三生制药(01530)低开逾3%，截至发稿，跌3.09%，报30.7港元，成交额1920.22万港元。 消息面上，12月2日早间，三生制药发布公告称，拟配售合共1.05亿股，相当于扩大后股本4.14%，每股 配售价29.62港元，较12月1日收市价31.68港元折让6.5%，集资31.15亿港元，净额30.87亿港元，约80% 用于研发相关开支，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。 ...

Group 1 - The core point of the article is that Sangfor Technologies (01530.HK) has entered into a placement agreement with Morgan Stanley to issue approximately 105 million shares at a price of HKD 29.62 per share, representing about 4.32% of the total issued shares as of the announcement date [1] - The estimated total proceeds from the placement are approximately HKD 3.115 billion, with a net amount of about HKD 3.087 billion [2] Group 2 - The company plans to use approximately 80% of the net proceeds for research and development expenses, which includes advancing clinical studies for innovative drugs in China and the U.S., supporting the expansion of indications for commercialized drugs, and building global infrastructure [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 ...

Group 1: Investment and Financing Activities - "Bixing Coffee" completed a Series B financing round of several tens of millions, led by Suzhou Agricultural Development Industry Science and Technology Fund, following previous rounds in 2022 and 2024 [4][5] - "Tuozhu Technology" is nearing completion of a new financing round with a valuation potentially reaching $10 billion, although the company has denied the accuracy of this information [6] - "Ruiyun Cold Chain" recently completed an A+ round financing of nearly 100 million RMB, aimed at enhancing cold chain logistics efficiency through digitalization [7] - "TianTian BaiYing" completed a Series A financing round of several tens of millions, focusing on providing intelligent maintenance services to B-end clients [8] - "Laimou Technology" completed a Series A+ financing round of several tens of millions, marking its fourth round of financing since 2025 [9] - "Hypershell" completed two financing rounds totaling $70 million, with a post-investment valuation approaching $400 million [10] - "Smart Doubling Digital Human" received strategic investment from Zhiyuan Robotics [11][12] Group 2: Company Performance and Market Trends - "Bawang Tea Ji" reported a GMV of 79.3 billion RMB in Q3 2025, with a year-on-year decline of 4.5%, while overseas GMV grew by 75.3% [13][14] - "Mandi International" submitted an IPO application to Hong Kong Stock Exchange, aiming to become the first stock focused on hair loss prevention, with a projected revenue growth from 9.82 billion RMB in 2022 to 14.55 billion RMB in 2024 [15] - "Jasmine Milk White" has expanded its overseas presence, opening new stores in Indonesia and the US, with total stores exceeding 2000 globally [16][17] - "Lucky Coffee" announced its global store count surpassed 10,000, achieving rapid growth in the coffee market [18] Group 3: Industry Insights and Future Projections - The instant retail market in China is projected to exceed 1 trillion RMB by 2026, with a compound annual growth rate of 12.6% during the 14th Five-Year Plan period [21] - Global luxury goods consumption is expected to grow at a rate between -1% and 1% in 2025, with a recovery anticipated in 2026 [22] - High-net-worth individuals are shifting their gift-giving behavior, with travel becoming the preferred way to celebrate success, rising from 50% in 2024 to 64% in 2025 [23]

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]