四环医药完成对汉腾生物小额战略股权投资，拟合作开发全长三螺旋重组人胶原蛋白医美产品

– 1 –
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited
take no responsibility for the contents of this announcement, make no representation as to
its accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
Sihuan Pharmaceutical Holdings Group Ltd.
四環醫藥控股集團有限公司
(incorporated in Bermuda with limited liability)
(Stock Code: 0460)
VOLUNTARY ANNOUNCEMENT
SIHUAN PHARMACEUTICAL COMPLETED
A STRATEGIC INVESTMENT IN
CANTON BIOLOGICS TO ENHANCE THE LAYOUT OF
THE ENTIRE INDUSTRIAL CHAIN OF
REGENERATIVE MEDICAL AESTHETICS
The board of directors (the “Board”) of Sihuan Pharmaceutical Holdings Group Ltd. (the
“Company” or “Sihuan Pharmaceutical”, together with its subsidiaries, the “Group”) is
pleased to announce that Meiyan Space Biotechnology (Jilin) Co., Ltd. (the “Meiyan Space”),
a subsidiary of the Group, has completed a strategic equity investment in Guangzhou Canton
Biologics Co., Ltd. (“Canton Biologics”) recently. Meanwhile, both parties plan to carry
out joint commercialization cooperation centered around the commercial sales of Canton
Biologics’ full-length triple-helix recombinant human collagen protein raw material (the “Raw
Material”). Based on this Raw Material, Meiyan Space will develop a series of collagen-
based medical aesthetics formulation products to enhance the regenerative medical aesthetics
business layout of the Group.
Canton Biologics possesses multiple biomanufacturing technology platforms, including
CHO cells, prokaryotic fermentation, and viral expression, with a complete production
system, which has industrial synergy with the Group’s medical aesthetics and pharmaceutical
business segments. Meiyan Space’s strategic investment in Canton Biologics and the joint
commercialization cooperation between the two parties, represent a key strategic layout for the

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Group’s medical aesthetics segment to extend into the upstream core biological raw materials
field. This holds significant importance for the Group’s deepening involvement in the field of
regenerative medical aesthetics, primarily reflected in four dimensions:
1.
Secure the supply of upstream scarce core raw materials and break through
industry technological bottlenecks: Obtain a stable supply of full-length recombinant
human type III collagen with a complete triple-helix structure, breaking through the
industry-wide raw material bottlenecks of using fragmented collagen and animal-derived
collagen, thereby solidifying Meiyan Space’s advantages in raw materials within the
regenerative sector of the medical aesthetics field.
2.
Establish an integrated industrial chain spanning “upstream raw materials –
formulation R&D – terminal commercialization” to build competitive industrial
barriers: deeply bind to technology sources through equity investment; both parties
intend to promote the market promotion and sales of the raw material through a
cooperative model, with Meiyan Space undertaking the R&D and registration application
work in medical aesthetics, achieving closed-loop implementation from biological raw
materials to medical aesthetic end products.
3.
Strengthen the Group’s differentiated competitive advantages in regenerative
medical aesthetics, aligning with industry development trends: The Group seizes
the technological upgrading trend in the recombinant collagen industry, and proactively
deploys high-end recombinant human collagen protein (distinct from recombinant
humanized fragment collagen) that aligns with the definitions in the National Medical
Products Administration (“NMPA”)’s “Guiding Principles for Naming Recombinant
Collagen Biomaterials”, precisely meeting the demands of high-end medical aesthetics
consumption, to facilitate the Group’s further expansion in the domestic high-end
regenerative medical aesthetics market.
4.
Achieving industrial resource complementarity and win-win development: This
cooperation fully leverages the resource advantages of both parties, with Canton
Biologics’ technological advantages in the CHO cell expression platform and its GMP
large-scale production, and Meiyan Space’s capabilities in medical aesthetics products’
R&D, registration, channel layout, and brand commercialization. Both parties jointly
advance the technology industrialization of domestically produced full-length triple-
helix recombinant human collagen protein, driving high-quality development of the
industry.

