配售事项的估计所得款项总额及所得款项净额将分别约为31.15亿港元及30.87亿港元。公司拟按以下方 式使用配售事项所得款项净额：(i)约80%用于研发相关开支，包括：(a)推进处于研发阶段的在研创新药 在中国及美国的临床研究，以加快管线进度，包括但不限于705(PD1/HER2)、706(PD1/PDL1)、 008(B7H3/IL15)、59(MUC17/CD3/CD28)、626(BDCA2)及627(TL1A)，(b)支持已商业化药物的适应症扩 展或在中国境外的临床试验，以进一步提升产品价值及扩大市场覆盖范围，包括但不限于特比澳 (TPO)、益比奥(EPO)，(c)建设全球基础设施及配套设施；及(ii)约20%用作营运资金及其他一般公司用 途，以支持集团的持续营运及战略计划。 来源：格隆汇APP 格隆汇12月2日丨三生制药(01530.HK)发布公告，2025年12月2日(交易时间前)，公司与独家配售代理(即 摩根士丹利)订立配售协议，据此，公司已有条件同意透过独家配售代理按每股配售股份29.62港元的价 格向不少于六名承配人配售合共约1.05亿股配售股份。配售股份占本公告日期已发行股份总数约 4.3 ...

Group 1 - Company announced a placement agreement with an exclusive placement agent to issue 105 million shares at a price of HKD 29.62 per share, which represents a discount of 6.50% compared to the closing price of HKD 31.68 on the trading day prior to the agreement [1] - The placement shares will account for approximately 4.14% of the total issued shares after the placement, assuming no changes in the company's issued share capital from the announcement date until completion [1] Group 2 - The estimated total proceeds from the placement are approximately HKD 3.115 billion, with a net amount of about HKD 3.087 billion after deducting placement commissions and other related expenses [2] - Approximately 80% of the net proceeds will be used for research and development, including advancing clinical studies for innovative drugs in China and the US, and supporting the expansion of indications for commercialized drugs [2] - The remaining 20% of the net proceeds will be allocated for working capital and other general corporate purposes to support the company's ongoing operations and strategic plans [2]

配售事项的估计所得款项总额及所得款项净额(经扣除配售佣金及其他相关开支及专业费用后)将分别约 为31.15亿港元及30.87亿港元。公司拟按以下方式使用配售事项所得款项净额：约80%用于研发相关开 支，包括：(a)推进处于研发阶段的在研创新药在中国及美国的临床研究，以加快管线进度，包括但不 限于705(PD1/ HER2)、706(PD1/PDL1)、008(B7H3/IL15)、59(MUC17/CD3/CD28)、626(BDCA2)及 627(TL1A)，(b)支持已商业化药物的适应症扩展或在中国境外的临床试验，以进一步提升产品价值及扩 大市场覆盖范围，包括但不限于特比澳(TPO)、益比奥(EPO)，(c)建设全球基础设施及配套设施;及约 20%用作营运资金及其他一般公司用途，以支持集团的持续营运及战略计划。 智通财经APP讯，三生制药(01530)发布公告，于2025年12月2日(交易时间前)，公司与独家配售代理订 立配售协议，据此，公司已有条件同意透过独家配售代理按每股配售股份29.62港元的价格向不少于六 名承配人配售合共1.05亿股配售股份。 配售价为每股配售股份29.62港元。配售价乃公司与独 ...

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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本公告及其任何副本均不得直接或間接在美國或任何其他可能非法發佈或分發的司法管轄區發佈或分 發。本 公 告 並 不 構 成 或 組 成 於 美 國 購 買 或 認 購 證 券 的 任 何 要 約 或 招 攬 的 一 部 分。本 公 告 所 述 證 券 並 未 亦 不會根據1933年美國證券法（「美 國 證 券 法」）登 記，亦 不 得 在 美 國 提 呈 發 售 或 出 售，除 非 根 據 美 國 證 券 法 作 出 登 記 或 獲 豁 免 登 記 或 為 毋 須 根 據 美 國 證 券 法 作 出 登 記 ...

