智通财经APP讯，四环医药(00460)发布公告，本集团旗下非全资附属公司轩竹生物科技股份有限公司 (轩竹生物)研发的创新药吡洛西利(Bireociclib)取得了重大科研突破，其联合氟维司群治疗HR+/HER2-晚 期乳腺癌临床III期研究( BRIGHT-2，NCT05077449)期中分析结果，已正式刊登于顶级期刊Nature子刊 《Nature Communications》。 BRIGHT-2研究是由中国医学科学院肿瘤医院徐兵河院士牵头开展的随机双盲 III期试验。该试验聚焦中 国乳腺癌患者，他们普遍诊断年龄小、分期晚，Luminal B型比例高，晚期化疗应用多，复发风险大。 研究从国内64个中心招募305例经内分泌治疗后进展的HR+/HER2-晚期乳腺癌患者。这些患者中位年龄 55岁， 37.0%绝经前，68.2%有内脏转移，25.6%原发耐药，23.9%晚期接受过化疗，91.5% 在治疗期病 情进展，整体病情复杂棘手。 在此次试验里，吡洛西利联合氟维司群疗效显著。中位随访8.7个月时，联合组中位PFS达12.94个月， 远超氟维司群组的7.29个月。各亚组患者均有PFS获益，尤其是内分泌原发耐药 ...

智通财经APP讯，四环医药(00460)发布公告，集团旗下渼颜空间生物科技(吉林)有限公司自主研发的注 射用聚己内酯微球面部填充剂正式获得中国国家药品监督管理局批准第三类医疗器械注册证。标志着四 环医药在医美领域的重大突破，也为国内再生医美材料市场注入了新的活力。 集团研发的这款"少女针"由预灌封注射器、一次性使用无菌注射针和封装在注射器中的凝胶颗粒悬液组 成，设计精巧，使用便捷。其适用于注射到鼻唇沟部位皮下层，以纠正中到重度鼻唇沟皱纹，能有效提 升面部整体年轻感。 除上述已获批的注射用聚己内酯微球面部填充剂(少女针)外，渼颜空间在再生材料领域还有多款产品布 局，管线中还包括聚乳酸面部填充剂(童颜针)、新型再生材料注射用聚羟基脂肪酸酯微球(PHA)填充 剂、注射用羟基磷酸钙微球面部填充剂、丝素蛋白类填充剂、以及更具独特工艺的液态再生材料等重磅 产品。 注射用聚己内酯微球面部填充剂，市场简称"少女针"，是一种再生注射类材料，并以其独特的作用机理 使其在医美市场中备受瞩目。该产品注射到皮下组织后，其中的聚己内酯凝胶载体可起到即时填充的效 果，能迅速改善面部凹陷问题。而在凝胶载体被降解吸收后，聚己内酯微球可持续刺激 ...

4月2日，截至港股收盘，恒生指数下跌0.02%，报23202.53点。四环医药（00460.HK）收报0.66港元/ 股，上涨8.2%，成交量8070.56万股，成交额5137.72万港元，振幅9.84%。 最近一个月来，四环医药累计涨幅3.39%，今年来累计跌幅7.58%，跑输恒生指数15.69%的涨幅。 2025年3月28日，2024财年年报归属股东应占溢利-2.167亿人民币，同比下降301.1%，基本每股收 益-0.0234人民币 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为12.42倍，行业中值4.93倍。四环医药市 盈率-24.25倍，行业排名第95位；其他精优药业（00858.HK）为0.68倍、金斯瑞生物科技（01548.HK） 为1.2倍、百信国际（00574.HK）为1.49倍、东瑞制药（02348.HK）为3倍、帝王国际投资 （00928.HK）为3.98倍。 资料显示，四环医药控股集团有限公司成立於2001年。经过十几年的持续 ...

