参加赛生制药近期业务进展电话会我是中台医药的分析师曹泽运和我一同在线主持的还有沐一山老师非常荣幸邀请到赛生制药公司领导CFO何总IRD赵总以及IR团队赛生制药是我们长期以来一直跟踪推荐看好的港股法玛雷标的 那么在相关的标签上有成长 红利 股息等等的表现非常出众那在此同时 今年年内有多笔S&T在原油矩阵上拥有拓展同时在更早的一批里有in house的分子持续发力从MD到一期到二期也有相当的进展 那今天呢应该说是从在整体市场都表现不错的情况下德城制药的那个股价表现应该说更加非常出众所以就近期的一些业务进展呢我们今天也邀请到公司领导和市场一起做一个交流那我们今天这个交流的大概是这样因为前期已经基本收到了相关的问题总共有四项那么就这四项问题请公司先大致做一个赘述之后我们来开放这个自由问答环节 那可能有些朋友是电话接入的所以我简单先念一下我们这个前面的一些问题第一个是在多个产品已经完成了以导谈判续约的结果落地请公司领导简单简要介绍一下这方面的情况第二个是年内有多笔特色产品的来自于deal来自于deal也扩充了这个产品矩阵那这些产品后续的这个战略准备和安排等等 第三是控股总公司三生国建多个资源领域的抗体药物都已经推进至了 ...

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 的 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 的 全 部 或 任 何 部 分 內 容 所 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 概 不 保 證 該 產 品 將 最 終 成 功 商 業 化。本 公 司 股 東 及 潛 在 投 資 者 在 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事。 承董事會命 三生制药 主 席 婁競博士 中 國，上 海 二零二四年十一月二十五日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 婁 競 博 士 及 蘇 冬 梅 女 士；非 執 行 董 事 張 皎 娥 女 士；以 及 獨 立 非 執 行 董 事 濮 天 若 先 生、楊 凱 蒂 女 士 及 黃 祖 耀 先 生。 自願公告 瀋陽三生與廣東東陽光藥業就苯磺酸克立 ...

1 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 的 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 的 全 部 或 任 何 部 分 內 容 所 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 自願公告 首席財務官增持股份 本公告由三生制药（「本公司」）自 願 作 出。 本公司董事會（「董事會」）謹 此 公 告，近 期 接 獲 本 公 司 首 席 財 務 官 何 翔 先 生（「何 先 生」）的 報 告，其 自2024年1月1日 開 始 到 本 公 告 之 日 止，已 通 過 集 中 競 價 的 方 式，累 計以平均價格每股股份約5.99港元增持本公司合共3,000,000股普通股（「股 份」），佔 已發行股份總數約0.12%。 何 先 生 向 董 事 會 表 明，其 認 為 股 份 長 期 處 於 低 估 狀 態，基 ...

自願公告 2024年「雙 十 一」蔓 迪®榮登多平台榜單榜首 本公告由三生制药（「本公司」）自 願 作 出。 本公司旗下附屬公司浙江三生蔓迪藥業有限公司（「三生蔓迪」）在2024年「雙 十 一」 活 動 期 間： 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 的 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 的 全 部 或 任 何 部 分 內 容 所 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 承董事會命 三生制药 主 席 婁競博士 中 國，上 海 二零二四年十一月十四日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 婁 競 博 士 及 蘇 冬 梅 女 士；非 執 行 董 事 張 皎 娥 女 士；以 及 獨 立 非 執 行 董 事 濮 天 若 先 生、楊 凱 蒂 女 士 及 黃 祖 耀 先 生。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock [1][8]. Core Insights - The company is a leading player in the domestic biopharmaceutical sector with a rich pipeline of products and a strong market presence in various therapeutic areas [1][3]. - The core products are experiencing steady growth, with significant market share in their respective categories, particularly in the treatment of thrombocytopenia and anemia [2][5]. - The company has a robust research and development capability, with 28 products in the pipeline, including several nearing NDA submissions [3][7]. - The company has strategically positioned itself in the health sector, with a focus on hair loss and dermatological products, which are expected to drive future growth [6][8]. Financial Performance - The company reported a revenue of 6,859 million in 2022, with projections of 7,816 million for 2023 and 9,090 million for 2024, reflecting a year-on-year growth rate of 13.9% and 16.3% respectively [1][9]. - The net profit attributable to the parent company is expected to grow from 1,914.9 million in 2022 to 2,173.2 million in 2024, indicating a significant recovery and growth trajectory [1][9]. - The company's P/E ratio is projected to decrease from 9.7 in 2023 to 6.9 in 2024, suggesting an attractive valuation relative to earnings [1][9]. Product Performance - The core product, Tevaz (recombinant human thrombopoietin), achieved sales of 2,476 million in H1 2024, a 22.6% increase year-on-year, maintaining a 66% market share in the thrombocytopenia treatment market [2][5]. - The EPO products, Yibiao and Saiboer, generated 516 million in revenue, with a market share of approximately 43%, solidifying their leading position in the EPO market [2][4]. - The hair loss treatment product, Mandi, reported a revenue of 550 million, with a 10% year-on-year growth, and is expected to benefit from increasing market penetration [6][8]. Market Strategy - The company has a well-established sales and marketing team of nearly 3,000 personnel, covering a vast network of medical institutions and hospitals, enhancing its market reach [3][4]. - The company is actively expanding its product offerings and market presence in the health sector, particularly in the hair loss and dermatology segments, which are projected to grow significantly [6][8].

