Group 1 - The core stock price of Sihuan Pharmaceutical (00460) increased by 4.47%, reaching HKD 1.87, with a trading volume of HKD 66.5181 million [1] - Xuan Zhu Biotechnology is set to launch its IPO from October 6 to October 10, planning to globally offer 67.3335 million shares, with trading expected to commence on October 15 [1] - Xuan Zhu Biotechnology is a spin-off from Sihuan Pharmaceutical [1] Group 2 - Sihuan Pharmaceutical's subsidiary, Meiyan Space, has developed a new product, "Frozen Beauty," which is an injectable sodium hyaluronate composite solution that recently received a Class III medical device registration from the National Medical Products Administration [1] - This marks the introduction of the first domestic water-light needle containing L-carnosine composite solution into the capital market [1]

消息面上，轩竹生物于10月6日至10月10日招股，该公司拟全球发售6733.35万股，预期股份将于10月15 日在联交所开始买卖。据悉，轩竹生物分拆自四环医药。此外，四环医药旗下渼颜空间自主研发的"注 射用透明质酸钠复合溶液——冻妍"近日获得国家药监局三类医疗器械注册证，标志着国内首款含L-肌 肽复合溶液水光针正式登陆资本市场视野。 四环医药(00460)再涨超4%，截至发稿，涨4.47%，报1.87港元，成交额6651.81万港元。 ...

Core Viewpoint - The approval of "Frozen" marks a significant milestone for the company, indicating the successful implementation of its "medical beauty + biopharmaceutical" dual-engine strategy, which is expected to enhance the company's investment value across multiple dimensions [1][10]. Product Value - "Frozen" is positioned in a high-growth market, specifically the water light needle segment, which is recognized as a "golden track" in the medical beauty sector, driven by increasing consumer demand for skin quality management [1][2]. - The market for water light needle products in China is projected to grow from approximately 4.5 billion RMB in 2025 to 8 billion RMB in 2027, with a compound annual growth rate (CAGR) of 21.5%, significantly outpacing the global market's 10.8% CAGR [2]. - The regulatory tightening in the medical beauty sector presents a historic opportunity for compliant innovative products like "Frozen," allowing it to capture both incremental and existing market shares [2][3]. Financial Value - The launch of "Frozen" is expected to create substantial incremental revenue, enhancing the company's profit structure and providing a strong, predictable new growth driver for its medical beauty segment [5][6]. - "Frozen" is anticipated to contribute significantly to net profit, with its profit structure offering considerable advantages, leading to potential exponential growth in net profit rather than linear increases [6]. - The introduction of "Frozen" signifies an upgrade in the company's profit model, enhancing sustainability and maximizing customer lifetime value, which is crucial for long-term profitability [6]. Strategic Value - The successful launch of "Frozen" indicates that the company's dual-track strategy of self-research and business development (BD) has entered an efficient execution phase, establishing a long-term competitive barrier in the medical beauty sector [7][10]. - The company has developed a dual-engine model combining regenerative products and skin quality management, creating a self-reinforcing ecosystem within its medical beauty business [8]. - The company has a robust pipeline of products in development, with five regenerative micro-sphere products and eight hyaluronic acid products in the registration phase, ensuring continuous growth and market presence [9]. Summary - The success of "Frozen" represents a new phase in the company's medical beauty strategy, reflecting its strong research and development capabilities and substantial pipeline reserves, which are critical for long-term value [10][11]. - The investment logic surrounding the company is shifting from a focus on profitability to high-quality growth, as the medical beauty segment now accounts for over 50% of revenue and continues to grow [11][12]. - The company has transitioned from relying on a single blockbuster product to becoming a platform-based medical beauty enterprise, enhancing its growth potential and valuation premium [12].

Core Viewpoint - The introduction of "Miracle Youth 3.0 - Plastic Beauty" by the domestic medical beauty service platform New Oxygen, priced at 2999 yuan, is considered the lowest price in history, breaking the previous market average of over 10,000 yuan, indicating a significant shift in the market dynamics of youth-enhancing injections [1][2]. Market Competition Landscape - The market for youth-enhancing injections, categorized as "medical beauty regenerative injectables," is experiencing intense competition with nine products currently approved in China, consisting of three imported and six domestic brands [3]. - The global market for medical beauty regenerative injectables is projected to reach approximately 11.52 billion yuan by 2027, with a compound annual growth rate (CAGR) of about 31.2% from 2025 to 2027 [2]. Pricing Strategies and Market Dynamics - The current market is characterized by a "mixed battle" phase, with various brands adopting different pricing strategies, including low-dose products to capture market share [6][8]. - The price of existing products typically starts at over 10,000 yuan, with some products like Jiangsu Wuzhong's Aisufei priced at 18,800 yuan before discounts [3]. Future Market Trends - The entry of New Oxygen and the increase in the number of certified manufacturers and qualified doctors are expected to lead to a price reduction in the youth-enhancing injection market, marking a transition towards market maturity [7]. - The Chinese market is anticipated to become a price lowland compared to neighboring countries, where prices are significantly lower [7]. Sales Performance and Market Size - Despite the competitive landscape, companies like Changchun Shengboma and Aimeike have reported substantial sales figures, with Aimeike's revenue from gel injection products reaching 6.38 billion yuan in 2022, and projected to grow to 1.2 billion yuan in 2024 [10]. - The overall market size for youth-enhancing injections is estimated to be in the millions of units, with a rapid increase in market participants from one or two to potentially twenty in the future [11]. Selection Criteria for Products - The selection of products in the market is increasingly based on consumer reputation, price-performance ratio, and the manufacturer's overall strength, as the number of approved products continues to rise [12]. - Brands must focus on building a strong consumer base and professional barriers to survive in the competitive market, emphasizing the importance of doctor expertise in the application of youth-enhancing injections [13]. Emerging Products and Competition - Several new products are in the pipeline for approval, including those from Hangzhou Gai Biological and Huadong Pharmaceutical, which will further intensify competition in the market [14].

