证券日报网讯 1月19日，爱美客在互动平台回答投资者提问时表示，截至目前公司已形成了基于透明质 酸钠的系列皮肤填充剂、基于聚乳酸的皮肤填充剂、基于聚对二氧环己酮面部埋植线，以及基于神经除 皱肉毒毒素生物制剂的丰富的产品线。公司凭借全方位且具有差异化的产品矩阵来满足用户多元化的需 求。 （文章来源：证券日报） ...

证券日报网讯 1月19日，爱美客在互动平台回答投资者提问时表示，关于公司经营业绩情况，请关注公 司后续披露的定期报告。 （文章来源：证券日报） ...

Core Viewpoint - *ST Jinbi (sz002762) experienced a limit-up on January 19, 2026, reaching a price of 7.29 yuan, with a 4.9% increase, and a total market capitalization of 2.577 billion yuan, driven by governance structure optimization, improved institutional systems, and stable fund management [1] Group 1: Governance and Institutional Improvements - The company is undergoing a governance transformation by abolishing the supervisory board and enhancing the functions of the audit committee, aligning with the new Company Law, which is expected to improve decision-making efficiency [1] - The revision of multiple procedural rules for the shareholders' meeting and board of directors aims to standardize the decision-making process for related transactions, which is likely to enhance governance efficiency in the long term [1] Group 2: Financial Management and Investor Confidence - The company has demonstrated stable financial management, with idle funds being invested and returned on schedule, and risk control measures being well-established, which has bolstered investor confidence [1] - Despite current performance issues, the potential for improvement in operational conditions is anticipated as the governance system is refined [1] Group 3: Industry Context and Market Reaction - The mother and baby consumption and medical beauty industries show significant development potential, contributing to the stock's performance [1] - On the day of the limit-up, related stocks in the mother and baby and medical beauty sectors exhibited active performance, indicating a sector-wide response [1] - Although technical analysis data is limited, the inflow of funds appears to be attracted by the company's improvements, leading to the stock's limit-up, reflecting market expectations for future development post-governance transformation [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the competitive advantage of Qian Dama through its "community small store + daily clearance mechanism + warehouse and cold chain" model, which enhances supply stability and operational efficiency [3][24][35] - The report emphasizes the importance of emotional consumption themes and identifies high-quality companies in high-growth sectors, recommending specific companies across various segments [6][37] Summary by Sections Industry Overview - The retail and social service indices reported a decline of 1.47% and an increase of 1.53% respectively during the week of January 12-16, 2026 [5][13] - The internet e-commerce sector showed the highest growth, with a year-to-date increase of 11.18% [16][19] Company Highlights - Qian Dama has submitted its IPO application to the Hong Kong Stock Exchange, focusing on fresh food retail in the South China market, with a GMV of 9.8 billion yuan in 2024, significantly outperforming its competitors [24][25] - The company operates 2,983 stores, with 2,898 being franchise stores, contributing over 90% of its revenue [25][31] - The report recommends several companies based on their performance and market positioning, including: - Chaohongji, expected to achieve a net profit of 436-533 million yuan in 2025, driven by brand upgrades and channel expansion [39][43] - Meilitiantian Medical Health, projected to see a revenue increase of 28.2% in FY2025H1 [39] - Zhou Dafu, focusing on product structure optimization and store upgrades [39] Investment Themes - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Chaohongji and Laopu Gold [6][37] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][37] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety innovation, recommending Maogeping and Pola [6][37] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][37]

