医药生物行业周报 ADC 商业化进程提速，本土创新药企多 路径布局产能 2026 年 02 月 09 日 【行情回顾】 【本周观点】 【风险提示】 证券分析师：何玮 证书编号：S1160517110001 证券分析师：崔晓倩 证书编号：S1160525080001 相对指数表现 医药行业政策风险；研发进展不及预期风险；业绩不及预期风险 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 -10% -2% 6% 14% 22% 30% 2025/2 2025/8 2026/2 医药生物 沪深300 相关研究 《《药品管理法实施条例》全面修订，推动 医药产业创新与监管升级》 2026.02.03 《医药零售高质量发展政策发布，行业有 望加速整合利好龙头》 2026.01.27 《J.P. Morgan 健康大会召开，中国创新药 企扬帆出海》 2026.01.20 《聚焦脑机接口与小核酸药物，JPM 盛会 前奏下医疗布局新浪潮》 2026.01.14 《创新浪潮涌动下，医药板块修复与突破 之路》 本周(2026/02/02-2026/02/06，下同）医药生物指数上涨 0.14%，跑赢 沪深 300 指数 1 ...

Investment Rating - The report recommends a focus on the company, indicating that it is undervalued with a reasonable valuation range of over HKD 25 billion [21]. Core Insights - The company has transitioned from traditional generic drugs to a dual-driven strategy focusing on "aesthetic medicine and innovative drugs," leading to a significant revenue increase in the aesthetic segment [21]. - The aesthetic medicine segment saw a revenue increase of 81% year-on-year in the first half of 2025, contributing significantly to the company's overall revenue growth [4][11]. - The innovative drug segment is expected to enter a revenue realization phase with the commercialization of new drugs, enhancing the company's financial outlook [12][16]. Summary by Sections Aesthetic Medicine - In H1 2025, aesthetic medicine revenue increased by 81% to HKD 5.9 billion, with a gross margin improvement of 8 percentage points to 73% [4][11]. - The core product, Letybo (botulinum toxin), has a market penetration of less than 2% in China, indicating substantial growth potential compared to higher penetration rates in the US and South Korea [5]. - The company has three major products approved in 2025, including facial fillers and water light needles, which are expected to drive significant sales growth [9][10]. Innovative Drugs - The innovative drug segment reported a 30% revenue increase to HKD 0.17 billion in H1 2025, with a focus on gastrointestinal and oncology treatments [12]. - The company has successfully commercialized its first innovative PPI drug, which is expected to maintain its price in the national basic medical insurance directory [12][14]. - The company holds a 49.13% stake in Xuan Zhu Bio, which has a market capitalization of HKD 34.5 billion, further enhancing its financial position [12]. Biopharmaceuticals - The biopharmaceutical segment, focusing on diabetes, has a comprehensive pipeline with over 20 products, and revenue is expected to see explosive growth in the next 2-3 years [17][18]. - The company reported a 40-fold increase in revenue to HKD 0.39 billion in H1 2025, with a focus on insulin and innovative diabetes treatments [17][18]. Generic Drugs - Generic drug revenue decreased by 16% to HKD 5.0 billion in H1 2025, accounting for 44% of total revenue, but the impact is expected to lessen as aesthetic and innovative drug segments grow [19]. - Key products include Clinao (a unique injection) and a mucosal solution for children, which are positioned to capture niche markets [19]. Profit Forecast - The company is expected to turn profitable in 2025, with significant revenue growth driven by aesthetic and innovative drugs, alongside reduced R&D expenses [20]. - The company has maintained a high dividend payout ratio of 89% in H1 2025, reflecting strong cash flow management [20].