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Recombinant collagen is a core biomaterial in the field of regenerative medical aesthetics,
which is growing rapidly in domestic market. The scale of recombinant collagen in China
market is expected to surpass RMB100 billion by 2027. With the implementation of the
“Guiding Principles for Naming Recombinant Collagen Biomaterials” by the NMPA, the
industry’s regulatory framework continues to be standardized. Recombinant collagen is
officially classified into three categories, including recombinant human collagen (full-length,
highly homologous, with a stable triple-helix structure), recombinant humanized collagen
(fragmented, with a partial triple-helix structure), and recombinant collagen-like protein
(low homology, generally lacking a triple-helix structure). Among them, the recombinant
human collagen, which is full-length, highly homologous, and possesses a stable triple-helix
structure, aligns with the mainstream trends of industrial technological upgrades and market
consumption iterations, making it a key product category in the current development of high-
end regenerative medical aesthetics.
The full-length triple-helix recombinant human collagen deployed by the Group this time
possesses better product characteristics and technological advantages. It is highly homologous
to the amino acid sequence of natural human collagen, featuring a complete structure and
stable performance. It demonstrates outstanding biological activity in scenarios such as cell
repair, tissue regeneration, and skin anti-aging, making it widely applicable in the high-end
medical aesthetics sector with huge commercial value and market potential. It can effectively
enrich the Group’s high-end medical aesthetics product matrix and continuously enhance the
Group’s comprehensive competitiveness in the field of regenerative medical aesthetics.
ABOUT CANTON BIOLOGICS
Since its establishment in 2016, Canton Biologics has focused on the CMC development and
manufacturing of biologics such as monoclonal antibodies, bispecific antibodies, and fusion
proteins. The company provides global biopharmaceutical clients with one-stop services
compliant with regulatory requirements of NMPA, FDA, and EMA. Canton Biologics
possesses internationally leading capabilities in engineered cell culture and development,
upstream and downstream process development, analytical method development for biologics,
formulation process development, quality testing method development, and pilot-scale
and commercial-scale manufacturing. Since its inception, it has provided development and
manufacturing services for biologics such as monoclonal antibodies, bispecific antibodies,
fusion proteins, and recombinant proteins to numerous biopharmaceutical companies
domestically and internationally. Its exceptional project management and rapid, efficient
project delivery have earned widespread acclaim from clients.

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ABOUT MEIYAN SPACE
Meiyan Space is a new type of “one-stop” medical aesthetic platform incubated by Sihuan
Pharmaceutical, through the globalization layout, comprehensive and professional medical
aesthetic product matrix, product research and development, registration, production and sales
of an integrated structure, is dedicated to building a leading company featuring a full medical
aesthetics product matrix in China by leveraging the rigour and innovation of pharmaceutical
companies. Meiyan Space continues to build a complete product matrix covering the whole
life cycle needs of beauty lovers through the dual-engine drive of “self-research + BD”, with
more than 60 products in the pipeline, covering the basic categories of light medical aesthetic,
including fillers, contouring, support, optoelectronic equipment and skin management.
Meanwhile, Meiyan Space has strong independent research and development and technology
transfer strength, the professional BD team and R&D team in China and abroad can quickly
promote the research and development and launching of medical aesthetic products. At
present, Meiyan Space has established three production bases globally, with a perfect quality
management system and effective risk management for the whole life cycle of products.
Its experienced medical aesthetic sales team, nationwide sales network and well developed
system can quickly promote the sales of products. Most of the sales team members of Meiyan
Space come from multinational medical aesthetic and pharmaceutical enterprises, with rich
experience in the sales of medical aesthetic products, and work closely with dozens of agents,
the sales network has covered more than 370 cities and more than 9,000 medical aesthetic
institutions.
ABOUT SIHUAN PHARMACEUTICAL
Founded in 2001 and listed on the Main Board of The Stock Exchange of Hong Kong Limited
in 2010, Sihuan Pharmaceutical is an international medical aesthetics and pharmaceutical
company led by innovation, with an independent and leading research and development
technology platform, a rich global product pipeline, strong product registration capability,
a full dosage form production platform with high efficiency and low cost and a mature
and excellent sales system. Adhering to the overall strategic goal for the “full promotion
of a two-wheel drive strategy of its medical aesthetics and biopharmaceutical businesses”,
Sihuan Pharmaceutical endeavors to build itself into a leading medical aesthetics and
biopharmaceutical company in China.
LISTING RULES IMPLICATIONS
As the highest applicable percentage ratio under Rule 14.07 of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”)
in respect of the transaction contemplated under the strategy equity investment is below 5%,
the investment does not constitute the notifiable transaction under Chapter 14 of the Listing
Rules. Furthermore, as at the date of this announcement, to the best knowledge, information
and belief of the directors of the Company after making all reasonable enquiries, Canton
Biologics and its ultimate beneficial owner(s) are third parties independent from the Company
and its connected persons (as defined in the Listing Rules). Therefore, the transaction does not
constitute the connected transaction under Chapter 14A of the Listing Rules.

