四环医药(00460.HK)旗下中国生物制药公司轩竹生物-B(02575.HK)10月6日至10月10日招股。截至周三 （8日）晚上10时多，轩竹生物获券商借出至少858亿港元孖展，较下午的350亿港元增1.5倍；以公开发 售起初集资额7811万港元计，超额认购1097.5倍。轩竹生物每手500股，一手入场费为5858.5港元，轩竹 生物预期将于10月15日挂牌买卖，中金公司为独家保荐人。 ...

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Group 1 - The core stock price of Sihuan Pharmaceutical (00460) increased by 4.47%, reaching HKD 1.87, with a trading volume of HKD 66.5181 million [1] - Xuan Zhu Biotechnology is set to launch its IPO from October 6 to October 10, planning to globally offer 67.3335 million shares, with trading expected to commence on October 15 [1] - Xuan Zhu Biotechnology is a spin-off from Sihuan Pharmaceutical [1] Group 2 - Sihuan Pharmaceutical's subsidiary, Meiyan Space, has developed a new product, "Frozen Beauty," which is an injectable sodium hyaluronate composite solution that recently received a Class III medical device registration from the National Medical Products Administration [1] - This marks the introduction of the first domestic water-light needle containing L-carnosine composite solution into the capital market [1]

消息面上，轩竹生物于10月6日至10月10日招股，该公司拟全球发售6733.35万股，预期股份将于10月15 日在联交所开始买卖。据悉，轩竹生物分拆自四环医药。此外，四环医药旗下渼颜空间自主研发的"注 射用透明质酸钠复合溶液——冻妍"近日获得国家药监局三类医疗器械注册证，标志着国内首款含L-肌 肽复合溶液水光针正式登陆资本市场视野。 四环医药(00460)再涨超4%，截至发稿，涨4.47%，报1.87港元，成交额6651.81万港元。 ...

Core Viewpoint - The approval of "Frozen" marks a significant milestone for the company, indicating the successful implementation of its "medical beauty + biopharmaceutical" dual-engine strategy, which is expected to enhance the company's investment value across multiple dimensions [1][10]. Product Value - "Frozen" is positioned in a high-growth market, specifically the water light needle segment, which is recognized as a "golden track" in the medical beauty sector, driven by increasing consumer demand for skin quality management [1][2]. - The market for water light needle products in China is projected to grow from approximately 4.5 billion RMB in 2025 to 8 billion RMB in 2027, with a compound annual growth rate (CAGR) of 21.5%, significantly outpacing the global market's 10.8% CAGR [2]. - The regulatory tightening in the medical beauty sector presents a historic opportunity for compliant innovative products like "Frozen," allowing it to capture both incremental and existing market shares [2][3]. Financial Value - The launch of "Frozen" is expected to create substantial incremental revenue, enhancing the company's profit structure and providing a strong, predictable new growth driver for its medical beauty segment [5][6]. - "Frozen" is anticipated to contribute significantly to net profit, with its profit structure offering considerable advantages, leading to potential exponential growth in net profit rather than linear increases [6]. - The introduction of "Frozen" signifies an upgrade in the company's profit model, enhancing sustainability and maximizing customer lifetime value, which is crucial for long-term profitability [6]. Strategic Value - The successful launch of "Frozen" indicates that the company's dual-track strategy of self-research and business development (BD) has entered an efficient execution phase, establishing a long-term competitive barrier in the medical beauty sector [7][10]. - The company has developed a dual-engine model combining regenerative products and skin quality management, creating a self-reinforcing ecosystem within its medical beauty business [8]. - The company has a robust pipeline of products in development, with five regenerative micro-sphere products and eight hyaluronic acid products in the registration phase, ensuring continuous growth and market presence [9]. Summary - The success of "Frozen" represents a new phase in the company's medical beauty strategy, reflecting its strong research and development capabilities and substantial pipeline reserves, which are critical for long-term value [10][11]. - The investment logic surrounding the company is shifting from a focus on profitability to high-quality growth, as the medical beauty segment now accounts for over 50% of revenue and continues to grow [11][12]. - The company has transitioned from relying on a single blockbuster product to becoming a platform-based medical beauty enterprise, enhancing its growth potential and valuation premium [12].

