四环医药(00460.HK)发布公告，经过与国家医保局的简易医保续约，集团旗下非全资附属公司轩竹生物 科技股份有限公司自主研发的创新药安奈拉唑钠肠溶片(商品名：安久卫®)将继续获纳入自2026年1月1 日起生效的新版《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》(2025年国家基本医保药 品目录)。 本文源自：金融界AI电报 ...

Core Viewpoint - The announcement highlights that the innovative drug Pirlosil (brand name: XuanYueNing®) developed by XuanZhu BioTech, a non-wholly owned subsidiary of the company, has been included in the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List, which will take effect on January 1, 2026 [1] Group 1 - The inclusion of XuanYueNing® in the national insurance list will enhance its affordability and accessibility for patients [1] - This development is expected to promote the market penetration and increase sales scale of the drug [1] - The long-term operational development of XuanZhu BioTech is positively impacted by this insurance negotiation outcome [1] Group 2 - The company will actively cooperate to implement the insurance policy and continue to work on hospital access [1] - There is a focus on expanding coverage in core and broader market areas to improve patient access to medication [1]

四环医药(00460)发布公告，本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)自主研发 的创新药吡洛西利片(商品名：轩悦宁)首次纳入《国家基本医疗保险、生育保险和工伤保险药品目录 (2025年)》(2025国家基本医保目录)。2025国家基本医保目录将于2026年1月1日正式执行。 本次医保谈判结果有助于轩竹生物进一步提高轩悦宁在患者中的可负担性和可及性，有利于进一步推动 该药物的市场推广、提升销售规模，对轩竹生物的长期经营发展具有积极影响。轩竹生物将积极配合推 进医保政策落地，持续推进医院准入工作、拓展核心市场及广阔市场的覆盖，以期不断提升患者的用药 可及性。 ...

Core Viewpoint - The announcement by Four Seasons Pharmaceutical (00460) regarding the inclusion of its innovative drug Anjiewei® in the updated National Basic Medical Insurance Drug List (2025) is a significant development for the company and the industry, as it ensures continued market access and potential growth for the product [1] Group 1: Product Development and Approval - Anjiewei® (sodium anaprazole enteric-coated tablets) is the first and only domestically developed proton pump inhibitor in China, approved for market in June 2023 [1] - The drug is indicated for the treatment of duodenal ulcers and was first included in the National Basic Medical Insurance Drug List in December 2023 [1] Group 2: Market Impact - The successful renewal of Anjiewei® in the 2025 National Basic Medical Insurance Drug List will stabilize market sales and benefit a larger patient population [1] - This renewal is expected to enhance the drug's penetration rate in relevant indications, providing momentum for long-term growth [1]

作为首款且唯一国内自主研发的质子泵抑制剂，安久卫®于2023年六月在中国获批上市，用于治疗十二 指肠溃疡，并于2023年12月首次纳入国家基本医保药品目录。本次安久卫®成功续约2025年国家基本医 保药品目录，将利于稳定市场销售，继续惠及更多患者人群，提升该产品在相关适应症上的渗透率，为 安久卫®的长期增长注入动力。 格隆汇12月8日丨四环医药(00460.HK)宣布，经过与中国国家医保局的简易医保续约，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")自主研发的创新药安奈拉唑钠肠溶片(商品名：安久卫 ®)将继续获纳入自2026年1月1日起生效的新版《国家基本医疗保险、生育保险和工伤保险药品目录 (2025年)》(「2025年国家基本医保药品目录」)。 ...

作为首款且唯一国内自主研发的质子泵抑制剂，安久卫于2023年6月在中国获批上市，用于治疗十二指 肠溃疡，并于2023年12月首次纳入国家基本医保药品目录。本次安久卫成功续约2025年国家基本医保药 品目录，将利于稳定市场销售，继续惠及更多患者人群，提升该产品在相关适应症上的渗透率，为安久 卫的长期增长注入动力。 四环医药(00460)发布公告，经过与国家医保局的简易医保续约，集团旗下非全资附属公司轩竹生物科 技股份有限公司自主研发的创新药安奈拉唑钠肠溶片(商品名：安久卫)将继续获纳入自2026年1月1日起 生效的新版《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》(2025年国家基本医保药品目 录)。 ...

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 創新藥軒悅寧®首次納入國家基本醫保藥品目錄 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」）自 主 研 發 的 創 新 藥 吡 洛 西 利 片（商 品 名：軒 悅 寧®）首 次 納 入《國 家 基 本 醫 療 保 險、生 育 保 險 和 工 傷 保 險 藥 品 目 錄（2025年）》 （「2025國家基本醫保目錄」）。2025國家基本醫保目錄將於二零二六 ...

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 安 奈 拉 唑 鈉 腸 溶 片（商 品 名：安 久 衛®）於 二 零 二 三 年 六 月 獲 得 中 國 國 家 藥 品 監 督 管 理 局 批 准 上 市，用 於 患 者 治 療 十 二 指 腸 潰 瘍。安 奈 拉 唑 鈉 擁 有 創 新 的 結 構 設 計，具 有 非 酶 加 多 酶 代 謝、均 衡 腸 腎 雙 通 道 排 泄 等 特 點，僅3.5%經CYP2C19代 謝，這 使 其 不 受CYP2C19基 因 多 態 性 影 響。與 前 幾 代 質 子 泵 抑 制 劑 相 比，安 奈 拉 唑 鈉 合 併 用 藥 的 風 險 小，對 多 重 用 藥 患 者、腎 功 能 不 ...