2024年财报发布，四环医药(00460)可谓捷报频传：全年实现总收益19.01亿元，同比上升约2.2%，一改 此前下降颓势，出现明确业绩拐点。 其中，医美板块延续24年上半年的增长趋势，收入高增66.4%，收入占比接近四成，已形成公司新的营 收支柱，产品管线和营销网络加速完善; 创新药板块取得388.1%的迅猛增速，肿瘤、糖尿病等热门领域多款重磅单品处于密集上市阶段，有望 持续贡献业绩增量。 两大业务板块的高速增长，表明四环医药向"医美+创新药"双轮驱动战略转型卓有成效。对此，四环医 药亦在业绩会上透露，公司转型战略已取得积极成果，25年有望实现盈亏平衡，26年有望进入正面盈利 阶段。 从市场层面来看，具备消费属性的医美行业仍然长坡厚雪，具备强势的长期增长逻辑;在政策红利释放 与技术创新共振下，港股创新药板块也已显现出回暖迹象。在"医美+创新药"双重布局初步形成的当 下，四环医药即将迎来价值重估的契机。 医美板块增长强劲 业务规模快速提升 在医美板块，得益于多款产品商业化进展积极及营销战略取得阶段性成功，带动业绩高速增长。报告期 内，公司医美分部业务收入约7.44亿元，同比增长约65.4%，收入增速在业界处 ...

此前，在今年2月初四环医药已经在市场公告盈警，而近日其年度成绩单正式出炉，至此财报靴子落 地。 01 财报亮点透视，"双引擎"驱动价值重估 当下四环医药无疑是站在了"医美爆发"和"创新药拐点"两个黄金赛道的交汇点。 梳理公司这份年度财报的亮点如下： 1、医美业务增长强劲。 医美业务实现收入7.44亿元，同比增长65.4%。新产品持续获批并贡献收入，推动医美业务利润率进一 步提升。 2、创新药业务快速发展。 创新药及其他药品收入约5760万元，同比上升388.1%。轩竹生物自研的一类新药安奈拉唑钠获批上市 并贡献收入，同时多款创新药和首仿药密集获批。 3、研发投入成效显著。 研发开支约4.74亿元，同比下降18.0%，但仍保持高强度投入。研发管线进展顺利，多款产品完成三期 临床试验，十余款药物研发注册稳步推进。 4、商业合作与市场拓展良好。 司美格鲁肽减重管线授权合作、SGLT-2抑制剂创新药脯氨酸加格列净片与华东医药达成战略联盟等， 加速创新药新品落地及市场渗透。医保目录的纳入与集采中选提升了产品的可及性，同时全产业链的协 同发展能力持续加强。 结合这份财报，不论是稳健的业务基本盘，良好的现金流状况来看，其释 ...

智通财经APP讯，四环医药(00460)公布2024年业绩，总收益约为人民币19.01亿元(单位下同)，同比上升 约2.2%。毛利约为12.42亿元，整体研究及开发开支约为4.74亿元，同比下降18.0%。年内经营活动的现 金流量流入净额约为2.44亿元。 其中，来自医美业务的销售收益约为7.44亿元，同比上升约65.4%，主要由于年内产品获得市场的高度 认可，从而推动医美销售收入大幅增长，叠加新产品销售带来的新增收入。 来自创新药及其他药品的收益约为5760万元，同比上升约388.1%。主要由于轩竹生物自研的一类新药 安奈拉唑钠于 2023年下半年获批上市并开始产生收入。以上销售收益的变动趋势符合国内当前的"创新 驱动，腾笼换鸟"的行业政策趋势。 虽然在集采降价等行业政策动态调整的影响下，该集团的仿制药业务的经营性指标呈现阶段性调整态 势，但也正是在市场变革创新的背景下，该集团在以"创新驱动+资源整合"为核心下实现多项业务突 破，包括：医美平台通过独家代理射频治疗仪SylfirmX获批上市及续签肉毒毒素乐提葆®独家代理权， 产品优势持续巩固。旗下创新药平台惠升生物制药股份有限公司、轩竹生物等子公司全年推动十 ...

