Core Viewpoint - 德镁医药's parent company, 康哲药业, experienced a revenue decline of 6.8% last year and is attempting to reshape its growth momentum through a spin-off listing in Hong Kong [1] Group 1: Company Overview - 德镁医药 is an innovative pharmaceutical company focused on skin health, providing comprehensive solutions for skin disease patients from prevention to long-term care [1] - The company has achieved a significant position in the industry, ranking first in the number of skin disease indications covered by its products among Chinese innovative pharmaceutical companies in 2024 [2] Group 2: Financial Performance - 德镁医药's revenue has shown an upward trend, increasing from 384 million yuan in 2022 to 473 million yuan in 2023, and further to 618 million yuan in 2024 [3] - Despite revenue growth, the company recorded net losses of 55.17 million yuan, 4.7 million yuan, and 106 million yuan from 2022 to 2024, primarily due to high sales expenses for new product promotions and significant R&D investments [4] Group 3: Product and R&D Strategy - The company has a rich and differentiated product portfolio, with its main product pipeline covering various major skin diseases, including both marketed and clinical-stage candidates [5][6] - 德镁医药 employs a dual approach to R&D, collaborating with global pharmaceutical companies while also developing innovative drugs independently, such as CMS-D001, which is currently in Phase I clinical trials [7] Group 4: Commercialization and Market Presence - The company has strong commercialization capabilities, supported by a self-built team of over 650 professionals and a sales network that covers numerous hospitals, retail pharmacies, and major e-commerce platforms [8] Group 5: Market Challenges - The company faces potential risks in its IPO, including the lengthy and costly nature of innovative drug development, with uncertainties regarding regulatory approvals for its candidates [9] - The pharmaceutical industry is highly competitive, and 德镁医药 must timely launch competitive new products to avoid pricing pressures that could impact profits and market share [10] - Regulatory policies, such as centralized procurement and reimbursement policies, may affect product demand and commercialization success if products are not included in the medical insurance directory or if reimbursement levels are limited [11]

Core Viewpoint - CICC maintains its earnings forecast for Kangzheng Pharmaceutical (00867) and keeps the target price at HKD 11.00, corresponding to adjusted P/E ratios of 14.6x and 13.1x for 2025 and 2026 respectively, while the stock is currently trading at 10.8x and 9.7x [1] Group 1: Spin-off Proposal - The company announced a proposal to spin off its subsidiary, Demai Pharmaceutical, for independent listing on the Hong Kong Stock Exchange, pending approvals from relevant authorities and boards [1] - The proposed spin-off will be executed through a physical distribution of shares to existing shareholders, ensuring no dilution of original shareholders' rights [2] Group 2: Demai Pharmaceutical Overview - Demai Pharmaceutical focuses on skin health, with a rich product pipeline including prescription drugs and skincare products [3] - Currently marketed products include Turekizumab (IL-23 for psoriasis), Anshuxi (for varicose veins), and Xiliaotuo (for superficial venous inflammation and bruises), with significant products in development [3] - The company expects to achieve revenue of CNY 618 million in 2024, representing a year-on-year growth of 30.7% [3] Group 3: Potential Benefits of Spin-off - The spin-off is expected to allow Demai Pharmaceutical to conduct independent financing activities, potentially improving operational and financial performance [4] - It is anticipated that the independent listing will enhance Demai Pharmaceutical's business status and market image, supported by two equity incentive plans to motivate employees [4]

"水至清则无鱼，人至察则无徒。"古语有云，过于精细未必成事。但在资本市场的疆场上，越是精细，越能洞见价值裂隙。尤其在估值逻辑趋于复杂、市场 博弈愈发激烈的当下，分拆上市，正成为上市公司打破估值"天花板"的利器。 2025年，A股市场已进入"价值回归"的深水区。无论是千亿级国企，还是身披多标签的独角兽公司，都面临同一个拷问：你的估值，真的配得上你的业务结 构吗？ 这一拷问背后，其实是资本对"纯粹性"越来越敏感的态度。混业叠加、板块交错的"杂糅型公司"，往往会被贴上估值折价的标签。而分拆上市，恰 似一次精准外科手术，把高成长、高溢价的"优质器官"从母体中分离，重新赋值。 美国更好并购集团（Goheal）在为一家新能源龙头设计分拆路径时，曾创造性地引入"估值识别模型"。这一模型打破传统市盈率、市净率等单一指标评估方 法，融入了子公司产业独立性评分、创新溢价系数、未来政策趋势敏感度等十余项因子，最终帮助客户厘清"拆谁不拆谁""先拆哪一个"的优先级。这种精算 思维，已不再是投行内部的"小道术"，而逐渐成为资本市场认知层的"新常识"。 当然，分拆不仅是资本操作，更是一场品牌重构。在Goheal看来，一家母公司若希望分拆成 ...