Group 1: Industry Changes - Aoki Technology Holdings is acquiring 65.83% of Norway's Vitalis for approximately 212 million RMB (30 million NOK), with the deal expected to close in 2026. Post-acquisition, Aoki will gain exclusive distribution rights for Vitalis's high-end dietary supplement brand Noromega in China, which has been a top seller on Tmall International for five consecutive years. Vitalis has committed to a net profit of no less than 22 million RMB in 2025, with a target of at least 35% year-on-year growth in 2027 and 2028 [1] - Jinbo Bio has received a registration certificate for its recombinant collagen injection in the Philippines, marking another international expansion after obtaining a similar certificate in Vietnam. The product is aimed at facial dermal filling for dynamic wrinkles and is classified as a high-risk D class medical device. This expansion aligns with the company's growth strategy and its aim to enter the "collagen+" era [2] - Longfeng Group has submitted a listing application to the Hong Kong Stock Exchange, potentially becoming the first "Hong Kong stock cosmetics store." The group operates 29 stores in Hong Kong and has over 600 suppliers, with revenue projected to grow from 1.094 billion HKD to 2.461 billion HKD from FY2023 to FY2025, reflecting a compound annual growth rate of 50% [3] Group 2: Market Insights - The overall consumer sector is currently in a valuation trough, with opportunities for recovery as the market adjusts. Key areas of focus include personal care and health sectors, particularly in health supplements and women's care, with companies like Aoki Technology and Weiyu Chen being highlighted [4] - The Double 11 shopping festival is expected to see intensified competition, with a focus on strong alpha beauty brands such as Mao Ge Ping and Shangmei Shares [4] - There is a potential turning point for upstream performance, with some upstream companies showing signs of recovery due to improved downstream demand and capacity adjustments. Companies like Qingsong Shares and Jiega Shares are under observation [4] - The AI+ operational model is gaining traction, with Alibaba's launch of the Qianwen AI application expected to deepen its integration into e-commerce, presenting investment opportunities in companies like Yiwang Yichuang and Aoki Technology [4] - The medical aesthetics sector is being closely monitored for new product commercialization, with companies like Ruiri Medical Technology and Jinbo Bio being of particular interest [4] Group 3: Retail Sector Updates - Chow Tai Fook reported a revenue of 38.99 billion HKD for FY26H1, a decrease of 1.1%, while operating profit increased by 0.7% to 6.82 billion HKD [5] - Luk Fook Holdings saw a revenue increase of 25.6% to 6.84 billion HKD for FY26H1, with operating profit rising by 45.4% to 780 million HKD [5] - Alibaba's FY26Q2 revenue reached 247.8 billion HKD, up 4.8%, but net profit dropped by 52.1% to 20.99 billion HKD. The strong performance of Alibaba Cloud and the launch of the C-end AI application are noteworthy [6] - Baozun E-commerce reported a revenue growth of 4.8% to 2.16 billion HKD, but its net loss expanded to 107 million HKD [7] - The Ministry of Industry and Information Technology, along with five other departments, released a plan to enhance the adaptability of consumer goods supply and demand, aiming for significant improvements by 2027 [8]

Core Viewpoint - The medical beauty industry in China is experiencing a price war, particularly with the "童颜针" (youthful needle) products, as prices have significantly dropped from over 10,000 yuan to around 5,000-6,000 yuan, indicating a nearly 50% reduction in price [1][3][10]. Industry Trends - The overall growth rate of the Chinese medical beauty market is expected to slow down by 2025, prompting institutions to engage in price competition to attract new customers [3][10]. - The rapid approval of various "童颜针" products has led to increased competition, with nearly 20 companies currently in the registration process for similar products [10][12]. Pricing Strategies - New players like 新氧 (Xinyang) have introduced their "童颜针" at significantly lower prices, with some products priced as low as 2,999 yuan, representing a price drop of 70-80% compared to the market average of over 12,800 yuan [6][10]. - Established brands are also adapting by launching lower-priced variants to capture a broader consumer base, as seen with 圣博玛 (Shengboma) introducing smaller packaging options [8][9]. Market Dynamics - The competition is not only based on price but also on product differentiation and marketing strategies, as companies are now focusing on specific consumer segments [12][14]. - The shift in pricing strategies reflects a broader trend in the medical beauty sector, where companies are increasingly required to justify their prices through quality and service rather than relying solely on brand prestige [12][15]. Consumer Insights - The target demographic for medical beauty services is primarily urban women aged 25-45, with a growing acceptance of mid-range pricing for services, indicating a shift in consumer behavior towards value for money [14][15]. - Consumers are becoming more discerning, considering factors such as product authenticity and the experience of the injecting physician, which adds complexity to the marketing strategies of medical beauty institutions [14][15].