Financial Performance - The total revenue for the year was approximately RMB 1,901.1 million, representing a year-on-year increase of about 2.2% (approximately RMB 40.6 million) compared to RMB 1,860.5 million in the previous year[3]. - Revenue from the aesthetic medicine business was approximately RMB 744.2 million, a significant year-on-year increase of about 65.4% (approximately RMB 294.3 million) from RMB 449.9 million, driven by high market recognition and new product sales[3]. - Revenue from the generic drug business was approximately RMB 1,099.3 million, a year-on-year decrease of about 21.4% (approximately RMB 299.5 million) from RMB 1,398.8 million, primarily due to price and volume declines influenced by centralized procurement[4]. - Revenue from innovative drugs and other products was approximately RMB 57.6 million, a year-on-year increase of about 388.1% (approximately RMB 45.8 million) from RMB 11.8 million, mainly due to the market approval of a new drug, Anilaz sodium[4]. - The group's overall gross profit was approximately RMB 1,241.7 million, a year-on-year decrease of about 4.2% (approximately RMB 53.9 million) from RMB 1,295.6 million, primarily due to a decline in gross profit from the generic drug business[4]. - The group's annual loss was approximately RMB 471.5 million, a year-on-year increase of 83.0% (approximately RMB 213.8 million) from RMB 257.7 million, mainly due to increased share-based payment expenses[5]. Sales and Marketing - The medical aesthetics subsidiary, Beijing Meiyan Space Biotechnology Co., expanded its sales coverage by adding over 1,500 new institutions, totaling more than 6,200 small and medium-sized medical beauty institutions by February 2025[12]. - The company registered over 7 products in the medical aesthetics sector, including the exclusive agent Sylfirm X, which received Class III medical device registration[11]. - The company’s sales team in the medical aesthetics sector increased by over ten members, with more than 70% coming from major foreign medical aesthetics and pharmaceutical companies[12]. - The company signed annual cooperation agreements with 70 medical aesthetics chain groups and 77 regional core institutions, covering nearly 1,200 key hospitals[24]. - Sylfirm X has gained significant brand recognition through various marketing activities, including KOL engagement and academic promotions, leading to high acceptance from KOLs, clinical doctors, and consumers[26]. Research and Development - The company has successfully developed over 60 aesthetic medicine products and over 40 innovative and biological drug products, with nearly 10 products approved for market in the past two years[7]. - The innovative drug platform made progress with over ten drug registrations, including the first domestic biosimilar insulin injection and the first domestic dual insulin injection, enhancing the "innovation + first generic" competitive advantage[10]. - The company is focusing on major disease treatment areas such as digestive diseases, tumors, NASH, and diabetes, while advancing multiple innovative drug and biological drug projects into clinical stages[7]. - The company is committed to continuous R&D investment to optimize existing products and develop new product categories in response to emerging aesthetic medicine demands[20]. - The company has a rich product pipeline covering diabetes and its complications, with nearly 10 products in various clinical research stages and 2 products under Abbreviated New Drug Application (ANDA) review[33]. Financial Position - The company reported a net cash inflow from operating activities of approximately RMB 243.9 million, with cash and cash equivalents totaling approximately RMB 3,976.4 million as of December 31, 2024[5]. - The total liabilities classified as other current liabilities decreased from RMB 3,220,595,000 in 2023 to RMB 2,655,449,000 in 2024, a reduction of approximately 17.5%[128]. - The company has bank borrowings totaling approximately RMB 841.8 million, with a significant portion secured against assets[135]. - The group maintained a healthy financial position despite the reported losses, with sufficient cash reserves[157]. - The company has no significant contingent liabilities as of December 31, 2024, compared to none reported on December 31, 2023[163]. Market Trends and Future Outlook - In 2024, the demand for innovative drugs in oncology and metabolic diseases surged due to an aging population and increased chronic disease burden, leading to a rapid commercialization phase for products like biosimilars and targeted therapies[8]. - The company plans to increase resource investment in aesthetic medicine and the launch of new diabetes biopharmaceutical products, as well as the introduction and development of innovative oncology drugs by 2025[19]. - The company aims to enhance brand image by increasing brand promotion efforts and collaborating with authoritative organizations and experts in the aesthetic medicine industry[20]. - The company aims to expand its international market presence, focusing on regions like Brazil and the Middle East in the coming year[29]. - The company plans to continue optimizing channel management and increasing clinical research investments to maintain its leading position in the aesthetic industry[30]. Operational Efficiency - The group reported an operating loss of approximately RMB 138.1 million, compared to an operating profit of RMB 161.7 million in the previous year[147]. - The company has implemented additional disclosures regarding supplier financing arrangements to enhance understanding of their impact on liabilities and cash flow risks[68]. - The company plans to adjust the loss rate for expected credit losses based on current conditions and future economic forecasts, indicating a proactive approach to financial risk management[123]. - The company has capital commitments of approximately RMB 181.8 million for property, plant, and equipment, and intangible assets as of the end of the year[136]. - The company has established a commercialization sales team for its product Anjuewei®, collaborating with over 80 distributors to cover more than 1,000 hospitals nationwide[51].

