四环医药(00460)发布公告，按公司截至2025年12月31日止年度的未经审核的综合管理账目及董事会现 有资讯的初步评估，集团预期该年度内取得不低于人民币25亿元的收入(相较于去年同期增速逾30%)及 不低于人民币1.5亿元的净利润。 (3) 公司财务状况稳健，账面现金充裕，该年度内实施多轮股份回购并完成轩竹生物分拆上市，带来显 着股权增值收益，不仅缓解研发资金压力，更优化了集团财务结构，推动利润端实现突破。 2025年是四环医药业绩实现关键拐点的一年。该年度内，集团多款医美及医药新产品相继获批上市，业 务结构与市场竞争力实现显著提升。 医美板块方面，集团多款自研核心产品成功获批，包括自研童颜针(回颜臻 、斯弗妍 )、自研少女针(倾 研 )、自研含L-肌肽面部动能素(冻妍 )等。随着多款自研再生类、水光类产品陆续上市，四环医药已成 为行业内首家集齐肉毒毒素、少女针、童颜针、水光针、玻尿酸、光电设备于一体的全矩阵医美企业。 核心产品乐提葆肉毒毒素市占率提升至近20%，合作医美机构覆盖数突破8000家。依托成熟渠道与核心 大品的流量导入，公司新上市医美产品实现快速放量，获得医美机构高度认可，成为业绩重要增长引 ...

格隆汇2月10日丨四环医药(00460.HK)公告，按公司截至2025年12月31日止年度未经审核的综合管理账 目及董事会现有资讯初步评估，集团预期该年度内录得不低于人民币25亿元的收入(相较于去年同期增 速逾30%)及不低于人民币1.5亿元的净利润。 影响集团于该年度内财务业绩主要包括如下因素：(1)医美业务实现高速增长，于该年度内实现收入逾 14亿元及实现分部利润逾人民币7亿元，相较于去年收入及分部利润年度增速均超过90%，成为集团第 一大收入与利润支柱，带动整体业绩大幅提升；(2)创新药业务进入收获期，轩竹生物与惠升生物合计 实现收入较去年同期大幅增长，创新药研发开支逐步优化，获批新产品持续涌现，新产品的商业化进展 顺利，板块由投入期向收益期转型，显著改善集团盈利结构；(3)公司财务状况稳健，账面现金充裕， 该年度内实施多轮股份回购并完成轩竹生物分拆上市，带来显著股权增值收益，不仅缓解研发资金压 力，更优化了集团财务结构，推动利润端实现突破。 尤为重要的是，公司于2025年10月成功实现轩竹生物在香港联交所主板分拆上市。这不仅为四环医药带 来了显著的股权增值收益，更通过资本市场融资缓解了公司的研发投入压 ...

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 – 1 – 2025年 是 四 環 醫 藥 業 績 實 現 關 鍵 拐 點 的 一 年。該 年 度 內，本 集 團 多 款 醫 美 及 醫 藥 新 產 品 相 繼 獲 批 上 市，業 務 結 構 與 市 場 競 爭 力 實 現 顯 著 提 升。 醫 美 板 塊 方 面，本 集 團 多 款 自 研 核 心 產 品 成 功 獲 批，包 括 自 研 童 顏 針（回 顏 臻®、 斯弗妍®）、自 研 少 女 針（傾 研®）、自 研 含L－肌 肽 面 部 動 能 素（凍 妍®）等。隨 著 多 款 自 研 再 生 類、水 光 類 產 品 陸 續 上 市，四 環 醫 藥 已 成 為 行 業 內 首 家 集 齊 肉 毒 毒 素、少 女 針、童 顏 針、水 光 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The commercialization of ADC (Antibody-Drug Conjugates) is accelerating, with 20 ADC drugs approved globally, and 6 of them have been in the "billion-dollar club" for two consecutive years [30][31] - The report highlights the increasing competition in the ADC sector, with approximately 60 ADC drugs currently in clinical phase 3 and application stages [30] - Domestic innovative pharmaceutical companies are adopting various strategies for ADC capacity layout, with companies like Rongchang Biopharma transitioning from outsourcing to in-house production, while others like Kelong Biotechnology are building their own production bases [31][32] Summary by Sections Market Review - The pharmaceutical index rose by 0.14% this week, outperforming the CSI 300 index by 1.47 percentage points, ranking 15th in industry performance [10] - Year-to-date, the pharmaceutical index has increased by 3.28%, also outperforming the CSI 300 index by 2.99 percentage points, ranking 23rd [10] Individual Stock Performance - In the A-share market, 255 out of 479 pharmaceutical stocks rose, with the top five performers being Guangshengtang (+29.83%), Haixiang Pharmaceutical (+18.64%), and Meidixi (+18.04%) [20] - In the Hong Kong market, 38 out of 116 pharmaceutical stocks rose, with the top performers including Yiteng Jiahe (+14%) and Kedi-B (+9.96%) [24] Industry News and Policies - The newly revised "Regulations on the Implementation of the Drug Administration Law" supports segmented contract manufacturing and commercial-scale drug sales, providing a foundation for ADC commercialization cooperation [32] - Notable industry developments include Novartis's application for Ianalumab in China and Johnson & Johnson's approval of Daratumumab injection for multiple myeloma treatment [27][28] Weekly Insights - The ADC commercialization battle has begun, with a significant increase in demand for ADC production capacity, leading to a supply-demand imbalance [30] - Major CXO companies are expanding ADC production capacity, with companies like WuXi AppTec acquiring East Yao Pharmaceutical to meet rising orders [31]