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 的 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 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 自願公告 瀋陽三生與海和藥物就紫杉醇口服溶液達成合作協議 本 公 告 乃 由 本 公 司 自 願 刊 發。概 不 保 證 該 產 品 將 最 終 成 功 商 業 化。本 公 司 股 東 及 潛 在 投 資 者 在 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事。 承董事會命 三生制药 主 席 婁競博士 中 國，上 海 二零二四年十月二十四日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 婁 競 博 士 及 蘇 冬 梅 女 士；非 執 行 董 事 張 皎 娥 女 士；以 及 獨 立 非 執 行 董 事 濮 天 ...

Market Position and Product Development - As of June 30, 2024, the company holds a 66.2% market share in the platelet reduction treatment market in mainland China for its product Tevaziv, according to IQVIA[2]. - The company has a total of 28 products under development, with 25 being innovative drugs in mainland China, including 12 hematology/oncology products[2]. - The company achieved a 42.7% market share in the rhEPO market in mainland China during the first half of 2024[2]. - The company has established a national distribution network that sells products to over 9,700 hospitals and medical institutions across mainland China[3]. - The company aims to expand its product marketing to developed countries and is collaborating with international partners on its pipeline products[3]. - The company introduced Semaglutide injection in the first half of 2024, targeting the domestic weight loss market[2]. - The approval of the Minoxidil foam (5% formulation) for treating androgenetic alopecia and alopecia areata marks a significant product launch for the company[7]. - The new indication for Tevizo (TPO) for treating persistent or chronic primary immune thrombocytopenia (ITP) in children was approved on April 2, 2024[8]. - Tevizo holds a 34.5% market share by volume and 66.2% by sales in the treatment of thrombocytopenia in mainland China as of the first half of 2024[10]. - The company has submitted a new drug application for Tevizo to treat chronic liver disease-related thrombocytopenia, which has been accepted by the National Medical Products Administration[10]. - The company is expanding its market presence in Asia and Africa for Tevizo, which is currently undergoing registration in multiple countries[10]. Financial Performance - Revenue for the six months ended June 30, 2023, increased by RMB 605.6 million or 16.0% to RMB 4,389.4 million[6]. - Gross profit for the same period rose by RMB 595.8 million or 18.6% to RMB 3,797.4 million, with a gross margin increase from 84.6% to 86.5%[6]. - Net profit attributable to equity holders increased by RMB 109.3 million or 11.1% to RMB 1,089.9 million, while adjusted operating profit rose by RMB 16.7 million or 1.5% to RMB 1,112.4 million[6]. - EBITDA for the six months increased by RMB 311.0 million or 23.4% to RMB 1,641.5 million, with adjusted operating EBITDA rising by RMB 241.6 million or 17.0% to RMB 1,663.9 million[6]. - The group’s revenue for the reporting period was approximately RMB 4,389.4 million, an increase of about RMB 605.6 million or approximately 16.0% compared to RMB 3,783.8 million for the six months ended June 30, 2023[31]. - Sales of Teva increased to approximately RMB 2,475.9 million, up about RMB 456.8 million or approximately 22.6% from RMB 2,019.1 million for the six months ended June 30, 2023, accounting for about 56.4% of total revenue[31]. - Sales in the hair loss sector rose to approximately RMB 557.2 million, an increase of about RMB 48.4 million or approximately 9.5% compared to RMB 508.8 million for the six months ended June 30, 2023, representing about 12.7% of total revenue[32]. Research and Development - The company is focusing on research and development to provide innovative therapies for patients in mainland China and globally[3]. - The company has a research team of nearly 700 experienced scientists focused on accelerating clinical development and seeking breakthrough therapies[24]. - The company is actively developing 28 products, with 25 of them being innovative drugs in mainland China[22]. - Among the 28 products, there are 15 antibody products, 7 other biological products, and 6 small molecule drugs[22]. - The company has completed Phase III clinical trials for SSS06 (NuPIAO), a second-generation rhEPO product for