Business Strategy and Market Position - Sihuan Pharmaceutical reported a focus on high-growth therapeutic areas including medical aesthetics, oncology, metabolism, diabetes, and cardiovascular diseases[7]. - The company aims to build a leading position in the medical aesthetics and biopharmaceutical sectors in China through a dual strategy[7]. - Sihuan Pharmaceutical has a robust global product pipeline and a mature sales system, enhancing its competitive edge in the market[6]. - The company is committed to advancing its research and development capabilities to foster innovation in its product offerings[6]. - Sihuan Pharmaceutical's strategic objectives include expanding its market presence and enhancing its product portfolio through innovation[7]. - The company is positioned to leverage new technologies and market demands to drive future growth[15]. Industry Trends and Challenges - In the first half of 2024, the pharmaceutical industry in China is experiencing recovery, but challenges such as investment pullbacks and growth limitations remain[15]. - The domestic innovative pharmaceuticals industry is transitioning towards high-quality innovation, with a focus on differentiated advantages and strong commercialization capabilities[15]. - Government policies are increasingly supporting the pharmaceutical industry, promoting transformation towards innovation-driven and high-quality growth[15]. - The healthcare reform in China is accelerating, contributing to a more mature healthcare insurance system[15]. Financial Performance - The Group recorded total revenue of approximately RMB949.7 million, a year-on-year decrease of 10.0% compared to RMB1,055.7 million in the same period of 2023[40]. - The medical aesthetics segment achieved revenue of approximately RMB322.8 million, representing a year-on-year increase of approximately 66.4% due to strategic cooperation and successful marketing strategy upgrades[40]. - The generic medicine segment's revenue was approximately RMB597.3 million, reflecting a year-on-year decrease of approximately 29.4% due to centralized procurement impacts[40]. - Revenue from innovative medicine and other products was approximately RMB29.6 million, marking a year-on-year increase of 85.0% due to the launch of the new drug Anaprazole Sodium[40]. - The Group recorded a loss of approximately RMB68.0 million for the Period, representing a year-on-year decrease of 42.8%[40]. - The loss attributable to owners of the Company was approximately RMB33.4 million, a year-on-year decrease of 32.7%[40]. Product Development and Approvals - Five products from the innovative drugs and biopharmaceuticals business were approved and began commercialization during the same period[23]. - The generic pharmaceuticals business received New Drug Application approval for a total of seven products, supporting the Group's transition towards a "medical aesthetics + innovative pharmaceuticals" model[23]. - The Class 1 innovative drug Anaprazole Sodium Enteric-coated Tablets was approved for marketing in June 2023 and included in the NRDL within the same year, facilitating rapid commercialization[27]. - Huisheng Biopharm has obtained drug registration approvals for 11 drugs as of June 30, 2024, including the second SGLT-2 inhibitor Class 1 innovative drug Huiyoujing[30]. - The NDA for Dexitinib Tablets, indicated for ALK-positive NSCLC, was accepted by the NMPA, potentially becoming the third innovative drug approved for marketing by Xuanzhu Biopharm[31]. Medical Aesthetics Business - In the first half of 2024, the Group's medical aesthetics business achieved sales revenue of RMB 322.8 million, representing a year-on-year increase of 66.4%[22]. - The medical aesthetics platform Meiyan Space has over 20 products approved for launch, with five already on the market and more than 40 awaiting production approval or in development[24]. - Meiyan Space has established a nationwide sales network covering over 360 cities and 5,900 medical aesthetic institutions[26]. - The Group signed annual partnership agreements with 65 medical aesthetic chain groups and 67 core regional institutions, covering 900 core medical aesthetic institutions nationwide[26]. - The Chinese medical aesthetics market is expected to grow at a rate of 10% to 15% in the coming years, driven by rising demand for high-quality services[20]. Research and Development - R&D expenses amounted to approximately RMB195.6 million, a year-on-year decrease of 33.5% as several products completed phase III clinical trials[40]. - The company has nearly 50 generic products under development, continuing to promote their registration and listing[38]. - The company aims to enhance strategic cooperation with leading medical aesthetic institutions and adheres to a "direct sales + agents" strategy to improve product sales volume[69]. Sales and Marketing Strategies - Meiyan Space's marketing strategy has been upgraded to version 3.0, enhancing cooperation with leading hospital groups and achieving full coverage across 34 provincial-level regions in China[44]. - The company aims to provide personalized solutions to meet customer needs through professional aesthetic design and technology training, enhancing the overall industry dynamics[60]. - The total number of direct sales personnel and agents has significantly increased, reflecting the company's commitment to expanding its market reach and operational capabilities[52][53]. Corporate Governance and Shareholding - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period[195]. - The Audit Committee consists of three independent non-executive Directors, chaired by Mr. Tsang Wah Kwong, who has professional qualifications in accountancy[195]. - As of June 30, 2024, Dr. Che Fengsheng held a total of 5,133,125,704 shares, representing approximately 55.02% of the shareholding[145]. - The company has a share option scheme adopted on October 24, 2017, under which several executives were granted options to purchase shares[5]. Future Outlook - The Group aims to implement a dual-wheel drive strategy of "medical aesthetics + innovative pharmaceuticals" in 2024, focusing on high growth in the medical aesthetics sector and accelerating the commercialization of newly approved innovative drugs[112]. - The medical aesthetics business is expected to become a new engine for generating continuous cash flows, with efforts to expand product and sales networks and establish strategic partnerships with domestic medical aesthetics groups[113]. - The Group's management will focus on accelerating the R&D and commercialization of innovative biological drugs to enhance corporate value[115].

