Sihuan Pharmaceutical Holdings Group Ltd. 四環醫藥控股集團有限公司 (incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） Stock Code 股份代號：0460 INTERIM REPORT 中期報告 公司簡介 CORPORATE PROFILE 四環醫藥控股集團有限公司（「四環醫藥」或「本 公司」，連同其附屬公司為「本集團」）（股份代號： 00460.HK）創立於二零零一年，二零一零年於 香港聯合交易所有限公司主板上市，是一家以 創新為引領，堅持創新驅動，擁有獨立領先的 自主生產、研究與開發（「研發」）技術平台，具 備豐富的全球化產品管線和成熟卓越銷售體系 的國際化醫美及生物製藥企業。四環醫藥聚焦 醫美、腫瘤、代謝、糖尿病、心腦血管、現代 中藥及工業大麻等高增長治療領域，一直秉承 「堅持全速推進四環醫美及生物製藥雙輪驅動 戰略」的整體戰略目標來打造中國領先的醫美 及生物製藥企業。 Founded in 2001 and listed on the Main Board of The Sto ...

P052注射液不仅可以通过激动GLP-1受体促进胰岛素分泌、降低血糖和减轻体重，还能通过激动GCGR 增加能量消耗、增强减重疗效，同时改善肝脏脂肪代谢。临床前数据显示，GLP-1R/GCGR双靶点创新 药P052注射液的降糖效果与GLP-1单靶点药物司美格鲁肽注射液相似，减重效果显着优于司美格鲁肽注 射液。 人民财讯9月9日电，四环医药(00460.HK)9月9日早间在港交所公告，集团旗下非全资附属公司惠升生物 制药股份有限公司自主研发的胰高血糖素样肽-1受体（GLP-1R）╱胰高血糖素受体（GCGR）双靶点激 动剂创新药P052注射液新药临床试验申请获得国家药监局药品审评中心默示许可，用于治疗2型糖尿 病、超重或肥胖症。 ...

糖尿病领域为惠升生物重点布局领域，本次GLP-1R/GCGR双靶点激动剂创新药P052注射液获批IND， 不仅是惠升生物创新研发实力的有力证明，也意味着惠升生物在糖尿病药物研发方面迈出了重要的一 步，为集团糖尿病业务长期发展注入动能，进一步提升在糖尿病行业的核心竞争力与市场价值。 四环医药(00460)发布公告，集团旗下非全资附属公司惠升生物制药股份有限公司(惠升生物)自主研发的 胰高血糖素样肽-1受体(GLP-1R)╱胰高血糖素受体(GCGR)双靶点激动剂创新药P052注射液新药临床试 验申请(IND)获得国家药品监督管理局(NMPA)药品审评中心(CDE)默示许可，用于治疗2型糖尿病、超 重或肥胖症。 P052注射液不仅可以通过激动GLP-1受体促进胰岛素分泌、降低血糖和减轻体重，还能通过激动GCGR 增加能量消耗、增强减重疗效，同时改善肝脏脂肪代谢。临床前数据显示，GLP-1R/GCGR双靶点创新 药P052注射液的降糖效果与GLP-1单靶点药物司美格鲁肽注射液相似，减重效果显著优于司美格鲁肽注 射液。 ...

Core Viewpoint - The announcement highlights the approval of the clinical trial application for the innovative drug P052 injection, developed by Huisheng Biopharmaceutical Co., Ltd., a non-wholly owned subsidiary of Sihuan Pharmaceutical, for the treatment of type 2 diabetes and obesity [1] Group 1: Drug Development - The P052 injection is a dual-target agonist for GLP-1R and GCGR, which promotes insulin secretion, lowers blood sugar, and aids in weight loss [1] - Preclinical data indicates that the blood sugar-lowering effect of P052 is similar to that of the single-target drug semaglutide, while its weight loss effect is significantly better [1] Group 2: Strategic Importance - The approval of the IND for the P052 injection is a strong testament to Huisheng Biopharmaceutical's innovative research capabilities [1] - This development marks a significant step in the company's focus on diabetes drug research, enhancing its core competitiveness and market value in the diabetes sector [1]

根据披露，P052注射液不仅可以通过激动GLP-1受体促进胰岛素分泌、降低血糖和减轻体重，还能通过 激动GCGR增加能量消耗、增强减重疗效，同时改善肝脏脂肪代谢。临床前数据显示，GLP-1R/GCGR 双靶点创新药P052注射液的降糖效果与GLP-1单靶点药物司美格鲁肽注射液相似，减重效果显著于司美 格鲁肽注射液。 格隆汇9月9日丨四环医药(00460.HK)宣布，集团旗下非全资附属公司惠升生物制药股份有限公司("惠升 生物")自主研发的胰高血糖素样肽-1受体("GLP-1R")╱胰高血糖素受体("GCGR")双靶点激动剂创新药 P052注射液新药临床试验申请("IND")获得国家药品监督管理局("NMPA")药品审评中心("CDE")默示许 可，用于治疗2型糖尿病、超重或肥胖症。 ...

