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，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」）從 臨 床 階 段 腫 瘤 公 司Akamis Bio Ltd.（「Akamis」）授 權引進的產品NG-350A獲 得 美 國 食 品 藥 品 監 督 管 理 局（「FDA」）授 予 快 速 通 道 資 格(Fast Track designation)，用 於 治 療 錯 配 修 復 功 能 完 整(pMMR)的局部晚期直腸癌 (LARC)。軒 竹 生 物 擁 有N ...

Core Viewpoint - Four Seasons Pharmaceutical is undergoing a significant transformation, shifting from a traditional generic drug company to focusing on aesthetic medicine and innovative drugs, with recent strategic moves indicating a recovery and growth potential [2][5][20]. Group 1: Recent Developments - In October 2025, Four Seasons Pharmaceutical completed two major actions: acquiring equity in a Swiss aesthetic medicine company and spinning off its subsidiary Xuan Zhu Bio to list on the Hong Kong stock market, with Xuan Zhu's stock price increasing over 400% in eight trading days, reaching a market value of over 30 billion HKD [2]. - The company reported a profit of 103 million CNY in the first half of 2025, marking its first profit after three consecutive years of losses, with the aesthetic medicine segment contributing over 300 million CNY [5]. Group 2: Business Transformation - Four Seasons Pharmaceutical has shifted its focus from primarily generic drugs to aesthetic medicine and innovative drugs since 2020, with aesthetic medicine now being the largest profit source [5][7]. - The aesthetic medicine revenue reached 585 million CNY in the first half of 2025, surpassing generic drug revenue for the first time, with expectations of reaching 1 to 1.2 billion CNY for the full year [7][8]. Group 3: Market Position and Competition - The company has expanded its aesthetic medicine revenue from 26.87 million CNY in 2020 to 744 million CNY in 2024, narrowing the gap with established players in the industry [8]. - Four Seasons Pharmaceutical's aesthetic medicine products have been approved, with over 30 products in categories such as fillers and skin management, although it remains heavily reliant on botulinum toxin, which accounts for about 80% of its aesthetic medicine revenue [10][11]. Group 4: International Expansion - The company is also pursuing international expansion, having invested in the Swiss company Suisselle, which offers promising products and a global sales network [11]. - Previous international acquisitions include the full acquisition of Genesis Biosystems in the U.S. in 2021, allowing entry into the American market [12]. Group 5: Innovative Drug Business - Four Seasons Pharmaceutical has been involved in innovative drug development since 2008, but its innovative drug revenue remains low, accounting for less than 5% of total revenue in the first half of 2025 [15][16]. - The company has three commercialized innovative drugs, with only one, Annelazole, generating revenue, facing significant competition in the proton pump inhibitor market [16][17]. Group 6: Future Outlook - The company plans to further focus on aesthetic medicine as it prepares for the spin-off of its diabetes-focused subsidiary, Huisheng Bio, which may lead to a more streamlined business model [13]. - The innovative drug pipeline includes over ten candidates, but the competitive landscape in areas like oncology and NASH is crowded, posing challenges for future growth [19][20].

Core Viewpoint - XuanZhu Bio (02575.HK) experienced a slight decline in stock price after its recent IPO, closing at 59.5 HKD per share, with a market capitalization of 30.8 billion HKD, despite a significant increase of approximately 417% from its initial offering price during its first six trading days [1][4]. Company Overview - Founded in 2018 and headquartered in Shijiazhuang, Hebei, XuanZhu Bio is an innovative pharmaceutical company focusing on major diseases such as digestive disorders, cancer, and non-alcoholic fatty liver disease [4]. - The company has developed a diverse product pipeline that includes small molecule drugs, large molecule biologics, and antibody-drug conjugates (ADCs), with three commercialized products and over ten projects in development [4]. IPO and Stock Performance - XuanZhu Bio officially listed on the Hong Kong Stock Exchange on October 15, 2023, with its stock price surging by 153.97% on the first day to close at 29.46 HKD per share [4]. - The stock price peaked at over 61 HKD per share on October 22, 2023, reflecting a market capitalization nearing 32 billion HKD [1][4]. Key Products and Clinical Data - The company's stock performance is linked to promising clinical data for its drug Pyrotinib, which was presented at the 2025 European Society for Medical Oncology (ESMO) conference, showing efficacy and safety in treating HR+/HER2- advanced breast cancer [5]. - Pyrotinib is a novel CDK2/4/6 inhibitor approved in May 2023 for specific breast cancer indications, while another core product, KBP-3571, is the first domestically developed proton pump inhibitor (PPI) targeting digestive diseases [6][7]. Financial Performance - Despite the stock price increase, XuanZhu Bio has not yet achieved profitability, reporting revenues of 40.92 million CNY, 37.74 million CNY, and 21.97 million CNY for 2023, 2024, and 2025 respectively, with net losses of 301 million CNY, 556 million CNY, and 111 million CNY during the same periods [8]. - The company attributes the increased losses to reduced revenue and rising research and development expenses [8]. Competitive Landscape - XuanZhu Bio faces significant competition for its core products, with KBP-3571 competing against seven similar products, five of which are generic drugs included in centralized procurement [8][9]. - Pyrotinib and XZP-3621 also encounter fierce competition, with multiple approved alternatives in the market and several others in the approval pipeline [9].

