter, with notable amounts including 311 million for Chuangjiang New Materials [7] - Companies like Chuangjiang New Materials and others are expected to double their net profits by 2025 compared to the previous year [7] - Several companies are collaborating on advanced 3D printing technologies, enhancing their product offerings and market presence [8]

Core Viewpoint - The recent change in the medical device registration agent for Aisufei Tongyan Needle from Datou Medical to Lizhen Biotechnology has raised concerns in the medical aesthetics industry regarding the future of its agency rights [1][2]. Group 1: Agency Rights and Market Impact - Datou Medical, a subsidiary of Jiangsu Wuzhong Pharmaceutical Development Co., holds exclusive sales rights for Aisufei in mainland China until August 28, 2032, as confirmed by *ST Suwu [1][3]. - The exclusive sales rights are protected by a legally binding agreement, which states that there are no risks of cancellation or termination during the effective period [1][4]. - The market is speculating whether Aimeike's acquisition of Regen will affect *ST Suwu's exclusive sales rights, despite current assurances that these rights remain intact [1][2][3]. Group 2: Financial Performance and Projections - Aisufei's sales in China are projected to account for approximately half of its global sales, making it the top international brand in the aesthetic needle category [2][4]. - In 2024, *ST Suwu's revenue from medical aesthetics is expected to reach 330 million yuan, representing about 21% of total revenue, marking a significant turnaround after six years of losses [2][4]. - The potential profits from Aisufei's sales during the remaining eight years of the agency agreement could amount to a substantial figure, far exceeding the 190 million USD acquisition cost of Regen by Aimeike [4][5]. Group 3: Legal and Brand Implications - If Regen were to breach the agreement and reclaim agency rights, *ST Suwu could seek damages equivalent to all potential profits during the agency period, which could have devastating financial implications for Regen [4][5]. - The core value of medical aesthetic products lies not only in their composition but also in the long-term brand recognition and trust built with distribution channels [5][6]. - A legal dispute over agency rights could lead to Aisufei being perceived as a "controversial product," potentially damaging its market position and consumer trust [5][6]. Group 4: Strategic Considerations for Aimeike - Aimeike must consider the potential impact on its capital market image if the core product of the acquired Regen faces significant sales risks and instability in overseas channels [6]. - The disruption of Regen's global agency network due to issues in China could hinder Aimeike's international expansion strategy, which relies on Regen's resources [5][6].

Core Viewpoint - Aimeike, led by founder Jian Jun, is pursuing international expansion through the acquisition of REGEN Biotech, Inc. to navigate challenges in the domestic medical aesthetics market [1][6]. Company Overview - Aimeike was founded in 2004 by Jian Jun, who transitioned from a successful career in international trade to the medical aesthetics industry after witnessing the effects of hyaluronic acid injections [2][3]. - The company initially faced significant competition from foreign brands in the hyaluronic acid market but successfully launched its first product in 2009, breaking the market monopoly [3]. Financial Performance - Aimeike's stock price surged post-IPO, reaching a peak of 1300 CNY per share in July 2021, with a market capitalization exceeding 1800 billion CNY [5]. - In 2021, the company reported a revenue increase of 104.13% to 1.448 billion CNY and a net profit increase of 117.81% to 958 million CNY [5]. - By 2023, revenue rose to 2.869 billion CNY and net profit reached 1.858 billion CNY, showcasing sustained high growth [5]. Market Challenges - The medical aesthetics industry is experiencing increased competition and regulatory scrutiny, leading to a slowdown in growth for Aimeike, with revenue and net profit growth rates dropping to single digits in 2024 [6]. - Despite achieving record revenues of 3.026 billion CNY and net profits of 1.958 billion CNY in 2024, the growth rates were only 5.45% and 5.33%, respectively [6]. Strategic Initiatives - Aimeike is focusing on international market expansion as a growth strategy, having initiated a Hong Kong IPO in 2021, although it has faced challenges in this endeavor [6]. - The acquisition of REGEN Biotech, Inc. for approximately 1.4 billion CNY, representing a 13-fold premium, is part of Aimeike's strategy to enhance its product line and accelerate global market penetration [6].