treating anemia, and submitted a new drug application (NDA) in July 2024[24]. - The Phase III clinical trial for the anti-IL-17A antibody (608) has successfully met all efficacy endpoints, with BLA submission expected in Q4 2024[24]. - The company has 12 products in the hematology/oncology pipeline and 10 targeting autoimmune diseases, including rheumatoid arthritis and other conditions[22]. - The company plans to complete patient enrollment for the Phase III trial of anti-IL-1ß antibody (613) for acute gouty arthritis by the end of 2024[25]. - The company is conducting a Phase III clinical trial for TRK820, aimed at improving pruritus in chronic liver disease patients, with NDA submission expected in 2024[24]. Market Strategy and Expansion - The company is actively pursuing investment and acquisition strategies to identify high-value assets while maintaining a dual-track approach of independent research and external collaboration[30]. - The company is focusing on key therapeutic areas such as nephrology, autoimmune diseases, hair and skin, hematology, and oncology, with an emphasis on accelerating the development of autoimmune products[30]. - Mandi plans to invest in market education and digital marketing to increase brand recognition and sales scale across various e-commerce platforms[14]. - The company aims to enhance its academic recognition and brand awareness through targeted marketing and promotion among medical experts[28]. Corporate Governance and Shareholder Matters - The board of directors has not recommended any interim dividend for the reporting period[57]. - The company repurchased a total of 43,346,500 shares at a total cash consideration of HKD 266,284,340 during the reporting period, with 22,119,500 shares cancelled and 21,227,000 shares held as treasury shares[59]. - The audit committee reviewed the unaudited interim financial information and found all accounting treatments adopted to be satisfactory[58]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring compliance with applicable governance standards[54]. - Changes in the board include the resignation of Dr. Liu Jing as a director and general manager, and the appointment of Ms. Zhang Jiao'e as a non-executive director, effective June 25, 2024[57]. Employee and Workforce Management - The company employs 5,607 staff across its operational facilities in Shenyang, Shanghai, Hangzhou, Shenzhen, and Como, Italy[3]. - Employee costs for the reporting period amounted to approximately RMB 721.9 million, up from RMB 604.4 million in the same period last year, reflecting a year-over-year increase of about 19.4%[53]. - The company has implemented various incentive plans, including a stock option plan and a share award plan, to reward eligible participants contributing to business success[53]. Financial Position and Cash Flow - Current assets net value as of June 30, 2024, was approximately RMB 3,847.5 million, down from approximately RMB 5,465.1 million as of December 31, 2023[45]. - Total interest-bearing bank borrowings as of June 30, 2024, were approximately RMB 2,966.5 million, a decrease from approximately RMB 3,574.3 million as of December 31, 2023[46]. - The leverage ratio decreased from approximately 29.3% as of December 31, 2023, to approximately 25.0% as of June 30, 2024[47]. - The company estimates total capital expenditures for the next three years will range from RMB 1,000 million to RMB 1,100 million, primarily for maintaining existing facilities and expanding capacity[52]. - The company’s operating cash flow for the six months ended June 30, 2024, was RMB 1,092,711 thousand, compared to RMB 1,184,485 thousand for the same period in 2023, reflecting a decrease of approximately 7.7%[93]. Shareholder Equity and Dividends - The company declared a final dividend of RMB (551,834) thousand for the year 2023, indicating a commitment to returning value to shareholders[91]. - The total equity attributable to the parent company as of June 30, 2024, was RMB 15,964,423 thousand, showing growth from RMB 15,400,450 thousand as of December 31, 2022[92]. - The company proposed a final dividend of HKD 0.25 per share for the year ended December 31, 2023, amounting to RMB 551,834,000, which was not paid during the reporting period[112].