Core Viewpoint - The article discusses the rise of medical tourism in China, highlighting the integration of healthcare services with travel experiences, driven by policies like the 240-hour visa-free transit and the "Healthy China 2030" strategy, which aims to make healthcare services more accessible and appealing to international visitors [5][14]. Group 1: Medical Tourism Growth - The implementation of the 240-hour visa-free policy has led to a significant increase in foreign visitors to China, with 40.6 million arrivals in the past year, marking a 27.2% year-on-year growth [5]. - Chinese hospitals, particularly in major cities like Beijing, Shanghai, and Shenzhen, are increasingly catering to international patients, offering competitive pricing and efficient services compared to Western countries [8][13]. - The cost of medical procedures in China is significantly lower than in the U.S.; for example, a heart bypass surgery costs approximately $40,000 in China compared to $130,000 in the U.S. [8]. Group 2: Unique Offerings and Experiences - Chinese hospitals are not only providing medical services but also integrating cultural experiences, such as traditional Chinese medicine, into their offerings, which enhances the appeal for international tourists [15]. - The article highlights successful cases of foreign patients receiving treatment in China, showcasing the effectiveness and affordability of the services provided [7][14]. - The combination of medical treatment and tourism is creating a unique experience that is gaining recognition among international visitors, with some even traveling to China for childbirth [14]. Group 3: Future Projections and Market Potential - The medical tourism market in China is projected to exceed 300 billion yuan by 2029, driven by the dual forces of the "Healthy China" strategy and rising consumer spending [17]. - The article draws parallels with other countries that have successfully developed their medical tourism sectors, such as Cuba and Japan, indicating that China is still in the early stages of establishing a recognizable global brand in this field [18][25]. - The competition among Chinese cities to become the leading destination for medical tourism is intensifying, with initiatives and standards being developed to enhance service quality and attract more international patients [24][23].

Group 1 - The core point of the news is that Juzi Biotechnology has received approval from the National Medical Products Administration for its recombinant type I α1 collagen and sodium hyaluronate composite solution, marking a significant advancement in the high-end medical aesthetics regenerative materials sector [1][2] - The newly approved product is intended for injection into the dermis, primarily aimed at improving the smoothness of the cheeks, addressing a clear clinical need with limited supply in the market [1] - This product is the world's first implant that combines "recombinant collagen" and "sodium hyaluronate," potentially creating a new paradigm in facial rejuvenation treatments through a synergistic effect of "immediate filling + long-lasting regeneration" [1] Group 2 - Juzi Biotechnology holds two Class III medical device registration certificates in the medical aesthetics field, both of which have passed a stringent dual review process by the National Medical Products Administration, indicating superior safety, efficacy, and quality control [2] - The company leverages its synthetic biology technology platform to achieve breakthroughs in high-end regenerative materials, aligning with national strategic emerging industry directions [2] - There is an expectation for Juzi Biotechnology to accelerate the launch of more innovative products, contributing to the development of the biomanufacturing industry in China [2]

作为国内唯一同时持有合规"少女针"、"童颜针"两大再生填充产品，且同时还有肉毒毒素，水光针和黄 金微针等重磅叁类医疗器械医美品种的企业，四环医药童颜针凭藉左旋聚乳酸(PLLA)微球核心成分， 实现"即时填充+长效再生"的双重功效，其独特专利技术保障了微球形态规则、粒径均一，安全性与临 床疗效均表现优异，多数患者注射后1年仍能维持有效效果。此次规格拓展前，产品已获批45mg╱瓶、 75mg╱瓶、150mg╱瓶三类规格，分别适配预防型管理、联合治疗及综合年轻化等不同需求;新增获批 的60mg╱瓶、80mg╱瓶、100mg╱瓶、110mg╱瓶、120mg╱瓶、130mg╱瓶六类规格，将进一步丰富 产品选择谱系。 智通财经APP讯，四环医药(00460)发布公告，集团旗下渼颜空间生物科技(吉林)有限公司自主研发的聚 乳酸面部填充剂(市场简称"童颜针")6个新增规格正式获中国国家药品监督管理局批准，这是继该产品 首次获批后的又一重要进展，进一步完善了公司在再生医美产品领域的市场布局。 2.优化临床操作灵活性：依託产品1分钟快速复溶的特性，多规格选择让医生可根据注射部位、治疗层 次灵活调整稀释浓度与注射剂量，减少联合用药 ...

