爱美客控股子公司REGEN与达透公司关于AestheFill产品代理权的仲裁案件仍在审理中。2026年1月30日 公司公告显示，深圳国际仲裁院撤销了此前对REGEN的临时销售限制决定，但案件最终结果尚未公 布，可能影响公司未来业务布局。 业务进展情况 经济观察网爱美客（300896）(300896.SZ)近期有多项动态值得关注，涉及仲裁案件、新产品推广、财 务业绩及市场表现等方面。 近期事件 股价与资金表现 近期股价波动显著，如2026年2月3日出现两笔大宗交易(成交价113元/股，折价23.43%)，2月5日股价单 日上涨5.09%至155.87元/股。资金流向和机构持仓变化可能反映市场情绪。 公司正加速多元化布局，如防脱产品米诺地尔已获药品注册证书并推进市场推广；骨相美填充产品"嗗 科拉"市场反馈良好。这些新品可能成为未来增长点，但具体销量目标未公开披露。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 2025年前三季度，爱美客营收18.65亿元、归母净利润10.93亿元，同比分别下降21.49%和31.05%，毛利 率保持93.36%高位。持续业绩承压与行业竞争加剧需关注。 ...

此前，2025年9月10日，深圳国际仲裁院（以下简称"深国仲"）紧急仲裁员曾就达透医疗器械（上海） 有限公司（以下简称"达透公司"）提出的临时措施申请作出《深圳国际仲裁院决定书》（（2025）深国 仲涉外受8781号），决定REGENBiotech,Inc.（以下简称"REGEN公司"）在本案仲裁裁决作出前，不得 自行在中国国内销售AestheFill产品、不得否认达透公司是AestheFill产品在中国国内的独家经销商、不 得拒绝并应继续向达透公司按协议约定供应该产品。 近日，爱美客（300896）发布公告称，1月29日，公司控股子公司REGEN公司收到深圳国际仲裁院作出 的《仲裁庭关于〈撤销临时措施决定申请〉的决定》，仲裁庭决定不再实施由紧急仲裁员于2025年9月 10日作出的《深圳国际仲裁院决定书》临时措施决定。 ...

Core Viewpoint - The recent arbitration decision allows REGEN, a subsidiary of Aimeike, to sell AestheFill products in mainland China, but this is not a final ruling, and the ongoing dispute over distribution rights remains uncertain [2][8][20]. Group 1: Arbitration and Market Impact - Aimeike's subsidiary REGEN received a procedural decision from the Shenzhen International Arbitration Court, lifting a temporary measure that previously restricted its sales of AestheFill products in mainland China [2][8]. - Since the initial temporary measure was imposed on September 10, 2025, Aimeike's stock price has dropped nearly 30% [3]. - The arbitration dispute began after Aimeike acquired 85% of REGEN for $190 million in March 2025, leading to REGEN unilaterally terminating its exclusive distribution agreement with Dato Medical [6][8]. Group 2: Business Performance - Aimeike has faced a decline in revenue and profit for four consecutive quarters, with Q1-Q3 2025 revenues of 663 million, 636 million, and 566 million yuan, representing year-on-year declines of 17.90%, 25.11%, and 21.27% respectively [11]. - The decline in revenue is attributed to a weakened consumer confidence due to macroeconomic conditions and increased competition in the medical aesthetics industry [14][15]. - Aimeike's main revenue sources, solution and gel injection products, saw significant revenue drops, with total income from these products falling from 9.76 billion yuan in 2024 to 7.44 billion yuan in 2025 [15][16]. Group 3: Future Outlook - The AestheFill product, despite its potential, is expected to contribute only around 300 million yuan in annual sales, which may not significantly offset the revenue decline from Aimeike's core products [17]. - The competitive landscape for botulinum toxin products is also challenging, with established players dominating the market, making it difficult for Aimeike to gain market share with newly approved products [18]. - Overall, Aimeike is likely to continue facing significant performance pressures into 2026, despite the short-term positive impact of the arbitration decision [19][20].