Investment Rating - The report recommends a focus on the company, indicating that it is undervalued with a reasonable valuation range of over HKD 25 billion [21]. Core Insights - The company has transitioned from traditional generic drugs to a dual-driven strategy focusing on "aesthetic medicine and innovative drugs," leading to a significant revenue increase in the aesthetic segment [21]. - The aesthetic medicine segment saw a revenue increase of 81% year-on-year in the first half of 2025, contributing significantly to the company's overall revenue growth [4][11]. - The innovative drug segment is expected to enter a revenue realization phase with the commercialization of new drugs, enhancing the company's financial outlook [12][16]. Summary by Sections Aesthetic Medicine - In H1 2025, aesthetic medicine revenue increased by 81% to HKD 5.9 billion, with a gross margin improvement of 8 percentage points to 73% [4][11]. - The core product, Letybo (botulinum toxin), has a market penetration of less than 2% in China, indicating substantial growth potential compared to higher penetration rates in the US and South Korea [5]. - The company has three major products approved in 2025, including facial fillers and water light needles, which are expected to drive significant sales growth [9][10]. Innovative Drugs - The innovative drug segment reported a 30% revenue increase to HKD 0.17 billion in H1 2025, with a focus on gastrointestinal and oncology treatments [12]. - The company has successfully commercialized its first innovative PPI drug, which is expected to maintain its price in the national basic medical insurance directory [12][14]. - The company holds a 49.13% stake in Xuan Zhu Bio, which has a market capitalization of HKD 34.5 billion, further enhancing its financial position [12]. Biopharmaceuticals - The biopharmaceutical segment, focusing on diabetes, has a comprehensive pipeline with over 20 products, and revenue is expected to see explosive growth in the next 2-3 years [17][18]. - The company reported a 40-fold increase in revenue to HKD 0.39 billion in H1 2025, with a focus on insulin and innovative diabetes treatments [17][18]. Generic Drugs - Generic drug revenue decreased by 16% to HKD 5.0 billion in H1 2025, accounting for 44% of total revenue, but the impact is expected to lessen as aesthetic and innovative drug segments grow [19]. - Key products include Clinao (a unique injection) and a mucosal solution for children, which are positioned to capture niche markets [19]. Profit Forecast - The company is expected to turn profitable in 2025, with significant revenue growth driven by aesthetic and innovative drugs, alongside reduced R&D expenses [20]. - The company has maintained a high dividend payout ratio of 89% in H1 2025, reflecting strong cash flow management [20].

近日，四环医药旗下渼颜空间自主研发的聚乳酸面部填充剂（俗称"童颜针"）的6个新增规格获国家药监局正式获批，覆盖60mg/瓶至130mg/瓶多梯度剂量， 进一步丰富医美管线矩阵。 回顾2025年，四环医药作为中国医美龙头，通过全品类产品矩阵形成稀缺竞争壁垒、全域渠道网络筑牢市场根基、营收规模逆势领跑行业、丰富研发管线保 障长期迭代、药企基因赋能品牌合规优势，形成穿越行业周期、实现逆势高增的核心底气。 而从估值角度来看，当前公司的价值与价格存在明显倒挂，被市场显著低估，长期成长潜力有望得到进一步重估。 五大核心维度，彰显四环医药医美龙头优势 契合医美行业向合规化、技术化、全品类化转型的核心趋势，四环医药凭借产品、渠道、规模、研发、品牌五大维度的全方位硬实力支撑，在奠定其医美头 部地位的同时，更形成了同行较难复制的竞争护城河。 其四，研发端加快迭代升级，保障长期成长动能。 研发能力决定医美企业的长期生命力，四环医药持续加大医美领域研发投入，构建丰富且高质量的研发管线。数据显示，2025年行业新获批产品中80%来自 具备三类械资质的头部企业，中小玩家加速出清。四环医药2025年全年新增3款重磅三类械产品，包括童颜针、 ...

