四环医药中期报告2025

(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 INTERIM REPORT中 期 報 告 公司簡介CORPORATE PROFILE 四環醫藥控股集團有限公司（「」或「」，連同其附屬公司為「」）（股份代號：00460.HK）創立於二零零一年，二零一零年於香港聯合交易所有限公司主板上市，是一家以創新為引領，堅持創新驅動，擁有獨立領先的自主生產、研究與開發（「」）技術平台，具備豐富的全球化產品管線和成熟卓越銷售體系的國際化醫美及生物製藥企業。四環醫藥聚焦醫 美、腫 瘤、代 謝、糖 尿 病、心 腦 血 管、現 代中藥及工業大麻等高增長治療領域，一直秉承「堅持全速推進四環醫美及生物製藥雙輪驅動戰略」的整體戰略目標來打造中國領先的醫美及生物製藥企業。 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. 目錄CONTENTS 2公司資料Corporate Information4管理層討論及分析Management Discussion and Analysis39其他資料Other Information57獨立審閱報告Independent Review Report59中期簡明綜合損益及其他全面收益表Interim Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income 61中期簡明綜合財務狀況表Interim Condensed Consolidated Statement ofFinancial Position63中期簡明綜合權益變動表Interim Condensed Consolidated Statement ofChanges in Equity65中期簡明綜合現金流量表Interim Condensed Consolidated Statement ofCash Flows67中期簡明綜合財務資料附註Notes to Interim Condensed Consolidated FinancialInformation 公司資料CORPORATE INFORMATION BOARD OF DIRECTORS (THE “BOARD”) Executive Directors 車馮升醫生（主席）郭維城醫生（副主席兼行政總裁）張炯龍醫生繆瑰麗女士（副行政總裁兼首席財務官）陳燕玲女士 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 曾華光先生朱迅博士王冠先生 Independent Non-executive Directors Mr. Tsang Wah KwongDr. Zhu XunMr. Wang Guan JOINT COMPANY SECRETARIES 陳燕玲女士李健威先生 Ms. Chen YanlingMr. Li Kin Wai AUTHORISED REPRESENTATIVES 陳燕玲女士李健威先生 Ms. Chen YanlingMr. Li Kin Wai AUDIT COMMITTEE 曾華光先生（主席）朱迅博士王冠先生 Mr. Tsang Wah Kwong (Chairman)Dr. Zhu XunMr. Wang Guan REMUNERATION COMMITTEE 朱迅博士（主席）車馮升醫生曾華光先生王冠先生 Dr. Zhu Xun (Chairman)Dr. Che FengshengMr. Tsang Wah KwongMr. Wang Guan NOMINATION COMMITTEE 王冠先生（主席）郭維城醫生曾華光先生朱迅博士陳燕玲女士（於二零二五年九月一日獲委任） Mr. Wang Guan (Chairman)Dr. Guo WeichengMr. Tsang Wah KwongDr. Zhu XunMs. Chen Yanling (appointed on 1 September 2025) 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 陳燕玲女士（聯席主席）繆瑰麗女士（聯席主席）郭維城醫生曾華光先生 INDEPENDENT AUDITOR 安永會計師事務所執業會計師及註冊公眾利益實體核數師香港鰂魚涌英皇道979號太古坊一座27樓 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 香港灣仔港灣道1號會展廣場辦公大樓4905室 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 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 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 二零二五年上半年，中國醫藥行業在政策深化與市場結構調整的雙重驅動下，持續深化轉型升級進程。國家醫保談判常態化和帶量採購覆蓋 範 圍 的 持 續 擴 大，特 別 是 集 採 規 則 向「質 價平 衡」的 優 化 演 進，正 有 力 推 動 行 業 加 速 向 創新 驅 動 和 高 質 量 供 給 方 向 邁 進。伴 隨「健 康 中國2030」戰略的深入實施，創新藥審批效率顯著提升，醫保支付更加強調臨床價值導向，為擁有自主研發能力的製藥企業開闢了廣闊的發展空間。行業分化格局愈加清晰：創新藥領域，尤其是生物藥、腫瘤及慢性病治療賽道，國產創新藥迎來密集商業化爆發期，本土企業積極通過對外授權加速國際化步伐；而仿製藥領域經歷多輪集採洗禮後，價格體系趨於穩定，具備卓越成本管控與規模效應的企業開始顯現觸底企穩的積極信號。 In the first half of 2025, China’s pharmaceutical industry continued to deepen itstransformation and upgrade progress, driven by both policy enhancement and marketstructural adjustments. The normalisation of national medical insurance negotiationsand the ongoing expansion of the volume-based procurement coverage, particularlythe optimisation of centralized procurement rules towards“quality-price balance”,have been propelling the industry towards innovation-driven and high-quality supplydirections. With the in-depth implementation of the“Healthy China 2030”strategy,the efficiency of innovative drug approvals has significantly improved, while medicalinsu