Core Viewpoint - The arbitration decision to lift the temporary sales restriction on AestheFill products by REGEN, a subsidiary of Aimeike, is seen as a short-term positive development, but the underlying dispute over distribution rights remains unresolved, indicating potential volatility in the company's stock performance [1][4][14]. Group 1: Arbitration and Sales Rights - REGEN received a decision from the Shenzhen International Arbitration Court on January 29, 2025, which lifted a temporary measure that prohibited the sale of AestheFill products in mainland China [1]. - The temporary measure was initially imposed following REGEN's unilateral termination of its exclusive distribution agreement with Dato Medical, which claimed that Dato had transferred its distribution rights to a related party, violating the agreement [3][4]. - The arbitration decision is procedural and not a final ruling, meaning the dispute over the legality of REGEN's termination of the distribution rights is still ongoing [4]. Group 2: Financial Performance - Aimeike has experienced a decline in both revenue and profit for four consecutive quarters, with Q1-Q3 2025 revenues reported at 663 million, 636 million, and 566 million yuan, reflecting year-on-year decreases of 17.90%, 25.11%, and 21.27% respectively [5][6]. - The company's core products, including solution and gel injection products, saw significant revenue drops, with total income from these categories falling from 9.76 billion yuan in 2024 to 7.44 billion yuan in 2025 for solution products, and from 6.49 billion yuan to 4.93 billion yuan for gel products [9][10]. - The competitive landscape has intensified, with new entrants in the aesthetic medicine market impacting Aimeike's profit margins and market share [8][9]. Group 3: Future Outlook - The introduction of AestheFill is expected to provide some revenue support, but its annual sales of approximately 300 million yuan may not be sufficient to offset the significant revenue declines from Aimeike's core products [10][11]. - The company faces challenges in gaining market share for newly approved products, such as botulinum toxin, due to established competitors dominating the market [12][13]. - Overall, Aimeike is likely to continue facing substantial performance pressures into 2026, with the recent arbitration decision providing only a temporary boost [14].

中证报中证网讯（记者 傅苏颖）1月30日晚间，爱美客发布公告，旗下子公司REGEN于1月29日收到深 圳国际仲裁院下发的《仲裁庭关于〈撤销临时措施决定申请>的决定》，仲裁庭审慎考虑双方当事人的 意见与双方争议现状，并结合《中华人民共和国仲裁法》，撤销了紧急仲裁员于2025年9月10日作出的 临时措施决定。 据悉，2025年9月10日，深圳国际仲裁院紧急仲裁员曾就退市苏吴的控股孙公司达透公司提出的临时措 施申请作出《深圳国际仲裁院决定书》，决定REGEN公司在本案仲裁裁决作出前，不得自行在中国国 内销售AestheFill产品、不得否认达透公司是AestheFill产品在中国国内的独家经销商、不得拒绝并应继 续向达透公司按协议约定供应该产品。 公告显示，本次仲裁反请求申请人REGEN公司的仲裁反请求包括以下内容：裁决确认达透公司在中国 大陆区域（不含港澳台地区）的AestheFill产品的独家代理权终止；裁决确认作为《关于AestheFill独家 代理权转让协议》附件的EXCLUSIVE DISTRIBUTORSHIP AGREEMENT (Fourth Revised Agreement） 及其2021年1月 ...

从产品矩阵角度，爱美客此前已拥有"嗨体""濡白天使"等多个行业现象级产品，填补了不同领域的空 白。如今以PDLLA为核心技术的AestheFill产品销售限制得以解除，市场化推广进程重回正轨。爱美客 在中国医美市场深耕多年所建立的庞大销售网络，将实现产品矩阵的完善与渠道协同，开辟第二增长曲 线，同时契合大健康与颜值管理的消费趋势。 截至目前，韩国REGEN公司旗下AestheFill产品和PowerFill产品已积累了多年的国际市场安全性及有效 性数据。这一全球市场准入资质与临床背书，为爱美客旗下产品的出海提供了国际化平台。通过借鉴 AestheFill产品的全球分销网络与国际注册经验，能够显著加快爱美客布局海外市场的进程。 展望未来，通过技术协同、渠道共振与品牌强化，AestheFill产品有望与爱美客现有产品线产 生"1+1>2"的协同效应。爱美客对REGEN公司的收购，不仅仅能提升业绩盈利能力，更可能开启公司发 展的新阶段。 随着中国医美市场从高速增长转向高质量、规范化发展，拥有完整产品矩阵、强大研发实力、合规经营 体系以及清晰国际化路径的头部企业，将持续享有结构性优势。爱美客在此次法律博弈中取得的阶段 ...

