新京报贝壳财经讯 2月22日，四环医药在港交所公告称，根据恒生指数有限公司于2026年2月13日公布 的截至2025年12月31日止期间恒生指数系列季度检讨结果，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"，股份代号：2575）被纳入恒生综合指数成份股，该调整将于2026年3月9日正式 生效。 ...

Core Viewpoint - Four Seasons Pharmaceutical (00460.HK) announced that its non-wholly owned subsidiary, Xuan Zhu Biotechnology Co., Ltd. ("Xuan Zhu Bio"), will be included in the Hang Seng Composite Index, effective March 9, 2026, following the quarterly review results published by Hang Seng Indexes Company on February 13, 2026 [1] Group 1 - Xuan Zhu Bio is set to be listed on the Hong Kong Stock Exchange under stock code 2575 on October 15, 2025 [1] - The Hang Seng Composite Index covers the top 95% of listed companies on the Hong Kong Stock Exchange by market capitalization [1] - Inclusion in the Hang Seng Composite Index is expected to meet the eligibility criteria for the Stock Connect programs, which facilitate trading between Hong Kong and mainland Chinese investors [1]

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 四 環 醫 藥 控 股 集 團 有 限 公 司（「本公司」或「四環醫藥」，連 同 其 附 屬 公 司，統 稱 為「本集團」）董 事 會（「董事會」）欣 然 宣 佈，根 據 恒 生 指 數 有 限 公 司 於2026年2月 13日公佈的截至2025年12月31日 止 期 間 之 恒 生 指 數 系 列 季 度 檢 討 結 果，本 集 團 旗 下 非 全 資 附 屬 公 司 軒 竹 生 物 科 技 股 份 有 限 公 司（「軒竹生物」，於 二 零 二 五 年 十 月 十 五 日 在 香 港 聯 合 交 易 所 有 限 公 司（「香港聯交所」）主 板 上 市，股 份 代 號： 2575）被 納 入 恒 生 綜 合 指 數 之 成 分 股，該 調 ...

Core Viewpoint - The company anticipates a revenue of no less than RMB 2.5 billion for the year, representing a growth rate of over 30% compared to the same period last year, along with a net profit of no less than RMB 150 million [1] Group 1: Business Performance - The aesthetic medicine segment is expected to achieve revenue exceeding RMB 1.4 billion and a segment profit of over RMB 700 million, with both revenue and profit growth rates exceeding 90% year-on-year, becoming the largest revenue and profit contributor for the company [1] - The innovative drug business is entering a harvest phase, with combined revenue from XuanZhu Bio and HuiSheng Bio significantly increasing compared to the previous year, and the commercialization of new products progressing smoothly, indicating a transition from investment to profitability for this segment [1] Group 2: Financial Health - The company maintains a robust financial position with ample cash reserves, having implemented multiple rounds of share buybacks and successfully completed the spin-off listing of XuanZhu Bio, which has led to significant equity appreciation and alleviated R&D funding pressures, thereby optimizing the company's financial structure and driving profit breakthroughs [1]

Summary of the Conference Call for Sihuan Pharmaceutical Company Overview - **Company**: Sihuan Pharmaceutical - **Industry**: Pharmaceutical and Aesthetic Medicine Key Points Financial Performance and Projections - Sihuan Pharmaceutical is expected to turn profitable in 2025, with projected earnings between 150 million to 250 million RMB, reversing previous losses due to R&D investments in innovative drugs and the impact of generic drug procurement [2][5] - The company anticipates entering a product expansion and distribution phase in 2026 and 2027, which is expected to further enhance performance [2][4] - The aesthetic medicine segment is projected to generate nearly 1.4 billion RMB in revenue by 2025, driven by strong sales of the botulinum toxin product, Letibotulinum, expected to reach around 1 billion RMB, and the Sephora Youth Needle, estimated at 200 million RMB [2][6] Product Pipeline and Market Position - Sihuan Pharmaceutical has a robust pipeline in the aesthetic medicine sector with nearly 60 products, showcasing strong R&D capabilities and significant channel advantages [2][4] - Letibotulinum is rapidly penetrating approximately 8,000 aesthetic institutions, with new products like the Youth Needle and Composite Water Light Needle also performing well [2][4] - For 2026, Letibotulinum is expected to maintain a growth rate of over 20%, while new products are projected to achieve sales of 400-500 million RMB [2][6] Innovative Drug Business - The innovative drug segment is expected to significantly reduce losses in 2026, with anticipated annual revenue exceeding 500 million RMB, and a potential break-even point in 2027 [2][7] - Core products such as CDK 4/6 are entering a commercialization acceleration phase, supported by the listing of the subsidiary, Xuanzhu [2][7] Market Valuation and Investment Potential - Current market capitalization of Sihuan Pharmaceutical is 14.1 billion RMB, with earnings forecasts of 710 million and 930 million RMB for 2026 and 2027, respectively, leading to P/E ratios of 19.8 and 15.2 [3][7] - The valuation is considered low relative to growth potential, with a reasonable valuation estimated at 22-25 times P/E, suggesting a target market cap of 21 billion RMB, indicating a potential upside of approximately 50% [3][7] Market Conditions and Strategic Outlook - Recent surveys indicate a stabilization in demand within the aesthetic medicine industry, with some institutions experiencing a shift from declining to positive growth [4] - Improved market liquidity compared to the previous year and increased attention from core institutional investors are expected to bolster the company's market position [5] Additional Insights - The aesthetic medicine segment's revenue for 2025 is expected to be around 1.4 billion RMB, with the generic and innovative drug segments contributing an estimated 1-1.1 billion RMB [6] - The company is poised for significant growth, with a focus on leveraging its product pipeline and market conditions to enhance shareholder value [5][6]