来源：市场资讯 （来源：化妆品观察 品观） 本周美妆行业发生了这些值得关注的事情 屈臣氏或港英双重上市 据外媒披露，长江和记正计划分拆屈臣氏集团，拟最早于2026年上半年在香港与伦敦两地双重上市，募 资规模约20亿美元（约合人民币141.5亿元），估值有望突破300亿美元（约合人民币2123亿元）。 •屈臣氏或港英双重上市 • 植物医生推进IPO • 国货防脱第一股要来了 • 珀莱雅原料商重返新三板 • 10亿级原料商格林生物三冲IPO • Hourglass创始人再推新品牌Outside In • 第六届中国化妆品年会圆满闭幕 IPO 若顺利上市，这将成为港股消费零售板块近年最大规模的IPO之一。对此，长和方面回应"不评论市场 传闻"。 作为拥有超16900家门店、1.75亿会员的全球零售巨头，屈臣氏如今的财务表却难掩疲态，尤其在中国 市场。2024年，屈臣氏中国区营业利润暴跌130%；2025年上半年收益同比下滑3%，门店净关闭145 家，成全球唯一负增长区域。 为扭转颓势，屈臣氏近年已推行"O+O"云店模式、试水社区店与大健康店、去BA化、降低自有品牌比 例、换血管理层等一系列自救举措，一定程度上延缓颓 ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 任彩茹 比星咖啡产品的价格带在15元-25元左右，价格、品牌定位、供应链方面整体对标Manner。2022年，比星咖啡在苏州开出第一家门店，截至目前，比星 咖啡已开出300家门店，主要分布在华东和华南。 「拓竹科技」将完成新一轮融资 据硬氪，拓竹接近完成最新一轮融资，腾讯参投，公司估值或达100亿美金。对此，拓竹科技方面回应"信息不实"。 拓竹科技是一家消费级3D打印公司，也是近年来一级市场最为耀眼的独角兽企业之一。东吴证券研报显示，去年其营收预计达到55～60亿元，净利润接 近20亿元。 • 「瑞云冷链」完成近亿元A+轮融资 36氪获悉，"瑞云冷链"近期完成近亿元人民币A+轮融资，本轮融资由广州产投领投，香港中侨跟投。 瑞云冷链创立于2020年，致力于通过网络化和数字化提升冷链产业效率，提供全场景、数字化、端到端的冷链物流集成服务。截至2024年，瑞云冷链服 务终端数量超过10万个门店，订单量达到70%的同比增长。 •「天天百应」完成数千万元A轮融资 Busy Money 「比星咖啡」完成数千万元B轮融资 36氪获悉， ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 47.84 [4][10][16]. Core Insights - The spin-off of Mandy International aligns with the interests of both 3SBio and Mandy International shareholders, allowing 3SBio to focus on innovative drug development while Mandy specializes in consumer healthcare products [1][4]. - The company is expected to see significant revenue growth, with forecasts of RMB 19.18 billion, RMB 11.90 billion, and RMB 14.05 billion for 2025-2027, respectively [8][16]. - Mandy International has established a leading position in the hair health sector, with flagship Minoxidil products holding approximately 57% and 71% market shares in the hair loss and Minoxidil markets in China for 2024 [4][16]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: RMB 7.816 billion (2023A), RMB 9.108 billion (2024A), RMB 19.178 billion (2025E), RMB 11.895 billion (2026E), and RMB 14.051 billion (2027E), reflecting a CAGR of 21.7% from 2022 to 2024 [3][4][16]. - Net profit attributable to shareholders is forecasted to be RMB 1.549 billion (2023A), RMB 2.090 billion (2024A), RMB 10.214 billion (2025E), RMB 2.813 billion (2026E), and RMB 3.515 billion (2027E) [3][4][16]. - The company’s PE ratio is projected to be 11.75 (2023A), 7.07 (2024A), 7.25 (2025E), 26.33 (2026E), and 21.06 (2027E) [3][4]. Business Development - The spin-off is expected to enhance Mandy International's image among clients and partners, improving its position for business negotiations and attracting more opportunities [4][16]. - Mandy International is focused on developing blockbuster consumer medical products, with a strong emphasis on skin health and weight management solutions [4][16]. - The company has shown stable growth in past performance, with revenue figures of RMB 982 million, RMB 1.23 billion, and RMB 1.46 billion from 2022 to 2024, alongside high gross profit margins [4][16].