Core Viewpoint - The company, Aimeike (300896.SZ), confirmed that its acquisition of the South Korean company REGEN is progressing as planned, with the focus on specific medical devices [1]. Group 1 - The company received inquiries from investors regarding the lack of marketing information for its overseas acquisition [1]. - Aimeike stated that REGEN's main products are AestheFill and PowerFill, both classified as Class III medical devices [1]. - The target customer base for these products consists of legitimate medical institutions qualified to use medical devices [1]. Group 2 - REGEN is reportedly continuing its production and sales activities as per the established plan [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q3 2025, the company achieved operating revenue of 566 million yuan, a year-on-year decrease of 21.27%. The net profit attributable to the parent company was 304 million yuan, down 34.61% year-on-year, while the net profit excluding non-recurring items was 255 million yuan, a decline of 42.37% year-on-year [2][6]. - The revenue decline has narrowed sequentially due to the consolidation of REGEN Company, with revenue declines in Q1, Q2, and Q3 being 17.9%, 25.11%, and 21.27% respectively. The main reason for the narrowing decline is the lower revenue base starting from Q3 of the previous year [11]. - The company's gross profit margin for Q3 was 93.2%, a year-on-year decrease of 1.4 percentage points, while the net profit margin attributable to the parent company was 53.7%, down 11 percentage points year-on-year. This decline in profitability is attributed to revenue pressure and relatively rigid expense inputs [11]. - The internationalization strategy is expected to bring new growth. The consolidation of REGEN has introduced products that complement the existing product matrix, enhancing the company's offerings in the aesthetic medicine sector [11]. - The company forecasts EPS for 2025, 2026, and 2027 to be 4.92 yuan, 5.62 yuan, and 6.20 yuan respectively, indicating a positive outlook despite current pressures [11]. Financial Summary - For 2025, the company expects total revenue of 2.515 billion yuan, with a gross profit of 2.345 billion yuan, resulting in a gross margin of 93% [17]. - The projected net profit for 2025 is 1.489 billion yuan, with an EPS of 4.92 yuan [17]. - The company’s cash flow from operating activities is expected to be 1.499 billion yuan in 2025 [17].

Core Viewpoint - *ST Suwu is facing significant challenges, including a sharp decline in revenue and net profit, alongside ongoing arbitration regarding the exclusive agency rights for the AestheFill product, which is critical to its business operations [2][5][6]. Financial Performance - In Q3 2025, *ST Suwu reported a revenue decline of 63.93% year-on-year, amounting to 148 million yuan, with a net profit attributable to shareholders of approximately -43 million yuan, a drastic decrease of 308.72% compared to the previous year [2][4]. - For the first three quarters of the year, the company's revenue fell by 38.85% to 784 million yuan, and the net profit decreased by 294.03% to -87.47 million yuan, primarily due to significant impairment provisions for trade receivables [5][6]. Business Segments - The pharmaceutical business generated a total revenue of 468 million yuan, down 55.79% year-on-year, while the aesthetic biomedical segment achieved a revenue of 304 million yuan, reflecting a growth of 52.78% [5][6]. - The AestheFill product, crucial for the aesthetic segment, faced sales disruptions due to an ongoing arbitration case, which has created uncertainty for the company's future performance in this area [6][7]. Regulatory and Legal Issues - *ST Suwu is under scrutiny from the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure, leading to a formal investigation and potential penalties [7][9]. - The company has been implicated in inflating revenue figures by approximately 1.771 billion yuan from 2020 to 2023, raising concerns about its financial integrity and leading to multiple delisting risks [8][9]. Management Changes - Recent changes in the company's management include the resignation of the securities affairs representative, with a new appointment made to assist the board in fulfilling its responsibilities [9].

Core Viewpoint - Aimeike, known as the "Maotai of the medical beauty industry," has reported disappointing financial results, with significant declines in both revenue and net profit for Q3 2025, raising concerns about its growth prospects and market confidence [2][6][20]. Financial Performance - In Q3 2025, Aimeike's revenue was 565 million, a year-on-year decline of 21.27%, and net profit was 304 million, down 34.61%. For the first three quarters of 2025, revenue totaled 1.865 billion, a decrease of 21.49%, with net profit at 1.09 billion, down 31.05% [2][6]. - The company's stock price fell sharply after the earnings report, reaching a low of 157.05 per share, a drop of 3.97%, and currently has a market capitalization of approximately 48.5 billion, down 73% from its peak of 180 billion in 2021 [2][6]. Product Overview - Aimeike, established in 2004 and listed in 2020, focuses on hyaluronic acid products, with its two main offerings being the injection solution "Haitai" and the gel filler "Ruhua Tianzi," both of which previously held market advantages [4][5]. - Despite maintaining high gross margins above 90%, revenue from these core products has significantly declined, with "Haitai" seeing a 23.79% drop in revenue and "Ruhua Tianzi" down 23.99% in the first half of 2025 [8][9]. Market Challenges - Aimeike's competitive edge is diminishing as new entrants, such as Huaxi Biological's "Runzhi·Gege," have entered the market, challenging the exclusivity of its products [13]. - The company faces increasing competition from alternative technologies, such as recombinant collagen, which are gaining traction and threatening Aimeike's market share in the hyaluronic acid segment [14]. Strategic Moves - To seek new growth avenues, Aimeike acquired 85% of South Korean company REGEN for 190 million USD in 2025, aiming to enhance its product portfolio and leverage REGEN's global sales network [16][17]. - This acquisition has led to a significant increase in goodwill, rising from 278 million at the end of 2024 to 1.65 billion by September 2025, marking a 493.44% increase [18]. Legal Issues - Aimeike is embroiled in a legal dispute with REGEN's former distributor, Datuo Medical, over the termination of an exclusive distribution agreement, which could impact the integration and future profitability of the acquisition [19][20].