二、请说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确 结论性意见。 三、请说明控股股东上层信托所涉相关合约及资管安排的主要内容，包括但不限于信托的具体方式、信 托管理权限、信托或资产管理费用、合同的期限及变更终止的条件、信托资产处理安排、合同签订的时 间及其他特别条款、导致实际控制人在上市公司中拥有权益的股份变动的时间及方式等；请结合信托契 约具体条款说明你公司实际控制人所涉信托各当事人权利义务安排，并说明所有信托受益人具体信息， 包括但不限于受益人、受益份额、与信托设立人的关系。 近日，中国证监会发布《境外发行上市备案补充材料要求(2025年12月29日—2026年1月4日)》。中国证 监会国际司共对13家企业出具补充材料要求，其中，要求蔓迪国际补充说明关于搭建离岸架构及返程并 购的合规性等事项。据港交所11月20日披露，蔓迪国际递表港交所主板，华泰国际为其独家保荐人。 证监会请蔓迪国际补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于搭建离岸架构及返程并购的合规性，请说明：(1)你公司搭建离岸架构和返程投资涉及的外汇 管理、境外投资、外商投资、税务管理等监管 ...

智通财经APP获悉，近日，中国证监会发布《境外发行上市备案补充材料要求(2025年12月29日—2026 年1月4日)》。中国证监会国际司共对13家企业出具补充材料要求，其中，要求蔓迪国际补充说明关于 搭建离岸架构及返程并购的合规性等事项。据港交所11月20日披露，蔓迪国际递表港交所主板，华泰国 际为其独家保荐人。 二、请说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确 结论性意见。 五、请就你公司境内运营实体经营范围及实际业务是否涉及限制或禁止外商投资领域出具明确结论性意 见。 证监会请蔓迪国际补充说明以下事项，请律师核查并出具明确的法律意见： 招股书显示，蔓迪国际是中国领先的专业消费医药公司，致力于开发并提供全面和长期的皮肤健康及体 重管理解决方案。公司主要专注于更广泛的皮肤健康行业中的头发健康领域，并在此领域确立了领导地 位。 一、关于搭建离岸架构及返程并购的合规性，请说明：(1)你公司搭建离岸架构和返程投资涉及的外汇 管理、境外投资、外商投资、税务管理等监管程序具体履行情况，并说明是否符合当时有效监管规定的 结论性意见；(2)你公司取得境内运营实体股权的定价依据、支 ...

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 - Sanofi Pharmaceutical (01530) saw a significant stock increase, rising over 7% in early trading and currently up 5.25% at HKD 30.88, with a trading volume of HKD 401 million [1] Group 1: Company Developments - Mand International has submitted an application for an independent listing on the Hong Kong Stock Exchange [1] - Mand International is recognized as a leading professional consumer pharmaceutical company in China, focusing on comprehensive and long-term solutions for skin health and weight management [1] - The company has established a leadership position in the hair health sector within the broader skin health industry [1] Group 2: Corporate Actions - Sanofi Pharmaceutical announced plans to spin off its subsidiary, Mand International, for independent listing on the Hong Kong Stock Exchange [1] - Following the spin-off, Sanofi Pharmaceutical will not retain any equity interest in Mand International, which will operate independently [1]

Group 1 - Sanofi Pharmaceutical (01530) saw a morning increase of over 7%, and as of the report, it rose by 5.25% to HKD 30.88, with a trading volume of HKD 401 million [1] - According to the Hong Kong Stock Exchange on November 20, Mandi International has submitted an application for a mainboard listing. The prospectus indicates that Mandi International is a leading professional consumer pharmaceutical company in China, focused on developing and providing comprehensive and long-term solutions for skin health and weight management [1] - Sanofi Pharmaceutical announced its plan to spin off its subsidiary Mandi International for independent listing on the Hong Kong Stock Exchange. After the spin-off, Sanofi will not retain any equity in Mandi International, which will operate independently [1]

Group 1: Recent IPOs - Zhongwei Co., a new energy materials company, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 3.544 billion by offering about 104 million shares [1] - Jiansu, a supply chain management service provider, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the plastic and chemical industries in China [2] - Defeng Technology, an independent AIoT provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy and manufacturing sectors [3] - Kanop, an industrial robotics company, applied for an IPO on the Hong Kong Stock Exchange, ranking first among Chinese welding robot manufacturers [4] - NobiKan, an AI company, refiled for an IPO on the Hong Kong Stock Exchange after previous applications lapsed, focusing on AI and digital twin technologies [5] - Dongshan Precision, a PCB supplier for edge AI devices, submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a leading supplier in the sector [6] - Mandi International, a consumer healthcare company, filed for an IPO on the Hong Kong Stock Exchange, leading the market in hair health products [7] - Lingyi Intelligent Manufacturing, an AI hardware platform, applied for an IPO on the Hong Kong Stock Exchange, ranking first in high-precision components for AI terminal devices [8] Group 2: Upcoming IPOs - Quantitative Platform is set to launch its IPO from November 19 to November 24, aiming to raise approximately HKD 131 million [9] - Haiwei Electronics plans to conduct its IPO from November 20 to November 25, targeting to raise around HKD 440 million [10] Group 3: Recent Hearings - Yujian Xiaomian, a modern Chinese noodle brand, passed the listing hearing on the Hong Kong Stock Exchange, operating 440 restaurants in mainland China and 11 in Hong Kong [11] - Jinyan High-tech, a kaolin company, also passed the listing hearing, focusing on the production of calcined kaolin products [12] - Naxin Micro, a provider of analog chips, passed the listing hearing, specializing in automotive electronics and consumer electronics [13] - Lemo, a smart massage service provider, passed the listing hearing, leading the market in smart massage services in mainland China [14] Group 4: Market Developments - The Singapore Exchange and Nasdaq announced a collaboration to simplify dual listings, aiming to launch a "Global Listing Board" by mid-2026 [15]

