Group 1 - The core viewpoint of the article highlights the recent management change at Aimeike Technology Development Co., Ltd., with Li Dongmei appointed as the new Deputy General Manager and Board Secretary during a challenging period for the company [2] - Aimeike is facing significant challenges, with a reported revenue of 1.865 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 21.49%, and a net profit of 1.093 billion yuan, down 31.05% year-on-year [3] - The decline in performance is attributed to intensified industry competition, particularly from Huaxi Biological's competing product "Runzhi·Gegge," which is affecting Aimeike's core product "Haitai" [3] Group 2 - Aimeike is embroiled in a dispute over the agency rights of its product AestheFill, which has escalated to a trademark infringement case involving a compensation claim of 1.6 billion yuan [4] - The appointment of a legal professional as a senior executive suggests that Aimeike aims to enhance its compliance, risk management, and arbitration dispute response capabilities [4] - Li Dongmei's nearly twenty years of legal experience is expected to provide professional support to Aimeike in navigating its current challenges [4]

（原标题：江苏吴中多重违规退市，童颜针代理权何去何从？） 21世纪经济报道记者 韩利明 12月1日晚间，*ST苏吴（江苏吴中，600200.SH）发布公告称，已收到上海证券交易所出具的股票终止 上市决定。根据安排，公司股票将于2025年12月9日进入退市整理期，预计最后交易日期为12月29日。 此次*ST苏吴被强制退市，核心原因在于触及重大违法强制退市情形。回溯来看，11月25日，*ST苏吴 收到中国证监会下发的《行政处罚决定书》（下称"《决定书》"），认定其披露的2020年至2023年年度 报告存在虚假记载。依据相关规定，上交所作出了上述终止上市的决定。 事实上，在收到证监会《决定书》的次日，*ST苏吴股票已开始停牌，停牌周期至12月8日结束。从停 牌前的市场表现来看，截至11月25日收盘，该股票已连续五个交易日涨停，当天收报1.24元/股，涨幅达 5.08%，总市值为8.81亿元。不过，与去年同时期相比，该公司的股价和市值，已缩水近九成。 值得注意的是，*ST苏吴的退市并非个例，2025年以来，已有多家A股上市药企退市。其中，普利制药 便因2021年、2022年年度报告存在虚假记载，且该两年虚假记载的利润 ...

财务造假，A股医美概念龙头*ST苏吴退市！从行情来看，*ST苏吴年内股价暴跌，从年初的9元多，一 度跌到不足1元，年内跌幅一度超过90%。 A股医美概念龙头股被强制退市 停牌前5涨停 12月1日晚间，*ST苏吴（江苏吴中，600200.SH）发布公告称，已收到上海证券交易所出具的股票终止 上市决定。根据安排，公司股票将于2025年12月9日进入退市整理期，预计最后交易日期为12月29日。 此次*ST苏吴被强制退市，核心原因在于触及重大违法强制退市情形。回溯来看，11月25日，*ST苏吴 收到中国证监会下发的《行政处罚决定书》（下称"《决定书》"），认定其披露的2020年至2023年年度 报告存在虚假记载。依据相关规定，上交所作出了上述终止上市的决定。 事实上，在收到证监会《决定书》的次日，*ST苏吴股票已开始停牌，停牌周期至12月8日结束。从停 牌前的市场表现来看，截至11月25日收盘，该股票已连续五个交易日涨停，当天收报1.24元/股，涨幅达 5.08%，总市值为8.81亿元。不过，与去年同时期相比，该公司的股价和市值，已缩水近九成。 值得注意的是，*ST苏吴的退市并非个例，2025年以来，已有多家A股上市 ...

