Core Viewpoint - The stock performance of pharmaceutical companies, particularly SiHuan Pharmaceutical, has been notably strong following the approval of its innovative drug, Pyrotinib tablets, for treating advanced breast cancer [1][3][4]. Company Overview - SiHuan Pharmaceutical operates in various segments including aesthetic medicine, innovative drugs, and generic drugs, with a focus on multiple therapeutic areas such as diabetes, oncology, and digestive diseases [3]. - The company has developed over 60 aesthetic medicine products and more than 40 innovative and biological drug pipelines [3]. Recent Developments - On May 15, SiHuan Pharmaceutical announced that its subsidiary, XuanZhu Biotechnology, received approval from the National Medical Products Administration of China for its innovative drug Pyrotinib tablets for two indications related to HR+/HER2- advanced breast cancer [3][4]. - Pyrotinib is the only approved CDK4/6 inhibitor in China for this specific indication, marking a significant milestone for XuanZhu Biotechnology [4]. Market Context - Breast cancer is the most common malignancy among women globally, with an estimated 2.3 million new cases in 2022, projected to rise to 3.2 million by 2050 [5]. - Approximately 70% of breast cancer patients are HR+ subtype, indicating a substantial treatment demand [5]. - The global sales of CDK4/6 inhibitors exceeded $10 billion in 2023, with China's sales reaching approximately RMB 2.2 billion, expected to grow to RMB 13 billion by 2032 [5]. Financial Performance - SiHuan Pharmaceutical has faced declining performance in recent years, with revenues of RMB 2.181 billion in 2022, projected to be RMB 1.861 billion in 2023 and RMB 1.901 billion in 2024 [8]. - The company reported significant losses, with shareholder profits of -RMB 1.915 billion in 2022 and -RMB 0.54 billion in 2023 [8]. - The generic drug segment saw a revenue decline of approximately 21.4% in 2024, while the aesthetic medicine segment grew by about 65.4% [9]. Future Outlook - The approval of Pyrotinib is expected to positively impact SiHuan Pharmaceutical's financial performance, although the extent of this impact remains to be seen [10]. - The aesthetic medicine segment shows promising growth and could significantly contribute to the company's overall performance moving forward [10].

财务数据显示，截至2024年12月31日，四环医药实现营业总收入19.01亿元，同比增长2.18%；归母净利 润-2.17亿元，同比减少301.1%；毛利率65.32%，资产负债率53%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 5月19日，截至港股收盘，恒生指数下跌0.05%，报23332.72点。四环医药（00460.HK）收报0.78港元/ 股，上涨16.42%，成交量4.59亿股，成交额3.55亿港元，振幅17.91%。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为6.09倍，行业中值5.87倍。四环医药市盈 率-26.38倍，行业排名第92位；其他精优药业（00858.HK）为0.68倍、金斯瑞生物科技（01548.HK）为 0.96倍、东瑞制药（02348.HK）为2.86倍、正大企业国际（03839.HK）为3.52倍、联康生物科技集团 （00690.HK）为5.55倍。 最近一个月来，四环医药累计涨幅6.35%，今年来累计涨幅1.52%，跑输恒生指数16.38%的涨幅。 资料显示，四环医药控股集团有限公司成立於2001年。经过十几年的持续发展,现已成为中国处方药市 场领 ...

港股收盘，恒指收跌0.05%，恒生科技指数收跌0.50%，四环医药(00460.HK)收涨16.42%，阿里巴巴 (09988.HK)收跌3.4%。 ...

Group 1 - The approval of Pyrocilin tablets (brand name: XuanYueNing) by XuanZhu Biotech marks a significant advancement in breast cancer treatment, being the only CDK4/6 inhibitor in China with both monotherapy and combination therapy indications [2] - Pyrocilin's unique mechanism targeting CDK2/4/6/9 allows for effective tumor cell proliferation blockade while reducing hematological toxicity, addressing the specific characteristics of Chinese breast cancer patients [3][4] - Clinical data shows that the median progression-free survival for second-line treatment patients is 14.7 months, with independent assessments showing up to 17.5 months, setting a new global record for similar therapies [4] Group 2 - XuanZhu Biotech's success in innovative drugs contributes to the overall strong performance of Sihuan Pharmaceutical, with a notable increase in revenue from both medical aesthetics and innovative drugs [5] - The medical aesthetics segment saw a revenue increase of 65.4% to 744 million yuan, supported by a dual strategy of self-research and product introduction [6] - Revenue from innovative drugs surged by 388.1% to 57.6 million yuan, driven by the approval of new drugs and a robust pipeline nearing commercialization [7] Group 3 - Sihuan Pharmaceutical maintains high R&D investment, with approximately 474 million yuan spent in the year, despite an 18% decrease due to multiple products completing Phase III trials [9] - The company has a strong cash position, with net cash flow from operating activities at 244 million yuan and cash reserves nearing 4 billion yuan, providing ample support for ongoing clinical trials [9] Group 4 - The Hong Kong stock market is experiencing a structural recovery, with the Hang Seng Healthcare Index rising over 30% this year, highlighting the potential for undervalued pharmaceutical stocks [10] - Sihuan Pharmaceutical is identified as a key player with significant growth potential, as its market capitalization is approximately 5.7 billion yuan, nearly equal to its cash and liquid assets [10] - The company's dual focus on medical aesthetics and innovative drugs positions it well for future growth, with a strong likelihood of market revaluation [10][11]

