公告称，影响集团于该期间内的财务业绩主要包括如下因素：医美业务高增长，相较于去年同期增速在 50%–60%之间；创新药业务进入收获期，包括创新药研发开支逐步减少，获批新产品持续涌现，新产 品的商业化进展顺利，该板块的分部收入持续增长；仿制药业务的下跌幅度逐年收窄；公司财务状况稳 健，账面现金充裕。 四环医药(00460)涨超3%，截至发稿，涨3.2%，报77.5港元，成交额2.35亿港元。 消息面上，近日，四环医药发盈喜，集团预期截至2025年6月30日止六个月内取得不低于人民币11亿元 的收入及不低于人民币5000万元的净利润。 ...

Group 1 - InnoCare (02577.HK) has partnered with NVIDIA to promote the large-scale implementation of the 800 VDC power architecture in AI data centers, which is designed for efficient power supply in megawatt-level computing infrastructure [1] - The 800 VDC system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, enabling a 100-1000 times increase in AI computing power [1] - The company's third-generation GaN devices provide a comprehensive power solution from 800V input to GPU terminals, covering a voltage range from 15V to 1200V [1] Group 2 - China Ruyi (00136.HK) received a strategic investment of HKD 3.9 billion from Wuji Capital to accelerate business expansion and acquisition plans [2] - LEPU Biopharma-B (02157.HK) has authorized T-cell connector technology with an upfront payment of USD 10 million and potential milestone payments of up to USD 850 million [2] - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia [2] Group 3 - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of 58% [3] - Great Wall Motors (02333.HK) achieved approximately 104,372 vehicle sales in July, reflecting a year-on-year growth of 14.34% [3] - NIO-SW (09866.HK) delivered 21,017 vehicles in July [3]

智通财经APP讯，四环医药(00460)发布公告，集团预期截至2025年6月30日止六个月内取得不低于人民 币11亿元的收入及不低于人民币5000万元的净利润。 影响集团于该期间内的财务业绩主要包括如下因素：(1)医美业务高增长，相较于去年同期增速在50%– 60%之间;(2)创新药业务进入收获期，包括创新药研发开支逐步减少，获批新产品持续涌现，新产品的 商业化进展顺利，该板块的分部收入持续增长;(3)仿制药业务的下跌幅度逐年收窄;(4)公司财务状况稳 健，账面现金充裕。 自2024年1月至2025年7月底，集团共有41个医美及医药新产品获批上市，其中包括公司自研的三类医疗 器械重磅产品少女针(商品名：倾研)、童颜针(商品名：回颜臻、斯弗妍)、以及独家代理的三类医疗器 械重磅产品双波射频微针系统Sylfirm X等在内的共9个医美产品，以及包括公司自主研发的一类创新药 吡洛西利片(商品名：轩悦宁)、脯氨酸加格列净片(商品名：惠优静)和国产首仿药德谷门冬双胰岛素注 射液(商品名：惠优加)、德谷胰岛素注射液(商品名：惠优达)在内的共32个医药新产品(包括补充申请)。 集团预计数量如此多的重磅新产品同步上市将会给集 ...

自2024年1月至2025年7月底，集团共有41个医美及医药新产品获批上市，其中包括公司自研的三类医疗 器械重磅产品少女针(商品名：倾研)、童颜针(商品名：回颜臻、斯弗研)、以及独家代理的三类医疗器 械重磅产品双波射频微针系统SylfirmX等在内的共9个医美产品，以及包括本公司自主研发的一类创新 药吡洛西利片(商品名：轩悦宁)、脯氨酸加格列净片(商品名：惠优静)和国产首仿药德谷门冬双胰岛素 注射液(商品名：惠优加)、德谷胰岛素注射液(商品名：惠优达)在内的共32个医药新产品(包括补充申 请)。 集团预计数量如此多的重磅新产品同步上市将会给集团的未来收入及利润增长带来强大动能，集团对未 来的发展前景充满信心。 格隆汇8月1日丨四环医药(00460.HK)公告，截至2025年6月30日止6个月未经审核的综合管理账目及董事 会现有资讯初步评估，集团预期该期间内录得不低于人民币11亿元的收入及不低于人民币5000万元的净 利润。 影响集团于该期间内财务业绩主要包括如下因素：(1)医美业务高增长，相较于去年同期增速在50%– 60%之间；(2)创新药业务进入收获期，包括创新药研发开支逐步减少，获批新产品持续涌现，新产 ...

