IPO周报 | 三生制药分拆蔓迪国际赴港上市；海伟电子港交所上市在即

Group 1: Mandu International - Mandu International submitted its prospectus to the Hong Kong Stock Exchange on November 20, aiming for a main board listing, with Huatai International as the sole sponsor [3] - The company launched China's first 5% minoxidil solution in 2001, addressing the consumer medical demand for hair loss treatment, and has since developed various formulations to cater to different genders and scenarios [3] - Mandu's flagship product, the Mandu® series of minoxidil hair loss treatment products, has ranked first in the Chinese hair loss drug market for ten consecutive years, holding approximately 57% and 71% market shares in the hair loss drug and minoxidil drug markets respectively in 2024 [4] - Revenue figures for Mandu International from 2022 to 2024 are projected at 982 million yuan, 1.228 billion yuan, and 1.455 billion yuan, with a compound annual growth rate (CAGR) of 21.7% [4] - Net profit for the same period is expected to be 202 million yuan, 341 million yuan, and 390 million yuan, with net profit margins of 20.5%, 27.8%, and 26.8% respectively [4] Group 2: Haiwei Electronics - Haiwei Electronics began its IPO process, with subscription open until November 25, and plans to list on the Hong Kong Stock Exchange under the stock code "9609" on November 28, 2025 [6] - The company plans to issue 30,831,400 H-shares, with 3,083,200 shares available for public offering in Hong Kong and 27,748,200 shares for international offering, having secured cornerstone investment exceeding 218 million HKD [6] - Haiwei Electronics is the second-largest manufacturer of capacitor films in China, holding a market share of 10.9% based on revenue from capacitor base films in 2024 [6][7] - The capacitor base film market in China is projected to grow at a CAGR of 19.7%, increasing from 46,200 tons in 2019 to 113,400 tons in 2024, with further growth expected to reach 224,100 tons by 2029 [7] - Haiwei Electronics is the only major manufacturer in China with the capability to design and develop its own capacitor base film production lines, offering a range of film thicknesses from 2.7 to 13.8 microns [7][8]