Investment Rating - The report maintains a "Buy" rating for 3SBio (01530) [1] Core Views - 3SBio's 2024H1 performance met expectations, with robust growth in key products and a rich pipeline of innovative drugs [4] - The company's revenue for 2024H1 reached RMB 4.389 billion, a YoY increase of 16.01%, and net profit attributable to shareholders was RMB 1.090 billion, up 11.15% YoY [4] - Key products such as TPIAO, EPO, Yisaipu, and Cyramza showed strong sales growth, with TPIAO sales reaching RMB 2.48 billion, up 22.6% YoY [4] - The company's gross margin improved to 86.51%, up 1.9 percentage points, with effective cost control across sales, management, and R&D expenses [4] - 3SBio is advancing its R&D projects, with multiple products nearing commercialization, including SSS06 for CKD anemia and TPIAO for CLDT, expected to file NDAs in 2024H2 [4] - The company has entered into a cooperation agreement with Hansoh Pharma for the weight-loss indication of semaglutide injection, tapping into the vast weight-loss treatment market [4] - 3SBio has demonstrated strong shareholder returns, distributing dividends and repurchasing shares totaling HKD 860 million in 2024H1, representing over 40% of 2023 operating profit [4] Financial Projections - Revenue for 2024-2026 is projected to be RMB 8.744 billion, RMB 9.535 billion, and RMB 10.269 billion, with YoY growth rates of 12%, 9%, and 8%, respectively [6] - Net profit attributable to shareholders is expected to be RMB 2.013 billion, RMB 2.244 billion, and RMB 2.508 billion for 2024-2026, with YoY growth rates of 30%, 12%, and 12%, respectively [6] - The company's P/E ratios for 2024-2026 are estimated at 7X, 6X, and 6X, respectively [4] Product Performance - TPIAO sales reached RMB 2.48 billion in 2024H1, up 22.6% YoY [4] - EPO sales were RMB 520 million, up 11.3% YoY [4] - Yisaipu sales were RMB 330 million, up 9.5% YoY [4] - Cyramza sales were RMB 160 million, up 48.9% YoY [4] - Mandi sales were RMB 550 million, up 10.0% YoY [4] R&D Progress - SSS06 for CKD anemia has had its NDA accepted [4] - TPIAO for CLDT and 608 (IL-17A antibody) for moderate-to-severe psoriasis are expected to file NDAs in 2024H2 [4] - Winlevi's Phase III bridging clinical trial began enrollment in 2024H1, with an NDA expected in 2025 [4] Shareholder Returns - In 2024H1, 3SBio distributed dividends and repurchased shares totaling HKD 860 million, representing over 40% of 2023 operating profit [4] - Dividend payout was HKD 600 million, with a dividend yield of 4.1% based on the closing price on the ex-dividend date [4] - Share repurchases amounted to HKD 270 million [4]

Financial Performance - Revenue increased by RMB 605.6 million or 16.0% to RMB 4,389.4 million for the six months ended June 30, 2024[2]. - Gross profit rose by RMB 595.8 million or 18.6% to RMB 3,797.4 million, with a gross margin increase from 84.6% to 86.5%[2]. - Net profit attributable to equity holders increased by RMB 109.3 million or 11.1% to RMB 1,089.9 million[2]. - EBITDA grew by RMB 311.0 million or 23.4% to RMB 1,641.5 million, while adjusted operating EBITDA increased by RMB 241.6 million or 17.0% to RMB 1,663.9 million[2]. - Basic earnings per share attributable to ordinary equity holders increased to RMB 0.45 from RMB 0.40[4]. - The company reported a net profit of RMB 1,107.6 million for the period, compared to RMB 986.5 million in the same period last year[5]. - Total revenue for the six months ended June 30, 2024, reached RMB 4,389,445 thousand, representing a 16.0% increase from RMB 3,783,833 thousand in the same period of 2023[16]. - Revenue from the sale of biopharmaceuticals was RMB 4,332,185 thousand, up from RMB 3,688,923 thousand, indicating a growth of about 17.5% year-over-year[19]. - The group's pre-tax profit for the six months