Core Viewpoint - The Hong Kong stock market for innovative drug concepts has strengthened, with significant gains in various pharmaceutical companies following the postponement of drug tariffs by the Trump administration [1] Group 1: Market Performance - Companies such as Kelun-Biotech and Gilead Sciences saw their stock prices rise over 8% - Hengrui Medicine increased by over 6% - Companies like Tongyuan Kang Pharmaceutical and Xiansheng Pharmaceutical rose over 5% - Hansoh Pharmaceutical and Innovent Biologics gained over 4% - Companies such as Sihuan Pharmaceutical, Fuxing Pharmaceutical, Shiyao Group, and 3SBio increased by over 3% [1] Group 2: Regulatory Environment - President Trump had previously threatened to impose three-digit tariffs on drug imports starting Wednesday, but the White House indicated that these tariffs may not need to be implemented [1] Group 3: Industry Insights - Pacific Securities released a research report suggesting that attention should be paid to several factors: 1) Changes in Federal Reserve interest rate policies 2) Marginal changes in investment and financing 3) Gradual recovery of overseas demand 4) Sino-US relations and geopolitical factors 5) Class B medical insurance directory and commercial insurance [1]

Major Events - Jinye International Group (08549) plans to issue 100 million shares from September 30 to October 6 [1] - Zhida Technology (02650) intends to globally issue 5.9789 million shares, expecting to list on October 10 [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval for SYH2070 injection (double-stranded small interfering RNA drug) in China [1] - Mixue Group (02097) plans to invest in a fresh beer product company to seize opportunities in the fresh beer industry [1] - Shangshan Gold (01939) proposes a placement at a discount of approximately 19.88%, aiming to raise about HKD 245.8 million [1] - GC Construction (01489) sees a change in controlling interest with a buyout offer at a discount of about 45.91%, resuming trading on October 2 [1] - Times Financial Services Group (00510) major shareholder plans to sell some shares, resuming trading on October 2 [1] - Huajian Medical (01931) confidentially submitted an F-1 registration statement for a dual listing in the U.S. [1] - Ding Shi Capital (00804) intends to acquire 100% equity of a distressed asset disposal business, actively entering the distressed asset market [1] - Chuangmeng Tiandi (01119) plans to issue a total of 236 million shares [1] - Zhaogang Group-W (06676) intends to conduct a share buyback [1] - Daren International (01957) is exploring the possibility of acquiring up to 100 bitcoins [1] - Sihuan Pharmaceutical (00460) received approval from the National Medical Products Administration for its self-developed L-carnosine composite solution water light needle "Frozen Beauty" [1] Bonds and Notes - Minmetals Resources (01208) plans to issue USD 500 million zero-coupon convertible bonds maturing in 2030 [2] Share Buybacks - Tencent Holdings (00700) repurchased approximately 832,000 shares for about HKD 551 million on September 30 [2] - Midea Group (00300) spent approximately CNY 146 million to repurchase 2.0015 million A-shares on September 30 [2] - Anta Sports (02020) repurchased approximately 1.000 million shares for about HKD 99.87 million on September 30 [2] - SF Holding (06936) repurchased approximately 937,600 A-shares for about CNY 37.78 million on September 30 [2] - HSBC Holdings (00005) repurchased approximately 2.1133 million shares for about GBP 22.07 million on September 29 [2] Operating Performance - BYD Company (01211) reported approximately 3.2601 million new energy vehicle sales in the first nine months, a year-on-year increase of 18.64% [2] - Geely Automobile (00175) reported total vehicle sales of 273,100 units in September, a year-on-year increase of approximately 35% [2] - Great Wall Motors (02333) reported total vehicle sales of approximately 133,600 units in September, a year-on-year increase of 23.29% [2] - NIO Inc. (09866) delivered 34,749 vehicles in September, setting a new monthly record with a year-on-year increase of 64.1% [2] - Li Auto (02015) delivered 33,951 new vehicles in September [2]

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 ...

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。 ...

Core Viewpoint - The approval of the injectable transparent sodium hyaluronate composite solution "Dongyan" marks a significant milestone for the company, enhancing its product portfolio in the aesthetic medicine sector [1][2] Group 1: Product Development - "Dongyan" is the first approved injectable solution containing L-carnosine in China, designed to temporarily improve skin dryness and dull complexion [1] - The product's key ingredients include sodium hyaluronate, L-carnosine, vitamin B2, glycine, alanine, and proline, which collectively support skin hydration, antioxidant properties, and collagen regeneration [1] Group 2: Strategic Positioning - The approval of "Dongyan" follows the earlier launches of "Tongyan" and "Shaonv" needles, further establishing a dual-engine strategic product matrix focused on compliant regenerative materials and skin quality management [2] - The company has over thirty approved products, creating a comprehensive product layout in the light medical beauty sector, from skin quality improvement to contour modification [2] Group 3: Future Plans - The company plans to increase investment in aesthetic medicine research and development, leveraging its nationwide sales network to promote "Dongyan" and enhance brand building [2] - The goal is to provide safer, more advanced, and personalized aesthetic services, leading the high-quality development of the Chinese aesthetic medicine industry [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 四環醫藥旗下渼顏空間自主研發的 含L－肌 肽 的 複 合 溶 液 水 光 針「凍 妍」 獲得國家藥監局批准上市 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 渼 顏 空 間 生 物 科 技（吉 林） 有 限 公 司（「渼顏空間」）自 主 研 發 的 注 射 用 透 明 質 酸 鈉 複合溶液（商 品 名：凍 妍， 「該產品」）正 式 獲 得 中 國 國 家 藥 品 監 督 管 理 局（「國家藥監局」）頒 發 第 三 類 醫 療 器 械 註 冊 ...

Core Viewpoint - The company, 四环医药 (Sihuan Pharmaceutical), has announced a share buyback program, purchasing a total of 1.5 million shares at an average price of HKD 1.48 per share, which reflects a strategic move to manage its capital structure and potentially enhance shareholder value [1] Group 1 - The total purchase price for the repurchased shares is approximately HKD 2.22 million, excluding commissions and other expenses [1] - The repurchased shares account for about 0.0163% of the company's total issued shares, excluding treasury shares [1] - The company plans to hold the repurchased shares as treasury stock for future sale or transfer [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. 關於四環醫藥 四 環 醫 藥 創 立 於 二 零 零 一 年，二 零 一 零 年 於 聯 交 所 主 板 上 市，是 一 家 以 創 新 為 引 領，擁 有 獨 立 領 先 的 自 主 研 發 技 術 平 台、具 備 豐 富 的 全 球 化 產 品 管 線、強 大 的 產 品 註 冊 能 力、高 效 率 及 低 成 本 的 全 劑 型 生 產 平 台 和 成 熟 卓 越 銷 售 體 系 的 國 際 化 製 藥 及 醫 美 企 業。四 環 醫 藥 一 直 秉 承「堅 持 全 速 推 進 四 環 醫 美 及 生 物 製 藥 雙 輪 驅 動 戰 略」的 整 體 戰 略 目 標 來 打 造 中 國 領 先 醫 美 及 生 物 製 藥 企 業。 – 2 – 四環醫藥控股集團有 ...

Group 1 - Company announced a share buyback of 1.5 million shares at a cost of HKD 2.22 million on September 26 [1] - The company’s self-developed GLP-1R/GCGR dual-target innovative drug P052 injection has received IND approval [1]