Core Viewpoint - The collaboration between Four Seasons Pharmaceutical and Abalone Bio aims to develop innovative obesity treatment drugs by targeting metabolic GPCRs, addressing current limitations in weight loss therapies and meeting unmet clinical needs globally [1][2] Group 1: Collaboration Details - Four Seasons Pharmaceutical has signed a formal cooperation agreement with Abalone Bio to jointly advance the research and development of next-generation obesity treatment drugs [1] - The project focuses on enhancing energy expenditure safely and effectively while maintaining or increasing muscle mass, which is a significant challenge in current weight loss therapies [1] Group 2: Technical and Strategic Aspects - Abalone Bio will provide its core technology and platform support in GPCR antibody discovery, while Four Seasons will contribute its research and development resources in metabolic diseases and its established business framework in Greater China [2] - The collaboration is built on a prior strategic investment made by Four Seasons in Abalone earlier this year, marking a transition from capital investment to business execution [2] Group 3: Market Positioning and Future Prospects - This partnership strengthens Four Seasons' innovative positioning in the weight loss sector and accelerates the development of new weight loss and muscle gain therapies [2] - The collaboration is also a strategic move to deepen Four Seasons' involvement in the GPCR target area, following its investment in DJS Antibodies, which focuses on GPCR-targeted antibodies [2]

Core Insights - The collaboration between Four Seasons Medicine (00460.HK) and Abalone Bio focuses on developing innovative treatments for obesity by targeting metabolic GPCRs to enhance energy expenditure while maintaining or increasing muscle mass [1][2] Group 1: Collaboration Details - The agreement allows both companies to leverage their strengths: Abalone will provide its core technology in GPCR antibody discovery, while Four Seasons Medicine will contribute its research in metabolic diseases and established business framework in Greater China [2] - This partnership marks a transition from a capital investment to a business execution level, reinforcing Four Seasons Medicine's innovative positioning in the weight loss sector [2] Group 2: Technical and Market Context - GPCRs are a complex family of membrane proteins, and developing agonistic antibodies for them has been a recognized challenge in the pharmaceutical industry [1] - Abalone's unique functional antibody screening technology and AI capabilities position it well to tackle the regulatory challenges associated with GPCRs, enhancing the potential for successful drug development [1]

Core Insights - The collaboration between Four环医药 and AbaloneBio aims to develop innovative obesity treatment drugs by targeting metabolic-related GPCRs to enhance energy expenditure while maintaining or increasing muscle mass [1][2] - The partnership is based on complementary strengths, with Abalone providing its core technology in GPCR antibody discovery and Four环医药 contributing its research and industrial resources in metabolic diseases [2] Group 1 - Four环医药 has signed a formal collaboration agreement with AbaloneBio to advance the research and development of next-generation obesity treatments [1] - The project focuses on overcoming the limitations of current weight loss therapies to meet unmet clinical needs in the global obesity treatment market [1] - GPCRs are a challenging target for drug development due to their complex structural requirements, and Abalone's unique functional antibody screening technology aims to address these challenges [1] Group 2 - The collaboration follows Four环医药's strategic investment in Abalone earlier this year, marking a transition from capital investment to business execution [2] - This partnership is expected to enhance Four环医药's innovative positioning in the weight loss sector and accelerate the development of new weight loss and muscle gain therapies [2] - The collaboration also represents a significant step in Four环医药's ongoing strategy to deepen its involvement in the GPCR target area, building on previous investments in related companies [2]