Revenue Performance - The total revenue for the group was approximately RMB 949.7 million, a decrease of about 10.0% compared to RMB 1,055.7 million for the same period last year[2]. - Revenue from aesthetic products was approximately RMB 322.8 million, an increase of about 66.4% compared to RMB 194.0 million for the same period last year, driven by strategic partnerships and marketing efforts[2]. - Revenue from generic drugs was approximately RMB 597.3 million, a decrease of about 29.4% compared to RMB 845.7 million for the same period last year, primarily due to price and volume declines[3]. - Revenue from innovative drugs and other products was approximately RMB 29.6 million, an increase of about 85.0% compared to RMB 16.0 million for the same period last year, attributed to the approval of a new drug[3]. - The medical aesthetics division achieved revenue of approximately RMB 322.8 million, an increase of about 66.4%, driven by strategic partnerships and upgraded marketing strategies[14]. - The generic drug division generated revenue of approximately RMB 597.3 million, a decline of about 29.4%, primarily due to centralized procurement and new monitoring regulations[14]. - Revenue from innovative drugs and other pharmaceuticals was approximately RMB 29.6 million, an increase of about 85.0%, attributed to the commercialization of the self-developed innovative drug Annelazole Sodium[14]. Profitability and Loss - The group's gross profit was approximately RMB 608.5 million, a decrease of about 18.6% compared to RMB 747.7 million for the same period last year, due to declining sales revenue and increased costs[3]. - The operating profit for the group was approximately RMB 109.1 million, a decrease of about 25.4% compared to RMB 146.2 million for the same period last year, mainly due to lower revenue from generic drugs[3]. - The net loss for the period was approximately RMB 68.0 million, a significant narrowing of 42.8% compared to a loss of RMB 118.9 million for the same period last year[4]. - The group reported a loss of approximately RMB 68.0 million, a decrease of 42.8% year-on-year[15]. - The group’s loss attributable to shareholders was approximately RMB 33.4 million, a decrease of 32.7% year-on-year[15]. Research and Development - Research and development expenses were approximately RMB 195.6 million, a decrease of 33.5% compared to RMB 294.0 million for the same period last year, as several products completed clinical trials[3]. - The group’s R&D expenses were approximately RMB 195.6 million, a decrease of 33.5%, due to the completion of multiple Phase III clinical trials[14]. - The company is focused on accelerating the commercialization of innovative drugs and biopharmaceuticals, with a strong emphasis on product registration and market expansion[17]. Cash Flow and Financial Position - The cash flow from operating activities was approximately RMB 36.5 million, with total cash and cash equivalents amounting to approximately RMB 4,971.3 million as of June 30, 2024[4]. - As of June 30, 2024, the group's cash and cash equivalents, along with financial products, totaled approximately RMB 4,971.3 million, with net cash after deducting interest-bearing bank loans amounting to approximately RMB 3,884.6 million[16]. - The group’s loan-to-equity ratio stands at 24.6%, indicating a stable financial condition[16]. - The group reported a total tax expense of RMB 48,746,000 for the six months ending June 30, 2024, a decrease of 43% from RMB 85,886,000 in the same period last year[66]. Market and Strategic Developments - Five innovative drug products were approved for market launch during the period, contributing to the company's transition towards innovation-driven growth[8]. - The company signed annual cooperation agreements with 65 medical beauty chain groups and 67 regional core medical institutions, covering 900 core hospitals nationwide[9]. - The new medical beauty platform, "Meiyan Space," has over 20 products approved for market, with five already launched, and an additional 40 products in the approval or research stages[8]. - The Chinese medical beauty market is projected to grow at a rate of 10% to 15% annually in the coming years, driven by increasing consumer demand for quality and personalized services[7]. - The company is actively expanding its marketing strategy 3.0 in the medical beauty sector, enhancing collaboration with leading medical beauty institutions[8]. Shareholder and Corporate Governance - The board declared an interim