Core Viewpoint - Four Seasons Pharmaceutical (00460) anticipates significant revenue growth, projecting at least 2.5 billion RMB in revenue and 150 million RMB in net profit for the fiscal year ending December 31, 2025, driven primarily by its aesthetic medicine business and innovative drug segment [1] Group 1: Financial Performance - The company expects revenue growth of over 30% compared to the same period last year, with a minimum revenue target of 2.5 billion RMB [1] - Net profit is projected to be no less than 150 million RMB for the same period [1] Group 2: Business Segments - The aesthetic medicine segment is expected to generate over 1.4 billion RMB in revenue and over 700 million RMB in segment profit, with both metrics showing an annual growth rate exceeding 90% [1] - The innovative drug business is entering a harvest phase, significantly improving the company's profit structure [1] Group 3: Financial Health - The company maintains a robust financial position with ample cash reserves [1] - Multiple rounds of share buybacks have been implemented, and the successful spin-off of Xuan Bamboo Biotechnology has optimized the company's financial structure, contributing to profit breakthroughs [1]

Major Events - Xian Dao Intelligent (00470) received a subscription rate of 79.54 times for its public offering in Hong Kong, with a final issue price of HKD 45.8 per share [1] - Shishi Pharmaceutical Group (02005) is expected to win bids for 45 products in the national centralized procurement [1] - Gilead Sciences-B (01672) has selected the oral amylin receptor agonist peptide ASC36 for clinical development [1] - China Railway Construction (01186) recently won major projects totaling CNY 451.42 billion [1] - Shoucheng Holdings (00697) invested in Qimiao Labi through its subsidiary fund, focusing on expanding its product matrix around core intellectual property [1] - Minshi Group (00425) plans to establish a joint venture to produce aluminum body frame components [1] - Fubo Group (03738) has reached a strategic cooperation with Xinglu Technology [1] - Jin Xun Resources (03636) plans to increase capital by a total of USD 44 million for its overseas subsidiaries [1] - Changfei Optical Fiber and Cable (06869) experienced abnormal fluctuations in A-share trading, clarifying that it does not engage in CPO-related businesses [1] Operating Performance - SMIC (00981) reported Q4 revenue of USD 2.489 billion, a quarter-on-quarter increase of 4.5%, with a gross margin of 19.2% [1] - PCCW (00008) reported a loss attributable to shareholders of HKD 253 million for the fiscal year 2025, narrowing by 16% year-on-year [1] - WuXi Biologics (02269) issued a positive profit alert, expecting a year-on-year profit increase of approximately 46.3% to CNY 4.908 billion for the fiscal year 2025 [1] - Dongyue Group (00189) issued a positive profit alert, anticipating over 100% year-on-year growth in profit attributable to owners for 2025 [1] - Elephant Future Group (02309) issued a positive profit alert, expecting a mid-term profit attributable to owners of approximately HKD 178 million, reversing from a loss [1] - Sihuan Pharmaceutical (00460) issued a positive profit alert, expecting revenue of no less than CNY 2.5 billion for 2025, with a growth rate exceeding 30% compared to the previous year [1] - Beijing Automotive (01958) expects a net profit attributable to the parent company of approximately CNY 110 million to CNY 130 million for 2025, a year-on-year decrease of about 86.4% to 88.5% [1] - COFCO Joycome (01610) issued a profit warning, expecting a loss attributable to shareholders of approximately CNY 230 million to CNY 350 million, reversing from profit year-on-year [1] - New Town Development (01030) achieved a contract sales amount of approximately CNY 714 million in January, a year-on-year decrease of 29.79% [1] - Yue Yuen Industrial (00551) reported a net operating income of approximately USD 705 million in January, a year-on-year decrease of 12.5% [1] - Baoshan International (03813) reported a cumulative net operating income of CNY 1.748 billion in January, a year-on-year decline of 32.5% [1]

