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。 Sihuan Pharmaceutical Holdings Group Ltd. 關於渼顏空間 渼 顏 空 間 是 四 環 醫 藥 精 心 孵 化「一 站 式」新 型 醫 美 平 台，通 過 全 球 化 佈 局、全 面 專 業 的 醫 美 產 品 矩 陣、產 品 研 發、註 冊、生 產 及 銷 售 一 體 化 架 構，致 力 於 以 製 藥 企 業 的 嚴 謹 創 新 打 造 匠 心 鑄 造 中 國 醫 美 全 產 品 矩 陣 龍 頭 企 業。渼 顏 空 間 持 續 的 完 整 產 品 矩 陣，管 線 內 共 包 含60餘 款 產 品，覆 蓋 了 包 括 填 充、塑 形、支 撐、 光 電 設 備 及 皮 膚 管 理 類 等 輕 醫 美 的 基 礎 類 別。同 時，渼 ...

Group 1 - The core point of the article highlights that ST Huilun (300460) has faced regulatory penalties due to violations in information disclosure, specifically related to financial report inaccuracies from 2020 to 2022 [1][2] - On January 13, 2026, ST Huilun's stock closed at 8.91 yuan, down 1.22%, with a turnover rate of 7.32% and a trading volume of 205,600 shares, amounting to a transaction value of 184 million yuan [1] - The company received a total fine of 3 million yuan from the China Securities Regulatory Commission (CSRC) for failing to disclose significant financial information and for fabricating revenue and costs in its financial reports [1][2] Group 2 - On January 13, 2026, the net outflow of main funds was 17.58 million yuan, while retail and speculative funds showed a net inflow [2] - The company has stated that it has returned the occupied funds and that its production and operations are normal, indicating that the penalties do not lead to a situation of mandatory delisting due to major violations [1]

Core Viewpoint - ST Huilun has been penalized by the Guangdong Securities Regulatory Bureau for significant violations, including failure to disclose fund occupation and falsifying financial reports, resulting in a total fine of 11.4 million yuan [1][4]. Group 1: Violations - The company failed to disclose fund occupation matters in its 2020 annual report, with a total fund occupation amounting to 28.33 million yuan, which constituted 5.12% of the net assets disclosed in the report [2]. - ST Huilun inflated its revenue and costs in the 2021 and 2022 annual reports, with inflated revenues of 25.49 million yuan and 62.33 million yuan, representing 3.89% and 15.79% of the reported revenues for those years, respectively [3]. Group 2: Penalties - The Guangdong Securities Regulatory Bureau imposed a fine of 3 million yuan on ST Huilun and ordered corrective actions [4]. - The actual controller, Zhao Jiqing, was fined 4 million yuan for his direct involvement in the violations, while other executives received fines ranging from 60,000 to 1.5 million yuan [5][6]. Group 3: Company Background - ST Huilun is a national high-tech enterprise specializing in the research, production, and sales of new surface-mounted quartz crystal resonators, oscillators, and thermistors, listed on the Growth Enterprise Market since May 2015 [7]. - As of January 12, the company's stock price was 9.02 yuan per share, with a total market capitalization of 2.533 billion yuan [7].

Core Viewpoint - ST Huilun (300460) has faced regulatory penalties for information disclosure violations, impacting its financial reporting and leading to a total fine of 7 million yuan for the company and its actual controller [1][2]. Trading Information Summary - On January 12, ST Huilun closed at 9.02 yuan, up 10.27%, with a turnover rate of 11.33%, a trading volume of 318,100 shares, and a transaction value of 282 million yuan [1]. - The net inflow of main funds was 18.62 million yuan, indicating increased short-term interest from major investors [2]. Company Announcement Summary - The company and its actual controller, Zhao Jiqing, received an administrative penalty from the China Securities Regulatory Commission (CSRC) for failing to disclose fund occupation issues in 2020 and for inflating revenue and costs through fictitious transactions in 2021 and 2022 [1]. - The penalties included a fine of 3 million yuan for the company and 4 million yuan for Zhao Jiqing, with other responsible parties also receiving warnings and fines [1]. - The company has stated that it has returned the occupied funds and that its production and operations are normal, asserting that the penalties do not trigger major violations that would lead to forced delisting [1].

Core Viewpoint - ST Huilun has been penalized a total of 11.4 million yuan due to significant omissions and false records in its financial reports, as determined by the Guangdong Securities Regulatory Bureau [2][6]. Group 1: Violations - The company failed to disclose fund occupation matters in its 2020 annual report, with a total fund occupation amounting to 28.33 million yuan, which constituted 5.12% of the net assets disclosed in the report [5]. - In the 2021 and 2022 annual reports, ST Huilun inflated revenue by 25.49 million yuan and 62.33 million yuan respectively, representing 3.89% and 15.79% of the reported revenue for those years [5]. - The company also inflated total profits by 8.45 million yuan in 2021 and reduced profits by 1.41 million yuan in 2022, accounting for 6.13% and 0.91% of the reported total profits [5]. Group 2: Penalties - The Guangdong Securities Regulatory Bureau has ordered ST Huilun to rectify its practices, issued a warning, and imposed a fine of 3 million yuan on the company [6]. - The actual controller, Zhao Jiqing, was fined 4 million yuan and warned for his direct involvement in the violations [8]. - Other executives, including Han Qiaoyun and Deng Youqiang, received fines of 1.5 million yuan each, while other responsible personnel were fined between 60,000 and 800,000 yuan [9]. Group 3: Company Response - ST Huilun has expressed sincere apologies to investors and committed to improving internal governance, enhancing the quality of information disclosure, and complying with relevant laws and regulations [9]. - As of January 12, the company's stock price was 9.02 yuan per share, with a total market capitalization of 2.533 billion yuan [10].