作为国内唯一同时持有合规「少女针」、「童颜针」两大再生填充产品，且同时还有肉毒毒素，水光针 和黄金微针等重磅三类医疗器械医美品种的企业，四环医药童颜针凭藉左旋聚乳酸(PLLA)微球核心成 分，实现「即时填充+长效再生」的双重功效，其独特专利技术保障了微球形态规则、粒径均一，安全 性与临床疗效均表现优异，多数患者注射後1年仍能维持有效效果。此次规格拓展前，产品已获批 45mg╱瓶、75mg╱瓶、150mg╱瓶三类规格，分别适配预防型管理、联合治疗及综合年轻化等不同需 求；新增获批的60mg╱瓶、80mg╱瓶、100mg╱瓶、110mg╱瓶、120mg╱瓶、130mg╱瓶六类规格， 将进一步丰富产品选择谱系。 格隆汇1月16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 主研发的聚乳酸面部填充剂(市场简称「童颜针」)6个新增规格正式获国家药监局批准，这是继该产品 首次获批后的又一重要进展，进一步完善了公司在再生医美产品领域的市场布局。 ...

Macro Economic Group - In December, M2 growth was 8.5%, exceeding Wind's expectation of 7.9% and up from 8.0% in November. M1 growth was 3.8%, matching expectations but down from 4.9% in November, indicating a slowdown in money velocity [4] - The total social financing (TSF) in December grew by 8.3%, slightly above the expected 8.2% but down from 8.5% in November. The TSF increment was 2.21 trillion yuan, surpassing the expected 1.82 trillion yuan but down from 2.49 trillion yuan year-on-year [4] - Bank credit in December increased by 910 billion yuan, exceeding the expected 679.4 billion yuan and up from 390 billion yuan in the previous month. However, it was down 800 billion yuan year-on-year [5] Industry Comprehensive Group - Siyi Electric (002028.SZ) reported a revenue of 21.2 billion yuan for 2025, a 37.2% year-on-year increase, with Q4 revenue reaching 7.38 billion yuan, up 46.1%. The net profit attributable to shareholders was 3.16 billion yuan, a 54.4% increase, exceeding market expectations [12] - Guanghe Technology (001389.SZ) forecasted a net profit of 980 million to 1.02 billion yuan for 2025, a growth of 45% to 50.8%. The Q4 net profit was estimated at 280 million yuan, a 50.4% increase, driven by strong demand for server PCB boards [13] Advanced Manufacturing Group - The UK AR7 offshore wind auction resulted in 8.4GW of capacity, exceeding expectations and marking a historical high. This sets the stage for significant supply chain orders in the coming years, with a peak delivery expected between 2028 and 2030 [15] - The State Grid has confirmed a total investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on accelerating ultra-high voltage construction and enhancing supply chain capabilities [16] Consumer Group - The Financial Regulatory Bureau emphasized the need for financial support to boost consumption and investment, particularly in sectors like real estate, healthcare, and small businesses. This is expected to benefit consumer sectors such as automobiles and home appliances [18] - Juzhi Bio's second collagen medical device has been approved, enhancing the focus on the collagen market, which is gaining traction in aesthetic and skin repair applications [19] - Liufeng Group reported a same-store sales growth of 15% for Q4 2025, driven by increased customer flow and product pricing strategies, indicating strong growth momentum [19]

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） 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. 關於渼顏空間 渼 顏 空 間 是 四 環 醫 藥 精 心 孵 化「一 站 式」新 型 醫 美 平 台，通 過 全 球 化 佈 局、全 面 專 業 的 醫 美 產 品 矩 陣、產 品 研 發、註 冊、生 產 及 銷 售 一 體 化 架 構，致 力 於 以 製 藥 企 業 的 嚴 謹 創 新 打 造 匠 心 鑄 造 中 國 醫 美 全 產 品 矩 陣 龍 頭 企 業。渼 顏 空 間 持 續 的 完 整 產 品 矩 陣，管 線 內 共 包 含60餘 款 產 品，覆 蓋 了 包 括 填 充、塑 形、支 撐、 光 電 設 備 及 皮 膚 管 理 類 等 輕 醫 美 的 基 礎 類 別。同 時，渼 ...