Core Viewpoint - The report from CMB International highlights that 3SBio's partner has significantly accelerated the overseas clinical development of SSGJ-707 (PF-4404), with Pfizer recently disclosing plans to focus on speed, breadth, and depth in its development [1] Group 1: Clinical Development - 3SBio's partner has accelerated the overseas clinical development of SSGJ-707 (PF-4404) [1] - Pfizer's recent disclosure indicates a strategic focus on enhancing the speed, breadth, and depth of the drug's development [1] Group 2: Business Strategy - 3SBio announced plans to spin off its consumer pharmaceutical business, Mandi International, for a listing on the Hong Kong Stock Exchange [1] - Post-spin-off, 3SBio will no longer hold any equity in Mandi International, which is expected to generate short-term investment returns and allow the company to focus on its core prescription and innovative drug business [1] Group 3: Financial Outlook - CMB International has raised its target price for 3SBio to HKD 39.5 and maintains a "Buy" rating along with a sector focus recommendation [1]

机构：交银国际 研究员：丁政宁/诸葛乐懿 合作伙伴大幅加速707 海外临床开发：辉瑞近期披露SSGJ-707（PF-4404）的开发计划，表示将围绕"速 度、广度、深度"三大维度展开，旨在将其打造成一款跨越多瘤种的基石型免疫疗法：1）速度方面，辉 瑞计划在近期快速启动至少7 项临床试验，包括两项全球多中心III 期临床（据ClinicalTrials.gov，均将 于12 月启动入组），分别针对1L sq-/nsq-NSCLC（头对头K 药）和转移性结直肠癌，及一项II/III 期研 究（1L ESSCLC）和四项I/II 期研究。2）广度和深度方面，辉瑞计划在2026 年底前拓展超10 个新适应 症和10 种以上新联合疗法，包括系统评估SSGJ-707与辉瑞庞大ADC 产品组合的联用方案，同时探索该 药物在围手术期的应用。针对PF-4404 的后续开发，目前辉瑞已在超过25 个国家筛选出500余家临床中 心，并完成美国本土的生产布局，以确保开发的高效且数据符合全球注册要求。近期公司在SITC 大会 上公布了707 治疗1L NSCLC 的II期数据，与替雷利珠单抗相比，707 在10mg/kg Q3W 的剂 ...

Core Insights - The focus in the PD-(L)1/VEGF bispecific antibody market has shifted from business development amounts to development efficiency and indication differentiation [1] - The competition is intensifying as multiple PD-(L)1/VEGF bispecific antibodies are entering Phase III clinical trials, emphasizing the importance of research speed and strategic indication planning [1] Domestic Indication Layout - The PD-(L)1/VEGF bispecific antibody market in China is characterized by rapid development and strategic positioning, with 康方生物/Summit’s Ivonescimab leading the way [2] - Ivonescimab has received approval for two indications in China, with projected sales of approximately 9 billion CNY in 2024 and 7.2 billion CNY in the first half of 2025, and a forecasted total sales exceeding 15 billion CNY in 2025 [2][3] Clinical Development and Market Potential - The first indication for Ivonescimab was approved in May 2024 for treating advanced non-squamous non-small cell lung cancer (nsq-NSCLC) after progression on EGFR-TKI therapy [3] - The second indication was approved in April 2025 for first-line treatment of PD-L1 positive (TPS≥1%) EGFR mutation negative and ALK negative advanced NSCLC [3] - The third indication for Ivonescimab is under review for first-line treatment of advanced squamous NSCLC [3] - The potential of the advanced lung cancer market is significant, with non-small cell lung cancer accounting for approximately 85% of all lung cancer cases [3] Competitive Landscape - The competitive landscape includes other key players such as BioNTech/BMS with PM8002 and Pfizer with SSGJ-707, both of which are also in late-stage clinical trials [5][6] - PM8002 is focusing on triple-negative breast cancer (TNBC) and small cell lung cancer (SCLC), while SSGJ-707 has initiated a head-to-head comparison with Keytruda for treating PD-L1 positive NSCLC [6][8] Global Market Dynamics - The global PD-(L)1/VEGF bispecific antibody market is dominated by three main players: 康方生物/Summit, BioNTech/BMS, and Pfizer, all of which are conducting Phase III clinical trials [8] - The strategies of these companies vary, with 康方生物 focusing on building a strong clinical barrier in the lung cancer market, BioNTech/BMS creating differentiation in TNBC and SCLC, and Pfizer leveraging its ADC advantages in colorectal cancer [18]