| 1.24 0.00 0.00% | | | | | | 600200 交易 | | --- | --- | --- | --- | --- | --- | --- | | SSE CNY 9:00:00 停牌 | | | | | 酸似感持会脂 √ □ + | | | 委比 | 0.00% 委差 | O | Wind ESG评级 D | | | 详情 | | 30 th ary | | - | 交生 | -86.70% 120日 | | -50.99% | | 壶四 | | - | 5日 | 0.00% 250日 | | -87.62% | | 卖三 | | | 20日 | 21.57% 52周高 | | 10.78 | | 卖二 | | | 60日 | 19.23% 52周低 | | 0.88 | | 卖一 | | | | 2023 | 2024 | 2025Q3 | | 买一 | | | EbS | -0.10 | 0.10 | -0.12 | | 武二 | | | BbS | 2.45 | 2.56 | 2.43 | | 孟三 | | | ROE | -4.06% | 3.95% | -4.93% | ...

记者丨 韩利明 编辑丨季媛媛 财务造假，A股医美概念龙头*ST苏吴退市！从行情来看，*ST苏吴年内股价暴跌，从年初的9 元多，一度跌到不足1元，年内跌幅一度超过90%。 A股医美概念龙头股被强制退市 停牌前5涨停 12月1日晚间，*ST苏吴（江苏吴中，600200.SH）发布公告称，已收到上海证券交易所出具的 股票终止上市决定。根据安排，公司股票将于2025年12月9日进入退市整理期，预计最后交易 日期为12月29日。 此次*ST苏吴被强制退市， 核心原因在于触及重大违法强制退市情形。 回溯来看，11月25 日，*ST苏吴收到中国证监会下发的《行政处罚决定书》（下称"《决定书》"），认定其披露 的2020年至2023年年度报告存在虚假记载。依据相关规定，上交所作出了上述终止上市的决 定。 事实上，在收到证监会《决定书》的次日，*ST苏吴股票已开始停牌，停牌周期至12月8日结 束。从停牌前的市场表现来看，截至11月25日收盘， 该股票已连续五个交易日涨停，当天收 报1.24元/股，涨幅达5.08%，总市值为8.81亿元。 不过， 与去年同时期相比，该公司的股价 和市值，已缩水近九成。 值得注意的是，*ST苏吴的 ...

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [2][3][20]. Company Overview - Aimeike's actual controller, Jian Jun, has been re-elected as chairman, with a stable core management team, while the new board secretary, Li Dongmei, is seen as a fresh face amid the company's current challenges [2]. - The company has experienced a dramatic decline in performance, with a first-time negative growth reported in the first half of 2025, and significant year-on-year drops in revenue and net profit [3][13]. Financial Performance - In the third quarter of 2025, Aimeike reported revenue of 566 million yuan and a net profit of 304 million yuan, representing declines of 21.27% and 34.61% year-on-year, respectively [3]. - As of November 21, 2025, Aimeike's stock price is 148 yuan per share, with a market capitalization of 44.8 billion yuan, down over 100 billion yuan from its peak [4]. - The company's financial struggles have also impacted Jian Jun's wealth, which has decreased significantly over the past two years [6]. Historical Growth Trajectory - Aimeike's growth trajectory has been closely tied to its innovative product development, with significant milestones including the launch of its first self-developed product in 2009 and the introduction of several key products that drove revenue growth [9][10]. - The company saw explosive growth from 2021 to 2023, with revenues increasing from 1.448 billion yuan in 2021 to 2.869 billion yuan in 2023, and net profits rising from 958 million yuan to 1.858 billion yuan during the same period [7][10]. Current Challenges - The company is now facing a decline in growth momentum, with projections for 2024 showing single-digit growth rates, and a significant drop in revenue and net profit in the first half of 2025 [13]. - The decline is attributed to the weakening performance of its core products, particularly the HiTi and Luhua Tianzi, which have seen substantial year-on-year revenue declines [13][14]. Market Competition - The competitive landscape in the medical beauty industry is intensifying, with new entrants and increased product offerings leading to a dilution of Aimeike's previous competitive advantages [14][19]. - The recent launch of competing products has further pressured Aimeike's market share, particularly in the neck wrinkle treatment segment [13][14]. Strategic Responses - In response to these challenges, Aimeike is focusing on diversifying its product offerings and enhancing its research and development capabilities, including the introduction of new products and expansion into biopharmaceuticals [15][17]. - The company has also pursued strategic acquisitions, such as the purchase of a majority stake in REGEN, to bolster its product portfolio and enhance its competitive position in the global market [17][18]. Agency Dispute - Aimeike is embroiled in a significant dispute over the agency rights for its AestheFill product, which has led to legal actions and could impact its market performance [18][20]. - The resolution of this dispute is critical for Aimeike's management team, as it seeks to stabilize the company amid declining market conditions and increasing competition [20].