Group 1 - The company, SiHuan Pharmaceutical (00460.HK), expects to achieve revenue of no less than RMB 2.5 billion for the fiscal year ending December 31, 2025, representing a growth rate of over 30% compared to the same period last year [1] - The anticipated net profit for the same fiscal year is projected to be no less than RMB 150 million [1] - As of February 10, 2026, SiHuan Pharmaceutical's stock closed at HKD 1.67, down 1.76%, with a trading volume of 46.33 million shares and a turnover of HKD 78.42 million [1] Group 2 - The stock is primarily rated as a "buy" by investment banks, with two firms issuing buy ratings in the last 90 days [1] - The average target price for the stock over the past 90 days is HKD 1.6 [1] - Guohai Securities has recently issued a buy rating for SiHuan Pharmaceutical [1] Group 3 - SiHuan Pharmaceutical has a market capitalization of HKD 15.548 billion and ranks 10th in the chemical pharmaceutical industry [1]

Group 1 - The company expects to achieve revenue of no less than RMB 2.5 billion in the fiscal year 2025, representing a growth rate of over 30% compared to the same period last year [1] - The company anticipates a net profit of no less than RMB 150 million for the fiscal year 2025 [1] - The medical beauty business is projected to generate over RMB 1.4 billion in revenue and over RMB 700 million in segment profit for the fiscal year 2025, with both revenue and segment profit growth rates exceeding 90% compared to the previous year [1]

Core Viewpoint - The company anticipates achieving revenue of no less than RMB 2.5 billion and net profit of no less than RMB 150 million for the fiscal year ending December 31, 2025, representing a growth rate of over 30% compared to the previous year [1] Group 1: Financial Performance - The aesthetic medicine business is expected to generate over RMB 1.4 billion in revenue and over RMB 700 million in segment profit, with both metrics showing an annual growth rate exceeding 90%, becoming the primary revenue and profit driver for the company [1] - The innovative drug business is entering a harvest phase, with significant revenue growth from Xuan Zhu Bio and Hui Sheng Bio, and a transition from investment to revenue generation, improving the company's profit structure [1] - The company maintains a robust financial position with ample cash reserves, implementing multiple rounds of share buybacks and successfully spinning off Xuan Zhu Bio, which enhances equity value and alleviates R&D funding pressure [1] Group 2: Aesthetic Medicine Sector - The company has successfully obtained approvals for several self-developed core products, including various injectables and devices, establishing itself as a comprehensive aesthetic medicine enterprise [2] - The market share of the core product, Le Ti Bao botulinum toxin, has increased to nearly 20%, with partnerships exceeding 8,000 medical aesthetic institutions, driving rapid sales growth of newly launched products [2] - The company is advancing its global strategy by signing an investment agreement with Swiss aesthetic company Suisselle, aiming to penetrate the EU market and solidify its long-term growth foundation [2] Group 3: Pharmaceutical R&D Progress - Rapid advancements in pharmaceutical R&D are evident, with Xuan Zhu Bio's ALK inhibitor and CDK4/6 inhibitor receiving market approvals, and Xuan Yue Ning being included in the national medical insurance directory [3] - The company achieved a successful spin-off listing of Xuan Zhu Bio on the Hong Kong Stock Exchange, providing significant equity value gains and easing R&D investment pressures [3] - This strategic move supports the company's focus on high-growth sectors like aesthetic medicine, facilitating a transition to a new phase of high-quality development [3]

