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Brendle [6] successfully establishes the sharp Michael-Simon inequality for mean curvature on Riemannian manifolds with nonnegative sectional curvature ($\mathcal{K} \geq 0$), and the proof relies on the Alexandrov-Bakelman-Pucci method. Nevertheless, this result cannot be extended to hyperbolic space $\mathbb{H}^{n+1}$ ($\mathcal{K} = -1$), as demonstrated by Counterexample 1.7. In the present paper, we propose Conjectures 1.8 and 1.9 concerning the hyperbolic version of the sharp Michael-Simon type inequality for $k$-th mean curvatures. However, the proof method in \cite{B21} failed to verify the validity of these conjectures. Recently, the authors [12] proved Conjectures 1.8 and 1.9 only for $h$-convex hypersurfaces by means of the Brendle-Guan-Li's flow. This paper aims to utilize other types of curvature flows to prove Conjectures 1.8 and 1.9 for hypersurfaces with weaker convexity conditions. For $k = 1$, we first investigate a new locally constrained mean curvature flow (1.9) in $\mathbb{H}^{n+1}$ and prove its longtime existence and exponential convergence. Then, the sharp Michael-Simon type inequality for mean curvature of starshaped hypersurfaces in $\mathbb{H}^{n+1}$ is confirmed through the flow (1.9). For $k \geq 2$, the sharp Michael-Simon inequality for $k$-th mean curvatures of starshaped, strictly $k$-convex hypersurfaces in $\mathbb{H}^{n+1}$ is proven using the locally constrained inverse curvature flow (1.11) introduced by Scheuer and Xia [31].