Core Viewpoint - Aimeike has received approval for its injectable type A botulinum toxin product, marking its first such product and the seventh in China, indicating a strategic expansion into the botulinum toxin market [1][2]. Group 1: Product Development and Market Position - Aimeike's foray into botulinum toxin began in 2021 with the acquisition of a 25.42% stake in Huons BioPharma for 856 million yuan [1]. - The newly approved product is positioned as a conventional offering in a market already populated by six established competitors, including Allergan's Botox and domestic brands like Hengli and LeTibao [2][4]. - The approval of Aimeike's botulinum toxin product is seen as a potential third growth driver for the company, although its market differentiation remains uncertain [2][5]. Group 2: Competitive Landscape - The competitive landscape for botulinum toxin products is characterized by established players with clear differentiation and market positioning, making it challenging for Aimeike to carve out a unique space [5][6]. - Aimeike's pricing strategy will significantly influence its market performance, as it may need to align closely with mainstream market prices to achieve sales targets [6][7]. - The existing products in the market have established brand loyalty and clinical advantages, particularly Allergan's Botox, which dominates the high-end market with multiple approved indications [6][7]. Group 3: Financial Performance and Market Trends - Aimeike's core products, including Hyaluronic Acid and PLLA-based fillers, have experienced slowing growth, reflecting increased competition in the aesthetic medicine sector [7][10]. - The revenue from Aimeike's Hyaluronic Acid products is projected to decline, with a significant drop of 23.79% expected in the first half of 2025 [13]. - The market for aesthetic injectables is becoming increasingly competitive, with over 40 brands of hyaluronic acid products approved in China, leading to price pressures and declining profit margins [18][19].

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]