Core Viewpoint - The collaboration between Four环医药 and AbaloneBio aims to develop innovative obesity treatment drugs by targeting metabolic-related GPCRs, addressing current limitations in weight loss therapies and meeting unmet clinical needs globally [1][2] Group 1: Collaboration Details - Four环医药 has signed a cooperation agreement with AbaloneBio to jointly advance the research and development of next-generation obesity treatments [1] - The project focuses on enhancing energy expenditure safely and effectively while maintaining or increasing muscle mass [1] - AbaloneBio will provide its core technology and platform support in GPCR antibody discovery, while Four环医药 will contribute its research and industrial resources in metabolic diseases [2] Group 2: Strategic Importance - The partnership extends from a previous strategic investment in Abalone, marking a shift from capital involvement to operational execution [2] - This collaboration strengthens Four环医药's innovative positioning in the weight loss sector and accelerates the development of new weight loss and muscle gain therapies [2] - The partnership is also a significant step in deepening Four环医药's focus on GPCR targets, building on prior investments in companies like DJS Antibodies, which has been recognized for its GPCR-targeted antibody development [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） – 1 – GPCRs屬 於 龐 大 且 動 態 的 膜 蛋 白 家 族，其 活 性 調 控 對 結 構 變 化 的 精 準 度 要 求 極 高，因 此，針 對 此 類 受 體 的 啟 動 型 抗 體 研 發，長 期 以 來 為 製 藥 行 業 公 認 的 技 術 難 點。Abalone憑 藉 其 獨 有 的 功 能 性 抗 體 篩 選 技 術 平 台，專 注 於 攻 克 難 成 藥 膜 蛋 白（尤 其GPCRs）的 調 控 難 題，具 備 大 規 模 量 測 抗 體 功 能 活 性 數 據 的 能 力，並 可 依 托 人 工 智 慧 技 術，開 展 啟 動 型 抗 體 的 發 現 與 ...

Core Viewpoint - Four Seasons Pharmaceutical (00460.HK) announced that its non-wholly owned subsidiary, Xuan Zhu Biotechnology Co., Ltd., received Fast Track designation from the FDA for the product NG-350A, intended for the treatment of locally advanced rectal cancer (LARC) with proficient mismatch repair (pMMR) [1][2] Group 1: Company Developments - Xuan Zhu Biotechnology holds exclusive rights for the development, production, and commercialization of NG-350A in Greater China [1] - The FDA's Fast Track designation is aimed at facilitating the development and expedite the review of drugs that treat serious conditions and fill an unmet medical need [1] Group 2: Financial Activities - On October 17, Four Seasons Pharmaceutical repurchased 15 million shares at a cost of HKD 21.758 million [2]

Core Viewpoint - Four Seasons Pharmaceutical (00460) announced that its non-wholly owned subsidiary, Xuan Zhu Bio-Tech Co., Ltd., has received Fast Track designation from the FDA for the product NG-350A, aimed at treating locally advanced rectal cancer (LARC) with proficient mismatch repair (pMMR) [1] Group 1 - Xuan Zhu Bio-Tech holds exclusive rights for the development, production, and commercialization of NG-350A in Greater China [1] - The Fast Track designation is a method to expedite the development and approval of potential drugs that address serious conditions and unmet medical needs [1] - NG-350A is currently being tested in the Phase Ib FORTRESS clinical trial (NCT06459869) in combination with chemoradiotherapy for adult patients with pMMR locally advanced rectal cancer [1]

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 - In the first half of 2025, Sihuan Pharmaceutical turned a profit of 103 million yuan after three consecutive years of losses, with the medical beauty business contributing over 300 million yuan, becoming the largest profit source [1][4]. Group 1: Company Transformation and Financial Performance - Sihuan Pharmaceutical, established in 2001, was once a leader in the cardiovascular drug market but faced significant challenges from 2015 to 2024, resulting in a nearly 90% drop in market value [3]. - The company announced a strategic shift in 2020, moving from a focus on generic drugs to medical beauty and innovative drugs [3][4]. - By the first half of 2025, the medical beauty segment generated 585 million yuan in revenue, surpassing the revenue from generic drugs for the first time [6][7]. Group 2: Medical Beauty Business - The medical beauty business is now the flagship segment for Sihuan Pharmaceutical, with expectations of reaching 1 to 1.2 billion yuan in revenue for the year [6][7]. - The company has expanded its product offerings through acquisitions and partnerships, covering various categories in the medical beauty sector, with over 30 approved products [7][8]. - Sihuan's reliance on botulinum toxin remains significant, contributing approximately 80% of its medical beauty revenue, but this is expected to decrease as new products are launched [8]. Group 3: Innovative Drug Development - Sihuan Pharmaceutical has been involved in innovative drug development since 2008, but its contribution to overall revenue remains low, accounting for less than 5% in the first half of 2025 [11][12]. - The company has three commercialized innovative drugs, with only one, Annelazole, generating revenue [11][12]. - The competitive landscape for innovative drugs is intense, with multiple companies vying for market share in similar therapeutic areas [13][14].

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].