Group 1 - The company SiHuan Pharmaceutical (00460) announced that its non-wholly owned subsidiary, XuanZhu Biotechnology Co., Ltd. (stock code: 02575.HK), has successfully completed the enrollment of 500 participants in the Phase III clinical trial for its innovative drug, Anaprazole Sodium Enteric-Coated Tablets (brand name: Anjiuwei), aimed at treating adult reflux esophagitis (RE) in China [3] - The Phase III clinical trial is a multi-center, randomized, double-blind, double-dummy, positive drug parallel-controlled key study designed to evaluate the efficacy and safety of Anaprazole Sodium Enteric-Coated Tablets in adult participants with reflux esophagitis in China [3] - The primary clinical endpoint of the trial is the cure rate of reflux esophagitis in participants assessed by endoscopy after the treatment period, compared to a positive control drug within 8 weeks of treatment; secondary endpoints include the cure rate at week 4, severity and frequency of primary symptoms (heartburn and reflux) compared to baseline at weeks 4 and 8, among other multidimensional efficacy indicators [3]

Core Viewpoint - The announcement highlights the successful completion of patient enrollment for a Phase III clinical trial of Anaprazole Sodium Enteric-Coated Tablets (brand name: Anjiewei®) for the treatment of adult reflux esophagitis (RE) in China, involving 500 participants [1] Group 1: Clinical Trial Details - The Phase III clinical trial is a multi-center, randomized, double-blind, parallel-group study designed to evaluate the efficacy and safety of Anaprazole Sodium Enteric-Coated Tablets in adult patients with reflux esophagitis in China [1] - The primary clinical endpoint is the cure rate of reflux esophagitis as assessed by endoscopy compared to a positive control drug after an 8-week treatment period [1] - Secondary endpoints include the cure rate at week 4, changes in the severity and frequency of primary symptoms (heartburn and regurgitation) from baseline at weeks 4 and 8, and various efficacy metrics [1] Group 2: Safety Indicators - Safety indicators focus on the types, incidence, and severity of adverse events occurring during the trial [1]

Core Viewpoint - The completion of the Phase III clinical trial for Anaprazole Sodium Enteric-Coated Tablets (brand name: Anjiewei®) by the subsidiary Xuan Zhu Bio marks a significant milestone in the treatment of adult reflux esophagitis in China, with 500 participants successfully enrolled in the study [1] Group 1: Clinical Trial Details - The Phase III clinical trial is a multi-center, randomized, double-blind, and positive drug parallel-controlled study [1] - The primary clinical endpoint is the healing rate of reflux esophagitis in participants compared to a positive control drug after an 8-week treatment period [1] - Secondary endpoints include the healing rate at week 4, severity and frequency of primary symptoms (heartburn and reflux) compared to baseline at weeks 4 and 8, and various efficacy indicators [1] Group 2: Safety Assessment - Safety indicators focus on the types, incidence, and severity of adverse events occurring during the trial [1]

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 安 奈 拉 唑 鈉 腸 溶 片（安 久 衛®）治 療 反 流 性 食 管 炎 中 國III期臨床試驗完成全部受試者入組 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 旗 下 非 全 資 附 屬 公 司 軒 竹 生 物 科 技 股 份 有 限 公 司（「軒竹生物」」）（股 份 代 號：02575.HK）自 主 研 發 的 創 新 藥 安 奈 拉 唑 鈉 腸 溶 片（商 品 名：安 久 衛®）用 於 治 療 成 人 反 流 性 食 管 炎（「RE」） ...

Group 1 - The stock price of XuanZhu Bio-B (02575.HK) has shown a strong upward trend, closing at 77.4 HKD per share with a market capitalization of 40.089 billion HKD, reflecting a 14.16% increase [2] - Since its listing on October 15, the stock has appreciated approximately 567.24% from its issue price of 11.6 HKD, making it one of the best-performing new stocks in the Hong Kong market this year [2] Group 2 - XuanZhu Bio is an independent innovative pharmaceutical company spun off from Sihuan Pharmaceutical (00460.HK), leveraging three core technology platforms: small molecule drug development, biopharmaceutical development, and clinical development [4] - The company has over ten drug assets actively under development, targeting diseases such as digestive system disorders, tumors, and non-alcoholic fatty liver disease (NASH) as of September 26, 2025 [4] Group 3 - The company's KBP-3571 (Annaprazole Sodium) received registration approval from the National Medical Products Administration on June 26, 2023, for the treatment of duodenal ulcers, marking its first commercial product [5] - Recently, two key products have made significant progress in the national medical insurance directory, with the new CDK2/4/6 inhibitor, Pyrolysine Tablets (brand name: XuanYueNing), being included for the first time in the 2025 national basic medical insurance directory [5] - The first domestically developed proton pump inhibitor, Annaprazole Sodium Enteric-Coated Tablets (brand name: AnJiuWei), has successfully renewed its inclusion in the medical insurance directory [5] Group 4 - Market analysis indicates that for innovative pharmaceutical companies, medical insurance access is crucial for transforming clinical value into market value, rather than merely a price negotiation [8] - The recent medical insurance progress for XuanZhu Bio's two core products aligns with the industry's trend of focusing on clinical needs and achieving scale, suggesting promising growth potential for the company [8]

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 by southbound funds, 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% of total shares [1]. - The stock price of Four Seasons Pharmaceutical has surged over 140% year-to-date, reflecting strong market confidence [3]. Group 2: Financial Performance and Business Segments - Four Seasons Pharmaceutical has entered a profit turnaround phase, achieving a total revenue of approximately 1.146 billion RMB in the first half of 2025, a year-on-year increase of 20.7%, and a net profit of approximately 103 million RMB [4]. - The company's gross margin improved to 66.1%, up from 64.2% in the same period last year, indicating effective cost control and product optimization [4]. - The medical aesthetics segment is the primary revenue driver, generating approximately 580 million RMB in revenue, a year-on-year increase of 81.3%, with segment profit soaring by 215.3% [4]. - The innovative drug segment also showed significant growth, with revenue reaching 58 million RMB, a year-on-year increase of 96.6%, primarily driven by the sales of diabetes medications [4]. Group 3: R&D and Product Development - Research and development expenditures decreased by 21.9% to 153 million RMB, reflecting a shift towards commercialization as core products enter the market [5]. - The company has established a comprehensive product line in the medical aesthetics sector, including various injectables and devices, with significant market penetration [7]. - Four Seasons Pharmaceutical is actively exploring AI applications in medical aesthetics, aiming to enhance product development and market competitiveness [7]. Group 4: Dividend Policy and Market Valuation - The company announced an interim 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 [6]. - As of September 3, 2025, the market capitalization of Four Seasons Pharmaceutical was 15.1 billion HKD, while the estimated valuation of its medical aesthetics business and cash reserves exceeds 17.3 billion HKD, indicating that the market has not assigned any value to its innovative drug segment [15][17]. - The management has demonstrated confidence in the company's future by executing 12 share buybacks in 2025, totaling approximately 94.867 million RMB [15].