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: 2026年1月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 公司名稱: 四環醫藥控股集團有限公司 | 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 | | 1,00 ...

Core Insights - The domestic medical beauty industry is undergoing a structural transformation in 2025, shifting from a "seller's market" to a "buyer's market" due to an increase in the supply of upstream products [1] - The approval of 52 new Class III medical device registrations in 2025 indicates a significant change in the supply-demand relationship within the industry [1] - Upstream manufacturers are compelled to adjust their competitive strategies, focusing on technological innovation, product iteration speed, and commercialization capabilities [1][4] Upstream Manufacturers - The competition among upstream manufacturers is intensifying as the medical beauty market continues to expand and diversify, with the industry size surpassing 300 billion yuan [3] - The light medical beauty market is expected to grow at a compound annual growth rate of over 20% in the next five years, becoming the mainstream segment [3] - Hyaluronic acid, botulinum toxin, collagen, and regenerative materials are projected to dominate the injection materials market in 2024, with respective market shares of 36%, 29%, 19%, and 16% [3] Product Supply Expansion - In 2025, 25 new Class III medical device registrations for hyaluronic acid products were approved, alongside approvals for collagen products, youth needles, and new materials like agarose and calcium phosphate [4] - Manufacturers are shifting from a "follow the trend" model to focusing on product innovation and expanding new indications, particularly in women's health-related aesthetics [4][5] Competitive Landscape - The competition is expected to transition from merely obtaining licenses to a focus on core technology, research efficiency, and understanding end-user needs [5] - The relationship between upstream manufacturers and downstream medical beauty institutions is evolving into a mutually beneficial partnership rather than a zero-sum game [6] Downstream Institutions - The approval of 52 new Class III medical device registrations has provided downstream institutions with greater product selection and negotiating power with upstream manufacturers [6] - New Oxygen's introduction of competitively priced products has sparked controversy among upstream manufacturers, highlighting the ongoing price competition in the market [6] Market Dynamics - Public hospitals are increasingly entering the medical beauty sector, with 203 hospitals opening or establishing medical beauty departments in 2025, a 229% increase from the previous year [8] - Major internet platforms like Meituan and Tmall are leveraging their traffic advantages to enhance the medical beauty sector, intensifying market competition [8] - The future of the medical beauty industry is expected to be characterized by a diverse and competitive landscape, where trust and professional credibility are crucial for consumer acceptance [8]

Group 1 - The core point of the article is that Sihuan Pharmaceutical (00460) has seen a significant stock price increase due to the approval of new specifications for its self-developed polylactic acid facial filler, known as "Tongyan Needle" [5] - The stock price rose over 9% during trading, with a current price of 1.53 HKD and a trading volume of 165 million HKD [5] - The approval of six new specifications by the National Medical Products Administration of China is expected to enhance the company's aesthetic medicine pipeline and drive growth [5] Group 2 - According to Founder Securities, the company is experiencing breakthroughs in its aesthetic medicine pipeline and collaborations, with the value of innovative drugs being released [5] - The current pipeline is accelerating, with stable growth from botulinum toxin products and new products like Tongyan Needle and "Shaonv Needle" starting to gain traction [5] - Future product lines, including regenerative, collagen-based, photonic devices, and weight loss products, are expected to continue to be launched, contributing to long-term growth potential [5]

Core Viewpoint - Four Seasons Pharmaceutical (00460) has seen a significant stock increase of over 9%, currently trading at 1.59 HKD with a transaction volume of 150 million HKD, following the approval of new specifications for its self-developed polylactic acid facial filler by the National Medical Products Administration of China [1] Group 1: Company Developments - The company’s subsidiary, Meiyan Space Biotechnology (Jilin) Co., Ltd., received approval for six new specifications of its facial filler, commonly referred to as "童颜针" [1] - According to Founder Securities, the company is experiencing a dual-driven growth model with breakthroughs in its medical aesthetics pipeline and the release of innovative drug value [1] - The current pipeline is accelerating, with stable growth from botulinum toxin products and new products like "童颜针" and "少女针" beginning to gain market traction [1] Group 2: Future Growth Potential - New product momentum from "动能素水光" is expected to become a new growth driver for the company [1] - Future pipelines in regenerative medicine, collagen products, photonic devices, and weight loss products are anticipated to continue to materialize and contribute to long-term growth [1] Group 3: Industry Context - Recent discussions around the Nipah virus outbreak in India have drawn attention, where the company previously announced a collaboration framework with Indian company Hiderong Pharmaceutical [1] - The collaboration encompasses research and development, product registration, technology transfer, raw material supply, and localized production and sales in cardiovascular, central nervous system, and anti-infection fields, including COVID-19 [1]