Core Viewpoint - The report from CMB International raises the target price for Sihuan Pharmaceutical (01530) to HKD 39.5, maintaining a "Buy" rating and highlighting it as a key industry recommendation [1] Group 1: Clinical Data and Development - Strong clinical data, unwavering support from partners, and extensive R&D experience have increased confidence in the global development success of the 707 project [1] - The overseas development of the 707 project is progressing rapidly [1] Group 2: Business Spin-off - Sihuan Pharmaceutical plans to spin off its consumer pharmaceutical business, Mandi International, for a listing in Hong Kong, through a distribution of shares and a global offering of new shares [1] - After the spin-off, Sihuan Pharmaceutical will no longer hold any equity in Mandi International, which currently holds 87.16% [1] - The spin-off is expected to bring short-term investment returns and allow the company to focus on prescription and innovative drugs, with the raised funds supporting the commercialization of self-developed innovative products [1]

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 0.23% on November 27, with a trading volume of 1.149 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 26, 2024, the fund's shares totaled 9.88 billion, with a total size of 8.495 billion yuan, reflecting a significant increase in both shares and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2398.89% and its size increased by 2148.37% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the last 20 trading days, the cumulative trading amount reached 31.987 billion yuan, with an average daily trading amount of 1.599 billion yuan [1] - Since the beginning of the year, the cumulative trading amount has been 263.006 billion yuan, with an average daily trading amount of 1.201 billion yuan over 219 trading days [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 68.86% during the management period [2] - The top holdings of the fund include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and China National Pharmaceutical Group, with significant percentages of the portfolio allocated to these stocks [2] - The largest holding is BeiGene, accounting for 10.62% of the portfolio, followed closely by CanSino Biologics at 10.55% and Innovent Biologics at 10.21% [2]

| 医药 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 11 月 27 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 31.58 | 港元 | 39.50↑ | +25.1% | | | 三生制药 (1530 HK) | | | | | | | 707 海外开发快速推进，蔓迪计划分拆聚焦创新主业；上调目标价 个股评级 买入 1 年股价表现 资料来源： FactSet 11/24 3/25 7/25 11/25 -100% 0% 100% 200% 300% 400% 500% 600% 1530 HK 恒生指数 股份资料 | 52周高位 (港元) | 35.90 | | --- | --- | | 52周低位 (港元) | 5.69 | | 市值 (百万港元) | 75,546.62 | | 日均成交量 (百万) | 21.32 | | 年初至今变化 (%) | 419.41 | | 200天平均价 (港元) | 27.32 | | 资料来源： FactSet | | 交银国际研究 公司更新 丁政宁 Ethan.Ding@b ...

Group 1 - The core viewpoint of the report is that the spin-off of Mandi International from 3SBio is beneficial for both parties, allowing 3SBio to focus on innovative drug development while Mandi concentrates on consumer healthcare products [1] - The spin-off will enhance Mandi's image among customers, suppliers, and potential partners, improving its position for business negotiations and attracting more business [1][2] - Mandi International is recognized as a leading consumer pharmaceutical company in China, with a strong focus on skin health and weight management solutions [2] Group 2 - Mandi has established a leading position in the hair health sector within the skin health industry, with its flagship Minoxidil-based hair loss treatment products ranking first in the Chinese market for ten consecutive years [2] - Revenue projections for Mandi International from 2022 to 2024 are 982 million, 1.228 billion, and 1.455 billion yuan, respectively, with a CAGR of 21.7% [3] - Mandi's gross profit margins are expected to improve from 80.3% in 2022 to 82.7% in 2024, while net profit margins are projected to be 20.5%, 27.8%, and 26.8% for the same years [3]

Group 1 - The core viewpoint of the report is that the spin-off of Mandi International from 3SBio is beneficial for both companies, allowing 3SBio to focus on innovative drug development while Mandi specializes in consumer healthcare products [1] - The spin-off will enhance Mandi's image among customers, suppliers, and potential partners, improving its position for business negotiations and attracting more business [1] - The financial flexibility of both companies will increase, supporting sustainable growth through stable cash flow [1] Group 2 - Mandi International is recognized as a leading consumer pharmaceutical company in China, focusing on skin health and weight management solutions [2] - Mandi has established a leadership position in the hair health sector, with its flagship Minoxidil-based hair loss treatment products ranking first in the Chinese market for ten consecutive years, holding approximately 57% and 71% market shares in 2024 for hair loss and Minoxidil markets respectively [2] - The company is actively expanding into broader skin health and weight management areas to meet the growing consumer demand in China's rapidly developing consumer healthcare market [2] Group 3 - Mandi International has shown stable and rapid revenue growth from 2022 to 2024, with revenues of 982 million, 1.228 billion, and 1.455 billion yuan respectively, resulting in a CAGR of 21.7% [3] - The gross margins for the same period are projected to be 80.3%, 82.0%, and 82.7% [3] - Net profits are expected to increase from 202 million to 341 million and then to 390 million yuan, with net profit margins of 20.5%, 27.8%, and 26.8% respectively [3]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for 3SBio (01530), highlighting the rapid global clinical development of its core products and robust performance growth, particularly following the successful licensing of 707 [1] Group 1: Clinical Development - 3SBio presented Phase 2 clinical data for 707 in combination with chemotherapy for 1L NSCLC at the STIC conference, showing good efficacy and safety in both sqNSCLC and nsqNSCLC, supporting further Phase 3 studies [1] - Pfizer discussed the global clinical strategy for 707, focusing on two key Phase 3 trials for NSCLC 1L and mCRC 1L, with plans to initiate five additional studies soon [1] Group 2: Financial Projections - Guosen Securities raised its profit forecast for 3SBio, expecting net profit attributable to shareholders to reach 9.955 billion, 2.875 billion, and 3.212 billion yuan for 2025-2027, up from previous estimates of 2.38 billion, 2.71 billion, and 3.07 billion yuan [1] Group 3: Future Development Plans - Pfizer's second wave of development plans aims to add 10 new indications and over 10 novel combination therapies by the end of 2026, targeting to replace existing standard treatments with 707 [1] - The strategy includes exploring combinations with ADCs and developing non-chemotherapy options, expanding applications to early treatment scenarios [1]

