格隆汇12月7日丨百度集团-SW(09888.HK)公告，公司注意到，于2025年12月5日有媒体报道公司拟分拆 非全资附属公司昆仑芯(北京)科技有限公司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进 行评估。倘进行拟议分拆及上市，将须经相关监管审批程序，而公司并不保证拟议分拆及上市将会进 行。 ...

Core Viewpoint - SKF, the world's largest bearing manufacturer, is accelerating the spin-off of its automotive bearing business due to declining profit margins, while focusing on its industrial bearing business which has a significantly higher profit margin [1][8]. Automotive Bearing Business Spin-off - SKF plans to complete the spin-off of its automotive bearing business by Q4 2024, with a Nasdaq listing expected in the first half of 2026, although the progress has not fully adhered to the initial timeline due to deep integration with industrial bearings [5][6]. - As of November 2025, 50% of automotive sales have transitioned to the new entity, with 70% of automotive bearing employees and production channels already transferred [9]. Industrial Bearing Business Outlook - Post-spin-off, SKF's industrial bearing business is projected to achieve an annual sales growth of 4%, with an adjusted EBIT margin expected to rise to 17% in the medium term and further to 19% in the long term. Capital investment returns are anticipated to increase from 14% to 20% [8]. Market Challenges and Opportunities - The automotive bearing sector faces a bleak outlook, with expected sales growth slightly above the global automotive market and an adjusted EBIT margin of only 6-9% [8]. - SKF's automotive bearing business has over 100 years of experience and covers various automotive applications, including engines and electric drive systems, with a 33% market share in the electric vehicle bearing market due to strategic partnerships with major clients like BYD [11][13]. Competitive Landscape - Chinese manufacturers are increasingly challenging foreign bearing companies like SKF by offering lower prices and faster response times, which poses significant threats to SKF's market position [17][18]. - SKF's decision to spin off its automotive bearing business may be influenced by the competitive pressures from Chinese manufacturers [18]. Strategic Focus Areas Post-Spin-off - After the spin-off, SKF will concentrate on military, aerospace, and rail transit sectors, with military bearings identified as a key market due to rising defense spending in Europe [20]. - The military bearing market is expected to grow at an annual rate of 7-8% by 2030, with SKF's military bearing sales reaching 2 billion Swedish Krona in 2024 [20]. Rail and Aerospace Bearings - The rail transit segment is crucial for SKF, with sales projected to reach 5 billion Swedish Krona in 2024 and an annual growth rate of 9% from 2022 to 2024 [23]. - The aerospace bearing market is expected to grow at a compound annual growth rate of 14% from 2022 to 2025, with an 8 percentage point increase in adjusted operating profit margin [25][26]. Localization Strategy - SKF aims to enhance localization in its manufacturing processes, with 95% localization in Europe and plans to increase localization in East Asia to 70% by 2030 [28].

Group 1 - The core viewpoint of the article highlights the trend of companies in the A-share market pursuing spin-off listings, with 30 companies currently in line for this process, indicating a significant shift towards independent financing for subsidiaries [2][5] - Spin-offs allow parent companies to focus on their core business while providing subsidiaries with independent financing channels, which has attracted institutional investors who are quick to capitalize on policy changes [2][5] - The article emphasizes the information asymmetry in the market, where institutional investors have the advantage of early access to signals and trends, leaving retail investors at a disadvantage [2][3] Group 2 - The biggest risk in a bull market is not a downturn but missing out on opportunities, as many investors become overly cautious after experiencing bear markets [3][5] - Market consensus plays a crucial role in bull markets, where the value of assets is often driven by the collective agreement among institutional investors [5][6] - Understanding institutional behavior is essential for retail investors, as true market intentions are often hidden behind superficial trading patterns [6][8] Group 3 - The article provides examples of specific stocks, such as Cambrian and Tibet Tianlu, to illustrate how institutional activity can signal potential price movements and the importance of monitoring these trends [8][10] - Quantitative data can help retail investors visualize capital flows, providing insights that traditional technical analysis may miss [11][13] - The relationship between spin-off announcements and institutional accumulation of shares is highlighted, suggesting that retail investors can benefit from observing these patterns [13][14] Group 4 - Recommendations for retail investors include focusing on who is buying rather than what to buy, establishing a personal observation system, and maintaining patience and emotional control in investment decisions [14]