Core Insights - New Oxygen has launched a new product, "Miracle Youth 3.0 - Plastic Beauty Needle," priced at 2999 yuan, which is considered the lowest price in the industry, breaking the previous market average of over 10,000 yuan [1][2] - The introduction of this affordable "youth needle" indicates a significant shift in the market, suggesting that the industry is on the brink of a price war as competition intensifies with more brands entering the space [2][3] Market Overview - The youth needle, classified as a "medical beauty regenerative injection," stimulates the body's collagen regeneration for skin tightening and anti-aging effects [3] - The global market for medical beauty regenerative injections is projected to reach approximately 11.52 billion yuan by 2027, with a compound annual growth rate (CAGR) of about 31.2% from 2025 to 2027 [4] - Currently, there are nine approved youth needle products in China, consisting of three imported and six domestic brands, indicating a competitive landscape [4] Pricing Dynamics - Most existing products are priced starting from over 10,000 yuan, with examples like Jiangsu Wuzhong's Aisufei priced at 11,597 yuan during promotional events, while other products range from 17,000 to 20,000 yuan [5] - The introduction of lower-priced options is expected to disrupt the existing pricing structure, leading to a more competitive environment [14][15] Competitive Landscape - The market is described as entering a "mixed battle" phase, with multiple brands competing aggressively [15] - The current market dynamics show a wide range of product specifications and pricing strategies, with some brands opting for smaller doses at lower prices to capture market share [15][16] - The competitive landscape is evolving, with brands needing to establish strong consumer trust and professional barriers to succeed [19][20] Future Trends - Analysts predict that the Chinese market for youth needles may become a price haven compared to other countries, where prices are significantly lower [15] - The market is expected to continue expanding, with more products in the pipeline for approval, further intensifying competition [20] - Companies are advised to focus on building brand reputation and ensuring product quality to maintain market share in a rapidly changing environment [19][20]

Core Viewpoint - Four Seasons Pharmaceutical (00460) saw a nearly 9% increase in stock price, reaching HKD 1.75 with a trading volume of HKD 137 million, following the approval of its product "Frozen Beauty" by the National Medical Products Administration of China [1] Group 1: Product Approval - The company announced that its subsidiary, Meiyan Space Biotechnology (Jilin) Co., Ltd., received a Class III medical device registration certificate for its self-developed injectable transparent sodium hyaluronate composite solution, branded as "Frozen Beauty" [1] - "Frozen Beauty" is the first approved product in China that contains L-carnosine, designed for temporary improvement of skin dryness and dull complexion [1] Group 2: Strategic Development - The approval of "Frozen Beauty" marks another milestone for Meiyan Space, following the earlier launches of "Youthful Needle" and "Girl Needle" within the year [1] - The company is building a strategic product matrix focused on compliant regenerative materials (Youthful Needle, Girl Needle) and skin quality management (Water Light Needle), enhancing its position in the light medical beauty sector [1] Group 3: Product Portfolio - Meiyan Space has over 30 approved products, establishing a comprehensive product layout in the light medical beauty field [1] - The company aims to provide an integrated solution from skin quality improvement to contour modification, reinforcing its leading position in comprehensive anti-aging solutions [1]

Core Viewpoint - Four Seasons Pharmaceutical (00460) experienced a nearly 9% increase in stock price, closing at 1.75 HKD, following the announcement of its product approval by the National Medical Products Administration of China [1] Group 1: Product Approval - The company’s subsidiary, Meiyan Space Biotechnology (Jilin) Co., Ltd., received a Class III medical device registration certificate for its self-developed injectable transparent sodium hyaluronate composite solution, branded as "Dongyan" [1] - "Dongyan" is the first approved compound solution in China that contains L-carnosine, designed for temporary improvement of skin dryness and dull complexion [1] Group 2: Strategic Product Matrix - The approval of "Dongyan" marks another milestone for Meiyan Space, following the earlier launches of "Tongyan Injection" and "Shaonian Injection" within the year [1] - The company is building a strategic product matrix that combines compliant regenerative materials (Tongyan and Shaonian injections) with skin quality management (water light needle) as dual engines [1] Group 3: Market Position - Meiyan Space has over thirty approved products, establishing a comprehensive product layout in the light medical beauty sector [1] - The company has achieved an integrated layout from skin quality improvement to contour modification, reinforcing its leading position in comprehensive anti-aging solutions [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00460 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 第 1 頁 共 10 頁 ...