自2024年1月至2025年7月底，集团共有41个医美及医药新产品获批上市，其中包括公司自研的三类医疗 器械重磅产品少女针(商品名：倾研)、童颜针(商品名：回颜臻、斯弗妍)、以及独家代理的三类医疗器 械重磅产品双波射频微针系统Sylfirm X等在内的共9个医美产品，以及包括公司自主研发的一类创新药 吡洛西利片(商品名：轩悦宁)、脯氨酸加格列净片(商品名：惠优静)和国产首仿药德谷门冬双胰岛素注 射液(商品名：惠优加)、德谷胰岛素注射液(商品名：惠优达)在内的共32个医药新产品(包括补充申请)。 集团预计数量如此多的重磅新产品同步上市将会给集团的未来收入及利润增长带来强大动能，集团对未 来的发展前景充满信心。 影响集团于该期间内的财务业绩主要包括如下因素：(1)医美业务高增长，相较于去年同期增速在50%– 60%之间;(2)创新药业务进入收获期，包括创新药研发开支逐步减少，获批新产品持续涌现，新产品的 商业化进展顺利，该板块的分部收入持续增长;(3)仿制药业务的下跌幅度逐年收窄;(4)公司财务状况稳 健，账面现金充裕。 四环医药(00460)发布公告，集团预期截至2025年6月30日止六个月内取得不低于人民币1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Sihuan Pharmaceutical Holdings Group Ltd. 四環醫藥控股集團有限公司 （於百慕達註冊成立的有限公司） （股份代號：0460） 正面盈利預告 – 1 – (1) 醫 美 業 務 高 增 長，相 較 於 去 年 同 期 增 速 在50%–60%之 間； (2) 創 新 藥 業 務 進 入 收 穫 期，包 括 創 新 藥 研 發 開 支 逐 步 減 少，獲 批 新 產 品 持 續 湧 現，新 產 品 的 商 業 化 進 展 順 利，該 板 塊 的 分 部 收 入 持 續 增 長； (3) 仿 製 藥 業 務 的 下 跌 幅 度 逐 年 收 窄；及 (4) 本 公 司 財 務 狀 況 穩 健，賬 面 現 金 充 裕。 自 二 零 二 四 年 一 月 至 二 零 二 五 年 七 月 底，本 集 團 共 有41個醫美及醫 ...

自願公告 創新藥安奈拉唑鈉用於反流性食管炎的新適應症 III期臨床完成首例受試者入組 Sihuan Pharmaceutical Holdings Group Ltd. 四環醫藥控股集團有限公司 （於百慕達註冊成立的有限公司） （股份代號：0460） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 關於軒竹生物 軒 竹 生 物 是 四 環 醫 藥 旗 下 的 創 新 藥 子 公 司，是 一 家 根 植 於 中 國、具 有 全 球 化 視 野 的 創 新 型 制 藥 企 業，聚 焦 於 消 化、腫 瘤 及 非 酒 精 性 脂 肪 性 肝 炎 等 重 大 疾 病 領 域，致 力 於 研 發、生 產 及 商 業 化 具 有 核 心 自 主 知 識 產 權 的1類 新 藥。公 司 擁 有 一 流 的 研 發 團 隊，核 心 人 員 均 具 有 多 年 新 藥 研 發 經 驗。公 司 同 時 具 備 小 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a moderate recovery in the beauty and cosmetics sector, with a notable performance in hair care and color cosmetics, indicating a stable growth trajectory [7][35] - The medical aesthetics sector is expected to gain momentum from the introduction of innovative products, particularly in the field of collagen and hair loss treatments [30][46] Summary by Sections Market Review - In June, the beauty and personal care index fell by 3.61%, ranking 31st among all primary industries, underperforming the market [14] - The medical aesthetics sector saw significant stock price increases for companies like Meili Tianyuan Medical Health (+64.4%), Yonghe Medical (+50.0%), and Sihuan Pharmaceutical (+13.3%) [20][26] - For the first half of 2025, the medical aesthetics sector recorded substantial gains, with Jinbo Biological (+124.6%), Yonghe Medical (+83.3%), and Meili Tianyuan Medical Health (+69.9%) leading the way [20][26] Medical Aesthetics - Jinbo Biological launched the world's first recombinant type III humanized collagen gel, HiveCOL, which is expected to revolutionize tissue regeneration [30] - Sihuan Pharmaceutical introduced new products targeting skin quality improvement and contour shaping, while Kedi's external finasteride spray received approval, marking a significant advancement in hair loss treatment [31][32] Cosmetics - The retail sales of cosmetics in the first half of 2025 reached 229.1 billion yuan, reflecting a year-on-year growth of 2.9% [35] - Online sales of cosmetics amounted to 267.83 billion yuan, growing by 11.1%, while offline sales decreased by 4.1% to 228.44 billion yuan [36] - The report emphasizes the strong performance of domestic brands in the online market, particularly on platforms like Douyin and Tmall [40][43] Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are expected to gain market share, particularly in high-growth segments [46][47] - Key recommendations include companies like Shangmei Co., Ltd., Maogeping, and Pulaia, which are well-positioned to benefit from the ongoing trends in the beauty market [50]