Core Viewpoint - Weichai Power plans to spin off its subsidiary Weichai Lovol for a listing on the Hong Kong Stock Exchange after previous attempts to list it on the ChiNext board were unsuccessful [1][4]. Group 1: Company Overview - Weichai Power is one of China's strongest automotive and equipment manufacturing groups, with products including a full range of engines, transmissions, axles, heavy trucks, forklifts, supply chain solutions, fuel cell systems, agricultural equipment, and automotive electronics [2]. - In 2024, Weichai Power achieved a revenue of 215.69 billion yuan, a year-on-year increase of 0.81%, and a net profit attributable to the parent company of 11.40 billion yuan, a year-on-year increase of 26.51% [2]. Group 2: Weichai Lovol's Business - Weichai Lovol focuses on the research, production, and sales of agricultural equipment, providing comprehensive mechanization and system service solutions for smart agriculture [3]. - As of the end of 2024, Weichai Lovol had total assets of 19.09 billion yuan and net assets of 3.79 billion yuan, with a revenue of 17.39 billion yuan and a net profit of 973 million yuan [3]. Group 3: Spin-off Details - The spin-off will not change the shareholding structure of Weichai Power, which will maintain control over Weichai Lovol [2]. - The spin-off aims to enhance business focus, create an independent platform for Weichai Lovol, and improve its competitiveness, brand recognition, and market influence [2]. - The spin-off process requires approval from the shareholders' meeting, registration with the China Securities Regulatory Commission, and approval from the Hong Kong Stock Exchange [3]. Group 4: Previous Spin-off Attempts - Weichai Power previously attempted to spin off Weichai Lovol for a listing on the ChiNext board in August 2022 but withdrew the application in April 2024 due to market conditions [4]. - The company also temporarily halted the spin-off of another subsidiary, Torch Technology, for a ChiNext listing in March 2025 [4]. - There has been a trend of A-share companies seeking listings or spin-offs in Hong Kong, with several companies announcing similar plans in 2024 [4].

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 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 本 公 告 僅 供 說 明 用 途，並 不 構 成 收 購、購 買 或 認 購 證 券 之 邀 請 或 要 約，亦 非 旨 在 邀 請 該 等 要 約 或 邀 請。特 別 是，本 公 告 並 不 構 成 而 且 並 非 在 香 港 或 其 他 地 區 要 約 出 售 或 招 攬 他 方 要 約 購 買 證 券。 本公司董事會（「董事會」）謹 此 宣 佈，其 於 本 公 告 日 期 舉 行 的 董 事 會 會 議 上 已 考 慮並批准有關可能分拆濰柴雷沃智慧農業科技股份有限公司（「濰柴雷沃」）的 股 份並於香港聯合交易所有限公司（「香港聯交所」）主板獨立上市（「可能分拆」）的 議 案。 茲提議可能分拆擬通過濰柴雷沃發行新境外上市外資股（「H股」）的 方 式 實 施， 預計新發行股份將佔發行後濰柴雷沃經擴大股本比例不超過25.0%（行 使 超 額 配 ...

潍柴动力：拟分拆潍柴雷沃智慧农业科技股份有限公司至香港联交所主板上市 智通财经4月8日电，潍柴动力(000338.SZ)公告称，公司拟将其控股子公司潍柴雷沃分拆至香港联交所 主板上市。分拆完成后，公司股权结构不会发生变化，且仍将维持对潍柴雷沃的控股权。通过本次分 拆，公司将进一步实现业务聚焦，将潍柴雷沃打造成为公司下属独立上市平台，发挥资本市场优化资源 配置的作用，推进公司与潍柴雷沃的业务协同及快速发展，进一步提升潍柴雷沃的综合竞争力、品牌知 名度和市场影响力。 ...