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） GLP-1R/GCGR雙靶點藥物作為GLP-1藥 物 領 域 的 創 新 方 向，具 有 廣 闊 的 市 場 潛 力。根據國際糖尿病聯盟(IDF)數據顯示，二零二四年中國成年糖尿病患者達1.48 億 人，預 計 二 零 五 零 年 將 增 長 至1.683億 人；根 據 國 家 衛 健 委 數 據 顯 示，我 國 成 人超重肥胖率已突破50%，若 不 得 到 有 效 遏 制，到 二 零 三 零 年 這 一 比 例 將 達 到 70.5%。根 據 諾 和 諾 德 財 報，二 零 二 五 年 上 半 年，諾 和 諾 德 的 司 美 格 魯 肽 注 射 液 全球銷售額1,014億 丹 麥 克 ...

Core Viewpoint - The influx of southbound capital has turned Hong Kong stocks into a "reservoir" for Asian capital, with significant investments flowing into the healthcare sector, particularly in companies like Four Seasons Pharmaceutical [1][3]. Group 1: Capital Inflow and Market Performance - As of September 3, 2025, southbound funds through the Hong Kong Stock Connect have totaled approximately 935.997 billion RMB, with the Hang Seng healthcare sector seeing a net inflow of 163.683 billion RMB [1]. - Four Seasons Pharmaceutical has experienced a substantial increase in stock holdings by southbound funds, rising from 528 million shares at the beginning of the year to 1.321 billion shares by September 3, representing an increase in ownership from 8.83% to 14.15% of total shares [1]. - The stock price of Four Seasons Pharmaceutical has surged over 140% year-to-date, reflecting strong market confidence [3]. Group 2: Financial Performance and Business Segments - Four Seasons Pharmaceutical has entered a profit turnaround phase, achieving a total revenue of approximately 1.146 billion RMB in the first half of 2025, a year-on-year increase of 20.7%, and a net profit of approximately 103 million RMB [4]. - The company's gross margin improved to 66.1%, up from 64.2% in the same period last year, indicating effective cost control and product optimization [4]. - The medical aesthetics segment is the primary revenue driver, generating approximately 580 million RMB in revenue, a year-on-year increase of 81.3%, with segment profit soaring by 215.3% [4]. - The innovative drug segment also showed significant growth, with revenue reaching 58 million RMB, a year-on-year increase of 96.6%, primarily driven by the sales of diabetes medications [4]. Group 3: R&D and Product Development - Research and development expenditures decreased by 21.9% to 153 million RMB, reflecting a shift towards commercialization as core products enter the market [5]. - The company has established a comprehensive product line in the medical aesthetics sector, including various injectables and devices, with significant market penetration [7]. - Four Seasons Pharmaceutical is actively exploring AI applications in medical aesthetics, aiming to enhance product development and market competitiveness [7]. Group 4: Dividend Policy and Market Valuation - The company announced an interim cash dividend of 0.99 RMB per share, continuing its history of consistent dividends since its listing in 2010, which reflects management's confidence in future cash flows [6]. - As of September 3, 2025, the market capitalization of Four Seasons Pharmaceutical was 15.1 billion HKD, while the estimated valuation of its medical aesthetics business and cash reserves exceeds 17.3 billion HKD, indicating that the market has not assigned any value to its innovative drug segment [15][17]. - The management has demonstrated confidence in the company's future by executing 12 share buybacks in 2025, totaling approximately 94.867 million RMB [15].

