Market Performance - The Hang Seng Healthcare Index decreased by 2.74% as of October 14, 2025, with mixed performance among constituent stocks [1] - The Hang Seng Healthcare ETF (513060) fell by 1.74%, with a latest price of 0.68 CNY, but has seen an 18.15% increase over the past three months [1] - The Hong Kong Stock Connect Innovative Drug Selection Index dropped by 3.58%, with the latest price of the corresponding ETF (520690) at 0.94 CNY, reflecting a decline of 2.28% [2] - The CSI Pharmaceutical 50 Index decreased by 1.24%, with the latest price of the Pharmaceutical 50 ETF (159838) at 0.63 CNY, showing an 11.34% increase over the past three months [2] Liquidity and Trading Activity - The Hang Seng Healthcare ETF had a turnover of 12.72% and a trading volume of 884 million CNY, indicating active market participation [1] - The Hong Kong Innovative Drug Selection ETF recorded a turnover of 21.74% with a trading volume of 90.47 million CNY [2] - The Pharmaceutical 50 ETF had a turnover of 1.01% and a trading volume of 1.66 million CNY, with an average daily trading volume of 6.33 million CNY over the past week [3] Regulatory and Market Developments - The National Healthcare Security Administration issued a notice to strengthen the regulation of retail pharmacies, targeting "dual pricing" practices, which may accelerate compliance in the pharmacy sector [3] - Boteng Co., Ltd. expects a revenue growth of 17%-21% year-on-year for the first three quarters, indicating a recovery in the CDMO sector driven by global client pipeline expansion [3] - Four Seasons Pharmaceutical has acquired a stake in Swiss Suisselle SA, gaining exclusive rights to the CELLBOOSTER® product, enhancing its international brand collaboration and product matrix [3] Institutional Insights - The overall signal for the pharmaceutical sector is neutral, with regulatory pressures on retail pharmacies but resilience in CDMO and medical aesthetics sectors [4] - Short-term focus is on the sustainability of performance recovery for companies like Boteng, while mid-term attention is on international collaborations in medical aesthetics and growth in the innovative drug outsourcing industry [4] Fund Flows and Performance - The Hang Seng Healthcare ETF saw a net inflow of 12.05 million CNY, accumulating 177 million CNY over the past 15 trading days [6] - The Hong Kong Innovative Drug Selection ETF reached a record high of 434 million shares, with a net inflow of 2.89 million CNY recently [7] - The CSI Pharmaceutical 50 Index includes major companies like WuXi AppTec and Hengrui Medicine, with the top ten stocks accounting for 59.46% of the index [8]

Core Viewpoint - The company, Four Seasons Pharmaceutical, has announced a strategic investment in Swiss aesthetic company Suisselle SA, marking a significant step in its global expansion strategy in the medical aesthetics industry [2] Group 1: Investment Details - Four Seasons Pharmaceutical will complete its investment in Suisselle SA by September 2025, having signed a subscription agreement [2] - The partnership grants Four Seasons exclusive agency rights for the CELLBOOSTER® product line, allowing deep involvement in its operations and development [2] Group 2: Company Background - Suisselle, established in 2010, is a leading manufacturer of water-light needle products, with its CELLBOOSTER® series utilizing patented CHAC technology [2] - The company has expanded its business to 43 countries, showcasing its international reach and market presence [2] Group 3: Strategic Implications - The collaboration will enable Four Seasons to leverage Suisselle's established platform in Europe to accelerate the promotion and sales of its self-developed medical aesthetic products in European and other overseas markets [2] - The partnership aims to continuously introduce innovative products from Suisselle and other European sources, enhancing the domestic medical aesthetic product portfolio [2] - This investment is described as a key step in Four Seasons' global strategy for its medical aesthetics sector [2]

四环医药(00460)发布公告，于2025年10月13日，受托人已就股份奖励计划于市场上购买合共1000万股 本公司股份(股份)。 ...

智通财经APP讯，四环医药(00460)发布公告，于2025年10月13日，受托人已就股份奖励计划于市场上购 买合共1000万股本公司股份(股份)。 ...

格隆汇10月13日丨四环医药(00460.HK)公布，于2025年10月13日，受托人已就股份奖励计划于市场上购 买合共1000万股公司股份，每股平均代价约1.619港元。 ...

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） 自願公告 根據股份獎勵計劃購買股份 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。 兹 提 述 本 公 司 日 期 為 二 零 二 二 年 十 月 二 十 六 日 的 公 告（「該公告」），內 容 有 關（其 中 包 括）本 公 司 採 納 二 零 二 二 年 股 份 獎 勵 計 劃（「股份獎勵計劃」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。於 二 零 二 五 年 十 月 十 三 日，受 託 人 ...