Group 1 - The company, Four Seasons Pharmaceutical (00460), announced a share buyback plan on October 17, 2025, with an investment of HKD 21.7575 million to repurchase 15 million shares [1]

格隆汇10月17日丨四环医药(00460.HK)公告，10月17日耗资2175.8万港元回购1500万股。 ...

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） 此 乃 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」）作 出 的 自 願 公 告。 自願公告 購回股份 超 過60款 的 醫 美 產 品 管 線，覆 蓋 愛 美 人 士 全 生 命 週 期 需 求。截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 集 團 醫 美 業 務 收 入 達 約 人 民 幣585百 萬 元，同 比 增 長 約 81%。此 外，本 集 團 的 創 新 藥 研 發 進 入 收 穫 期。截 至 二 零 二 五 年 九 月 三 十 日 止 九 個 月，本 集 團 共 有15 ...

| 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（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年10月15日 | | 9,168,988,206 | 161,011,000 | | 9,329,999,206 | | 1). 購回股份 (股份被持作庫存股份) | | | -15,000,000 0.1636 % | 15,000,000 HKD | 1.4505 | | | 變動日期 | 2 ...

Core Viewpoint - Four Seasons Pharmaceutical has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [2] Summary by Category Share Buyback Activity - On October 15, Four Seasons Pharmaceutical repurchased 10 million shares at prices ranging from 1.500 to 1.540 HKD, totaling 15.189 million HKD [2] - The stock closed at 1.530 HKD on the same day, reflecting a decline of 1.92%, with a total trading volume of 205 million HKD [2] - Year-to-date, the company has conducted 14 buybacks, acquiring a total of 141 million shares for an aggregate amount of 122 million HKD [2] Buyback Details - The buyback details are as follows: - October 15: 1,000,000 shares at a maximum price of 1.540 HKD and a minimum of 1.500 HKD, totaling 15.189 million HKD - September 26: 150,000 shares at 1.480 HKD, totaling 2.22 million HKD - September 2: 1,309,600 shares at 1.510 HKD, totaling 19.572 million HKD - June 17: 2,000,000 shares at 1.100 HKD, totaling 21.82 million HKD - May 12: 1,000,000 shares at 0.700 HKD, totaling 0.689 million HKD - May 6: 2,000,000 shares at 0.740 HKD, totaling 1.468 million HKD - May 2: 268,200 shares at 0.710 HKD, totaling 0.190 million HKD - April 30: 68,500 shares at 0.710 HKD, totaling 0.049 million HKD - April 29: 187,400 shares at 0.690 HKD, totaling 0.129 million HKD - April 28: 1,617,400 shares at 0.680 HKD, totaling 1.089 million HKD - April 16: 1,000,000 shares at 0.640 HKD, totaling 0.627 million HKD - April 9: 1,000,000 shares at 0.600 HKD, totaling 0.587 million HKD - April 7: 1,500,000 shares at 0.600 HKD, totaling 0.875 million HKD - February 11: 1,000,000 shares at 0.580 HKD, totaling 0.572 million HKD [2]

Core Viewpoint - The successful debut of Xuan Bamboo Biotech (02575.HK) on the Hong Kong Stock Exchange, with a first-day surge of 126.72%, reflects a positive market sentiment towards biotech stocks, particularly those listed under the 18A category [1][3][7] Company Overview - Xuan Bamboo Biotech is a subsidiary of Sihuan Pharmaceutical (00460.HK) and has previously attempted to list on the STAR Market without success [1][3] - The company has three approved products and is actively developing over ten drug assets targeting various diseases, including gastrointestinal disorders, tumors, and non-alcoholic fatty liver disease [3][4] Financial Performance - Despite the successful listing, Xuan Bamboo Biotech reported continuous losses, with projected losses increasing in 2024. Revenue figures for 2023 and 2024 are 29,000 yuan and 30.09 million yuan, respectively, with losses of 301 million yuan and 556 million yuan for the same periods [5][6] - The increase in losses is attributed to reduced revenue and rising administrative expenses, particularly due to stock-based compensation for management and staff [6] Market Sentiment and Trends - The recent performance of 18A new stocks, including Xuan Bamboo Biotech, indicates a recovery in investor confidence in the biotech sector, with several stocks experiencing significant first-day gains [1][7] - The overall market sentiment towards the biotech industry has improved, driven by increased global focus on biopharmaceutical research and technological advancements [7]

格隆汇10月15日丨四环医药(00460.HK)公告，10月15日耗资1519万港元回购1000万股。 ...