cash dividend of RMB 1.9 cents per share, equivalent to HKD 2.1 cents per share[4]. - The company has implemented a talent development system to enhance employee capabilities and ensure a continuous supply of talent[112]. - The board of directors includes independent non-executive directors with relevant financial qualifications and experience[118]. - The interim financial information has been reviewed by the external auditor, Ernst & Young, in accordance with international standards[118]. Employee and Operational Metrics - The total salary and related costs for the period amounted to approximately RMB 311.6 million, including RMB 16.0 million in bonuses and share-based payments[113]. - The group employed 2,648 employees as of June 30, 2024[113]. - The company has conducted over 350 academic and practical training sessions, covering nearly 3,000 injection and dermatology doctors, to enhance the promotion of its products[24].

Product Approvals and Market Penetration - Four new non-PVC dual-chamber bag products were included in the 2023 National Medical Insurance Catalogue, which is expected to enhance patient usage willingness and accelerate market penetration in China [14]. - The proton pump inhibitor innovative drug Anjowei® (sodium anaprazole enteric-coated tablets) developed by Xuan Bamboo Biotechnology Co., Ltd. was also included in the 2023 National Medical Insurance Catalogue, facilitating faster hospital access and positive impact on company performance [14]. - Insulin aspart injection, insulin aspart 30 injection, and insulin aspart 50 injection developed by Huisheng Biopharmaceutical Co., Ltd. received drug registration approval from the National Medical Products Administration, marking the first approved insulin (analog) product to meet various clinical needs of diabetes patients [14]. - In November 2023, Sihuan Pharmaceutical's Azithromycin for Suspension and Dopamine Hydrochloride Injection won the bid for the ninth batch of national centralized procurement, which will enhance market share for these products [19]. - In December 2023, Xuanzhu Biopharm's Anaprazole Sodium Enteric-coated Tablets were included in the National Reimbursement Drug List, expected to lead to rapid sales growth and positively impact company performance [17]. - In December 2023, Huisheng Biopharm's Insulin Aspart Injection products received New Drug Application approval, addressing diverse clinical needs for diabetic patients [18]. - The inclusion of four non-PVC solid-liquid dual chamber bag products in the National Reimbursement Drug List in December 2023 is expected to increase market penetration and sales [16]. - Xuanzhu Biopharm's Anaprazole Sodium is recognized as the first and only PPI fully developed in China, highlighting the company's innovative capabilities [29]. - The NDA for Birociclib, a Class 1 new drug, was presented at the ASCO Annual Meeting in June 2023, showing potential efficacy in HR+ breast cancer patients resistant to endocrine therapy [33]. - The NDA for insulin degludec injection and Janagliflozin has been accepted by NMPA [53]. - The NDA for Anaprazole Sodium Enteric Dissolve Tablets has been accepted by the NMPA [54]. Clinical Trials and Research Developments - Xuanzhu Biopharm's Birociclib monotherapy for HR+/HER2- advanced breast cancer was accepted by the NMPA in October 2023, marking a significant advancement in treatment options for this patient group [20]. - The phase II clinical trial results of Birociclib demonstrated significant statistical differences compared to the control group, indicating its potential effectiveness in treating advanced breast cancer [26]. - In October 2023, Huisheng Biopharm's Insulin Degludec and Liraglutide Injection received approval to initiate clinical studies for type 2 diabetes, enhancing the company's product pipeline [25]. - The phase II clinical trial for Anaprazole Sodium Enteric-coated Tablets, developed by Xuanzhu Biopharm, completed patient enrollment in April 2023, targeting reflux esophagitis treatment [36]. - The completion of the phase III clinical trial for Birociclib in combination with fulvestrant reached its primary endpoint, indicating progress in advanced breast cancer treatment [36]. - The GLP-1 receptor agonist Semaglutide Injection is currently in clinical phase III for glucose-lowering indication, with weight-loss indication expected to file for IND in the second half of 2024 [151]. - Clinical research for Pyrotinib in HR+/HER2- advanced breast cancer has been accepted