Core Viewpoint - The approval of the new drug Pyrocilin (XZP-3287) by the National Medical Products Administration of China marks a significant advancement for the company and provides a new treatment option for patients with HR+/HER2- advanced breast cancer [1][2]. Group 1: Drug Approval and Indications - The new drug application (NDA) for Pyrocilin has been granted for two indications: (1) as a monotherapy for adult patients with HR+/HER2- advanced or metastatic breast cancer who have progressed after two or more endocrine therapies and one chemotherapy; (2) in combination with Fulvestrant for adult patients with HR+/HER2- advanced or metastatic breast cancer who have progressed after endocrine therapy [1]. - Pyrocilin is the only CDK4/6 inhibitor approved in China for monotherapy in HR+/HER2- advanced breast cancer after prior lines of treatment [2]. Group 2: Clinical Trial Data and Efficacy - Clinical trial data indicates that the median age of breast cancer patients in China is younger than in Western countries, with a higher proportion of Luminal B type tumors, primary resistance, and chemotherapy patients, leading to poorer prognosis [2]. - In the clinical study, 23.9% of patients had previously received late-stage chemotherapy, 25.6% were primary resistant, 37% were premenopausal, and 68.2% had visceral metastases [2]. - The median progression-free survival (mPFS) for patients receiving Pyrocilin in combination with Fulvestrant reached 14.7 months (investigator assessment) and 17.5 months (BIRC assessment), while the mPFS for monotherapy reached 11 months, setting a new record for similar therapies globally [2]. Group 3: Company Strategy and Future Outlook - The approval of Pyrocilin is a strong testament to the company's innovative research and development capabilities and represents a significant step towards providing effective treatment options for breast cancer patients [2]. - The company plans to continue its innovation-driven development strategy, increasing research and development investment, and accelerating the translation of innovative results to contribute more to global health [2].

（文章来源：证券时报网） 证券时报·数据宝统计，四环医药在港交所公告显示，5月6日以每股0.730港元至0.740港元的价格回购 2000.00万股，回购金额达1468.40万港元。该股当日收盘价0.740港元，平盘报收，全天成交额3706.56万 港元。 自4月28日以来公司已连续5日进行回购，合计回购4141.50万股，累计回购金额2925.43万港元。 其间该 股累计上涨12.12%。 今年以来该股累计进行9次回购，合计回购8641.50万股，累计回购金额5587.13万港元。（数据宝） 四环医药回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.05.06 | 2000.00 | 0.740 | 0.730 | 1468.40 | | 2025.05.02 | 268.20 | 0.710 | 0.710 | 190.42 | | 2025.04.30 | 68.50 | 0.710 | 0.710 | 48.64 | | 2025.04.29 | 187.4 ...

Group 1 - The core viewpoint of the news is that Sihuan Pharmaceutical has achieved a significant breakthrough in the regenerative medical aesthetics field with the approval of its self-developed polylactic acid facial filler, known as "童颜针" (Youthful Needle), by the National Medical Products Administration of China [1] - The "童颜针" is based on left-handed polylactic acid (PLLA) microspheres, which have stable biodegradation characteristics and can stimulate the regeneration of autologous collagen, providing both immediate filling and long-lasting regeneration effects [1] - The product has shown superior clinical efficacy compared to similar products on the market, with a high safety profile, as most patients maintain effectiveness for up to one year post-injection [1] Group 2 - According to a Pharmocean report, "童颜针" holds a 6.0% share of the global market, ranking third among similar products [2] - The global market size for "童颜针" is projected to reach approximately $1.488 billion in 2024, growing to $1.5445 billion in 2025, and expected to reach $2.0815 billion by 2033, with a compound annual growth rate (CAGR) of 3.8% from 2025 to 2033 [2] - In China, the market size for "童颜针" was approximately RMB 100 million in 2021, with estimates exceeding RMB 3 billion by 2024, and the regenerative injection market is expected to reach RMB 11.52 billion by 2027, with a CAGR of 54.73% from 2021 to 2025 [2] Group 3 - The approval of "童颜针" marks a dual breakthrough for Sihuan Pharmaceutical, as it has simultaneously obtained third-class medical device certifications for both "少女针" (Girl Needle) and "童颜针" within a month, making it the only company in China to hold compliant certifications for both products [3] - The dual product strategy is expected to create a differentiated competitive advantage and enhance the company's full-chain operational capabilities in research, registration, and commercialization [3] - The two products are anticipated to synergistically meet the needs of different age groups and consumption scenarios, paving the way for the company's growth in the medical aesthetics sector and establishing a strategic foundation for future product pipeline development and market education [3]

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].