Core Viewpoint - The company has signed an investment agreement to acquire a stake in Swiss aesthetic company Suisselle SA, enhancing its strategic relationship and expanding its presence in the global aesthetic market [1][2] Group 1: Investment Details - The investment in Suisselle will allow the company to permanently hold exclusive agency rights for the CELLBOOSTER product in China, strengthening long-term collaboration [1] - The partnership will leverage Suisselle's established platform in Europe to accelerate the promotion and sales of the company's self-developed aesthetic products in European and other overseas markets [1] Group 2: Strategic Expansion - The investment marks a significant step in the company's global strategy for the aesthetic business, completing its strategic layout in the core aesthetic markets of Europe and North America [2] - The company aims to continue driving high-quality aesthetic solutions through a combination of independent research and international collaboration, creating long-term sustainable value for shareholders and investors [2]

Core Insights - Four Seasons Pharmaceutical (00460) has signed an investment subscription agreement to acquire a stake in Swiss medical aesthetics company Suisselle SA, aiming to enhance their strategic relationship and expand in the global medical aesthetics market [1][2] - The company previously secured exclusive agency rights for the CELLBOOSTER water needle in China in 2022, and this investment will solidify their long-term partnership, granting permanent exclusive agency rights for the product [1] - The collaboration will leverage Suisselle's established platform in Europe to accelerate the promotion and sales of the company's self-developed medical aesthetic products in Europe and other overseas markets [1] - The investment aligns with the company's globalization strategy, aiming to build an international medical aesthetics ecosystem covering research, production, and sales [1] Strategic Developments - The company has been actively pursuing a global strategy in the medical aesthetics sector, having fully acquired American medical aesthetics equipment company Genesis Biosystems in 2021, marking its entry into the North American market [2] - The investment in Suisselle represents a critical step in the company's global strategy, completing its strategic layout in the core medical aesthetics markets of Europe and North America [2] - The company plans to continue driving high-quality medical aesthetic solutions through a dual approach of independent research and international collaboration, aiming to create long-term sustainable value for shareholders and investors [2]

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） 自願公告 四環醫藥投資入股瑞士Suisselle公 司 加速全球化醫美業務布局 CELLBOOSTER®為瑞士制造的創新水光針（歐洲III類醫療器械），憑借其專利CHAC 技 術 實 現 成 分 穩 定 與 高 效 遞 送，涵 蓋 多 維 度 皮 膚 問 題 解 決 方 案： 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 於 二 零 二 五 年 九 月 對 瑞 士 醫 美 公 司Suisselle SA（「Suisselle」）進 行 投 資 入 股，雙 ...

Core Viewpoint - The IPO of Xuan Zhu Bio-B (02575.HK), a subsidiary of Sihuan Pharmaceutical, is a significant step in the company's innovative research and development strategy, attracting market attention amid a favorable environment for the pharmaceutical/biotech sector [1] Business Positioning and Pipeline Layout - Xuan Zhu Bio focuses on innovation-driven drug development and commercialization, targeting areas such as digestive system diseases, oncology, and NASH (non-alcoholic steatohepatitis) [2] - The company has over ten drug assets at various stages, including three products with NDA approval, one project in NDA registration, one in Phase III clinical trials, and several in Phase I or with IND approval [2] - Core products include: - KBP-3571: An innovative proton pump inhibitor for digestive diseases, already commercialized - XZP-3287: A CDK4/6 inhibitor for breast cancer (HR+/HER2−), NDA approved - XZP-3621: An ALK inhibitor for non-small cell lung cancer (NSCLC), NDA approved [2] Financial Status and Operating Conditions - In 2022, the company had negligible revenue, with revenue starting to appear in 2023 at approximately several tens of millions of RMB, and a slight increase expected in 2024, but still not profitable [3] - The company is experiencing significant losses, with high R&D expenditures contributing to the losses, and cash flow issues evident with a negative operating cash flow of -95.76 million RMB as of June 2025 and only about 8.558 million RMB in cash [3] IPO Highlights and Fundraising Arrangements - Key IPO details include: - Offering price: HKD 11.60 per share - Total shares offered: 67.33 million H-shares - Public offering ratio: 10% (approximately 6.73 million shares) - Total fundraising amount: approximately HKD 781 million - Market capitalization post-listing: approximately HKD 6.008 billion [5][6] Valuation Levels and Comparative Perspectives - The IPO pricing corresponds to a total market capitalization of approximately HKD 6.008 billion, indicating a potentially aggressive valuation in the current high-risk/high-expectation environment for new drugs [6][7] Industry Trends - The pharmaceutical sector is increasingly driven by themes and expectations, with new stocks often experiencing significant speculative trading on their debut [8] Competitive Landscape and Barriers - The innovative drug development process is characterized by high risks, long cycles, and high costs, with a high failure rate; delays or failures in pipeline projects can lead to significant expectation risks [9] Summary of Risks - The company is currently unprofitable, and its future profitability remains uncertain, which is critical for market valuation acceptance [10] - The company faces cash flow risks due to weak cash reserves and negative operating cash flow, which could hinder operational progress if financing becomes difficult [12] - There are risks associated with pipeline advancement, clinical trials, and regulatory approvals, as many projects are still in early to mid-stages [12] - The company operates in a highly policy-dependent environment, where changes in healthcare negotiations and pricing policies could impact profit margins [13]