Core Viewpoint - Recently, the company announced a proposal to spin off its subsidiary, Mandi, for independent listing on the Hong Kong Stock Exchange [1] Group 1: Spin-off Details - The proposed spin-off is expected to be executed through a physical distribution of Mandi shares to shareholders based on their respective holdings in the company [1] - Mandi has submitted an application to the Hong Kong Stock Exchange for the approval of its listing, which includes a global offering of new shares [1] Group 2: Ownership Structure - As of the announcement date, Mandi is approximately 87.16% owned by the company, with other shareholders including Intai Management Limited (3.38%), Mandi Group Limited (2.80%), GLWecan Investment IV L.P. (4.00%), and Alibaba Health (Hong Kong) Technology Co., Ltd. (2.65%) [1]

Core Viewpoint - Sanofi Pharmaceutical (01530) experienced a decline of over 8%, specifically 8.33%, trading at HKD 29.7 with a transaction volume of HKD 495 million following the announcement of a proposed spin-off of its subsidiary, Mandi [1] Group 1: Company Announcement - On November 20, Sanofi Pharmaceutical announced its proposal to spin off its subsidiary, Mandi, for independent listing on the Hong Kong Stock Exchange [1] - The proposed spin-off is expected to be executed through a physical distribution of Mandi shares to shareholders based on their respective holdings in the company, along with a global offering of new Mandi shares [1] - Mandi International submitted its listing application to the Hong Kong Stock Exchange yesterday [1] Group 2: Ownership Structure - As of the announcement date, Mandi is beneficially owned by Sanofi Pharmaceutical (approximately 87.16%), Yingtai Management Limited (3.38%), Mandi Group Limited (2.80%), GL Wecan Investment IV L.P. (4.00%), and Alibaba Health (Hong Kong) Technology Co., Ltd. (2.65%) [1] Group 3: Mandi's Market Position - Mandi focuses on the hair health sector within the broader skin health industry and has established a leading position [1] - Mandi launched the first domestic 5% minoxidil solution under the Mandi® brand in 2001 and plans to introduce a second-generation minoxidil product, Mandi® 5% minoxidil foam, in 2024 [1]

Group 1 - The Hong Kong stock market saw a collective decline in the innovative drug sector, with notable drops in several companies [1] - Three-Sixty Pharmaceutical experienced a decline of over 7% [1] - Other companies such as King’s Ray Biotechnology, CSPC Pharmaceutical Group, and Galenica also reported declines [1]

Major Events - Sanofi Pharmaceutical (01530) proposes to spin off Mandi International and independently list it on the main board of the Hong Kong Stock Exchange [1] - Youbao Online (02429) signs a trusted asset management platform service agreement with Ant Chain Technology [1] - Jianxi Technology-B (09877) reports 6-month clinical follow-up results for LuX-Valve Plus TRINITY study on patients with large valve rings [1] - Fuhong Hanlin (02696) announces that Hanshu® (Sru Li monoclonal antibody injection) combined with chemotherapy for gastric cancer neoadjuvant/adjuvant treatment has been officially included in the breakthrough therapy drug program by the National Medical Products Administration [1] - Kaizhile International (02122) partners with globally renowned toy company Jazwares to launch HELLO KITTY AND FRIENDS toys [1] Operating Performance - ZTO Express-W (02057) reports third-quarter net profit attributable to shareholders of 2.524 billion yuan, an increase of 5.32% year-on-year [1] - Lenovo Group (00992) announces interim results with a profit attributable to shareholders of 846 million USD, a year-on-year growth of 40% [1] - CSPC Pharmaceutical Group (01093) releases third-quarter results showing a profit attributable to shareholders of 3.511 billion yuan, a decrease of 7.06% year-on-year [1] - NetEase-S (09999) reports third-quarter net profit attributable to shareholders of approximately 8.616 billion yuan, a year-on-year increase of 31.77%, with a dividend of 0.114 USD per share [1] - Jingyou Pharmaceutical (00858) issues a profit warning, expecting a mid-term loss of approximately 450 million to 480 million HKD, transitioning from profit to loss year-on-year [1]

Group 1 - The company proposes to spin off its subsidiary, Mandi Co., and list it independently on the Hong Kong Stock Exchange [1] - The proposed spin-off will involve a distribution of all shares of Mandi to shareholders based on their ownership percentage and a global offering of new Mandi shares [1] - The Hong Kong Stock Exchange has confirmed that the company can proceed with the proposed spin-off [1] Group 2 - Upon completion of the spin-off, the company will no longer retain any interests in Mandi, and Mandi will cease to be a subsidiary of the company [1] - Mandi submitted an application to the Hong Kong Stock Exchange on November 20, 2025, for the approval of its shares to be listed and traded on the main board [1] - The listing document for Mandi is expected to be published on the Hong Kong Stock Exchange's website for review and download [1]

Core Viewpoint - The company, 3SBio Inc. (01530.HK), announced plans to spin off its subsidiary, Mandiant, for an independent listing on the Hong Kong Stock Exchange, subject to various approvals and considerations [1] Group 1 - The proposed spin-off of Mandiant is contingent upon approvals from relevant authorities, final decisions from the boards of both the company and Mandiant, as well as market and other factors [1] - The completion of the spin-off is not guaranteed, indicating potential uncertainties surrounding the process [1] - Shareholders and other investors are advised to exercise caution when trading the company's securities during this period [1]