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This announcement is being made by the Company on a voluntary basis to update the
investing public on the Group’s latest business development, and does not constitute, and is
not intended to be, an advertisement regarding the use of any medicine, surgical appliance,
medical equipment, treatment or orally consumed product.
By order of the Board
Sihuan Pharmaceutical Holdings Group Ltd.
Dr. Che Fengsheng
Chairman and Executive Director
Hong Kong, 8 October 2026
As at the date of this announcement, the executive directors of the Company are Dr. Che
Fengsheng (Chairman), Dr. Guo Weicheng (Deputy Chairman and Chief Executive Officer),
Dr. Zhang Jionglong and Ms. Chen Yanling; the non-executive director of the Company is Mr.
Che Yuxuan; and the independent non-executive directors of the Company are Mr. Tsang Wah
Kwong, Dr. Zhu Xun and Mr. Wang Guan.

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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。
Sihuan Pharmaceutical Holdings Group Ltd.
四環醫藥控股集團有限公司
（於百慕達註冊成立的有限公司）
（股份代號：0460）
自願公告
四環醫藥戰略投資漢騰生物，完善再生醫美全產業鏈佈局
四環醫藥控股集團有限公司（「本公司」或「四環醫藥」，連同其附屬公司，統稱為
「本集團」）董事會（「董事會」）欣然宣佈，近日，本集團旗下渼顏空間生物科技（吉
林）有限公司（「渼顏空間」）已完成對廣州漢騰生物科技有限公司（「漢騰生物」）的
戰略股權投資。同時，雙方計劃開展聯合商業化合作，圍繞漢騰生物的全長三
螺旋重組人膠原蛋白原料（「該原料」）的商業化銷售。渼顏空間將基於該原料，
開發一系列膠原蛋白醫美製劑產品，完善本集團再生醫美業務佈局。
漢騰生物擁有CHO細胞、原核發酵、病毒表達等多套生物製造技術平台，生產
體系完備，與本集團醫美、醫藥板塊業務具有產業協同性。本次渼顏空間對漢

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騰生物進行戰略投資並推進雙方聯合商業化合作，是本集團醫美板塊向上遊
核心生物原料領域延伸的關鍵戰略佈局，對本集團深耕再生醫美賽道具有重
要意義，主要體現於四大維度：
1.
鎖定上游稀缺核心原料供給，打破行業技術瓶頸：獲得具備完整三螺旋結
構的全長重組人III 型膠原蛋白的穩定供應，打破行業普遍使用片段化膠
原、動物源膠原的原料瓶頸，夯實渼顏空間在再生醫美賽道的原料優勢。
2.
打通「上游原料－製劑研發－終端商業化」完整產業鏈，構建產業競爭壁壘：
透過股權投資深度綁定技術源頭；雙方擬通過合作模式推進該原料市場
推廣與銷售，渼顏空間承擔醫美製劑研發、註冊申報工作，實現從生物原
料到終端醫美產品的閉環落地。
3.
強化本集團再生醫美差異化競爭優勢，契合行業發展趨勢：本集團把握重
組膠原蛋白行業技術升級趨勢，積極佈局符合國家藥監局《重組膠原蛋白
生物材料命名指導原則》定義的高端重組人膠原蛋白（區別於重組人源化
片段膠原），精準匹配高端醫美消費需求，助力本集團進一步拓展國內高
端再生醫美市場。
4.
實現產業資源互補與共贏發展：本次合作充分發揮雙方各自資源優勢，漢
騰生物依託自身CHO細胞表達平台的技術優勢與GMP規模化生產優勢；渼
顏空間發揮在醫美產品研發、註冊、渠道佈局、品牌商業化方面的能力，
雙方聯合助力國產全長三螺旋重組人膠原蛋白技術的產業化落地，推動
行業高質量發展。