Major Events - Jinye International Group (08549) plans to issue 100 million shares from September 30 to October 6 [1] - Zhida Technology (02650) intends to globally issue 5.9789 million shares, expecting to list on October 10 [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval for SYH2070 injection (double-stranded small interfering RNA drug) in China [1] - Mixue Group (02097) plans to invest in a fresh beer product company to seize opportunities in the fresh beer industry [1] - Shangshan Gold (01939) proposes a placement at a discount of approximately 19.88%, aiming to raise about HKD 245.8 million [1] - GC Construction (01489) sees a change in controlling interest with a buyout offer at a discount of about 45.91%, resuming trading on October 2 [1] - Times Financial Services Group (00510) major shareholder plans to sell some shares, resuming trading on October 2 [1] - Huajian Medical (01931) confidentially submitted an F-1 registration statement for a dual listing in the U.S. [1] - Ding Shi Capital (00804) intends to acquire 100% equity of a distressed asset disposal business, actively entering the distressed asset market [1] - Chuangmeng Tiandi (01119) plans to issue a total of 236 million shares [1] - Zhaogang Group-W (06676) intends to conduct a share buyback [1] - Daren International (01957) is exploring the possibility of acquiring up to 100 bitcoins [1] - Sihuan Pharmaceutical (00460) received approval from the National Medical Products Administration for its self-developed L-carnosine composite solution water light needle "Frozen Beauty" [1] Bonds and Notes - Minmetals Resources (01208) plans to issue USD 500 million zero-coupon convertible bonds maturing in 2030 [2] Share Buybacks - Tencent Holdings (00700) repurchased approximately 832,000 shares for about HKD 551 million on September 30 [2] - Midea Group (00300) spent approximately CNY 146 million to repurchase 2.0015 million A-shares on September 30 [2] - Anta Sports (02020) repurchased approximately 1.000 million shares for about HKD 99.87 million on September 30 [2] - SF Holding (06936) repurchased approximately 937,600 A-shares for about CNY 37.78 million on September 30 [2] - HSBC Holdings (00005) repurchased approximately 2.1133 million shares for about GBP 22.07 million on September 29 [2] Operating Performance - BYD Company (01211) reported approximately 3.2601 million new energy vehicle sales in the first nine months, a year-on-year increase of 18.64% [2] - Geely Automobile (00175) reported total vehicle sales of 273,100 units in September, a year-on-year increase of approximately 35% [2] - Great Wall Motors (02333) reported total vehicle sales of approximately 133,600 units in September, a year-on-year increase of 23.29% [2] - NIO Inc. (09866) delivered 34,749 vehicles in September, setting a new monthly record with a year-on-year increase of 64.1% [2] - Li Auto (02015) delivered 33,951 new vehicles in September [2]

Core Insights - The approval of "Dongyan," a hyaluronic acid compound solution, marks a significant breakthrough for the company in the medical aesthetics sector, being the first product in China to include L-carnosine for facial skin improvement [1][4][9] - The product's launch aligns with the rapid growth of the water light needle market, which is projected to reach $1.8 billion globally by 2025 and $4.5 billion in China by 2025, with a CAGR of 21.5% [4][14] Product Overview - "Dongyan" is designed to temporarily improve skin dryness and dullness, ensuring compliance and efficacy through a professional injection model [4][7] - The product features a composite formula that includes key ingredients such as hyaluronic acid, L-carnosine, vitamin B2, and essential amino acids, targeting comprehensive skin management [6][9] Market Positioning - The launch of "Dongyan" fills a gap in the market for compliant facial water light needles containing L-carnosine, which has been absent in China [5][9] - The product's positioning as a comprehensive skin improvement solution caters to the increasing demand for advanced skin health management, particularly among women over 30 [9][14] Strategic Development - The approval of "Dongyan" is part of the company's dual-engine strategy in the medical aesthetics field, complementing existing products like "Tongyan Needle" and "Shaonian Needle" [10][11] - The company has established a robust sales network covering over 6,800 medical aesthetic institutions across more than 370 cities in China, enhancing its market penetration capabilities [11][15] Financial Performance - The medical aesthetics division has shown significant growth, with a reported 85% year-on-year increase in revenue for the first half of 2025, surpassing traditional business revenue contributions [13][14] - The company is expected to continue its positive financial trajectory, supported by the launch of "Dongyan" and ongoing product development in the medical aesthetics sector [12][15]