Group 1 - CITIC Securities maintains a "Buy" rating for Huahong Semiconductor (01347.HK) with a target price of HKD 100, highlighting its leading position in specialty process wafer foundry and strong growth potential from capacity expansion and acquisitions [1] - CITIC Securities also maintains a "Buy" rating for SiHuan Pharmaceutical (00460.HK) with a target price of HKD 1.6, noting rapid growth in its medical aesthetic products and strong sales performance of new regenerative products [1] - GF Securities maintains a "Buy" rating for Yum China (09987.HK) with a target price of HKD 453.62, citing improved same-store sales and growth driven by new product iterations and marketing strategies [1] Group 2 - GF Securities initiates coverage on Laoputang Gold (06181.HK) with a "Buy" rating and a target price of HKD 775.64, emphasizing its leading position in handcrafted gold jewelry and strong growth potential from store expansion [2] - GF Securities initiates coverage on Yue Yuen Industrial (00551.HK) with a "Buy" rating and a target price of HKD 19.99, highlighting its status as the largest athletic shoe manufacturer and expected performance recovery [3] Group 3 - Cinda International maintains a "Buy" rating for Hesai Technology (02525.HK), noting its leadership in the global LiDAR market and significant growth in production and market share [4] - Zhongtai Securities initiates coverage on China Resources Land (01109.HK) with an "Accumulate" rating, reporting strong revenue and profit growth along with a healthy financial structure [5] Group 4 - First Shanghai initiates coverage on Jaxin International Resources (03858.HK) with a "Buy" rating and a target price of HKD 82.4, highlighting its world-class tungsten resources and strong profit growth potential [6] - Kaiyuan Securities initiates coverage on Beautiful Pastoral Medical Health (02373.HK) with a "Buy" rating, emphasizing its differentiated business model and effective customer acquisition strategies [7] Group 5 - CICC maintains an "Outperform" rating for Standard Chartered Group (02888.HK), noting better-than-expected Q2 2025 performance driven by significant growth in non-interest income [8]

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 四環醫藥控股集團有限公司 呈交日期: 2026年1月2日 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 ...

Group 1 - The core viewpoint of the news is that Hong Kong's innovative drug concept stocks experienced a collective rise, indicating positive market sentiment in the pharmaceutical sector [1] Group 2 - Jingtai Holdings (02228) saw an increase of 6.13%, with a latest price of 10.040 and a total market capitalization of 43.206 billion [2] - Hengrui Medicine (01276) rose by 4.63%, with a latest price of 74.550 and a total market capitalization of 494.803 billion [2] - SiHuan Pharmaceutical (00460) increased by 4.07%, with a latest price of 1.280 and a total market capitalization of 11.707 billion [2] - Innovent Biologics (01801) experienced a rise of 3.34%, with a latest price of 78.800 and a total market capitalization of 135.599 billion [2] - WuXi Biologics (02269) increased by 3.18%, with a latest price of 32.440 and a total market capitalization of 133.916 billion [2] - China National Pharmaceutical Group (01177) rose by 3.07%, with a latest price of 6.370 and a total market capitalization of 119.506 billion [2] - BeiGene (06160) saw an increase of 2.68%, with a latest price of 184.100 and a total market capitalization of 283.639 billion [2] - Kingstar Bio (01548) rose by 2.66%, with a latest price of 12.750 and a total market capitalization of 27.874 billion [2] - Genscript Biotech (01952) increased by 2.49%, with a latest price of 37.900 and a total market capitalization of 13.4 billion [2] - WuXi AppTec (02359) saw a rise of 2.13%, with a latest price of 100.800 and a total market capitalization of 300.763 billion [2]

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong's innovative drug concept stocks, indicating a positive trend in the sector [2] - Jingtai Holdings experienced a surge of over 6%, reflecting strong investor interest and confidence in the company [2] - Hengrui Medicine saw an increase of over 5%, suggesting robust performance and market positioning [2] - Four Seasons Pharmaceutical rose by more than 4%, indicating a favorable market response [2] - Innovent Biologics and WuXi Biologics both increased by over 3%, showcasing the overall strength of the innovative drug sector [2] - BeiGene's stock rose by over 2%, further contributing to the positive sentiment in the market [2]

Summary of Key Points Core Viewpoint - On December 29, 55 Hong Kong-listed companies conducted share buybacks, totaling 37.9 million shares and an aggregate amount of HKD 999 million [1][2]. Group 1: Major Companies Involved in Buybacks - Tencent Holdings repurchased 1.057 million shares for HKD 636 million, with a yearly total buyback amount of HKD 78.765 billion [1][2]. - Xiaomi Group-W bought back 3.9 million shares for HKD 151 million, with a total buyback amount of HKD 6.136 billion for the year [1][2]. - China COSCO Shipping Holdings repurchased 3.46 million shares for HKD 47.9 million, with a total buyback amount of HKD 6.866 billion for the year [1][2]. Group 2: Buyback Statistics - The highest buyback amount on December 29 was from Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 151 million [1][2]. - The largest number of shares repurchased on December 29 was by Four Seasons Medicine, with 8 million shares, followed by Xiaomi Group-W and China COSCO Shipping Holdings with 3.9 million and 3.46 million shares, respectively [1][2]. Group 3: Additional Companies and Their Buyback Data - Kingsoft repurchased 713,600 shares for HKD 20 million, with a total buyback amount of HKD 33.465 million for the year [2]. - Kuaishou-W bought back 310,000 shares for HKD 20 million, with a total buyback amount of HKD 306.840 million for the year [2]. - Other notable companies include Miniso Group, which repurchased 320,600 shares for HKD 1.195 million, and Four Seasons Medicine, which had a total buyback amount of HKD 15.332 million for the year [2][3].