四环医药中期报告2024

Sihuan Pharmaceutical Holdings Group Ltd.四環醫藥控股集團有限公司 (incorporated in Bermuda with limited liability)（於百慕達註冊成立之有限公司）StockCode股份代號：0460 CORPORATE PROFILE 00460.HK Founded in 2001 and listed on the Main Board of The Stock Exchange of Hong KongLimited in 2010, Sihuan Pharmaceutical Holdings Group Ltd. (“Sihuan Pharmaceutical”or the “Company”, together with its subsidiaries, the “Group”) (Stock Code:00460.HK) is an international medical aesthetic and biopharmaceutical companyled and driven by innovation, with a leading independent production, and researchand development (“R&D”) technology platform, a rich global product pipeline and amature and excellent sales system. Focusing on high-growth therapeutic areas such asmedical aesthetics, oncology, metabolism, diabetes, cardiovascular and cerebrovascular,modern Chinese medicine and industrial hemp, it adheres to its overall strategicobjective of “Adhering to the full-speed promotion of a two-wheeled strategy of Sihuanmedical aesthetics and biopharmaceuticals” to build a leading medical aesthetics andbiopharmaceutical enterprise in China. CONTENTS 62Interim Condensed Consolidated Statement ofFinancial Position64Interim Condensed Consolidated Statement ofChanges in Equity66Interim Condensed Consolidated Statement ofCash Flows68Notes to Interim Condensed Consolidated FinancialInformation 2Corporate Information4Management Discussion and Analysis40Other Information58Independent Review Report60Interim Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income 公司資料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 JOINT COMPANY SECRETARIES Ms. Chen YanlingMr. Li Kin Wai AUTHORISED REPRESENTATIVES Ms. Chen YanlingMr. Li Kin Wai AUDIT COMMITTEE Mr. Tsang Wah Kwong (Chairman)Dr. Zhu XunMr. Wang Guan REMUNERATION COMMITTEE Dr. Zhu Xun (Chairman)Dr. Che FengshengMr. Tsang Wah KwongMr. Wang Guan NOMINATION COMMITTEE Mr. Wang Guan (Chairman)Dr. Guo WeichengMr. Tsang Wah KwongDr. Zhu Xun 公司資料CORPORATE INFORMATION RISK MANAGEMENT COMMITTEE Ms. Chen Yanling (Co-chairman)Ms. Miao Guili (Co-chairman)Dr. Guo WeichengMr. Tsang Wah Kwong INDEPENDENT AUDITOR 97927 Ernst & YoungCertified Public Accountants and Registered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda PRINCIPAL PLACE OF BUSINESS IN HONG KONG 14905 Room 4905, Office Tower, Convention Plaza1 Harbour RoadWanchai, Hong Kong 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 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong WEBSITE www.sihuanpharm.com www.sihuanpharm.com 0460 STOCK CODE 0460 管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY OVERVIEW China’s pharmaceutical industry is experiencing significant transformations. Despitebeing in a phase of recovery in the first half of 2024, the pharmaceutical industry isencountering challenges such as investment pullbacks and growth limitations that shouldnot be underestimated. Meanwhile, the positive policy development, innovation andupgrading, consumer recovery and more are serving as new drivers for industry growth,hastening its shift towards high-quality development. New demands are fosteringthe creation of new technologies, while the iterative upgrading of new technologiesaccelerates the improvement of industry efficiency and effectiveness. Consequently, thenew productivities gives rise to a variety of new industries. In 2024, China’s biopharmaceutical industry is embarking on a new phase of high-qualitydevelopment. The domestic innovative pharmaceuticals industry has achieved a leap from“encouraging large-scale innovation”to“encouraging high-quality innovation”. Underthe influence of innovation-oriented policies, some high-quality companies specializingin innovative drugs and generic-innovative drug combinations have gradually begunto enter a phase of fruition. The year 2024 is positioned for notable catalytic strides,with innovative drug companies possessing differentiated advantages, exceptionalclinical value, strong commercialization compliance, or robust platform capability whichare expected to become the main driving force for industry growth. Meanwhile, the“going out”and“bringing in”of enterprises will further stimulate the vitality of thepharmaceutical economy. The Chinese government has consistently issu