Market Overview - On September 4, the Hang Seng Index fell by 1.1% to close at 25,058 points, barely holding above 25,000 points[1] - The Hang Seng Technology Index dropped by 1.9% to 5,578 points, with a total market turnover of HKD 302.2 billion[1] - Alibaba (9988 HK) declined by 3.2%, while Xiaomi (1810 HK) fell over 2%[1] Sector Performance - The financial sector showed mixed results, with China Pacific Insurance (2601 HK) down over 5%, while Agricultural Bank of China (1288 HK) rose by 2.1%[1] - Semiconductor stocks faced significant declines, with SMIC (981 HK) dropping by 6.7%[1] - Consumer stocks like dining and dairy showed resilience, rising against the overall market trend[1] Valuation Insights - The current forecasted PE for the Hang Seng Index is at 11.3 times, indicating it is at a high valuation range compared to 2018-2019[2] - Structural earnings differentiation is evident, with most sectors facing downward revisions, except for information technology, materials, and finance[2] - The Hang Seng Index is expected to find value in the 24,000-24,500 point range for potential buying opportunities[2] Company Updates - BYD (1211 HK) has reportedly lowered its sales target for the year from 5.5 million to 4.6 million units, a reduction of 16%[3] - The healthcare sector saw a decline of 3.8% in the Hang Seng Medical Care Index, with most major companies experiencing drops[3] Future Outlook - Anticipated liquidity benefits include a decrease in Hong Kong interbank rates post-month-end, continued inflow of southbound funds, and potential interest rate cuts by the Federal Reserve[2] - The global liquidity environment is expected to provide strong support for the Hong Kong stock market[2]

Core Viewpoint - The company has received production registration approvals from the National Medical Products Administration of China for two pharmaceutical products, marking a significant achievement as the first domestic enterprise to obtain such approvals for these drugs [1] Group 1: Product Approvals - The company has obtained production registration for Urapidil sustained-release capsules (30mg) and Nicardipine hydrochloride sodium injection (200ml), both classified as Category 3 chemical drugs, which are considered to have passed the consistency evaluation [1] - Urapidil sustained-release capsules are primarily used for treating primary hypertension, renal hypertension, hypertension caused by pheochromocytoma, and urinary disorders associated with prostatic hyperplasia [1] - Nicardipine hydrochloride sodium injection is mainly used for the emergency management of abnormal hypertension during surgery and hypertensive emergencies [1] Group 2: Raw Material Approvals - The company has received approval for the raw materials of Urapidil and Nicardipine hydrochloride, which have been registered with the National Medical Products Administration for use in marketed formulations [1] Group 3: Additional Product Approval - The company has also obtained production registration for Butylscopolamine injection (2ml), classified as a Category 4 chemical drug, which is also considered to have passed the consistency evaluation [1] - Butylscopolamine injection is primarily used for treating smooth muscle spasms related to biliary diseases and urinary system diseases, and can also be used as an adjunct treatment for gastrointestinal spasms and to relieve dysmenorrhea [1]

Core Viewpoint - The company, Stone Four Pharmaceutical Group, has received production registration approvals from the National Medical Products Administration of China for two pharmaceutical products, marking a significant achievement as they are the first domestic enterprises to obtain such approvals for these products [1] Group 1: Product Approvals - The company has obtained production registration for Urapidil sustained-release capsules (30mg) and Nicardipine hydrochloride sodium injection (200ml), both classified as Category 3 chemical drugs, which are considered to have passed the consistency evaluation [1] - Urapidil sustained-release capsules are primarily used for treating primary hypertension, renal hypertension, hypertension caused by pheochromocytoma, and urinary disorders associated with prostatic hyperplasia [1] - Nicardipine hydrochloride sodium injection is mainly used for the emergency management of abnormal hypertension during surgery and hypertensive emergencies [1] Group 2: Raw Material Approvals - The company's Urapidil and Nicardipine raw materials have been approved by the National Medical Products Administration for use in the registered formulations [1] - The company has also received production registration for Butylscopolamine injection (2ml), classified as a Category 4 chemical drug, which is also considered to have passed the consistency evaluation [1] - Butylscopolamine injection is used for treating smooth muscle spasms related to biliary diseases and urinary system diseases, and can also assist in treating smooth muscle spasms caused by gastrointestinal diseases and alleviate dysmenorrhea [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，概不會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。 烏拉地爾緩釋膠囊主要用於治療原發性高血壓、腎性高血壓、嗜鉻細胞瘤引發的高血壓，及伴 有前列腺肥大症的排尿障礙。鹽酸尼卡地平氯化鈉注射液主要用於手術時異常高血壓的緊急處 理及高血壓急症。誠如本公司日期為二零二三年五月十二日及二零二五年三月五日之公告所載， 本集團的烏拉地爾原料藥及鹽酸尼卡地平原料藥已分別獲國家藥監局批准登記成為在上市製 劑使用的原料藥。 董事局亦欣然公告，本集團已取得國家藥監局有關鹽酸屈他維林注射液(2ml)的藥品生產註冊 批件，屬於化學藥品第4類，視同通過一致性評價。鹽酸屈他維林注射液主要用於治療膽道疾 病相關的平滑肌痙攣及泌尿系統疾病所致的平滑肌痙攣，也可作為輔助治療用於胃腸道疾病所 致的平滑肌痙攣及緩解痛經。誠如本公司日期為二零二五年八月六日之公告所載，本集團的鹽 酸屈他維林已獲國家藥監局批准登記成為在上市製劑使用的原料藥。 - 1 - 本公告為本公司自願發佈，目的是使股東及潛在投 ...