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a leadership change and strategic reassessment [4][6][20]. Company Overview - Aimeike's stock price peaked at 1331 yuan in February 2021, with a market capitalization exceeding 150 billion yuan, earning it the nickname "the Moutai of women" [4]. - The company has seen a dramatic decline in performance, with a 21.27% drop in revenue and a 34.61% drop in net profit in Q3 2025 compared to the previous year [6][8]. Financial Performance - Aimeike's financial performance over the past five years shows a significant decline, with 2025 projections indicating a drop in revenue and net profit by over 20% [9][13]. - The company's revenue and net profit for 2025 are expected to be 18.65 billion yuan and 10.93 billion yuan, respectively, marking a substantial decrease from previous years [9][13]. Product Development and Market Position - Aimeike's growth was initially driven by innovative products like the "Hi Body" and "Moisturizing Angel," which captured significant market share [10][11]. - However, competition has intensified, particularly in the high-end segment, leading to a dilution of the unique advantages of core products [12][14]. Strategic Response - In response to market challenges, Aimeike is diversifying its product offerings and has initiated a shift towards biopharmaceuticals and chemical drugs [15]. - The company has also pursued acquisitions, such as the purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [17][18]. Agency Dispute - Aimeike is embroiled in a significant dispute over the agency rights for its product AestheFill, which has implications for its market strategy and financial performance [18][19]. - The resolution of this dispute is critical for Aimeike's management to demonstrate their capability to navigate challenges and restore growth [20].

Core Viewpoint - Aimeike, once a leading player in the medical beauty industry, is facing significant challenges with declining performance and ongoing disputes over product agency rights, prompting a recent board reshuffle to address these issues [1][2][6]. Company Overview - Aimeike's actual controller, Jian Jun, was re-elected as chairman, while the management team remains stable, with Li Dongmei being promoted to a key role amid the company's current challenges [1][2]. - The company has seen a drastic decline in stock price and market capitalization, dropping from a peak of over 150 billion yuan to around 45 billion yuan [2][6]. Financial Performance - In the first half of 2025, Aimeike reported a revenue of 5.66 billion yuan and a net profit of 3.04 billion yuan, marking declines of 21.27% and 34.61% year-on-year, respectively [2][6]. - The company experienced its first negative growth in 2025, with revenue and net profit both declining over 20% [6][7]. Product Development and Market Position - Aimeike's growth has been closely tied to its innovative product development, with key products like "HiTi" and "Luhua Tianzi" driving significant revenue [3][5]. - The company has expanded its product matrix, with "HiTi" achieving a revenue share increase from 15.34% in 2017 to 43.5% in 2019 [4]. Competitive Landscape - The medical beauty industry is undergoing rapid changes, with increased competition leading to a dilution of Aimeike's product advantages, particularly for "HiTi" and "Luhua Tianzi" [7][8]. - New entrants in the market have intensified competition, with the number of approved "童颜针" products increasing to seven, further squeezing Aimeike's growth potential [8][9]. Strategic Initiatives - Aimeike is diversifying its product offerings, including the launch of new products like "Kela" and expanding into biopharmaceuticals and chemical drugs [9][10]. - The company has also pursued acquisitions, such as the purchase of a majority stake in REGEN, to enhance its product portfolio and market competitiveness [10][11]. Legal and Regulatory Challenges - Aimeike is embroiled in a significant dispute over the agency rights for its product "AestheFill," which could impact its market performance and brand partnerships [11][12]. - The ongoing arbitration with Jiangsu Wuzhong over the exclusive distribution rights of "AestheFill" highlights the complexities of brand ownership and distribution in the medical beauty sector [12][15].