于本公告日期，蔓迪由该公司、英泰管理有限公司、MandiGroupLimited、GL Wecan Investment IV L.P. 及阿里健康(香港)科技有限公司实益拥有约87.16%、3.38%、2.80%、4.00%及2.65%的权益。分拆集团 是中国领先的专业消费医药公司，致力于为皮肤健康及体重管理领域开发及提供全面而长期的解决方 案。蔓迪主要专注于并已在更广泛的皮肤健康行业中的毛髮健康领域建立领导地位。蔓迪于 2001年于 蔓迪®品牌旗下推出国内首款5%米诺地尔酊剂，并于 2024年进一步推出第二代米诺地尔类产品，即蔓 迪®5%米诺地尔泡沫剂。 智通财经APP讯，三生制药(01530)公布，公司建议将公司附属公司蔓迪股份分拆并于联交所主板独立上 市。建议分拆(倘进行)预计将通过(i)公司按董事会为确定股东权利而厘定的记录日期，根据股东各自于 公司的持股比例，以实物分派方式向股东分派其持有的蔓迪全部股份及(ii)蔓迪新股的全球发售，包括 香港公开发售及国际发售。 就建议分拆而言，于2025年 11月20日，蔓迪向联交所递交申请，以(i)实物分派公司持有的蔓迪全部股 份及(ii)全球发售蔓迪新股的方 ...

Group 1 - Company plans to spin off its subsidiary Mandi Group and list it independently on the Hong Kong Stock Exchange [1] - The proposed spin-off will involve a distribution of Mandi shares to shareholders based on their ownership percentage and a global offering of new Mandi shares [1] - Mandi submitted its application to the Stock Exchange on November 20, 2025, for the approval of its shares to be listed and traded [1] Group 2 - Mandi is primarily owned by the company and several other entities, holding approximately 87.16%, 3.38%, 2.80%, 4.00%, and 2.65% of the equity respectively [2] - The spin-off group is recognized as a leading professional 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 within the broader skin health industry, launching the first 5% minoxidil solution in 2001 and planning to introduce a second-generation minoxidil foam product in 2024 [2]

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。 並於香港聯合交易所有限公司主板獨立上市 本 公 司 建 議 將 本 公 司 附 屬 公 司 蔓 迪 股 份 分 拆 並 於 聯 交 所 主 板 獨 立 上 市。建 議 分 拆（倘 進 行）預計將通過（i）本公司按董事會為確定股東權利而釐定的記錄日 期，根 據 股 東 各 自 於 本 公 司 的 持 股 比 例，以 實 物 分 派 方 式 向 股 東 分 派 其 持 有 的 蔓迪全部股份及（ii）蔓 迪 新 股 的 全 球 發 售，包 括 香 港 公 開 發 售 及 國 際 發 售。 根據上市規則第15項 應 用 指 引，蔓 迪 股 份 於 聯 交 所 獨 立 上 市，構 成 本 公 司 對 蔓 迪 的 分 拆。聯 交 所 ...

Company Background - Founded in 1993, the company is a leading biopharmaceutical firm in China with extensive experience in R&D, production, and sales of biological drugs. It has developed a rich product portfolio and pipeline in various therapeutic areas including nephrology, hematology, oncology, autoimmune diseases, and dermatology [1] - The company has strong domestic commercialization capabilities, with core products such as TPIAO, EPO, Yisaipu, and Mandi holding high market shares, driving continuous revenue growth [1] Oncology Focus - The SSGJ-707 molecule is expected to become a cornerstone therapy in global cancer immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages. A significant licensing agreement with Pfizer was established in May-July 2025, where Pfizer will pay $1.4 billion upfront and up to $4.8 billion in milestone payments, setting a record for domestic PD-(L)1/VEGF dual antibodies [1][2] - The PD-(L)1 inhibitors face challenges in cold tumors and efficacy improvements, but the dual antibody approach has shown potential in head-to-head trials against existing therapies, indicating a market potential exceeding $100 billion [1] Clinical Development Plans - Pfizer's strategy for SSGJ-707 includes launching seven global clinical trials, positioning it as a foundational therapy across various cancers. Upcoming trials include 1L NSCLC Phase III, 1L mCRC Phase III, and others, with plans to explore over 10 additional indications by 2026 [2] - The potential market for SSGJ-707 could cover over 350,000 patients in the U.S., indicating a substantial market opportunity [2] Commercialization Strength - The company has a strong commercial capability with its flagship product TPIAO projected to generate revenue of 5.06 billion yuan in 2024. TPIAO is the only commercialized rhTPO globally and is highly recommended in treatment guidelines [3] - Despite competitive pressures, the company maintains a leading position in the rhEPO market, with expected sales of 1.019 billion yuan from its dual-brand strategy in 2024, capturing a 42% market share [3] Financial Projections - Revenue forecasts for the company are estimated at 18.52 billion yuan in 2025, 11.55 billion yuan in 2026, and 11.78 billion yuan in 2027, with net profits projected at 9.77 billion yuan, 3.72 billion yuan, and 3.28 billion yuan respectively. The company is rated with a strong recommendation based on these projections [4]