for NDA submission, with results recognized at major oncology conferences [179]. Financial Performance and Market Strategy - The Group recorded total revenue of approximately RMB1,860.5 million, a year-on-year decrease of approximately 14.7% compared to RMB2,181.2 million in the same period of 2022 [196]. - The medical aesthetics segment achieved revenue of approximately RMB449.9 million, representing a year-on-year increase of approximately 200.3% due to the easing of pandemic controls and recovery of consumer demand [197]. - The generic medicine segment reported revenue of approximately RMB1,398.8 million, a year-on-year decrease of approximately 29.0% due to price reductions from centralized procurement and declines in sales volumes [198]. - Revenue from innovative drugs and other drugs was approximately RMB11.8 million, reflecting a year-on-year decrease of 80.6% primarily due to the divestment of certain API companies [199]. - The Group invested approximately RMB577.7 million in R&D, a year-on-year decrease of 38.3%, as several products completed phase III clinical trials [200]. - The Group's pharmaceutical business achieved phased results with one innovative drug and three biopharmaceutical products receiving NDA approvals during the year [170]. - The Group is developing a pipeline of over 100 medical aesthetics and biopharmaceutical products, aiming to accelerate product industrialization and value amplification [200]. Awards and Recognition - Sihuan Pharmaceutical was recognized as one of the "2023 Top 100 Chinese Pharmaceutical Innovative Enterprises," highlighting its competitive advantages in the innovative drug field [88]. - Sihuan Pharmaceutical won the "Transformation Pioneer Enterprise of the Year 2023" award for its innovative business strategy, focusing on medical aesthetics and innovative drugs [90]. - The company received the "Best Innovation Value Award of the Year" for its innovative business strategies, showcasing its achievements in innovation [94]. - Sihuan Pharmaceutical was awarded the "Most Valuable Pharmaceutical and Medical Company," reflecting its strong corporate governance and stable value return for investors [97]. - The Chief Financial Officer, Ms. Miao Guili, was recognized as the "Best CFO," emphasizing the company's financial leadership [97]. - Sihuan Pharmaceutical won the "Best ESG Award," indicating its commitment to environmental, social, and governance performance [100]. - The company was also awarded the "ESG Pioneer Enterprise Award" at the 2023 ESG Summit, recognizing its efforts in ESG system construction and information disclosure [103]. - Xuanzhu Biopharm was recognized as one of the "Top 10 Most Growing Enterprises of Small Molecule Innovative Drugs" at the 2023 China Biomedical Technology Innovation Value List ceremony [113]. - Xuanzhu Biopharm was also rated as one of the "2023 China Top 100 Companies with Comprehensive Drug R&D Ability" based on extensive analysis of R&D-related data [116]. - Xuanzhu Biopharm received the title of "Top 50 Scientific and Innovative Leaders of China's Pharmaceutical Enterprises in 2023" for its outstanding R&D capabilities [120]. - Xuanzhu Biopharm was included in the "Forbes China Unicorn Enterprises" list, highlighting its innovation-driven approach and core proprietary intellectual property [123]. Strategic Focus and Future Plans - The Group intends to divest and dispose of some generic drugs and non-core pharmaceutical or healthcare businesses to focus on medical aesthetics and biopharmaceuticals, enhancing resource allocation efficiency [47]. - The company aims to transform towards medical aesthetics and innovative drugs, capitalizing on the growing market demand in the post-pandemic era [140]. - The light medical aesthetics industry in China is expected to experience explosive growth in 2024, transitioning from a luxury market to a mass consumer market [143]. - The company aims to enhance its global competitiveness while focusing on unmet clinical needs and developing innovative drugs [123]. - The company plans to expedite the NDA of innovative drugs and achieve product iteration of generic drugs through innovative drugs [155]. - The Group's strategic focus on registration, production, and sales capabilities is designed to create a solid competitive advantage in the pharmaceutical market [192]. - The Group is divesting non-core pharmaceutical and healthcare assets to focus on innovative drug development, aligning with its long-term strategic goals [191].