Core Viewpoint - The influx of southbound capital has turned Hong Kong stocks into a "reservoir" for Asian capital, with significant investments flowing into the healthcare sector, particularly in companies like Four Seasons Pharmaceutical [1][3]. Group 1: Capital Inflow and Market Performance - As of September 3, 2025, southbound funds through the Hong Kong Stock Connect have totaled approximately 935.997 billion RMB, with the Hang Seng Healthcare sector seeing a net inflow of 163.683 billion RMB [1]. - Four Seasons Pharmaceutical has experienced a substantial increase in stock holdings via Hong Kong Stock Connect, rising from 528 million shares at the beginning of the year to 1.321 billion shares by September 3, representing an increase in ownership from 8.83% to 14.15% [1][3]. Group 2: Financial Performance and Business Segments - Four Seasons Pharmaceutical reported a revenue of approximately 1.146 billion RMB for the first half of 2025, marking a year-on-year growth of 20.7%, and achieved a net profit of approximately 103 million RMB, indicating a turnaround from previous losses [3][4]. - The medical aesthetics segment is the primary revenue driver, generating around 580 million RMB in the first half of 2025, a year-on-year increase of 81.3%, with segment profit soaring by 215.3% [4][5]. - The innovative drug segment also showed significant growth, with revenues reaching 58 million RMB, a 96.6% increase, primarily driven by the sales of diabetes medications [4][5]. Group 3: Strategic Developments and Future Outlook - The company has a robust cash reserve of nearly 3.9 billion RMB, and its current valuation is below the combined value of its medical aesthetics and cash reserves, suggesting that the market is undervaluing its innovative drug business [3][5]. - Four Seasons Pharmaceutical has announced a mid-term cash dividend of 0.99 RMB per share, continuing its history of consistent dividends since its listing in 2010, which reflects management's confidence in future cash flows and profitability [5][6]. - The company is actively expanding its product matrix in the medical aesthetics sector, with a comprehensive range of products and a focus on AI-driven development in collaboration with biotechnology firms [6][7]. Group 4: Innovation and Market Position - The innovative drug business is entering a harvest phase, with several key drugs approved for market, including those targeting cancer and diabetes, which are expected to significantly enhance revenue streams [8][10]. - The company is also exploring international markets, with a focus on emerging regions, which could provide additional growth opportunities [13][14]. - The current market valuation of Four Seasons Pharmaceutical is significantly lower than the combined value of its medical aesthetics and cash, indicating a potential for substantial valuation recovery as the innovative drug segment matures [12][16].

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） 建議分拆及軒竹生物於 香港聯合交易所有限公司 主板獨立上市之更新資料 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的內容概不 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 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 任 何 證 券 的 邀 請 或 要 約。 本公告並不構成在美國境內或在任何其他司法管轄區提呈出售要約或招攬購 買 任 何 證 券 的 要 約，倘 未 根 據 任 何 該 等 司 法 管 轄 區 的 證 券 法 辦 理 登 記 或 未 獲 批 准 而 於 上 述 地 區 進 行 上 述 要 約、招 攬 或 出 售 即 屬 違 法。本 公 告 所 述 的 證 券 將 不會根據經修訂的1933年 美 國 證 券 法（「證券法」）登 記，亦 不 得 在 ...

Group 1 - The company reported a strong performance in H1 2025, achieving a revenue of 1.15 billion yuan, a year-on-year increase of 20.7%, driven by the high-margin medical aesthetics business, with an overall gross margin of 66.1%, up 2 percentage points year-on-year [1] - The company turned a profit with a net profit of 66 million yuan and a net profit attributable to shareholders of 103 million yuan, compared to a loss in the previous year [1] - Cash and cash equivalents, along with financial deposits, reached 3.89 billion yuan, indicating strong cash flow and payment capacity, with a declared dividend of 0.99 cents per share [1] Group 2 - The medical aesthetics segment achieved a revenue of 590 million yuan in H1 2025, a year-on-year increase of 81.3%, with segment profit reaching 310 million yuan, up 215.3% [1] - The company successfully deepened cooperation with leading institutions, adding 44 key partner groups and penetrating over 1,000 core high-end medical aesthetics institutions [1] Group 3 - The regenerative medicine category has established a dual-system covering over 200 high-end medical aesthetics institutions and 1,000 certified doctors, with a focus on existing product penetration and capturing market share in the regenerative field [2] - The generic drug business experienced a revenue decline of 15.8% to 500 million yuan in H1 2025 due to national procurement policies, but the company maintained stable cash flow and saw a 1.2% increase in operating profit to 170 million yuan [2] Group 4 - The innovative drug segment reported a revenue of 58 million yuan in H1 2025, a year-on-year increase of 96.6%, with the subsidiary having over 10 innovative drug products in the pipeline [3] - The company’s core product, insulin, expanded its coverage to 1,800 hospitals, achieving a 200% year-on-year sales growth due to volume-based procurement policies [3] Group 5 - The company is expected to achieve revenues of 2.43 billion yuan, 3.71 billion yuan, and 5.08 billion yuan from 2025 to 2027, with growth rates of 28%, 53%, and 37% respectively, and net profits of 180 million yuan, 680 million yuan, and 1.02 billion yuan [3]