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]

国内首款"三文鱼针"即将问世，又一大单品已到爆发前夜？ 文 | 动脉网 再生领域风水轮流转，这次终于轮到了PDRN。 先是在今年1月，瑞吉明生物宣布已成功研制出全球首款人工合成PDRN原料，并中试成功。2个月后，也就是近日，江 苏吴中也传来好消息，旗下注射用透明质酸钠-多聚脱氧核糖核苷酸（PDRN）复合溶液已完成全部临床受试者入组，预 计于今年下半年提交上市申请，届时将向国内首个获批上市的PDRN三类械发起冲击。 图1.PDRN的化学 结构（图源：Cardiovascular &Hematological） 事实上，作为再生领域的"液体黄金"，PDRN近些年一直备受市场关注，目前参与布局的国内企业已超过20家，这其中 不乏华熙生物、江苏吴中、华东医药、复星医药等行业巨头。而之所以会如此，关键还是在于其功效，因为具有刺激胶 原蛋白和弹力纤维增生的能力，PDRN在修复、抗衰老以及改善肤色肤质等方面都有极大的应用价值，再加上其碱基组 成与人类DNA相似度高达98%，因此不会引起明显的免疫反应，产品安全性极高。 不过到目前为止，国内还尚无PDRN溶液三类医疗器械产品获批上市，现有产品都是通过进口化妆品备案进行销售。所 ...

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 ...