Core Insights - The strategic partnership between Sihuan Pharmaceutical (00460) and Baiaosaitu (02315) aims to leverage complementary strengths and expertise in drug development and commercialization to accelerate the research and development of innovative drugs in weight loss and other high-potential disease areas [1][2] - The first project under this collaboration focuses on a new generation weight loss drug that addresses current industry pain points by achieving safe and efficient energy expenditure while maintaining and enhancing muscle mass, thus meeting unmet clinical needs in the global obesity treatment sector [1] Industry Trends - The pharmaceutical research and development industry is undergoing a deep transformation towards artificial intelligence and efficiency, with the integration of AI and automation technologies in antibody drug development becoming an inevitable trend [2] - The "AI + high-throughput" research model is leading a revolution in industry efficiency, effectively shortening the development cycle and reducing costs for antibody drugs, while accelerating the design and screening of first-in-class innovative drugs [2] - Sihuan Pharmaceutical recognizes Baiaosaitu's technological strength and industry position in AI-driven antibody development, gene editing, and model organisms, which will provide comprehensive technical support for the collaborative projects [2]

| 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 | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 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3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 ...

Group 1 - The core viewpoint of the article is that Xuanzhu Biotechnology, a non-wholly owned subsidiary of Sihuan Pharmaceutical, reported significant revenue and profit growth for the fiscal year 2025 [1] Group 2 - Xuanzhu Biotechnology's revenue for 2025 reached 51.72 million, representing a year-on-year increase of 72.03% [1] - The gross profit for Xuanzhu Biotechnology was 33.37 million, showing a year-on-year growth of 102.33% [1]

Group 1 - The core revenue growth is driven by the medical aesthetics business, which generated approximately RMB 1.485 billion in revenue, a year-on-year increase of about 99.6% [1] - The core product, Letibao, expanded its coverage to over 8,000 medical beauty institutions and 1,500 key institutions, contributing to steady revenue growth [1] - The innovative drugs and other pharmaceuticals generated approximately RMB 176 million, a year-on-year increase of about 206.3%, primarily due to increased sales of diabetes medications [1] Group 2 - The year 2026 is critical for the company’s strategic transformation and high-quality development, marking the beginning of its three-year strategic plan [2] - The company aims to become a benchmark enterprise in the Chinese medical aesthetics industry by focusing on compliance, growth in regenerative materials and collagen protein, and personalized anti-aging solutions [2] - The core strategy includes deepening dual-driven growth, releasing synergistic value, accelerating global layout, and enhancing capital efficiency [2] Group 3 - The total revenue for the year ending December 31, 2025, was approximately RMB 2.618 billion, a year-on-year increase of about 37.7% [3] - Gross profit was approximately RMB 1.802 billion, a year-on-year increase of about 45.1%, while overall research and development expenses were approximately RMB 291 million, a decrease of 38.5% [3] - The company reported a profit attributable to shareholders of approximately RMB 180 million, turning a profit compared to the previous year, with basic earnings per share of 1.97 cents [3]

Core Viewpoint - The company reported a significant increase in total revenue and gross profit for the fiscal year ending December 31, 2025, indicating strong financial performance and recovery from previous losses [1] Financial Performance - Total revenue reached approximately RMB 2.618 billion, representing a year-on-year increase of about 37.7% [1] - Gross profit was approximately RMB 1.802 billion, showing a year-on-year increase of about 45.1% [1] - The profit attributable to the company's owners was approximately RMB 180 million, marking a turnaround from previous losses [1] - Basic earnings per share were reported at 1.97 cents [1] Research and Development Expenditure - Overall research and development expenses amounted to approximately RMB 291 million, reflecting a year-on-year decrease of 38.5% [1] Dividend Announcement - The company proposed a final dividend of 0.96 cents per share [1]

Group 1 - The core revenue for the company reached approximately RMB 2.618 billion, representing a year-on-year increase of about 37.7% [1] - Gross profit was approximately RMB 1.802 billion, with a year-on-year increase of about 45.1% [1] - The company reported a profit attributable to owners of approximately RMB 180 million, marking a turnaround from loss to profit, with basic earnings per share of 1.97 cents [1] Group 2 - Revenue from the medical beauty business was approximately RMB 1.485 billion, showing a year-on-year increase of about 99.6% [1] - The core product, LetibotulinumtoxinA, expanded its coverage to over 8,000 medical beauty institutions, contributing significantly to revenue growth [1] - The company plans to pay a final dividend of 0.96 cents per share [1] Group 3 - Revenue from innovative drugs and other pharmaceuticals was approximately RMB 176 million, a year-on-year increase of about 206.3% [2] - The company aims for a strategic transformation in 2026, focusing on high-quality development and value release [2] - The core strategy includes deepening compliance, accelerating global layout, and enhancing capital efficiency to drive cross-sectional growth [2]

第 2 頁 共 2 頁 v 1.1.1 EF001 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司的執行董事為車馮升醫生（主席）、郭維城醫生（副主席兼行政總裁）、張炯龍醫生、陳燕玲女士及繆瑰麗 | | | 女士；及本公司的獨立非執行董事為曾華光先生、朱迅博士及王冠先生。 | | 免責聲明 | 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 | | | --- | --- | | 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的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 四環醫藥控股集團有限公司 | | 股份代號 | 00460 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期現金股息 | ...

