本次医保谈判结果有助于公司进一步提高轩悦宁®在患者中的可负担性和可及性，有利于进一步推动该 药物的市场推广、提升销售规模，对公司的长期经营发展具有积极影响。公司将积极配合推进医保政策 落地，持续推进医院准入工作、拓展核心市场及扩大市场的覆盖，以期不断提升患者的用药可及性。 12月12日，轩竹生物-B(2575.HK)今日盘中大涨25.19%至96.9港元，股价创上市新高，市值超500亿港 元。该股于今年10月15日登陆港交所，迄今仅仅不到2个月的时间，现价较IPO价格11.6港元已累涨 735.34%。 消息面上，轩竹生物-B近日宣布，公司自主研发的创新药吡洛西利片(商品名：轩悦宁®)首次纳入《国 家基本医疗保险、生育保险和工伤保险药品目录(2025年)》。 2025国家基本医保目录将于2026年1月1日 正式执行。 本文源自：格隆汇 ...

消息面上，轩竹生物-B近日宣布，公司自主研发的创新药吡洛西利片(商品名：轩悦宁®)首次纳入《国家基本医疗保险、生育保险和工伤保险药品目录(2025 年)》。 2025国家基本医保目录将于2026年1月1日正式执行。 本次医保谈判结果有助于公司进一步提高轩悦宁®在患者中的可负担性和可及性，有利于进一步推动该药物的市场推广、提升销售规模，对公司的长期经营 发展具有积极影响。公司将积极配合推进医保政策落地，持续推进医院准入工作、拓展核心市场及扩大市场的覆盖，以期不断提升患者的用药可及性。(格 隆汇) 轩竹生物-B(2575.HK)今日盘中大涨25.19%至96.9港元，股价创上市新高，市值超500亿港元。该股于今年10月15日登陆港交所，迄今仅仅不到2个月的时 间，现价较IPO价格11.6港元已累涨735.34%。 ...

Core Viewpoint - The announcement highlights that Xuanzhu Biotechnology, a subsidiary of Four环医药, has successfully included its innovative drug Pirlosilib Tablets (brand name: XuanYueNing®) in the 2025 National Basic Medical Insurance Directory, which will be implemented on January 1, 2026 [1] Group 1 - The inclusion of XuanYueNing® in the National Basic Medical Insurance Directory will enhance its affordability and accessibility for patients [1] - This development is expected to promote the market penetration and increase sales scale of the drug, positively impacting the long-term operational growth of Xuanzhu Biotechnology [1] - Xuanzhu Biotechnology plans to actively cooperate in the implementation of the insurance policy, focusing on hospital access and expanding coverage in core and broader markets to improve patient access to medication [1]

格隆汇12月8日丨轩竹生物-B(02575.HK)宣布，公司自主研发的创新药吡洛西利片(商品名：轩悦宁®)首 次纳入《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》。2025国家基本医保目录将于 2026年1月1日正式执行。 本次医保谈判结果有助于公司进一步提高轩悦宁?在患者中的可负担性和可及性，有利于进一步推动该 药物的市场推广、提升销售规模，对公司的长期经营发展具有积极影响。公司将积极配合推进医保政策 落地，持续推进医院准入工作、拓展核心市场及扩大市场的覆盖，以期不断提升患者的用药可及性。 ...