Core Viewpoint - Four Seasons Pharmaceutical (00460) saw a nearly 9% increase in stock price, reaching HKD 1.75 with a trading volume of HKD 137 million, following the approval of its product "Frozen Beauty" by the National Medical Products Administration of China [1] Group 1: Product Approval - The company announced that its subsidiary, Meiyan Space Biotechnology (Jilin) Co., Ltd., received a Class III medical device registration certificate for its self-developed injectable transparent sodium hyaluronate composite solution, branded as "Frozen Beauty" [1] - "Frozen Beauty" is the first approved product in China that contains L-carnosine, designed for temporary improvement of skin dryness and dull complexion [1] Group 2: Strategic Development - The approval of "Frozen Beauty" marks another milestone for Meiyan Space, following the earlier launches of "Youthful Needle" and "Girl Needle" within the year [1] - The company is building a strategic product matrix focused on compliant regenerative materials (Youthful Needle, Girl Needle) and skin quality management (Water Light Needle), enhancing its position in the light medical beauty sector [1] Group 3: Product Portfolio - Meiyan Space has over 30 approved products, establishing a comprehensive product layout in the light medical beauty field [1] - The company aims to provide an integrated solution from skin quality improvement to contour modification, reinforcing its leading position in comprehensive anti-aging solutions [1]

Core Viewpoint - Four Seasons Pharmaceutical (00460) experienced a nearly 9% increase in stock price, closing at 1.75 HKD, following the announcement of its product approval by the National Medical Products Administration of China [1] Group 1: Product Approval - The company’s subsidiary, Meiyan Space Biotechnology (Jilin) Co., Ltd., received a Class III medical device registration certificate for its self-developed injectable transparent sodium hyaluronate composite solution, branded as "Dongyan" [1] - "Dongyan" is the first approved compound solution in China that contains L-carnosine, designed for temporary improvement of skin dryness and dull complexion [1] Group 2: Strategic Product Matrix - The approval of "Dongyan" marks another milestone for Meiyan Space, following the earlier launches of "Tongyan Injection" and "Shaonian Injection" within the year [1] - The company is building a strategic product matrix that combines compliant regenerative materials (Tongyan and Shaonian injections) with skin quality management (water light needle) as dual engines [1] Group 3: Market Position - Meiyan Space has over thirty approved products, establishing a comprehensive product layout in the light medical beauty sector [1] - The company has achieved an integrated layout from skin quality improvement to contour modification, reinforcing its leading position in comprehensive anti-aging solutions [1]

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: 2025年9月30日 狀態: 新提交 I. 法定/註冊股本變動 | 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 第 1 頁 共 10 頁 ...

Core Insights - The approval of "Dongyan," a hyaluronic acid compound solution, marks a significant breakthrough for the company in the medical aesthetics sector, being the first product in China to include L-carnosine for facial skin improvement [1][4][9] - The product's launch aligns with the rapid growth of the water light needle market, which is projected to reach $1.8 billion globally by 2025 and $4.5 billion in China by 2025, with a CAGR of 21.5% [4][14] Product Overview - "Dongyan" is designed to temporarily improve skin dryness and dullness, ensuring compliance and efficacy through a professional injection model [4][7] - The product features a composite formula that includes key ingredients such as hyaluronic acid, L-carnosine, vitamin B2, and essential amino acids, targeting comprehensive skin management [6][9] Market Positioning - The launch of "Dongyan" fills a gap in the market for compliant facial water light needles containing L-carnosine, which has been absent in China [5][9] - The product's positioning as a comprehensive skin improvement solution caters to the increasing demand for advanced skin health management, particularly among women over 30 [9][14] Strategic Development - The approval of "Dongyan" is part of the company's dual-engine strategy in the medical aesthetics field, complementing existing products like "Tongyan Needle" and "Shaonian Needle" [10][11] - The company has established a robust sales network covering over 6,800 medical aesthetic institutions across more than 370 cities in China, enhancing its market penetration capabilities [11][15] Financial Performance - The medical aesthetics division has shown significant growth, with a reported 85% year-on-year increase in revenue for the first half of 2025, surpassing traditional business revenue contributions [13][14] - The company is expected to continue its positive financial trajectory, supported by the launch of "Dongyan" and ongoing product development in the medical aesthetics sector [12][15]

格隆汇9月30日丨四环医药(00460.HK)宣布，集团旗下渼颜空间生物科技(吉林)有限公司("渼颜空间")自 主研发的注射用透明质酸钠复合溶液(商品名：冻妍)正式获得国家药监局颁发第三类医疗器械注册证。 该产品兼具水光针功效与动能素属性，是近年来国内首款获批的含L－肌肽的直接用于面部暂时改善皮 肤干燥和肤色暗沉的复合溶液水光针。 来源：格隆汇APP ...