四环医药中期报告2023

(incorporated in Bermuda with limited liability) 2023Interim Report CORPORATE PROFILE 00460.HK Founded in 2001 and listed on the Main Board of The Stock Exchange of HongKong Limited in 2010, Sihuan Pharmaceutical Holdings Group Ltd. (“SihuanPharmaceutical” or the “Company”, together with its subsidiaries, the “Group”)(Stock Code: 00460.HK) is an international medical aesthetic and biopharmaceuticalcompany led and driven by innovation, with an independent and leading researchand development (“R&D”) technology platform, a rich global product pipeline,strong product registration capability, a full dosage form production platform withhigh efficiency and low cost and a mature and excellent sales system. Adhering tothe overall strategic objective of “full promotion of a two-wheel drive strategy ofits medical aesthetics and biopharmaceutical businesses”, Sihuan Pharmaceuticalendeavours to build itself into a leading medical aesthetics and biopharmaceuticalcompany in China. CONTENTS 74Interim Condensed Consolidated Statement ofFinancial Position76Interim Condensed Consolidated Statement ofChanges in Equity78Interim Condensed Consolidated Statement ofCash Flows80Notes to the Interim Condensed ConsolidatedFinancial Information 2Corporate Information4Management Discussion and Analysis54Other Information70Independent Review Report72Interim Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income ʮ̡༟ࣘCORPORATE INFORMATION BOARD OF DIRECTORS (THE “BOARD“) Executive Directors Dr. Che Fengsheng (Chairman)Dr. Guo Weicheng (Deputy Chairman and Chief Executive Officer (“CEO“))Dr. Zhang JionglongMs. Miao Guili (Deputy CEO and Chief Financial Officer)Ms. Chen Yanling Independent Non-executive Directors Mr. Tsang Wah KwongDr. Zhu XunMr. Wang Guan (appointed on 1 April 2023)Mr. Patrick Sun (resigned on 1 April 2023) JOINT COMPANY SECRETARIES Ms. Chen YanlingMr. Li Kin Wai AUTHORISED REPRESENTATIVES Ms. Chen YanlingMr. Li Kin Wai AUDIT COMMITTEE Mr. Tsang Wah Kwong (Chairman)(appointed as chairman on 1 April 2023)Dr. Zhu XunMr. Wang Guan (appointed on 1 April 2023)Mr. Patrick Sun (Chairman)(resigned on 1 April 2023) REMUNERATION COMMITTEE Dr. Zhu Xun (Chairman)Dr. Che FengshengMr. Tsang Wah KwongMr. Wang Guan (appointed on 1 April 2023)Mr. Patrick Sun (resigned on 1 April 2023) NOMINATION COMMITTEE Mr. Wang Guan (Chairman)(appointed on 1 April 2023)Dr. Guo WeichengMr. Tsang Wah Kwong(ceased to be chairman on 1 April 2023)Dr. Zhu XunMr. Patrick Sun (resigned on 1 April 2023) RISK MANAGEMENT COMMITTEE Ms. Chen Yanling (Co-chairman)(appointed as co-chairman on 1 April 2023)Ms. Miao Guili (Co-chairman)(appointed as co-chairman on 1 April 2023)Dr. Guo WeichengMr. Tsang Wah KwongMr. Patrick Sun (resigned on 1 April 2023) INDEPENDENT AUDITOR Ernst & YoungCertified Public Accountants and Registered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 97927 REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 4905, Office Tower, Convention Plaza1 Harbour RoadWanchai, Hong Kong 14905 PRINCIPAL SHARE REGISTRAR Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda HONG KONG BRANCH SHARE REGISTRAR Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong 1617 WEBSITE www.sihuanpharm.com www.sihuanpharm.com STOCK CODE 0460 0460 ၍ଣᄴীሞʿʱؓMANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY OVERVIEW Innovation and transformation development is a necessary path forpharmaceutical enterprises to maintain a favorable development trend in thefuture. In the first half of 2023, the global economy continued to be challenging dueto geopolitical risks and the negative impacts of significant interest rate hikes bydeveloped economies in Europe and the United States, high inflation, and bankliquidity risks. Since the beginning of the year, with the release of epidemic control,“consumer recovery” has become a popular term in the market. In the short term,the domestic medical aesthetics consumer market led the post-epidemic recoverywith its characteristic of “demand has not disappeared, only delayed consumption”,and achieved a high growth rate in the first quarter. Subsequently, it benefitedfrom the features of high repeat purchase, high stickiness, and specialised multi-treatment to achieve steady growth in the second quarter. In the long term, as thepenetration rate of medical aesthetics continues to increase, market education,technological upgrades, and the sinking of consumption will continue to have animpact, the top medical aesthetics organisations will continue to benefit. CDE During the period, as this is the year in which the Covid-19 control measures havebeen relaxed at ho