Core Viewpoint - The influx of southbound capital has turned Hong Kong stocks into a "reservoir" for Asian capital, with significant investments flowing into the healthcare sector, particularly in companies like Four Seasons Pharmaceutical [1][3]. Group 1: Capital Inflow and Market Performance - As of September 3, 2025, southbound funds through the Hong Kong Stock Connect have totaled approximately 935.997 billion RMB, with the Hang Seng Healthcare sector seeing a net inflow of 163.683 billion RMB [1]. - Four Seasons Pharmaceutical has experienced a substantial increase in stock holdings via Hong Kong Stock Connect, rising from 528 million shares at the beginning of the year to 1.321 billion shares by September 3, representing an increase in ownership from 8.83% to 14.15% [1][3]. Group 2: Financial Performance and Business Segments - Four Seasons Pharmaceutical reported a revenue of approximately 1.146 billion RMB for the first half of 2025, marking a year-on-year growth of 20.7%, and achieved a net profit of approximately 103 million RMB, indicating a turnaround from previous losses [3][4]. - The medical aesthetics segment is the primary revenue driver, generating around 580 million RMB in the first half of 2025, a year-on-year increase of 81.3%, with segment profit soaring by 215.3% [4][5]. - The innovative drug segment also showed significant growth, with revenues reaching 58 million RMB, a 96.6% increase, primarily driven by the sales of diabetes medications [4][5]. Group 3: Strategic Developments and Future Outlook - The company has a robust cash reserve of nearly 3.9 billion RMB, and its current valuation is below the combined value of its medical aesthetics and cash reserves, suggesting that the market is undervaluing its innovative drug business [3][5]. - Four Seasons Pharmaceutical has announced a mid-term cash dividend of 0.99 RMB per share, continuing its history of consistent dividends since its listing in 2010, which reflects management's confidence in future cash flows and profitability [5][6]. - The company is actively expanding its product matrix in the medical aesthetics sector, with a comprehensive range of products and a focus on AI-driven development in collaboration with biotechnology firms [6][7]. Group 4: Innovation and Market Position - The innovative drug business is entering a harvest phase, with several key drugs approved for market, including those targeting cancer and diabetes, which are expected to significantly enhance revenue streams [8][10]. - The company is also exploring international markets, with a focus on emerging regions, which could provide additional growth opportunities [13][14]. - The current market valuation of Four Seasons Pharmaceutical is significantly lower than the combined value of its medical aesthetics and cash, indicating a potential for substantial valuation recovery as the innovative drug segment matures [12][16].

Core Insights - The company has reported a significant growth in both its medical aesthetics and innovative pharmaceutical businesses, with multiple key products receiving approval for commercialization [1][4][10] - The total revenue for the first half of the year reached approximately 1.146 billion RMB, representing a year-on-year increase of about 20.7%, while the profit attributable to shareholders was approximately 103 million RMB, marking a successful turnaround from losses [2][4] - The company declared an interim cash dividend of 0.99 RMB per share, highlighting its strong return capability since its IPO in 2010, with a total of 33 dividends amounting to approximately 7.5 billion RMB by the end of 2024 [2] Innovative Pharmaceutical Business - The innovative pharmaceutical segment has seen explosive growth, with revenues from innovative drugs and other pharmaceuticals reaching 58.2 million RMB, a year-on-year increase of 96.6%, driven primarily by a surge in sales of diabetes medications [4][6] - The company has optimized its business structure, allowing for efficient conversion of research and development results into commercial success, with R&D expenses decreasing by 21.9% to 153 million RMB [6][4] - Key products such as the anti-tumor drug Pyrocilin and the proton pump inhibitor Annelaz sodium have been approved and are expected to contribute significantly to revenue growth [6][7] Medical Aesthetics Business - The medical aesthetics segment achieved revenues of approximately 580 million RMB, reflecting a year-on-year growth of 81.3%, supported by strategic partnerships and an upgraded marketing strategy [10][11] - The company has launched several self-developed products, making it the first in the industry to offer a comprehensive range of aesthetic solutions, which is expected to drive further revenue growth [10][11] - A robust marketing network has been established, covering over 6,800 medical aesthetic institutions, ensuring rapid product distribution and market penetration [11] Strategic Outlook - The company has demonstrated strong execution capabilities and strategic foresight in both the innovative pharmaceutical and medical aesthetics sectors, with a focus on long-term growth [13] - With a cash reserve of nearly 3.9 billion RMB, the company is well-positioned for continued innovation and market expansion [13] - The market is beginning to recognize the company's intrinsic value, as evidenced by a stock price increase of over 150% within the year, indicating a potential for valuation re-rating [13]