“H拆A”之后，创新药龙头拟再“H拆H”

Core Viewpoint - The company, 3SBio, plans to spin off its subsidiary Mandi International for an independent listing on the Hong Kong Stock Exchange, with the goal of enhancing shareholder value and allowing investors to focus on the distinct value of Mandi International [1][10]. Group 1: Company Overview - Mandi International specializes in the hair health sector within the skin health industry, leading the market in hair loss treatment products [3]. - The company has a strong market presence, with its Minoxidil-based products holding a market share of 57% and 71% in the hair loss medication market for 2024 [4]. Group 2: Financial Performance - Mandi International's revenue is heavily reliant on its flagship product, contributing over 90% of total revenue from 2022 to 2024, with the 5% Minoxidil solution accounting for 91.3%, 91.6%, and 68.8% of the product series revenue in those years [5][6]. - Sales revenue for the 5% Minoxidil solution is projected to decline from approximately 1.11 billion RMB in 2023 to about 991 million RMB in 2024, indicating a significant drop [6][7]. - Total revenue growth rates for Mandi International are showing signs of fatigue, with 2023 and 2024 growth rates at 25.1% and 18.5%, respectively, and a 20.2% growth rate for the first half of 2024 [7]. Group 3: Market Challenges - The company faces challenges with a decreasing number of distributors, which has dropped from 173 in 2022 to 106 in 2024, impacting sales generated through distributors [8][9]. - The introduction of a second-generation product, the 5% Minoxidil foam, has shown promising growth, with sales reaching 283 million RMB in the first half of 2024, up from 65 million RMB in the same period the previous year [7]. Group 4: Spin-off Details - The spin-off of Mandi International is expected to allow existing shareholders to retain their interests in both Mandi International and 3SBio's remaining business operations, enhancing clarity in valuation for investors [10]. - This is not the first spin-off for 3SBio, as it previously spun off 3SBio Guojian for a listing on the STAR Market in 2020, which has since seen significant stock price appreciation [11][15].