2025年5月，三生制药以与国际制药巨头辉瑞超60亿美元的BD合作，"引燃了"今年资本市场对创新药企 的估值重构。双方合作的SSGJ-707后续全球临床开发的进展，以及三生系雄厚的创新药管线，已然成 为三生制药的估值核心。 渠道建设亦是其护城河之一。尽管处方药受制于医院准入政策，但蔓迪国际主攻的脱发品类天然适配 OTC与电商渠道。尤其在线上渠道，据招股书，2021年至2024年天猫"双十一"及2021年至2025 年"6·18"购物节期间，蔓迪 米诺地尔类产品连续位居该平台OTC药品品牌累计GMV第一名。2022年至 2024年，蔓迪 产品系列线上销售实现了约40%的复合年增长率。 凭借药企背景扎实的研发基础，叠加线上线下（300959）多年积累的渠道实力，蔓迪 已成为中国最受 欢迎的外用脱发治疗品牌，其"中国头发健康消费医药市场的领导者"实至名归。 以研发构建多维立体增长曲线，开启"消费医药"新发展阶段 在创新药热潮持续升温的背景下，三生制药凭借严肃医药领域的深厚积淀，已赢得资本市场的高度认 可。与此同时，集团消费医药板块的潜力亦逐步进入价值释放通道。2024年11月20日，集团拟推动旗下 专注消费医药赛道 ...

【导读】一款防脱发药水，有望让娄竞家族收获第三个IPO 2025年上半年，蔓迪国际实现营收7.43亿元，同比增长20.2%；实现净利润1.74亿元，同比增长64.1%。 同期，蔓迪国际毛利率分别为80.3%、82.0%、82.7%、81.1%，净利率分别为20.5%、27.8%、26.8%及23.4%。 尽管业绩表现不俗，但细看其营收结构，产品结构相对集中的问题不容忽视。 中国基金报记者 夏天 "Nancy，Luna，Rachel……我的每一根头发都有名字。"在社交媒体上，年轻一代自我调侃的背后，是日益严重的脱发问题。根据灼识咨询的数据，中国 脱发人群已经超过3.3亿人，其中超六成年龄在35岁以下。 在这场"秃顶危机"中，三生制药子公司蔓迪国际成为大赢家。近日，主营防脱发产品的蔓迪国际正式向港交所主板递交上市申请，华泰国际为其独家保荐 人。 若成功上市，蔓迪国际将成为继雍禾医疗之后，又一家在港股上市的毛发医疗概念股。来自东北的"药二代"娄竞也将在三生制药、三生国健之后，再收获 一个IPO。 虽然蔓迪国际凭借一款明星防脱发药水产品快速打开市场，在中国脱发药物市场拿下57%的份额，但其招股书显示，公司也面临着产品 ...

【导读】一款防脱发药水，有望让娄竞家族收获第三个IPO 中国基金报记者 夏天 "Nancy，Luna，Rachel……我的每一根头发都有名字。"在社交媒体上，年轻一代自我调侃 的背后，是日益严重的脱发问题。根据灼识咨询的数据，中国脱发人群已经超过3.3亿人，其 中超六成年龄在35岁以下。 在这场"秃顶危机"中，三生制药子公司 蔓迪国际 成为大赢家。近日， 主营 防脱发产品的 蔓 迪国际 正式向港交所主板递交上市申请，华泰国际为其独家保荐人。 若成功上市， 蔓迪国际 将成为继雍禾医疗之后，又一家在港股上市的毛发医疗概念股。来自 东北的"药二代"娄 竞 也将在三生制药、三生国健之后，再收获一个IPO。 同期，蔓迪国际毛利率 分别为 80.3%、82.0%、82.7%、81.1%，净利率分别为20.5%、 27.8%、26.8%及23.4%。 尽管业绩表现不俗，但细看其营收结构，产品结构相对集中的问题不容忽视。 招股书显示，蔓迪国际超90%的收入均来自 蔓迪 ® 系列产品。其中，核心产品蔓迪®5%米 诺地尔酊剂在2022年至2023年的营收占比分别高达91.3%和91.6%。 | | | | 截至12月31日止年度 ...