ended June 30, 2024, was RMB 314,283 thousand, compared to RMB 207,601 thousand in the same period of 2023, marking an increase of around 51.4%[30]. Assets and Liabilities - Total non-current assets amounted to RMB 14,747.3 million as of June 30, 2024, compared to RMB 14,432.3 million as of December 31, 2023[7]. - Current assets totaled RMB 9,198.9 million, slightly up from RMB 9,192.7 million as of December 31, 2023[7]. - Current liabilities increased to RMB 5,351.4 million from RMB 3,727.6 million as of December 31, 2023[7]. - Non-current liabilities totaled RMB 1,718,897 thousand as of June 30, 2024, a decrease from RMB 3,383,818 thousand as of December 31, 2023[8]. - The equity attributable to owners of the parent company increased to RMB 14,384,294 thousand from RMB 14,033,771 thousand, reflecting a growth of 2.5%[8]. - The total equity increased to RMB 16,875,871 thousand from RMB 16,513,600 thousand, indicating a growth of 2.2%[8]. Cash Flow and Financing - Cash and cash equivalents totaled RMB 2,085,208,000 as of June 30, 2024, a decrease from RMB 2,611,161,000 as of December 31, 2023[38]. - The company has a total cash balance of RMB 4,401,899,000 as of June 30, 2024, down from RMB 4,900,264,000 as of December 31, 2023[38]. - The company's bank loans as of June 30, 2024, totaled RMB 4,167,200,000, down from RMB 4,800,295,000 as of December 31, 2023, representing a reduction of 13.2%[42]. - The total financing costs for the six months ended June 30, 2024, were RMB 104,351 thousand, compared to RMB 88,878 thousand in the same period of 2023, reflecting an increase of about 17.4%[26]. - The group's leverage ratio decreased from approximately 29.3% as of December 31, 2023, to approximately 25.0% as of June 30, 2024, primarily due to a reduction in bank borrowings during the reporting period[99]. Market and Product Development - The company operates solely in the biopharmaceutical sector, focusing on the development, production, marketing, and sales of biopharmaceutical products[15]. - The company continues to explore market expansion opportunities within mainland China and other regions[9]. - The company has a strong pipeline of products, including biologics and small molecule drugs, to broaden its therapeutic areas[49]. - The company aims to enhance its market presence in the domestic weight loss market with the introduction of semaglutide injection[49]. - The company has expanded its product offerings through internal R&D and multiple external strategic collaborations[49]. - The company launched the Mandi foam agent, the first domestically produced minoxidil foam, approved for treating androgenetic alopecia and alopecia areata[50]. - The company signed a cooperation agreement with Shenzhen Hanyu Pharmaceutical Co., Ltd. for the development and exclusive supply of semaglutide injection for weight management, with a milestone payment of up to RMB 270 million[52]. Research and Development - The company is actively developing 28 pipeline products, with 25 of them being innovative drugs in mainland China[68]. - The company has a research team of nearly 700 experienced scientists focused on accelerating clinical development and seeking breakthrough therapies[67]. - The group plans to focus more on the development of innovative drugs, with expectations of new drugs entering commercialization each year starting in 2024[80]. - The group will continue to focus on key research and development areas such as nephrology, autoimmunity, and oncology, accelerating the development of innovative drugs in these fields[81]. - The group has completed Phase III clinical trials for SSS06 (NuPIAO) for chronic kidney disease anemia, achieving the predefined primary endpoint[73]. Employee and Operational Metrics - Employee costs during the reporting