Core Viewpoint - *ST Suwu is facing scrutiny due to disclosure violations but is experiencing strong growth in its medical aesthetics business, which is expected to drive a turnaround in overall performance [1][2][3] Group 1: Financial Performance - In 2024, *ST Suwu achieved revenue of 1.599 billion yuan and gross profit of 773 million yuan, marking a year-on-year increase of 229 million yuan, or 42.12% [1] - The net profit attributable to shareholders reached 70.48 million yuan, a significant year-on-year growth of 197.97% [1] - In Q1 2025, the medical aesthetics segment generated revenue of 113 million yuan with a gross profit of 92.57 million yuan, while the pharmaceutical segment saw a revenue decline of 218.44 million yuan [2] Group 2: Business Strategy and Market Position - *ST Suwu has shifted its strategic focus from pharmaceutical business to medical aesthetics since early 2021, which has proven to be a forward-looking decision that opened new growth avenues [2] - The launch of the "Tongyan Needle" in January 2024 marked *ST Suwu's first entry into the medical aesthetics market, quickly gaining traction despite pricing controversies [2][3] - The company has established strong marketing efforts across various well-known medical aesthetics brands, enhancing its competitive position in the market [3]

Core Insights - The domestic market is on the verge of launching its first PDRN product, with Jiangsu Wuzhong completing clinical trials and planning to submit for market approval in the second half of the year [1][2][3] - PDRN, known as "salmon needle" in the aesthetic medicine market, has gained significant attention due to its ability to stimulate collagen and elastin production, making it valuable for skin repair and anti-aging [3][5] - The global PDRN market is projected to grow fivefold in the next five years, reaching $285 million by 2029, with China expected to have the highest growth rate at a compound annual growth rate (CAGR) of 49.02% from 2023 to 2029 [9][10] Industry Dynamics - Over 20 domestic companies are currently involved in the PDRN sector, including major players like Huaxi Biology and Jiangsu Wuzhong, indicating a competitive landscape [3][5] - The initial applications of PDRN were in wound healing and tissue regeneration, but its efficacy in anti-aging has led to a shift towards aesthetic applications [5][6] - The entry of domestic companies into the PDRN market has been accelerated by significant investments and acquisitions, highlighting the commercial potential of PDRN products [6][19] Market Competition - The current market is dominated by imported PDRN products, primarily from South Korea, which poses a challenge for domestic brands to establish themselves [10][12] - The success of Korean brands in China has been attributed to tailored product offerings and effective marketing strategies, including partnerships with beauty institutions [15][19] - Domestic PDRN products have the opportunity to capture market share by focusing on compliance and quality, as existing products lack regulatory approval [18][19] Future Outlook - The first approved PDRN product is expected to create a significant market opportunity, potentially becoming a blockbuster in the aesthetic medicine sector [18][19] - The competition among aesthetic products, including PDRN, PLLA, and PCL-based injections, will intensify as companies innovate and seek to differentiate their offerings [21][23] - The strategic focus on product compliance, market education, and efficient distribution will be crucial for domestic companies to succeed in the evolving landscape of aesthetic medicine [19][23]

星标 ★ IPO日报 精彩文章第一时间推送 近期， 爱美客技术发展股份有限公司（下称" 爱美客"）发布公告，拟通过持股70%的子公司Imeik International Limited （ 下称" 爱美客国际" ） 收 购韩国REGEN Biotech，Inc．公司（下称"韩国REGEN"）85%的股权，交易金额约为1.90亿美元（约合人民币13.86亿元）。 收购完成后，爱美客将持有韩国REGEN59.5%股权，将后者纳入合并报表。值得注意的是，由于 江苏吴中医药发展股份有限公司（下称" 江苏吴中"） 拥有韩国REGEN 主要产品， 艾塑菲童颜针 在中国的独家代理权（有效期至2032年8月28日），这意味着，如果爱美客成功收购，它还将因代理权 的问题与江苏吴中打交道。 具体投资过程是，爱美客和首瑞香港分别出资70%和30%，成立了爱美客国际有限公司，作为本次交易的收购主体，股权穿透来看，爱美客实际花费1.33 亿美元（折合人民币9.7亿元）购买韩国REGEN公司59.5%股权，而公告中85%股权的剩余部分（约25.5%），则由首瑞香港出资0.57亿美元收购。 此外，公司还宣布，如果本次收购能够得到批准并完 ...