Core Viewpoint - The company expects to achieve revenue of no less than RMB 2.5 billion and net profit of no less than RMB 150 million for the fiscal year ending December 31, 2025, representing a year-on-year revenue growth of over 30% [1] Financial Performance Factors - The aesthetic medicine business is projected to achieve revenue exceeding RMB 1.4 billion and segment profit over RMB 700 million, with both revenue and profit growth rates exceeding 90% year-on-year, becoming the largest revenue and profit contributor to the group [2] - The innovative drug business is entering a harvest phase, with significant revenue growth from Xuan Zhu Bio and Hui Sheng Bio, and a transition from investment to revenue generation, improving the group's profit structure [2] - The company maintains a robust financial position with ample cash reserves, implementing multiple rounds of share buybacks and successfully spinning off Xuan Zhu Bio, which enhances equity value and alleviates R&D funding pressure [2] Aesthetic Medicine Segment - The company has successfully obtained approvals for several self-developed core products, including the "Youthful Needle" and "L-Arginine Facial Energy Essence," establishing itself as a comprehensive aesthetic medicine enterprise [3] - The market share of the core product, "Le Ti Bao Botulinum Toxin," has increased to nearly 20%, with partnerships exceeding 8,000 medical aesthetic institutions, driving rapid sales growth of newly launched products [3] - The company is accelerating its global expansion, having signed an investment subscription agreement with Swiss aesthetic company Suisselle, aiming to penetrate the EU market and establish a sustainable growth foundation [3] Pharmaceutical R&D Progress - Rapid advancements in R&D are noted, with Xuan Zhu Bio and Hui Sheng Bio achieving significant milestones, including the approval of ALK inhibitor Xuan Fei Ning and CDK4/6 inhibitor Xuan Yue Ning, with the latter included in the national medical insurance directory [4] - The successful spin-off of Xuan Zhu Bio on the Hong Kong Stock Exchange has provided substantial equity value gains and eased R&D investment pressures, allowing the company to focus resources on high-growth sectors like aesthetic medicine [4]

Core Viewpoint - The company expects to achieve a revenue of no less than RMB 2.5 billion and a net profit of no less than RMB 150 million for the fiscal year ending December 31, 2025, reflecting a growth rate of over 30% compared to the previous year [1] Group 1: Financial Performance - The company's aesthetic medicine business is projected to generate over RMB 1.4 billion in revenue and over RMB 700 million in segment profit, with both metrics showing an annual growth rate exceeding 90% [1] - The innovative drug business is entering a harvest phase, with significant revenue growth from Xuan Bamboo Biotechnology and Hui Sheng Biotechnology, improving the company's profit structure [1] - The company maintains a strong financial position with ample cash reserves, enabling multiple rounds of share buybacks and the successful spin-off of Xuan Bamboo Biotechnology, which alleviates R&D funding pressure [1][4] Group 2: Product Development and Market Position - The company has successfully obtained approvals for several self-developed core products in the aesthetic medicine sector, including various injectables and devices, establishing itself as a comprehensive player in the industry [2] - The market share of the core product, Le Ti Bao botulinum toxin, has increased to nearly 20%, with partnerships extending to over 8,000 aesthetic institutions [2] - The company is accelerating its global expansion, having signed an investment agreement with Swiss aesthetic company Suisselle to introduce its products to the EU market, thereby establishing a closed-loop market presence in Europe and the US [3] Group 3: Future Outlook - The company plans to deepen its strategic focus on aesthetic medicine, with seven products currently in the registration application stage and several others in late clinical phases, ensuring a robust pipeline for future growth [3] - The successful spin-off of Xuan Bamboo Biotechnology in October 2025 is expected to provide significant equity appreciation and support the company's focus on high-growth sectors like aesthetic medicine [4]

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 – 1 – 2025年 是 四 環 醫 藥 業 績 實 現 關 鍵 拐 點 的 一 年。該 年 度 內，本 集 團 多 款 醫 美 及 醫 藥 新 產 品 相 繼 獲 批 上 市，業 務 結 構 與 市 場 競 爭 力 實 現 顯 著 提 升。 醫 美 板 塊 方 面，本 集 團 多 款 自 研 核 心 產 品 成 功 獲 批，包 括 自 研 童 顏 針（回 顏 臻®、 斯弗妍®）、自 研 少 女 針（傾 研®）、自 研 含L－肌 肽 面 部 動 能 素（凍 妍®）等。隨 著 多 款 自 研 再 生 類、水 光 類 產 品 陸 續 上 市，四 環 醫 藥 已 成 為 行 業 內 首 家 集 齊 肉 毒 毒 素、少 女 針、童 顏 針、水 光 ...

