Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Insights - The company has shown a significant turnaround in its financial performance, achieving a net profit of 0.66 billion yuan in the first half of 2025, compared to a loss in the previous year [3][7]. - The revenue for the first half of 2025 reached 1.15 billion yuan, reflecting a year-on-year growth of 20.7%, driven by the high-margin medical aesthetics business [3]. - The company has a strong cash position with total cash and equivalents amounting to 3.89 billion yuan, ensuring robust cash flow and payment capabilities [3]. Summary by Sections Medical Aesthetics - The medical aesthetics segment generated 0.59 billion yuan in revenue for the first half of 2025, marking an impressive year-on-year growth of 81.3%, with segment profit increasing by 215.3% to 0.31 billion yuan [4]. - The company has expanded its partnerships, adding 44 key cooperative groups and penetrating over 1,000 high-end medical aesthetics institutions [4]. Generic Drugs - The generic drug business experienced a revenue decline of 15.8% to 0.50 billion yuan in the first half of 2025 due to national procurement policies, but operating profit increased by 1.2% to 0.17 billion yuan [5]. Innovative Drugs - The innovative drug segment saw a revenue increase of 96.6% to 0.058 billion yuan in the first half of 2025, with significant growth in sales of diabetes medications and the launch of new oncology drugs [6]. - The company has a pipeline of over 10 innovative drug products under development, with two already approved for market [6]. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.43 billion yuan, 3.71 billion yuan, and 5.08 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 28%, 53%, and 37% [7]. - The forecasted net profit for 2025 is 0.18 billion yuan, with significant increases expected in subsequent years [7].

Sihuan Pharmaceutical Holdings Group Ltd. 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。 關於四環醫藥 四 環 醫 藥 創 立 於 二 零 零 一 年，二 零 一 零 年 於 聯 交 所 主 板 上 市，是 一 家 以 創 新 為 引 領，擁 有 獨 立 領 先 的 自 主 研 發 技 術 平 台、具 備 豐 富 的 全 球 化 產 品 管 線、強 大 的 產 品 註 冊 能 力、高 效 率 及 低 成 本 的 全 劑 型 生 產 平 台 和 成 熟 卓 越 銷 售 體 系 的 國 際 化 製 藥 及 醫 美 企 業。四 環 醫 藥 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 醫 美 及 生 物 製 藥 企 業。 – 2 – 四環醫藥控股集團有 ...

四环医药(00460)发布公告，于2025年9月2日该公司斥资1957.2万港元回购1309.6万股，回购价格为每股 1.48-1.51港元。 ...

格隆汇9月2日丨四环医药(00460.HK)公告，9月2日耗资1957.19万港元回购1309.6万股，每股回购价1.48- 1.51港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 第 1 頁 共 6 頁 v 1.3.0 FF305 確認 不適用 表格類別： 股票 狀態： 新提交 公司名稱： 四環醫藥控股集團有限公司 呈交日期： 2025年9月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00460 | 說明 | 面值港幣 0.01 元普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份 ...

截至月份: 2025年8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: 2025年9月1日 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 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, ...

Core Viewpoint - Four Seasons Pharmaceutical (0460.HK) has seen a significant stock price increase, rising 7.53% to HKD 1.57, nearing its 3.5-year high of HKD 1.58, with a market capitalization exceeding HKD 14 billion. The stock has appreciated approximately 138% year-to-date, nearly doubling from its low of HKD 0.53 on April 7, 2023 [1] Group 1 - The company announced a framework agreement with Deep Origin Pharmaceutical Biotechnology (Beijing) Co., Ltd. to promote the application of artificial intelligence (AI) in the research and development of medical beauty products [1] - A joint AI R&D company will be established, led by Four Seasons Pharmaceutical, to explore AI-driven new medical beauty product development, marking a significant step in the company's strategic layout in the "AI + Medical Beauty" innovation sector [1] - The collaboration focuses on deep integration of "resources + technology" to create a "dry-wet closed-loop" R&D platform, enhancing the value of the company's medical beauty business through two main aspects: overcoming raw material bottlenecks and reducing costs while increasing efficiency [1] Group 2 - The AI R&D company will serve as the core of the company's ongoing efforts to deepen AI applications in medical beauty R&D, addressing unmet market needs and injecting momentum into the long-term development of the medical beauty business [1] - The initiative aims to enhance the company's core competitiveness and market value within the medical beauty industry through technological innovation and platform synergy [1]

Group 1 - The core viewpoint of the article highlights that Sihuan Pharmaceutical (00460) has seen a significant stock price increase, attributed to its strategic partnership with Deep Origin Pharmaceutical to establish an AI-driven R&D company focused on medical beauty products [1] - Sihuan Pharmaceutical's mid-term performance report indicates a revenue of 1.146 billion RMB, representing a year-on-year increase of 20.69%, and a net profit attributable to shareholders of 103 million RMB, marking a turnaround from losses [1] - The company plans to distribute an interim cash dividend of 0.99 cents per share, reflecting its improved financial performance [1] Group 2 - The collaboration with Deep Origin Pharmaceutical signifies a substantial step in Sihuan Pharmaceutical's strategic layout in the "AI + Medical Beauty" innovation sector [1] - The company's medical beauty platform, Meiyan Space, has successfully enhanced strategic partnerships with various medical beauty institutions and implemented a marketing strategy 3.0 upgrade, leading to a significant increase in sales revenue [1] - The products developed under this initiative have received high market recognition, further driving the growth of the medical beauty segment [1]

Group 1 - The core viewpoint of the article highlights that Sihuan Pharmaceutical (00460) has seen a significant stock price increase, attributed to its strategic partnership with Deep Origin Pharmaceutical to develop AI-driven medical beauty products [1] - Sihuan Pharmaceutical's stock rose over 7% during trading, with a current increase of 4.11%, reaching HKD 1.52, and a trading volume of HKD 168 million [1] - The company reported a 20.69% year-on-year increase in revenue for the first half of the year, amounting to RMB 1.146 billion, and achieved a profit attributable to shareholders of RMB 103 million, marking a turnaround from losses [1] Group 2 - The establishment of a joint AI research and development company signifies a substantial step in Sihuan Pharmaceutical's strategic layout in the "AI + medical beauty" innovation sector [1] - The company's medical beauty platform, Meiyan Space, has successfully enhanced strategic partnerships with various medical beauty institutions and implemented a marketing strategy upgrade, leading to a significant increase in sales revenue [1] - Sihuan Pharmaceutical plans to distribute an interim cash dividend of HKD 0.0099 per share [1]

Group 1 - The core viewpoint of the article is that Four Seasons Pharmaceutical has signed a framework agreement with Deep Origin Pharmaceutical Biotechnology (Beijing) Co., Ltd. to promote the application of artificial intelligence (AI) in the research and development of medical beauty products [1] - The collaboration aims to establish an AI research and development company led by Four Seasons Pharmaceutical, focusing on the exploration of AI-driven new medical beauty product development [1] - This initiative marks a significant step in the strategic layout of the "AI + Medical Beauty" innovation track for the company [1]