Core Viewpoint - Mandi International has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, positioning itself as a leading professional consumer pharmaceutical company in China focused on skin health and weight management solutions [1] Company Overview - Mandi International has established a leadership position in the broader skin health industry, particularly in the hair health sector [1] - The company's flagship product, the Mandi series of minoxidil-based hair loss treatment products, has ranked first in the Chinese hair loss medication market and the minoxidil drug market for ten consecutive years since 2014, according to Zhi Shi Consulting data [1] Market Position - In 2024, the market share of the Mandi series products in the Chinese hair loss medication market and the minoxidil drug market is approximately 57% and 71%, respectively [1] - In March 2025, Mandi International launched the Mandi anti-hair loss shampoo, which is the first functional anti-hair loss shampoo in China containing the ingredient Unodex. The product sold over 500,000 bottles in its first six months [1]

Core Insights - Mandee International has submitted its application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] - The company is recognized as a leading professional consumer pharmaceutical company in China, focusing on skin health and weight management solutions [1] - Mandee International has established a leading position in the hair health sector within the broader skin health industry [1] Market Position - According to Zhi Shi Consulting, Mandee's flagship product, the Mandee® series minoxidil hair loss treatment, has ranked first in the Chinese hair loss medication market and the minoxidil drug market for ten consecutive years since 2014 [1] - The market shares for these two segments in 2024 are projected to be approximately 57% and 71%, respectively [1] Product Launch - In March 2025, Mandee International will launch the Mandee® anti-hair loss shampoo, which is the first shampoo in China to include the anti-hair loss ingredient Unodial [1] - The product achieved over 500,000 bottles in sales within the first six months of its launch, redefining the domestic anti-hair loss and hair care market landscape [1]

Core Viewpoint - The article discusses the marginal recovery of the US economy, highlighting improvements in GDP growth, employment stability, inflation pressures, and market expectations for interest rate cuts by the Federal Reserve [2][3]. Group 1: US Economic Recovery - The Atlanta Fed's GDPNOW model predicts a Q3 GDP growth rate of 2.5%, with private consumption growth at 2.0% and private investment growth at 2.5%, indicating a recovery from Q2's low [2]. - Initial jobless claims remain low at 226,000, while continuing claims are at 1.974 million, suggesting a stable employment market with limited upward pressure on the unemployment rate [2]. - Service consumption growth is forecasted at 1.9% for Q3, up from 1.4% in Q2, potentially reversing the trend of cooling service inflation [2]. Group 2: Interest Rate Expectations - Market sentiment is influenced by Trump's nomination of Stephen Moore to the Federal Reserve, with expectations for a 25 basis point rate cut in September and 2-3 cuts anticipated for the year [2][3]. - The bond market reflects these expectations, with US Treasury yields remaining low and limited further downside anticipated due to already priced-in rate cuts [3]. Group 3: Currency and Commodity Outlook - The US dollar is expected to remain stable, with limited downside as the market has largely priced in the September rate cut [5]. - Gold prices are influenced by potential tariffs on gold bars, leading to a significant price spread between New York and London gold [6]. Group 4: China's Economic Performance - China's exports grew by 7.2% year-on-year in July, with imports rising by 4.1%, indicating better-than-expected trade performance [8]. - Domestic real estate transactions are down 25.1% year-on-year, with second-hand home prices declining, reflecting ongoing pressure in the housing market [9]. Group 5: Policy Initiatives - The People's Bank of China and other departments issued guidelines to support new industrialization through financial services, focusing on innovation and supply chain resilience [10][11]. - The "anti-involution" policy aims to direct financial resources towards technological innovation and brand upgrades, while monitoring credit flows to prevent risks [11]. Group 6: Market Strategy - The market shows a steady recovery in risk appetite, with both stock and bond markets experiencing slight upward movements [12]. - A balanced allocation strategy is recommended for equities, focusing on dividend-paying sectors and technology, while maintaining a cautious approach to long-duration bonds [14].