1月8日，爱美客公告，其经销的注射用A型肉毒毒素产品获得国家药品监督管理局核准签发的《药品注 册证书》。 智通财经记者 | 李科文 智通财经编辑 | 谢欣 这是爱美客首款注射用A型肉毒毒素产品，也是国内第七款。1月9日，智通财经记者联系爱美客，截至 发稿未获回复。 爱美客肉毒素布局起于2021年。 2021年，爱美客以8.56亿元收购韩国医美公司Huons BioPharma 25.42%的股权。 Huons BioPharma原是韩国上市公司Huons Global Co., Ltd.的肉毒毒素等生物制品业务部门。Huons Global分拆肉毒毒素等生物制品业务部门并成立了如今的Huons BioPharma。 2022年5月，爱美客以研发注册方式引进Huons BioPharma生产的注射用A型肉毒毒素产品，并在约定经 销区域内作为Huons BioPharma指定的唯一且排他的进口商、经销商。 肉毒素能否接力成为爱美客的第三增长点，目前仍存在较大不确定性。 与此前在再生医美赛道中抢占第一梯队不同，爱美客此次推出的产品，已是国内第七款同类产品。 在此之前，我国合规上市的肉毒素产品已有6款，分别包括美国艾 ...

Group 1 - The company has completed the acquisition of a controlling stake in REGEN, with the domestic product "Zhen Ai Su Fei" already launched for sale, and attention is on the sales ramp-up during the transition period [1] - The company has received approval for Minoxidil topical solution, and it is expected that 2026 will see a concentrated launch of new pipelines such as botulinum toxin, with a focus on the progress of these new products in the domestic market [1] - The company has completed its first cosmetic raw material filing, with the core ingredient "Glycyrrhetinic Acid A" sourced from the Chinese herb licorice, which can be used as a skin protectant and moisturizer in cosmetics [1] Group 2 - The traditional product segment is under short-term pressure due to low market sentiment and intensified competition, with Q3 revenue expected to continue its downward trend [2] - For the first three quarters of 2025, revenue was 1.865 billion, down 21.49%, and net profit attributable to the parent company was 1.093 billion, down 31.05% [2] - In Q3 2025, revenue was 566 million, down 21.27%, and net profit attributable to the parent company was 304 million, down 34.61% [2] Group 3 - The company’s performance remains under pressure due to low industry sentiment and increased competition, with a focus on the sales ramp-up of "Zhen Ai Su Fei" during the transition period [3] - The new REGEN factory in South Korea has successfully commenced production, expected to release incremental capacity this year and expand into markets in the Middle East and Southeast Asia [3] - The company is anticipated to experience a concentrated launch of new pipelines in 2026, with attention on the progress of these new products and their market release rhythm [3]

Core Viewpoint - The company, Four Seasons Pharmaceutical, has announced a strategic investment in Swiss aesthetic company Suisselle SA, marking a significant step in its global expansion strategy in the medical aesthetics industry [2] Group 1: Investment Details - Four Seasons Pharmaceutical will complete its investment in Suisselle SA by September 2025, having signed a subscription agreement [2] - The partnership grants Four Seasons exclusive agency rights for the CELLBOOSTER® product line, allowing deep involvement in its operations and development [2] Group 2: Company Background - Suisselle, established in 2010, is a leading manufacturer of water-light needle products, with its CELLBOOSTER® series utilizing patented CHAC technology [2] - The company has expanded its business to 43 countries, showcasing its international reach and market presence [2] Group 3: Strategic Implications - The collaboration will enable Four Seasons to leverage Suisselle's established platform in Europe to accelerate the promotion and sales of its self-developed medical aesthetic products in European and other overseas markets [2] - The partnership aims to continuously introduce innovative products from Suisselle and other European sources, enhancing the domestic medical aesthetic product portfolio [2] - This investment is described as a key step in Four Seasons' global strategy for its medical aesthetics sector [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 四環醫藥投資入股瑞士Suisselle公 司 加速全球化醫美業務布局 CELLBOOSTER®為瑞士制造的創新水光針（歐洲III類醫療器械），憑借其專利CHAC 技 術 實 現 成 分 穩 定 與 高 效 遞 送，涵 蓋 多 維 度 皮 膚 問 題 解 決 方 案： 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 於 二 零 二 五 年 九 月 對 瑞 士 醫 美 公 司Suisselle SA（「Suisselle」）進 行 投 資 入 股，雙 ...

Core Viewpoint - The company reported a revenue of 3.026 billion yuan for 2024, representing a year-over-year increase of 5.45%, and a net profit attributable to shareholders of 1.958 billion yuan, also up by 5.33% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 650 million yuan, down 7.00% year-over-year, and a net profit of 372 million yuan, down 15.47% year-over-year [1] - The gross margin for 2024 was 94.64%, a decrease of 0.46 percentage points year-over-year, with solution and gel products having gross margins of 93.76% and 97.98%, respectively [2] - The net profit margin for 2024 was 64.66%, showing a slight increase of 0.01 percentage points year-over-year [2] Product Performance - Revenue from solution injection products was 1.744 billion yuan, up 4.40% year-over-year, with volume increasing by 23% but price decreasing by 15% [1] - Revenue from gel injection products was 1.216 billion yuan, up 5.01% year-over-year, with volume decreasing by 11% and price increasing by 18% [1] - Revenue from facial implant lines was 6.8042 million yuan, up 14.95% year-over-year [1] Growth Potential - The company is expected to benefit from new product approvals and acquisitions, which may enhance growth certainty [3] - New products such as semaglutide injection and deoxycholic acid injection have received clinical trial approvals, with others entering the review stage [3] - The acquisition of REGEN is anticipated to be a key step in the company's global expansion strategy [3] Investment Outlook - The company’s growth rate is expected to slow down in 2024 due to increased competition in the medical aesthetics market and a relative lack of new products [4] - Profit forecasts for 2025-2027 are adjusted to 2.12 billion, 2.40 billion, and 2.65 billion yuan, representing year-over-year growth rates of 8.4%, 13.3%, and 10.2%, respectively [4] - The company maintains a "buy" rating based on the adjusted profit forecasts [4]