Core Viewpoint - Four Seasons Pharmaceutical has launched three self-developed aesthetic products, becoming the only compliant dual regeneration injection holder in China [1] Group 1: Product Launch and Innovation - The newly launched products include: 1) PLLA Youthful Injection, which is divided into two variants based on microsphere particle size: Sifuyan (larger particles for deep injection) and Huiyan Zhen (finer particles for dermal applications) [1] - 2) PCL Tinging, which features uniform particle size and high dispersion to avoid local irritation, enhancing support and viscoelasticity during injection [1] - The company is transitioning from single products to comprehensive aesthetic treatment solutions, addressing the evolving consumer demand for more complete aesthetic plans [1] Group 2: Market Position and Strategy - The core barriers for aesthetic enterprises lie in high-quality pipelines (underlying R&D capabilities) and B2B2C channel management (commercialization capabilities) [2] - Four Seasons Pharmaceutical has built a product matrix of over 60 products through self-research and business development, with its core product, Letibao Botulinum Toxin, covering over 6,200 aesthetic institutions across more than 370 cities in China [2] - The launch of the three regeneration products significantly strengthens the company's pipeline synergy, with expectations for performance growth through collaboration with existing products and mature channel systems [2] Group 3: Financial Performance and Forecast - The company is expected to achieve revenues of 2.32 billion, 3.44 billion, and 4.73 billion yuan in 2025-2027, with growth rates of 22%, 48%, and 37% respectively [2] - The net profit attributable to the parent company is projected to be 60 million, 530 million, and 780 million yuan for the same period, with a corresponding PE of 22 times for 2026 [2] - The adjustment in revenue forecasts reflects the strengthening of pipeline synergy and performance realization from the new aesthetic products [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [19]. Core Viewpoints - The launch of new regenerative products positions the company as the only compliant holder of dual regenerative injectables in China [2]. - The company is transitioning from single product offerings to comprehensive aesthetic treatment solutions, addressing the evolving demands in the aesthetic medicine market [4]. - The company has established a robust product pipeline and distribution network, with over 60 products developed and a presence in more than 6,200 aesthetic institutions across 370 cities [5]. - The traditional pharmaceutical business is stabilizing, with a focus on innovative drugs, including the upcoming launches of key products [6]. Financial Performance and Forecast - Revenue projections for 2025-2027 are adjusted to 2.32 billion, 3.44 billion, and 4.73 billion RMB, respectively, with growth rates of 22%, 48%, and 37% [6]. - The net profit forecast for the same period is 63 million, 528 million, and 783 million RMB, with corresponding growth rates of 129%, 736%, and 48% [6]. - The expected price-to-earnings ratio for 2026 is 22 times, reflecting a positive outlook on profitability [6].