Core Viewpoint - The company Sichuan Ruijian Medical Technology Co., Ltd. (referred to as "Ruijian Medical") has submitted its initial public offering (IPO) application to the Beijing Stock Exchange, aiming to raise 482 million yuan, with significant connections to Lepu Medical [1][2]. Group 1: Company Overview - Ruijian Medical, established in August 2013, transitioned to a joint-stock system in 2016 and was listed on the New Third Board before being delisted in 2018. It was acquired by Hong Kong-listed company Puhua Heshun in 2021, which now controls 50.55% of Ruijian Medical [2]. - The actual controllers of Ruijian Medical are Pu Zhongjie and his mother-in-law Yufeng Liu, who is the ultimate controlling shareholder of Puhua Heshun [2]. Group 2: Financial Performance - Ruijian Medical's revenue from 2021 to the first nine months of 2024 was 2.61 billion yuan, 3.45 billion yuan, 4.11 billion yuan, and 3.42 billion yuan, respectively. The net profit for the same periods was 679.32 million yuan, 1.04 billion yuan, 1.46 billion yuan, and 926.27 million yuan [5][6]. - The company reported a revenue increase of 17.63% for 2024, reaching 4.83 billion yuan, but net profit and net profit excluding non-recurring items decreased by 12.63% and 5.88%, respectively, marking the first instance of revenue growth without profit growth in three years [5][6]. Group 3: Related Party Transactions - Ruijian Medical engaged in significant related party transactions, selling goods worth a total of 202 million yuan to related parties from 2021 to the first nine months of 2024, with Lepu Medical being a major customer [3][4]. - The company also had arrangements for salary payments with related parties, with amounts paid on behalf of employees totaling 116.96 million yuan, 131.09 million yuan, 148.55 million yuan, and 53 million yuan over the reporting periods [3][4]. Group 4: Market Dynamics - The implementation of volume-based procurement has led to a noticeable decline in the sales prices of Ruijian Medical's main products, with the average selling price of blood dialysis machines and blood perfusion devices dropping by over 10% from 2021 to the first nine months of 2024 [5][7]. - The sales prices for blood dialysis machines were 31.21 yuan, 30.83 yuan, 30.1 yuan, and 27.37 yuan, while blood perfusion devices were priced at 169.41 yuan, 164.14 yuan, 159.81 yuan, and 147.32 yuan during the same periods, reflecting a decline of approximately 12.3% and 13%, respectively [7]. Group 5: Future Plans - Ruijian Medical plans to issue up to 43 million new shares to raise a total of 482 million yuan, which will be allocated to projects related to high-value consumables for blood purification, new blood purification equipment, and the establishment of an innovative research center [7].

李嘉诚旗下长和最新公告：电讯业务或分拆上市，市场反应不一 近日，李嘉诚旗下的长和集团再次成为市场关注的焦点。 3月31日，长和集团在港交所发布了一则重要公告，称集团不时接获建议并正在探索及评估可供考虑的机会，以提升股东的长远价值。其中，包括与本公司 全球电讯业务之资产及运营相关的可能交易，甚至不排除分拆上市的可能性。 这一消息立即引发了市场的广泛关注和热议。长和集团作为全球知名的综合性企业，其业务涵盖电信、基建、房地产等多个行业，任何战略调整都可能对市 场和投资者产生重大影响。 长和集团全球电讯业务的"家底" 长和集团的电讯业务主要包含欧洲"3"集团在六个欧洲国家业务，以及在联交所上市的和记电讯香港控股（和电香港）的66.09%的股权。2024年，电讯业务 实现收入883.71亿港元，同比增长2%，占整体营收的19%。该业务不仅是长和集团的重要收入来源，更是其盈利的重要支柱。 据知情人士透露，长和集团已开始准备剥离其全球电信资产并在伦敦上市。分拆后的实体将托管长和在欧洲、香港和东南亚的电信业务，估值可能在100亿 至150亿英镑（130亿至190亿美元）之间。这一计划若成功实施，将是过去几年规模最大的IPO之 ...

证券代码：603611 证券简称：诺力股份 公告编号：2025-010 诺力智能装备股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 17 日 至 2025 年 4 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (七) 涉及公开征集股东投票权 不适用 二、 会议审议事项 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 易所有限公司主板上市符合相关法律、法规规定 的议案》 股股票并在香港联合交易所有限公司主板上市 方案的议案》 上市的预案》 公司分拆规则（试行）〉的议案》 易所有限公司 ...

Core Viewpoint - The company is exploring potential transactions related to its global telecommunications assets and operations, including the possibility of a spin-off listing, but no decisions have been made as of the announcement date [2]. Group 1 - On March 31, the company announced that its board is aware of recent media reports regarding the potential spin-off of its global telecommunications assets and business [2]. - The company is continuously receiving suggestions and evaluating opportunities to enhance long-term shareholder value, which may include transactions related to its global telecommunications business [2]. - As of the announcement date, the board has not made any decisions regarding transactions related to the global telecommunications business, and it remains uncertain whether any transaction will occur [2]. Group 2 - In the secondary market, the company's stock price fell by 1.2% to HKD 45.15 per share on March 28 [4].