Core Insights - The issue of hair loss has evolved from a niche concern to a widespread health issue, with over 339 million people in China affected, more than 60% of whom are under 35 years old [1] - Mand International, a company that has pioneered minoxidil products, has submitted an application for listing on the Hong Kong Stock Exchange, indicating a strong growth opportunity in the hair loss treatment market [1] - The company has maintained a leading position in the Chinese hair loss medication market for the past decade, with its Mand® series of minoxidil products achieving over 50 million bottles sold from 2018 to 2024 [1] Financial Performance - Mand International has shown steady revenue growth, with reported revenues of RMB 982 million in 2022, RMB 1.228 billion in 2023, and RMB 1.455 billion in the first half of 2024 [2][3] - The Mand® product series has consistently contributed over 90% of the company's revenue, reaching a record high of 92.4% in the first half of 2024 [2][3] - The company has maintained a gross margin above 80%, with gross profits of RMB 789 million in 2022 and RMB 1.007 billion in 2023 [4][5] Product and Market Strategy - Mand International is expanding its product portfolio beyond hair health, with new offerings in dermatology and weight management, including the Winlevi® cream for acne and a GLP-1 receptor agonist for weight management [6] - The company has established a robust online and offline sales network, with online sales accounting for 74% of total revenue in the first half of 2025 [4][5] - The company is also developing new products targeting female androgenetic alopecia and exploring innovative treatments for hair loss, including a monoclonal antibody targeting prolactin receptors [7][8] Market Position and Future Outlook - Mand International's strategy to diversify its product offerings and strengthen its market position in hair health is expected to drive future growth [6][8] - The company's upcoming listing on the Hong Kong Stock Exchange is seen as a significant step towards capitalizing on the growing consumer healthcare market [8]

Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [1] Core Insights - The report highlights a significant market downturn due to renewed trade conflicts, with the S&P 500 dropping by 2.4% and the Nasdaq by 2.5% [3] - Only three sectors experienced gains, while 21 sectors saw declines, indicating widespread market fear [3] - The semiconductor sector attracted substantial capital inflows, contrasting with the overall outflow from the market [4] Summary by Sections Price Trends - The S&P 500 fell by 2.4%, and the Nasdaq decreased by 2.5% due to trade tensions [3] - The performance of sectors varied, with the Food, Beverage & Tobacco sector increasing by 1.7%, while Durable Goods & Apparel dropped by 8.4% [3] Capital Flows - The estimated capital flow for S&P 500 components was -$40.6 billion, indicating a significant outflow compared to the previous week [4] - The semiconductor products and equipment sector saw a capital inflow of $83.2 million, while the automotive sector experienced a $25.7 million outflow [4] Earnings Forecast - The report indicates a 0.3% upward adjustment in the earnings per share (EPS) forecast for S&P 500 components, with 21 sectors seeing an increase in earnings expectations [5] - The materials sector led the upward revisions with a 1.0% increase, while the energy sector faced a downward adjustment of 0.5% [5]

Core Viewpoint - The Chinese stock market experienced a significant drop despite the favorable news of a 25 basis point interest rate cut by the Federal Reserve, indicating a potential profit-taking behavior among investors after a rapid market rise [2][15]. Market Performance - On September 18, the A-share market saw the Shanghai Composite Index rise close to 3900 points in the morning but fell sharply in the afternoon, with the index dropping over 2% at one point. By the end of the day, the Shanghai Composite Index closed down 1.15%, the Shenzhen Component down 1.06%, and the ChiNext Index down 1.64% [2]. - A total of 1027 stocks rose, with 64 hitting the daily limit up, while 4350 stocks declined [3][4]. Sector Performance - Tourism stocks performed well against the market trend, with Yunnan Tourism and Qujiang Cultural Tourism hitting the daily limit up [5][6]. - CPO and computing hardware stocks were active, with Dekeli and Changfei Optical Fiber reaching the daily limit up [7][8]. - Semiconductor stocks initially surged but then retreated, with Zhongwei Company and Saiwei Microelectronics rising over 10% [9][10]. - Gold stocks collectively declined, with Xiaocheng Technology dropping over 8% [11][12]. - Brokerage and fintech stocks also faced adjustments, with Guosheng Financial Holdings and Changcheng Securities both declining over 6% [13][14]. Reasons for Market Drop - The Federal Reserve's interest rate cut led to profit-taking by investors due to previous rapid market gains. Additionally, unusual selling pressure was observed in brokerage stocks, indicating potential market instability [15].