近日，四环医药旗下渼颜空间自主研发的聚乳酸面部填充剂（俗称"童颜针"）的6个新增规格获国家药监局正式获批，覆盖60mg/瓶至130mg/瓶多梯度剂量， 进一步丰富医美管线矩阵。 回顾2025年，四环医药作为中国医美龙头，通过全品类产品矩阵形成稀缺竞争壁垒、全域渠道网络筑牢市场根基、营收规模逆势领跑行业、丰富研发管线保 障长期迭代、药企基因赋能品牌合规优势，形成穿越行业周期、实现逆势高增的核心底气。 而从估值角度来看，当前公司的价值与价格存在明显倒挂，被市场显著低估，长期成长潜力有望得到进一步重估。 五大核心维度，彰显四环医药医美龙头优势 契合医美行业向合规化、技术化、全品类化转型的核心趋势，四环医药凭借产品、渠道、规模、研发、品牌五大维度的全方位硬实力支撑，在奠定其医美头 部地位的同时，更形成了同行较难复制的竞争护城河。 其四，研发端加快迭代升级，保障长期成长动能。 研发能力决定医美企业的长期生命力，四环医药持续加大医美领域研发投入，构建丰富且高质量的研发管线。数据显示，2025年行业新获批产品中80%来自 具备三类械资质的头部企业，中小玩家加速出清。四环医药2025年全年新增3款重磅三类械产品，包括童颜针、 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 公司名稱: 四環醫藥控股集團有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00460 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,00 ...

Core Insights - The domestic medical beauty industry is undergoing a structural transformation in 2025, shifting from a "seller's market" to a "buyer's market" due to an increase in the supply of upstream products [1] - The approval of 52 new Class III medical device registrations in 2025 indicates a significant change in the supply-demand relationship within the industry [1] - Upstream manufacturers are compelled to adjust their competitive strategies, focusing on technological innovation, product iteration speed, and commercialization capabilities [1][4] Upstream Manufacturers - The competition among upstream manufacturers is intensifying as the medical beauty market continues to expand and diversify, with the industry size surpassing 300 billion yuan [3] - The light medical beauty market is expected to grow at a compound annual growth rate of over 20% in the next five years, becoming the mainstream segment [3] - Hyaluronic acid, botulinum toxin, collagen, and regenerative materials are projected to dominate the injection materials market in 2024, with respective market shares of 36%, 29%, 19%, and 16% [3] Product Supply Expansion - In 2025, 25 new Class III medical device registrations for hyaluronic acid products were approved, alongside approvals for collagen products, youth needles, and new materials like agarose and calcium phosphate [4] - Manufacturers are shifting from a "follow the trend" model to focusing on product innovation and expanding new indications, particularly in women's health-related aesthetics [4][5] Competitive Landscape - The competition is expected to transition from merely obtaining licenses to a focus on core technology, research efficiency, and understanding end-user needs [5] - The relationship between upstream manufacturers and downstream medical beauty institutions is evolving into a mutually beneficial partnership rather than a zero-sum game [6] Downstream Institutions - The approval of 52 new Class III medical device registrations has provided downstream institutions with greater product selection and negotiating power with upstream manufacturers [6] - New Oxygen's introduction of competitively priced products has sparked controversy among upstream manufacturers, highlighting the ongoing price competition in the market [6] Market Dynamics - Public hospitals are increasingly entering the medical beauty sector, with 203 hospitals opening or establishing medical beauty departments in 2025, a 229% increase from the previous year [8] - Major internet platforms like Meituan and Tmall are leveraging their traffic advantages to enhance the medical beauty sector, intensifying market competition [8] - The future of the medical beauty industry is expected to be characterized by a diverse and competitive landscape, where trust and professional credibility are crucial for consumer acceptance [8]

Group 1 - The core point of the article is that Sihuan Pharmaceutical (00460) has seen a significant stock price increase due to the approval of new specifications for its self-developed polylactic acid facial filler, known as "Tongyan Needle" [5] - The stock price rose over 9% during trading, with a current price of 1.53 HKD and a trading volume of 165 million HKD [5] - The approval of six new specifications by the National Medical Products Administration of China is expected to enhance the company's aesthetic medicine pipeline and drive growth [5] Group 2 - According to Founder Securities, the company is experiencing breakthroughs in its aesthetic medicine pipeline and collaborations, with the value of innovative drugs being released [5] - The current pipeline is accelerating, with stable growth from botulinum toxin products and new products like Tongyan Needle and "Shaonv Needle" starting to gain traction [5] - Future product lines, including regenerative, collagen-based, photonic devices, and weight loss products, are expected to continue to be launched, contributing to long-term growth potential [5]