Financial Performance - The total revenue for the year reached approximately RMB 2,618.0 million, a year-on-year increase of about 37.7% (approximately RMB 716.9 million) compared to RMB 1,901.1 million in the previous year[3]. - The gross profit for the year was approximately RMB 1,801.9 million, a year-on-year increase of about 45.1% (approximately RMB 560.2 million), with a gross profit margin of 68.8%, up from 65.3% in the previous year[4]. - The operating profit for the year was approximately RMB 607.1 million, compared to a loss of RMB 138.1 million in the previous year, primarily due to significant revenue growth in the medical beauty business[5]. - The annual profit attributable to the company's owners was approximately RMB 179.7 million, compared to a loss of RMB 216.7 million in the previous year, marking a successful turnaround to profitability[5]. - The company reported a total of RMB 28,942 thousand in government grants for 2025, down from RMB 48,002 thousand in 2024, a decrease of 39.7%[96]. - The total comprehensive income for the year 2025 was RMB 185,404,000, compared to a loss of RMB (471,549,000) in 2024[70]. - The net profit attributable to the company's owners for 2025 was RMB 179,696,000, a significant improvement from a loss of RMB (216,662,000) in 2024[70]. - Basic earnings per share for 2025 was RMB 1.97, recovering from a loss of RMB (2.34) in 2024[70]. Revenue Segmentation - Revenue from the medical beauty business was approximately RMB 1,485.3 million, representing a year-on-year increase of about 99.6% (approximately RMB 741.1 million) from RMB 744.2 million[4]. - The aesthetic medicine segment generated revenue of approximately RMB 1,485.3 million, with a year-on-year growth of 99.6%, contributing over 50% to total revenue[8]. - The innovative drug segment reported a loss of RMB 648,010,000 for 2025, compared to a loss of RMB 948,048,000 in 2024, showing an improvement of approximately 31.7%[80][81]. - The revenue from innovative drugs is RMB 1,485,263 thousand for 2025, up from RMB 744,224 thousand in 2024, indicating a growth of approximately 99.4%[88]. Research and Development - Research and development expenses for the year were approximately RMB 291.3 million, a year-on-year decrease of 38.5% (approximately RMB 182.6 million) due to the core R&D achievements entering a harvest phase[5]. - The company plans to increase R&D investment to 60% of the total R&D budget over the next three years, focusing on high-potential areas such as regenerative materials and advanced water light technology[23]. - The innovative drug pipeline focuses on clinical differentiation and domestic substitution, with a clear strategy enhancing R&D efficiency and commercialization[19]. Market Expansion and Strategy - The company aims to continue its dual-driven strategy of "medical beauty + innovative drugs" to enhance product development and global expansion[6]. - The company is focusing on the commercialization of innovative drugs and accelerating the development of its product matrix in oncology and metabolism, supported by capital and policy[11]. - The company aims to balance the development of its cash cow generic drug business while focusing on high-growth potential areas in medical aesthetics and biopharmaceuticals[13]. - The company’s strategy emphasizes global expansion, with a dual-driven growth model based on a strong domestic market and high-potential overseas markets[10]. Product Development and Launches - The company successfully launched multiple new products, including six new specifications for the "童颜针" product line, enhancing its regenerative product matrix[9]. - The innovative drug platform, XuanZhu Biotech, successfully listed independently, with its stock price increasing over 400% within eight trading days, reaching a market value peak of over HKD 30 billion[11]. - The core product, SYLFIRMX™ dual-wave radiofrequency microneedling system, has become a key growth engine, supported by global leading technology and clinical value, establishing a strong competitive advantage in the medical aesthetics equipment sector[39]. Financial Health and Assets - As of December 31, 2025, the company had cash and cash equivalents, along with financial products and deposits, amounting to approximately RMB 4,397.4 million[5]. - The company reported a significant increase in inventory, rising to RMB 617,728,000 in 2025 from RMB 417,000,000 in 2024[71]. - Current assets increased to RMB 6,652,730,000 in 2025 from RMB 5,717,563,000 in 2024, reflecting a growth of approximately 16.4%[71]. - The company’s total borrowings amount to approximately RMB 912.0 million, with 94.0% being floating-rate borrowings, and the debt-to-equity ratio is 15.6%, down from 20.2% in the previous year[168]. Shareholder Returns and Dividends - The company declared a final cash dividend of RMB 0.96 per share, equivalent to HKD 1.09 per share, in appreciation of shareholder support[5]. - The proposed final cash dividend for the year ending December 31, 2025, is RMB 87,801,000, compared to no dividend in 2024[110]. - The company approved and paid interim dividends of RMB 90,887,000 in 2025, a decrease of 48.9% from RMB 177,080,000 in 2024[111]. Compliance and Governance - The company has adhered to all applicable corporate governance codes during the reporting period, ensuring high standards of transparency and accountability[196]. - The audit committee has reviewed the group's financial reporting matters and internal controls, providing improvement recommendations to the board[198].

智通财经APP讯，四环医药(00460)发布非全资附属公司轩竹生物科技股份有限公司(轩竹生物，及其附 属公司统称为"轩竹生物集团")2025年度业绩，收入5177.2万元，同比增长72.03%;毛利3336.9万元，同 比增长102.33%。 ...

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） 附屬公司業績公告 茲 提 述 四 環 醫 藥 控 股 集 團 有 限 公 司（「本公司」）的 非 全 資 附 屬 公 司 軒 竹 生 物 科 技 股 份 有 限 公 司（「軒竹生物」及 其 附 屬 公 司 統 稱 為「軒竹生物集團」，於 香 港 聯 合 交 易 所 有 限 公 司 主 板 上 市（股 份 代 號：2575））日 期 為 二 零 二 六 年 三 月 三 十 日 的 公 告（「該公告」），內 容 有 關 軒 竹 生 物 集 團 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 的 全 年 業 績。 綜合財務狀況表 本 公 告 乃 根 據 香 港 聯 合 交 ...