Core Viewpoint - The company, Sihuan Pharmaceutical (00460), has announced a positive earnings forecast, expecting revenue of at least 2.5 billion RMB for the year ending December 31, 2025, representing a growth rate of over 30% compared to the previous year [1][5]. Group 1: Financial Performance - The company anticipates a net profit of no less than 150 million RMB for the same period [1][5]. - The growth in performance is primarily driven by the rapid expansion of the medical aesthetics business, which is expected to generate over 1.4 billion RMB in revenue and over 700 million RMB in segment profit, with both metrics showing an annual growth rate exceeding 90% [1][5]. Group 2: Business Segments - The medical aesthetics segment has become the largest contributor to both revenue and profit for the company, significantly boosting overall performance [1][5]. - The innovative drug business is entering a harvest phase, which is expected to improve the company's profit structure [1][5]. Group 3: Financial Health - The company maintains a robust financial position with ample cash reserves, having conducted multiple rounds of share buybacks and completed the spin-off of Xuan Bamboo Biotechnology, which has optimized the financial structure and driven profit breakthroughs [1][5].

消息面上，四环医药公告，集团预期截至2025年12月31日止年度录得收入不低于25亿元人民币，相较于 去年同期增速逾30%，及不低于1.5亿元人民币的净利润。 四环医药(00460)盈喜后涨超6%，截至发稿，涨2.99%，报1.72港元，成交额5114.13万港元。 业绩增长主要由于集团医美业务实现高速增长，于该年度内实现收入逾14亿元及实现分部利润逾7亿 元，相较于去年收入及分部利润年度增速均超过90%，成为集团第一大收入与利润支柱，带动整体业绩 大幅提升；创新药业务进入收获期，显著改善集团盈利结构；公司财务状况稳健，账面现金充裕，实施 多轮股份回购并完成轩竹生物分拆上市，优化了集团财务结构，推动利润端实现突破。 ...

Core Viewpoint - Four Seasons Pharmaceutical (00460) anticipates significant revenue growth, projecting at least 2.5 billion RMB in revenue and 150 million RMB in net profit for the fiscal year ending December 31, 2025, driven primarily by its aesthetic medicine business and innovative drug segment [1] Group 1: Financial Performance - The company expects revenue growth of over 30% compared to the same period last year, with a minimum revenue target of 2.5 billion RMB [1] - Net profit is projected to be no less than 150 million RMB for the same period [1] Group 2: Business Segments - The aesthetic medicine segment is expected to generate over 1.4 billion RMB in revenue and over 700 million RMB in segment profit, with both metrics showing an annual growth rate exceeding 90% [1] - The innovative drug business is entering a harvest phase, significantly improving the company's profit structure [1] Group 3: Financial Health - The company maintains a robust financial position with ample cash reserves [1] - Multiple rounds of share buybacks have been implemented, and the successful spin-off of Xuan Bamboo Biotechnology has optimized the company's financial structure, contributing to profit breakthroughs [1]

Group 1 - The company, SiHuan Pharmaceutical (00460.HK), expects to achieve revenue of no less than RMB 2.5 billion for the fiscal year ending December 31, 2025, representing a growth rate of over 30% compared to the same period last year [1] - The anticipated net profit for the same fiscal year is projected to be no less than RMB 150 million [1] - As of February 10, 2026, SiHuan Pharmaceutical's stock closed at HKD 1.67, down 1.76%, with a trading volume of 46.33 million shares and a turnover of HKD 78.42 million [1] Group 2 - The stock is primarily rated as a "buy" by investment banks, with two firms issuing buy ratings in the last 90 days [1] - The average target price for the stock over the past 90 days is HKD 1.6 [1] - Guohai Securities has recently issued a buy rating for SiHuan Pharmaceutical [1] Group 3 - SiHuan Pharmaceutical has a market capitalization of HKD 15.548 billion and ranks 10th in the chemical pharmaceutical industry [1]

Group 1 - The company expects to achieve revenue of no less than RMB 2.5 billion in the fiscal year 2025, representing a growth rate of over 30% compared to the same period last year [1] - The company anticipates a net profit of no less than RMB 150 million for the fiscal year 2025 [1] - The medical beauty business is projected to generate over RMB 1.4 billion in revenue and over RMB 700 million in segment profit for the fiscal year 2025, with both revenue and segment profit growth rates exceeding 90% compared to the previous year [1]