Core Viewpoint - Four Seasons Pharmaceutical (00460) has seen a significant stock increase of over 9%, currently trading at 1.59 HKD with a transaction volume of 150 million HKD, following the approval of new specifications for its self-developed polylactic acid facial filler by the National Medical Products Administration of China [1] Group 1: Company Developments - The company’s subsidiary, Meiyan Space Biotechnology (Jilin) Co., Ltd., received approval for six new specifications of its facial filler, commonly referred to as "童颜针" [1] - According to Founder Securities, the company is experiencing a dual-driven growth model with breakthroughs in its medical aesthetics pipeline and the release of innovative drug value [1] - The current pipeline is accelerating, with stable growth from botulinum toxin products and new products like "童颜针" and "少女针" beginning to gain market traction [1] Group 2: Future Growth Potential - New product momentum from "动能素水光" is expected to become a new growth driver for the company [1] - Future pipelines in regenerative medicine, collagen products, photonic devices, and weight loss products are anticipated to continue to materialize and contribute to long-term growth [1] Group 3: Industry Context - Recent discussions around the Nipah virus outbreak in India have drawn attention, where the company previously announced a collaboration framework with Indian company Hiderong Pharmaceutical [1] - The collaboration encompasses research and development, product registration, technology transfer, raw material supply, and localized production and sales in cardiovascular, central nervous system, and anti-infection fields, including COVID-19 [1]

Core Viewpoint - Four Seasons Pharmaceutical (00460) has seen its stock price increase by over 9%, currently trading at 1.59 HKD with a transaction volume of 150 million HKD, following the approval of new specifications for its self-developed polylactic acid facial filler by the National Medical Products Administration of China [1] Group 1: Product Development and Market Expansion - The company’s subsidiary, Meiyan Space Biotechnology (Jilin) Co., Ltd., received approval for six new specifications of its facial filler, commonly referred to as "童颜针" [1] - According to Founder Securities, the company is experiencing a dual-driven acceleration in its medical aesthetics pipeline and collaborations, with innovative drug value being released [1] - The current pipeline is rapidly expanding, with stable growth in botulinum toxin products and new products like "童颜针" and "少女针" beginning to gain traction [1] Group 2: Future Growth Potential - New product "动能素水光" is expected to become a new growth driver for the company [1] - Future pipelines in regenerative medicine, collagen products, photonic devices, and weight loss products are anticipated to continue to be developed and contribute to long-term growth [1] Group 3: Strategic Partnerships - Recent discussions around the Nipah virus outbreak in India have brought attention to the company's previous collaboration with Indian company Hideron Pharmaceuticals, established in 2020 [1] - The collaboration framework includes research and development, product registration, technology transfer, raw material supply, and localized production and sales in cardiovascular, central nervous system, and anti-infection fields, including COVID-19 [1]

美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 有分析称，四环医药童颜针新增6个规格获批，是一次重要的产品迭代，对公司构成直接利好。其利好主要体现在产品能更 好地满足市场需求，从而提升竞争力与收入潜力。公司是国内唯一同时拥有合规"少女针"与"童颜针"两大再生填充产品的企 业。此举强化了其在再生医美领域的差异化竞争优势和产品矩阵。 1月27日，四环医药(0460.HK)盘中再度冲高至8%，3日累计升幅约25%，报1.58港元创逾3个月新低，总市值140亿港元。 消息上，近日，四环医药发布公告，集团旗下渼颜空间生物科技(吉林)有限公司自主研发的聚乳酸面部填充剂(市场简称"童 颜针")6个新增规格正式获中国国家药品监督管理局批准，这是继该产品首次获批后的又一重要进展，进一步完善了公司在 再生医美产品领域的市场布局。 ...

本文源自：金融界AI电报 四环医药(0460.HK)盘中再度冲高至8%，3日累计升幅约25%，报1.58港元创逾3个月新低，总市值140亿 港元。 ...