Core Viewpoint - The temporary injunction issued by the Shenzhen International Arbitration Court prevents Regen Biotech from selling AestheFill in mainland China and denies its claim to terminate the exclusive agency agreement with Datou Medical, safeguarding a distribution right valued at at least 1.6 billion yuan for *ST Suwu's subsidiary [1][6]. Group 1: Market Dynamics - The Chinese aesthetic medicine market, particularly the AestheFill market, is experiencing explosive growth, with the market size increasing from approximately 100 million yuan in 2021 to over 3.2 billion yuan by 2025, representing a compound annual growth rate (CAGR) of 54% [1][7]. - The rapid expansion of the AestheFill market has attracted numerous companies, highlighting the intense competition and significant profit potential within the aesthetic medicine sector [1][8]. Group 2: Legal Proceedings - The arbitration case originated from a March 2025 acquisition of 85% of Regen Biotech by Aimeike for $190 million, followed by Regen's termination of the exclusive distribution agreement with Datou Medical [4][6]. - Datou Medical filed for arbitration on August 7, 2025, seeking to confirm the validity of the exclusive agency agreement and claiming initial damages of 1.6 billion yuan, with the right to adjust the claim amount [6][8]. Group 3: Product Insights - AestheFill, a popular product in the aesthetic medicine field, contains poly-L-lactic acid (PLLA), which stimulates collagen production, offering a more natural and long-lasting effect compared to traditional fillers [7]. - The approval of compliant AestheFill products in China has increased, with the number rising from 5 in 2024 to 9 by July 2025, indicating a growing acceptance and market presence [7].

爱美客对*ST苏吴方面提起仲裁并不意外，但目前还未正式收 到仲裁机构的口头或书面通知。 作者：刘晓诺 封图：图虫创意 自称"已陷入生死存亡的困境"的*ST苏吴（600200.SH），把AestheFill"童颜针"代理权之争推进 到了法律层面。 8月11日晚，*ST苏吴发布公告，其控股孙公司达透医疗器械（上海）有限公司（下称"达透公 司"）已向深圳国际仲裁院申请仲裁，并已于8月7日获受理立案。仲裁的另一方当事人，便是爱美 客（300896.SZ）间接控股的韩国公司REGEN Biotech,Inc.（下称"REGEN"）。 关于上述仲裁请求，爱美客相关负责人表示："在我们看来，是达透公司有违约行为在先，而且他 们的行为在经济和品牌商誉方面，对我们都有影响。我们也会根据情况采取法律手段，维护我们的 正当权益。" REGEN公司与达透公司的代理权纠纷自2025年7月开始发酵。 "童颜针"AestheFill本是韩国REGEN公司的产品，达透公司具有该产品在中国大陆地区的独家代理 权。2021年底，*ST苏吴花了1.66亿元间接控股了达透公司，并将AestheFill打造为其核心产品。 *ST苏吴称，据不完全统计， ...

Core Viewpoint - *ST Suwu is in a critical situation regarding the legal dispute over the exclusive agency rights for AestheFill, a product of REGEN Biotech, which has escalated to arbitration [2][3]. Group 1: Legal Dispute - DaTou Medical, a subsidiary of *ST Suwu, has filed for arbitration to confirm its exclusive agency rights for AestheFill and demands continued supply from REGEN [3]. - If DaTou's exclusive rights are not confirmed, it seeks compensation of approximately 1.6 billion yuan from REGEN, with the right to adjust this claim [3]. Group 2: Company Background and Financials - *ST Suwu acquired indirect control of DaTou for 166 million yuan and has invested over 400 million yuan in the clinical registration and market expansion of AestheFill [4]. - In 2024, AestheFill was approved for sale in China, contributing to *ST Suwu's revenue of 330 million yuan, a more than 40-fold increase from the previous year, accounting for 21% of total revenue [4]. Group 3: Regulatory Issues - In February 2025, *ST Suwu was investigated by the CSRC for information disclosure violations, leading to a fine of 10 million yuan and penalties for its chairman [5]. - Following the investigation, REGEN unilaterally terminated the exclusive agency agreement with DaTou, citing violations of the agreement and reputational damage due to *ST Suwu's regulatory issues [5]. Group 4: Market Reaction - As of August 12, *ST Suwu's stock price was 1.08 yuan per share, with a market capitalization of 768 million yuan, while Aimei Ke's stock was 188.45 yuan per share, with a market capitalization of 57 billion yuan [7].