Group 1: Company Ratings and Collaborations - Haitong International maintains a "Buy" rating for Innovent Biologics (01801.HK), highlighting a new global strategic collaboration with Eli Lilly, which includes a $350 million upfront payment and up to $8.5 billion in milestone payments, focusing on innovative drug development in oncology and immunology [1] - CITIC Securities also maintains a "Buy" rating for Innovent Biologics, emphasizing the trust from multinational corporations in its innovative capabilities and projecting a 45% increase in product revenue by 2025, alongside the commercialization of 17 drugs and advancements in multiple Phase III pipelines [2] - Yuanta Securities maintains a "Buy" rating for Innovent Biologics, noting the new "China PoC + global development" model that enhances its R&D capabilities and forecasts product revenue to reach 11.9 billion yuan in 2025, a 45% year-on-year increase [3] Group 2: Other Company Ratings - CICC maintains an "Outperform" rating for Guoquan (02517.HK) with a target price of 4.90 HKD, citing steady same-store growth in the second half of 2025 and an accelerated store opening pace in 2026, with over half of its market share in rural areas [4] - CICC also maintains an "Outperform" rating for Kelun-Biotech (06990.HK) with a target price of 550 HKD, highlighting the approval of TROP2 ADC for new indications and significant commercial potential expected in 2026 [5] - Guohai Securities maintains a "Buy" rating for Sihuan Pharmaceutical (00460.HK), forecasting a return to profitability in the first half of 2025, with a significant revenue increase in its medical aesthetics segment [6] - Everbright Securities initiates coverage on Yujian Xiaomian (02408.HK) with an "Accumulate" rating and a target price of 4.90 HKD, noting its leading position in the Sichuan-Chongqing flavor noodle market and strong growth potential through market penetration [7] - Guoxin Securities initiates coverage on Power Development (01277.HK) with an "Outperform" rating, highlighting its leading profitability in the mining sector and upcoming production increases from key coal mines [8] - Guoxin Securities maintains an "Outperform" rating for China Oriental Education (00667.HK), noting a recovery in professional enrollment and an increase in net profit margin to 19.0% [9] - Guotou Securities maintains an "Accumulate" rating for Yum China (09987.HK), projecting a 3% same-store sales growth in Q4 2025 and plans for significant shareholder returns starting in 2027 [10]

Core Viewpoint - The competition for GLP-1 weight loss drugs in China by 2026 will shift from who can get approved first to who can survive under pressure from payment and distribution channels while continuing to grow [4] Group 1: Market Dynamics - In 2025, the market will see a competitive landscape where Novo Nordisk's semaglutide system dominates, Eli Lilly's tirzepatide penetrates the market, and domestic players like Innovent and Yinoo differentiate themselves with dual-target GLP-1/GCG and long-acting GLP-1 products [6] - By 2026, the market will face intensified competition as insurance pricing pressures increase, major players normalize price wars, and the patent for semaglutide approaches expiration, leading to a surge in supply from biosimilars and similar products [6][9] Group 2: Company Strategies - For Novo Nordisk, the key challenge in 2025 is not new drug approvals but the rare decline in core products in Greater China, necessitating aggressive pricing and channel policies to maintain market share [7] - Eli Lilly's strategy involves a dual approach: using insurance pricing to gain scale in hospitals while adopting flexible retail strategies to capture weight management users [7] - Domestic companies face a common challenge of needing to reassess revenue models as major players drive prices down and insurance anchors lower, making it difficult to sustain high pricing and growth expectations [9] Group 3: New Variables in 2026 - The introduction of oral small-molecule GLP-1s will significantly increase competition in outpatient settings, with Eli Lilly's Orforglipron expected to enhance long-term adherence and channel integration [10] - The impact of insurance and hospital procurement will be felt in 2026, with products entering insurance quickly expanding prescription volumes but requiring acceptance of lower payment prices [10] - The market will see a surge of new domestic players, including those with recently approved products and innovative candidates that could disrupt the market structure [11][12] Group 4: Price Structure and Market Segmentation - By late 2026, the GLP-1 market in China will likely form a three-tier structure: a premium tier for original and strong innovative brands, a second tier for domestic innovations, and a third tier for biosimilars and similar products competing on price [20] - The expiration of semaglutide's patent will lead to a significant shift in the pricing landscape, requiring companies to adopt more conservative revenue expectations and refined commercialization strategies to avoid price wars [21]