Core Viewpoint - Aimeike, once hailed as the "beauty medical leader," is facing severe challenges since its IPO, with continuous declines in both revenue and net profit over four consecutive quarters, reflecting deeper operational crises amid intensified market competition [1][2][4]. Financial Performance - In Q3 2025, Aimeike's revenue decreased by 21.27% year-on-year to 1.865 billion yuan, while net profit attributable to shareholders fell by 34.61% to 1.093 billion yuan [2][4]. - The company has experienced a downward trend in revenue and net profit since Q4 2024, with respective declines of 7%, 17.9%, 25.11%, and 21.27% for revenue, and 15.47%, 15.87%, 41.75%, and 34.61% for net profit in the last four quarters [4][6]. Inventory and Efficiency - Aimeike's inventory scale has been increasing, with a 41.66% year-on-year growth in inventory size to 96 million yuan in the first three quarters of 2025, while inventory turnover efficiency has significantly declined, with turnover days extending to 185 days, an increase of 56 days compared to the previous year [6][7]. Product Performance - The decline in Aimeike's performance is primarily attributed to the poor sales of its two core products: solution and gel injection products, which saw revenue drops of 23.79% and 23.99% respectively in the first half of 2025 [6][7]. Strategic Acquisitions - To seek growth, Aimeike has engaged in high-premium acquisitions, including a notable acquisition of REGEN Biotech for approximately 1.9 billion USD, which resulted in a significant increase in goodwill to about 1.651 billion yuan [7][10]. - The acquisition has led to legal complications, including a 1.6 billion yuan arbitration case related to the exclusive distribution rights of AestheFill, a key product from REGEN [10][11]. Market Dynamics - The injection beauty market in China is characterized by high competition and increasing numbers of approved products, which has diminished Aimeike's first-mover advantage in the hyaluronic acid injection sector [7][8]. - The company has been actively expanding its product line through mergers and acquisitions to maintain its competitive edge in the injection beauty field [8][9].

Core Viewpoint - *ST Suwu is facing significant challenges, including a sharp decline in revenue and net profit, alongside multiple delisting risks, particularly related to the arbitration case concerning the exclusive agency rights for the AestheFill product. Financial Performance - In Q3 2025, *ST Suwu reported a revenue decline of 63.93% year-on-year to 148 million yuan, with a net profit attributable to shareholders of approximately -43.05 million yuan, a drastic decrease of 308.72% compared to the same period last year [1][3] - For the first three quarters, 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 [4][5] - The pharmaceutical business generated a total revenue of 468 million yuan, down 55.79% year-on-year, while the medical aesthetics sector achieved a revenue of 304 million yuan, up 52.78% [4] Business Operations - The decline in revenue is attributed to a significant drop in income from pharmaceutical and medical aesthetics businesses, with the company admitting it is currently unable to continue selling AestheFill products due to ongoing arbitration [1][5] - AestheFill, a key product for *ST Suwu, was launched in 2024 and contributed significantly to the company's revenue, accounting for 35.55% of total revenue in Q1 2024 [5][6] Legal and Regulatory Issues - *ST Suwu is under scrutiny for alleged information disclosure violations, having received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation [7] - The company has been found to have inflated revenue by approximately 1.771 billion yuan from 2020 to 2023 through non-commercial trade activities, leading to multiple delisting risks [8][9] - The company has faced a series of legal challenges, including a criminal case against its subsidiary for tax fraud, which further complicates its financial situation [9]