Group 1 - The core stock price of Sihuan Pharmaceutical (00460) increased by 4.47%, reaching HKD 1.87, with a trading volume of HKD 66.5181 million [1] - Xuan Zhu Biotechnology is set to launch its IPO from October 6 to October 10, planning to globally offer 67.3335 million shares, with trading expected to commence on October 15 [1] - Xuan Zhu Biotechnology is a spin-off from Sihuan Pharmaceutical [1] Group 2 - Sihuan Pharmaceutical's subsidiary, Meiyan Space, has developed a new product, "Frozen Beauty," which is an injectable sodium hyaluronate composite solution that recently received a Class III medical device registration from the National Medical Products Administration [1] - This marks the introduction of the first domestic water-light needle containing L-carnosine composite solution into the capital market [1]

消息面上，轩竹生物于10月6日至10月10日招股，该公司拟全球发售6733.35万股，预期股份将于10月15 日在联交所开始买卖。据悉，轩竹生物分拆自四环医药。此外，四环医药旗下渼颜空间自主研发的"注 射用透明质酸钠复合溶液——冻妍"近日获得国家药监局三类医疗器械注册证，标志着国内首款含L-肌 肽复合溶液水光针正式登陆资本市场视野。 四环医药(00460)再涨超4%，截至发稿，涨4.47%，报1.87港元，成交额6651.81万港元。 ...

Core Viewpoint - The approval of "Frozen" marks a significant milestone for the company, indicating the successful implementation of its "medical beauty + biopharmaceutical" dual-engine strategy, which is expected to enhance the company's investment value across multiple dimensions [1][10]. Product Value - "Frozen" is positioned in a high-growth market, specifically the water light needle segment, which is recognized as a "golden track" in the medical beauty sector, driven by increasing consumer demand for skin quality management [1][2]. - The market for water light needle products in China is projected to grow from approximately 4.5 billion RMB in 2025 to 8 billion RMB in 2027, with a compound annual growth rate (CAGR) of 21.5%, significantly outpacing the global market's 10.8% CAGR [2]. - The regulatory tightening in the medical beauty sector presents a historic opportunity for compliant innovative products like "Frozen," allowing it to capture both incremental and existing market shares [2][3]. Financial Value - The launch of "Frozen" is expected to create substantial incremental revenue, enhancing the company's profit structure and providing a strong, predictable new growth driver for its medical beauty segment [5][6]. - "Frozen" is anticipated to contribute significantly to net profit, with its profit structure offering considerable advantages, leading to potential exponential growth in net profit rather than linear increases [6]. - The introduction of "Frozen" signifies an upgrade in the company's profit model, enhancing sustainability and maximizing customer lifetime value, which is crucial for long-term profitability [6]. Strategic Value - The successful launch of "Frozen" indicates that the company's dual-track strategy of self-research and business development (BD) has entered an efficient execution phase, establishing a long-term competitive barrier in the medical beauty sector [7][10]. - The company has developed a dual-engine model combining regenerative products and skin quality management, creating a self-reinforcing ecosystem within its medical beauty business [8]. - The company has a robust pipeline of products in development, with five regenerative micro-sphere products and eight hyaluronic acid products in the registration phase, ensuring continuous growth and market presence [9]. Summary - The success of "Frozen" represents a new phase in the company's medical beauty strategy, reflecting its strong research and development capabilities and substantial pipeline reserves, which are critical for long-term value [10][11]. - The investment logic surrounding the company is shifting from a focus on profitability to high-quality growth, as the medical beauty segment now accounts for over 50% of revenue and continues to grow [11][12]. - The company has transitioned from relying on a single blockbuster product to becoming a platform-based medical beauty enterprise, enhancing its growth potential and valuation premium [12].