智通财经获悉，国信证券发布研报称，维持三生制药(01530)"优于大市"评级，其核心产品快速推进全 球临床开发，完成重磅对外授权交易，业绩保持稳健增长。考虑到707对外授权已经落地，该行上调盈 利预测，预计2025-2027年公司的归母净利润为99.55/28.75/32.12亿元(前值23.8/27.1/30.7亿元)。 国信证券主要观点如下： 辉瑞电话会讨论707全球临床策略 辉瑞公布707全球临床策略，第一波近期临床试验的核心为两项3期关键临床(NSCLC1L;mCRC1L)，并 将于近期启动5项研究，包括：ES-SCLC1L的ph2/3研究，NSCLC中联合ADCs的ph1/2研究，mHCC的 ph1/2研究，mUC的ph1/2研究和mRCC的ph1/2研究。辉瑞的第二波开发计划预计在2026年底前将新增10 个适应症的临床试验和10种以上新型组合方案，目标用707替代现有标准治疗的PD-(L)1抑制剂和VEGF 抑制剂，成为新的基石疗法;同时探索与ADC的联用，开发无化疗方案，并将其应用拓展至新辅助治疗 和辅助治疗等早期治疗场景。 风险提示 三生制药在2025年STIC会议上公布707联合化疗治疗1 ...

格隆汇11月27日丨根据联交所最新权益披露资料显示，2025年11月21日，三生制药(01530.HK)获汇添富基金管理股份有限公司在场内以每股均价29.8174港 元增持116.2万股，涉资约3464.78万港元。 增持后，汇添富基金管理股份有限公司最新持股数目为146,132,500股，持股比例由5.96%上升至6.01%。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | | | 原因 | 份敷目 | | | (請參閱上述*註解) 有投票權股 (日 / 月 | | | | | | | 份百分比 | | | | | | | ( % ) | | CS20251126E00005 | 汇添富基金管理股份有限公司 1101(L) | | 1.162.000(L) | HKD 29.8174 | 146.132.500(L) 6.01(L)21/11/2 | | 股份代號: | 01530 | | --- | --- | | 上 ...

Core Viewpoint - Sanofi Pharmaceutical is set to become a star in the pharmaceutical sector by 2025, following its collaboration with Pfizer and the planned spin-off of its subsidiary, Mandi International, for independent listing, marking the potential emergence of a third listing platform within the "Sanofi System" [1][4]. Group 1: Company Developments - Mandi International, a Cayman Islands-registered company, focuses on consumer pharmaceuticals, particularly in skin health and weight management solutions, and is known for its flagship Minoxidil-based hair loss treatment products [5]. - The valuation of Mandi International has increased over nine times since its acquisition by Sanofi Pharmaceutical in 2015 for 528 million yuan [6][7]. - Mandi International's financial performance shows projected revenues of approximately 982 million yuan, 1.228 billion yuan, 1.455 billion yuan, and 743 million yuan for the years 2022 to 2025, with profit margins consistently above 80% [5]. Group 2: Market Strategy - The spin-off aims to allow for more accurate market valuation of Mandi International, isolating consumer healthcare market risks from Sanofi Pharmaceutical's core focus on innovative drugs and biopharmaceuticals [8]. - The spin-off will utilize a stock distribution and new global share issuance method, allowing existing shareholders to receive shares in Mandi International proportionate to their holdings [8]. Group 3: Historical Context - The "Sanofi System" has a clear capital structure, with Sanofi Pharmaceutical focusing on biopharmaceuticals, Sanofi Guojian on antibody drugs, and Mandi International on consumer healthcare, maximizing capital value across different market segments [11]. - The history of Sanofi Pharmaceutical includes its founding in 1993, its listing on NASDAQ in 2007, and its transition to the Hong Kong Stock Exchange in 2015, alongside strategic acquisitions that expanded its product offerings [9][10]. Group 4: Recent Performance - The stock prices of Sanofi Pharmaceutical and Sanofi Guojian have surged significantly this year, with Sanofi Pharmaceutical's stock increasing nearly fourfold, driven by a lucrative business development deal with Pfizer [13][15]. - The deal with Pfizer involves a $1.25 billion upfront payment for a dual-target antibody product, which has sparked a broader rally in the innovative drug sector [14][15].

智通财经APP获悉，香港联交所最新资料显示，11月21日，汇添富基金增持三生制药(01530)116.2万 股，每股作价29.8174港元，总金额约为3464.78万港元。增持后最新持股数目约为1.46亿股，最新持股 比例6.01%。 （原标题：汇添富基金增持三生制药(01530)116.2万股 每股作价约29.82港元） ...