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重組膠原蛋白是再生醫美領域的核心生物材料，國內市場處於高速增長階段，
預計二零二七年國內重組膠原蛋白市場規模有望突破人民幣千億元。隨著國家
藥監局《重組膠原蛋白生物材料命名指導原則》落地，行業監管體系持續規範，
官方明確將重組膠原蛋白劃分為三大類別：重組人膠原蛋白（全長、高同源、具
備穩定三螺旋結構）、重組人源化膠原蛋白（片段、部分三螺旋結構）、重組類膠
原蛋白（低同源、一般不具備三螺旋結構）。其中，全長、高同源、具備穩定三螺
旋結構的重組人膠原蛋白契合行業技術升級與市場消費迭代的主流方向，是
當前高端再生醫美領域的重點發展產品類型。
本次本集團佈局的全長三螺旋重組人膠原蛋白具備更好的產品特性與技術優
勢，其與人體天然膠原蛋白氨基酸序列高度同源，結構完整、性能穩定，在細
胞修復、組織再生、皮膚抗衰等場景生物活性突出，可廣泛應用於高端醫美領
域，具備巨大的商業價值與市場前景，能夠有效豐富本集團高端醫美產品矩
陣，持續提升本集團在再生醫美領域的綜合競爭力。
關於漢騰生物
漢騰生物自二零一六年成立以來，專注於單抗、雙抗、融合蛋白等大分子藥物
CMC開發和生產，面向全球生物醫藥企業客戶提供符合NMPA、FDA 及EMA監
管要求的一站式服務。漢騰生物擁有國際領先的工程細胞培養和開發、上下游
開發、大分子分析方法開發平台及製劑工藝開發、品質檢測方法開發、中試及
商業化生產能力。成立以來，已為國內外多個生物醫藥企業客戶提供單抗、雙
抗、融合蛋白及重組蛋白等生物大分子藥物的開發及生產服務，其出色的項目
管理及快速高效的專案交付能力贏得了客戶的廣泛讚譽。

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關於渼顏空間
渼顏空間是四環醫藥精心孵化「一站式」新型醫美平台，通過全球化佈局、全面
專業的醫美產品矩陣、產品研發、註冊、生產及銷售一體化架構，致力於以製
藥企業的嚴謹創新打造匠心鑄造中國醫美全產品矩陣龍頭企業。渼顏空間持
續通過「自研+BD」雙引擎驅動來打造覆蓋愛美人士全生命週期需求的完整產
品矩陣，管線內共包含60餘款產品，覆蓋了包括填充、塑形、支撐、光電設備及
皮膚管理類等輕醫美的基礎類別。同時，渼顏空間具備強大的自主研發和技術
轉化實力，所擁有的海內外專業BD團隊及研發團隊能快速推動醫美產品的研
發和落地。目前，渼顏空間在全球落成三個生產基地，具有完善的品質管理體
系，並對產品的全生命週期實施有效風險管理。
其經驗豐富的醫美銷售團隊與全國廣覆蓋的銷售網絡和深發展體系更是能快
速推進產品銷售工作。渼顏空間的銷售團隊成員多數來自跨國醫美及醫藥企
業，具備豐富醫美產品的銷售經驗，並與數十家代理商緊密合作，銷售網絡已
覆蓋全國超過370個城市及超過9,000 家醫療美容機構。
關於四環醫藥
四環醫藥創立於二零零一年，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，擁有獨立領先的自主研發技術平台、具備豐富的全
球化產品管線、強大的產品註冊能力、高效率及低成本的全劑型生產平台和成
熟卓越銷售體系的國際化製藥及醫美企業。四環醫藥一直秉承「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醫美及生
物製藥企業。
上市規則的涵義
根據香港聯合交易所有限公司證券上市規則（「上市規則」）第14.07條，由於本次
股權戰略投資所進行的交易的最高適用百分比率低於5%，故本次投資並不構
成上市規則第14 章下須予公佈的交易。此外，於本公告日期，據本公司董事作
出一切合理查詢後所深知、盡悉及確信，漢騰生物及其最終實益擁有人均為獨
立於本公司及其關連人士（如上市規則所指的定義），故本交易亦不構成上市規
則第14A章下的關連交易。

– 5 –
本公告為本公司自願發佈的公告，目的是使廣大投資者了解本集團最新業務
發展情況，並不含有關於使用任何藥物、外科設備、醫療器械、治療或口服產
品的廣告或意圖。
承董事會命
四環醫藥控股集團有限公司
主席兼執行董事
車馮升醫生
香港，二零二六年十月八日
於本公告日期，本公司的執行董事為車馮升醫生（主席）、郭維城醫生（副主席兼
行政總裁）、張炯龍醫生及陳燕玲女士；本公司的非執行董事為車雨軒先生；及
本公司的獨立非執行董事為曾華光先生、朱迅博士及王冠先生。