period amounted to approximately RMB 721.9 million, compared to RMB 604.4 million in the same period last year, reflecting an increase of about 19.4%[104]. - The group employed a total of 5,607 employees as of June 30, 2024, an increase from 5,411 employees as of December 31, 2023[104]. - The group has a sales and distribution network comprising 2,778 sales and marketing personnel, 1,189 distributors, and 1,786 third-party promoters[78]. Compliance and Governance - The audit committee has been established, consisting of three independent non-executive directors, ensuring effective risk management and internal control systems[110]. - Ernst & Young has confirmed that the financial data in the interim results announcement is consistent with the unaudited interim consolidated financial data[111]. - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website, ensuring compliance with listing rules[112].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 9.56, which corresponds to an 11x P/E ratio for 2024 [4][25]. Core Insights - The company is a pioneer in China's biopharmaceutical industry, with core products such as recombinant human thrombopoietin Tevaz (特比澳) and the OTC hair loss treatment product Mandi (蔓迪). The growth of Tevaz is expected to be steady due to expanded indications and increased penetration in the oncology field [1][15]. - The hair loss and acne treatment markets present significant demand, with Mandi and the investigational acne treatment expected to continue driving growth for the company [2][15]. - The company's innovative pipeline is approaching a harvest period, with multiple blockbuster products expected to be approved between 2025 and 2027 [2][21]. Financial Overview - The company achieved revenue of RMB 7.816 billion in 2023, representing a year-on-year growth of 13.8%. The revenue compound annual growth rate (CAGR) from 2019 to 2023 was 10.1% [3][15]. - The net profit for 2023 was RMB 1.586 billion, showing a decline of 16.9% year-on-year, primarily due to the impact of zero-coupon convertible bonds and changes in fair value of financial assets [3][18]. - The company maintains a robust gross margin above 80%, reaching 85% in 2023, while the adjusted net profit margin was 25% [17][18]. Product and Market Analysis - Tevaz has a dominant position in the Chinese thrombocytopenia treatment market, with a market share of 65% in 2023. The sales revenue for Tevaz grew by 23.8% year-on-year to RMB 4.2 billion [1][16]. - Mandi leads the domestic minoxidil market with a 72.6% market share, achieving sales revenue of RMB 1.12 billion in 2023, reflecting a year-on-year growth of 25.8% [2][15][29]. - The company has a diverse product matrix around the Mandi brand, including various formulations and delivery systems, which are expected to enhance brand value and market penetration [30]. Research and Development Pipeline - The company has a rich R&D pipeline with 29 products under development, of which 15 are in late-stage clinical trials. Key upcoming products include long-acting EPO SSS06 and several monoclonal antibodies targeting various conditions [21][22][24]. - The company is focusing on expanding its presence in the hematology/oncology, nephrology, and dermatology sectors, with several products expected to be launched in the coming years [21][22][23]. Market Potential - The hair loss treatment market in China is substantial, with over 250 million individuals affected. The market for hair loss treatment and care products is projected to grow from RMB 106.9 billion in 2021 to RMB 203.5 billion by 2030, with a CAGR exceeding 7% [27][30]. - The company is well-positioned to capitalize on the growing demand for hair loss treatments, particularly with the increasing acceptance of minoxidil products among consumers [2][27].