Group 1 - The core viewpoint of the articles highlights the increasing trend of spin-off listings among A-share companies in China, with a focus on optimizing capital structure and enhancing valuation levels through independent financing channels [1][2][4] - As of November 30, 2023, a total of 30 A-share companies have updated their spin-off listing progress, with 8 in the board proposal stage, 6 approved by shareholders, 7 completed, and 9 terminated [1] - The spin-off listings are concentrated in strategic emerging industries such as high-end equipment manufacturing, new materials, information technology, and biomedicine, supported by government policies aimed at facilitating financing for technology-driven enterprises [2][4] Group 2 - Notable examples of spin-offs include China Unicom's plan to spin off its subsidiary Unicom Smart Network Technology for listing on the Shenzhen Stock Exchange, which aims to enhance innovation and operational quality [2] - In the high-end manufacturing sector, the successful spin-off of Suzhou Huichuan Power System from Huichuan Technology demonstrates the benefits of independent valuation and market expansion funding [3] - The trend of spin-offs is diversifying, with listings occurring across various boards including the main board, ChiNext, and the Hong Kong Stock Exchange, indicating a significant rise in both "A-share spin-offs" and "A to H spin-offs" [4][5] Group 3 - The spin-off of Zhejiang Huari Technology from Dahua Technology is driven by industry trends and strategic planning, allowing for enhanced capital strength and market expansion capabilities while establishing a market-oriented incentive mechanism [5] - The focus of spin-offs has shifted from quantity expansion to quality enhancement, emphasizing the technological barriers, profitability, and independent growth potential of subsidiaries [6]

"A拆A"有望再添一例。中国中车股份有限公司（以下简称"中国中车"）11月28日公告称，拟分拆所属子公司中车戚墅堰机 车车辆工艺研究所股份有限公司（以下简称"中车戚所"）至深交所创业板上市。分拆完成后，中国中车仍将保持对中车戚所的 控制权。 本报记者 毛艺融 事实上，今年多家A股公司更新了分拆上市进展。Wind数据显示，截至11月30日，按公告日计，年内累计已有30家A股公 司更新分拆上市进展。从分拆上市进度来看，其中8家为董事会预案阶段、6家股东大会通过、7家完成，9家终止。 分拆上市是企业优化资本结构、提升估值水平、实现专业化发展的关键举措。南开大学金融学教授田利辉在接受《证券日 报》记者采访时表示，分拆上市对母公司来说，能够聚焦主业，提升集团治理效能。同时，分拆为子公司开辟独立融资通道， 可直接通过IPO、再融资或引入战略投资者募集资金，用于技术研发、产能扩张或并购整合，将显著提升资本运作效率与响应 速度。 以浙江大华技术股份有限公司（以下简称"大华股份"）为例，分拆子公司浙江华睿科技股份有限公司（以下简称"华睿科 技"）赴港上市有多重考量。工业互联、机器视觉和移动机器人领域研发投入巨大，单独上市后可缓 ...

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]

Core Viewpoint - The report from CMB International raises the target price for Sihuan Pharmaceutical (01530) to HKD 39.5, maintaining a "Buy" rating and highlighting it as a key industry recommendation [1] Group 1: Clinical Data and Development - Strong clinical data, unwavering support from partners, and extensive R&D experience have increased confidence in the global development success of the 707 project [1] - The overseas development of the 707 project is progressing rapidly [1] Group 2: Business Spin-off - Sihuan Pharmaceutical plans to spin off its consumer pharmaceutical business, Mandi International, for a listing in Hong Kong, through a distribution of shares and a global offering of new shares [1] - After the spin-off, Sihuan Pharmaceutical will no longer hold any equity in Mandi International, which currently holds 87.16% [1] - The spin-off is expected to bring short-term investment returns and allow the company to focus on prescription and innovative drugs, with the raised funds supporting the commercialization of self-developed innovative products [1]