Core Insights - The recent salon hosted by the Beijing News Shell Finance Capital Market Research Institute focused on how patient capital can stabilize the market, coinciding with the Shanghai Composite Index reaching a ten-year high of 3800 points, driven by sustained inflows of medium to long-term funds [1][2] Group 1: Market Dynamics - The Shanghai Composite Index has recently stabilized at 3800 points, marking a ten-year high, attributed to the continuous influx of medium to long-term capital [1] - Key contributors to this trend include the acceleration of long-term investment trials by insurance funds, the initiation of public fund long-term assessment reforms, and the optimization of the national social security fund investment management mechanism [1] Group 2: Fund Management Strategies - According to Chen Jingjing from China Post Fund, the potential for investment funds to enter the market is significant, with the transformation of short-term funds into medium to long-term funds dependent on their duration and overall experience regarding returns, volatility, and drawdowns [3] - Fund companies are encouraged to provide high-quality products that balance returns and drawdowns to attract long-term capital, as evidenced by the success of China Post Fund's "steady fixed income plus" strategy [3][4] Group 3: Investment Focus Areas - Fund companies should enhance their product offerings by focusing on sectors with long-term sustainability, such as artificial intelligence, clean energy, and consumer healthcare, while employing strategies that emphasize stable, absolute returns [4] - The performance evaluation of fund managers should prioritize long-term stable returns over short-term rankings to better accommodate the influx of medium to long-term capital [4] Group 4: Institutional Investment Trends - Social security funds and insurance capital are becoming the primary sources of medium to long-term institutional capital entering the market, with public equity funds serving as key allocation tools [5] - Institutional investors show a preference for passive equity funds due to their convenience, liquidity, and low-cost attributes, while active management funds are evaluated based on their ability to generate excess returns [6] Group 5: Fund Performance Metrics - As of the end of 2024, the scale of active equity funds is approximately 33.817 billion yuan, with institutional holdings accounting for about 17.5% [7] - Funds with an average institutional holding of over 30% typically exhibit a five-year annualized return greater than 10% or a 2024 return exceeding 20%, indicating that fund companies can attract institutional investors by demonstrating stock-picking capabilities in high-growth sectors or maintaining performance across market cycles [7]

Investment Rating - The report maintains a "Weaker than Market" investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market experienced narrow fluctuations with most sectors declining, as the S&P 500 fell by 0.3% and the Nasdaq by 0.1% [3] - There were 8 sectors that increased while 16 sectors decreased, with notable gains in Energy (+2.6%), Semiconductor Products and Equipment (+2.4%), and Transportation (+1.2%) [3] - Conversely, sectors that saw significant declines included Telecommunications (-4.8%), Insurance (-2.6%), and Banks (-2.5%) [3] Summary by Sections Market Overview - The S&P 500's estimated fund flow was -$5.7 billion this week, a decrease from the previous week's +$23.4 billion, with a total of +$216.4 billion over the last 13 weeks [4] - Fund inflows were observed in 11 sectors, with Semiconductor Products and Equipment leading at +$17.2 billion, followed by Transportation (+$6.0 billion) and Energy (+$4.1 billion) [4] - Sectors experiencing fund outflows included Software and Services (-$15.9 billion) and Automotive and Parts (-$8.2 billion) [4] Earnings Forecast - The dynamic F12M EPS forecast for S&P 500 constituents was adjusted upward by 0.3%, following a 0.2% increase the previous week [5] - Earnings expectations were raised for 21 sectors, with the highest adjustments in Integrated Finance (+0.8%), Automotive and Parts (+0.8%), and Semiconductor Products and Equipment (+0.8%) [5] - Three sectors saw downward revisions, notably Healthcare Equipment and Services (-1.0%) and Telecommunications (-0.2%) [5] Price Performance - The Energy sector recorded a price return of +2.6% this week, while the Telecommunications sector saw a decline of -4.8% [15] - Over the past 52 weeks, the Energy sector has increased by 5.1%, while the Telecommunications sector has decreased by 4.0% [15] - The Semiconductor Products and Equipment sector has shown a remarkable increase of +48.0% over the past 13 weeks [15] Fund Flow Analysis - The Industrial sector led with a net fund inflow of $781 million this week, followed by Energy with $409 million [19] - The Semiconductor Products and Equipment sector also saw significant inflows of $1.716 billion, indicating strong investor interest [19] - In contrast, the Software and Services sector experienced the largest outflow of -$1.594 billion [19]