Group 1: Hong Kong Real Estate Industry - The recovery of the Hong Kong real estate market is expected to be gradual and will encompass different asset sub-sectors, with residential properties being prioritized by investors, followed by quality retail assets and core office spaces [1] - The industry rating has been upgraded from "in-line" to "outperform," with Sun Hung Kai Properties (16 HK) and Link REIT (823 HK) identified as preferred picks for residential and commercial properties, respectively [1] - Key drivers for market recovery include improved macroeconomic uncertainty (especially interest rate cuts), significant policy easing, and the return of fundamental demand drivers [1] Group 2: Residential Market Outlook - Residential rental levels are projected to increase by approximately 3-5% in 2025, with annual increases of about 3% expected in 2026 and 2027 [1] - Residential property prices are anticipated to rise by 3-5% in 2025, 5% in 2026, and 5% in 2027 [1] Group 3: Retail and Office Market Outlook - Core retail rental growth is expected to be moderate over the next 12 months, with community mall rents projected to grow by about 3-5% [2] - The office sector has seen vacancy rates peak over the past 18 months, with core CBD areas recording positive net absorption for eight consecutive quarters; rental rates are expected to stabilize in the second half of 2025, laying the groundwork for a rebound in 2026 [2] Group 4: Sanofi's SSGJ-707 Development - Sanofi's partner, Pfizer, is accelerating the overseas clinical development of SSGJ-707, with plans to initiate at least seven clinical trials soon, including two global Phase III trials targeting 1L sq-/nsq-NSCLC and metastatic colorectal cancer [3] - Pfizer aims to expand the drug's indications and combination therapies significantly by the end of 2026, with over 10 new indications and more than 10 new combination therapies planned [3] Group 5: Three-Spring Pharmaceutical's Strategic Moves - Three-Spring Pharmaceutical plans to spin off its consumer pharmaceutical business, Mandi International, for a separate listing on the Hong Kong Stock Exchange, allowing the company to focus on its core prescription and innovative drug business [4][6] - The target price for Three-Spring Pharmaceutical has been raised to HKD 39.50, maintaining a "buy" rating and industry focus [7] Group 6: Li Auto's Performance and Future Outlook - Li Auto reported a net loss of HKD 620 million in Q3 due to recall costs, with gross margins declining to 15.5%; however, strong orders for new electric models are noted [8] - The company is expected to face short-term supply chain bottlenecks but anticipates a recovery with the introduction of a dual-supplier model in November [8]

Core Viewpoint - China CNR Corporation Limited plans to spin off its subsidiary, CRRC Qichun Locomotive and Rolling Stock Technology Research Institute Co., Ltd., for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, which is deemed commercially reasonable, necessary, and feasible by the board of directors [2][4]. Group 1: Meeting Details - The fourth meeting of the fourth board of directors was held on November 27, 2025, in Beijing, with 7 out of 8 directors present [1]. - The meeting was chaired by Chairman Sun Yongcai, and all resolutions were passed with unanimous consent [3][28]. Group 2: Spin-off Proposal - The board approved the proposal for the spin-off of CRRC Qichun, which will be listed on the Shenzhen Stock Exchange's Growth Enterprise Market [2][6]. - The spin-off is in compliance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [4][18]. Group 3: Listing Details - The shares to be issued will be ordinary shares (A-shares) with a par value of 1.00 RMB [9][8]. - The issuance will target qualified investors and will be conducted through a combination of strategic placements and public offerings [11][12]. Group 4: Governance and Compliance - The board confirmed that the spin-off will maintain the independence and ongoing viability of the company [20]. - The subsidiary has established necessary governance structures, including a board of directors and audit committees, ensuring compliance with regulatory requirements [20][21]. Group 5: Authorization and Next Steps - The board proposed to seek shareholder approval to authorize the board and its representatives to handle all matters related to the spin-off [22][24]. - The authorization will last for 24 months from the date of shareholder approval [24].