斑马消费 沈庹 就算你有盛世美颜，如果头上是"地中海"，恐怕就与帅哥、靓女不沾边了。 在中国，有近3.4亿脱发患者，正在为自己的头发发愁，催生出一个快速增长的头发健康管理市场。 近期，占据中国脱发药物市场半壁江山的蔓迪国际，正在推进港股IPO。一旦成功挂牌，"东北药王"三生系，将拥有第三家上市公司。 3.4亿人的脱发生意 虽然说，颜值主要看脸，但如若头顶发量稀疏，甚至是"地中海"，再好看的五官，恐怕也无法对异性产生吸引力。 随着工作压力增大、生活节奏加快，以及饮食、睡眠不规律，越来越多人正面临着脱发问题，且呈现出年轻化的趋势。 数据显示，我国脱发患者由2018年的2.71亿人增至2024年的3.39亿人，复合年增长率达3.8%，预计2035年将达到4.68亿人。 人们对美的需求，催生出了一个快速增长的头发健康管理市场，规模从2018年的198亿元增至2024年的527亿元，复合年增长率达17.7%，预计2035年进一步 扩大至1714亿元。 要解决脱发问题，根据各自身体状况，无外乎两种选择：要么药物治疗，要么植发。 植发市场已在2021年诞生了"植发第一股"雍禾医疗。但该公司上市之后，持续亏损，股价总体大幅下 ...

近日，三生制药发布公告，建议将公司附属公司蔓迪国际分拆并于联交所主板独立上市。三生制药持有 蔓迪国际87.16%的股权，建议分拆完成后，三生制药将不会保留蔓迪国际的任何权益，且蔓迪国际将 不再为三生制药的附属公司。11月20日，蔓迪国际已正式向港交所递交招股说明书。此前，三生制药曾 分拆三生国健药业(上海)股份有限公司(简称"三生国健")至科创板上市，此次分成蔓迪国际赴港上市是 何考虑？ 营收主要依赖于蔓迪产品系列 蔓迪国际前身是成立于1997年的浙江万晟药业有限公司(简称"浙江万晟")。2001年，浙江万晟以蔓迪为 品牌推出中国首款5%米诺地尔类产品，填补了国内脱发治疗领域的相关空白。根据灼识咨询资料，蔓 迪系列米诺地尔类脱发治疗产品自2014年起连续十年在中国脱发药物市场及米诺地尔类药物市场排名第 一。 曾分拆旗下三生国健至A股上市 蔓迪国际在头发健康、皮肤病学及功效洗护领域有四款主要产品在售，但营收主要依赖于蔓迪产品系 列，涵盖5%米诺地尔酊剂、5%米诺地尔泡沫剂及洗发水。其为蔓迪国际贡献了90%以上的收入。2022 年-2024年及2025年上半年，蔓迪产品系列分别实现收入8.93亿元、11.22亿元 ...

【文/王力 编辑/周远方】 11月20日晚间，港股上市公司三生制药（01530.HK）发布公告，宣布将旗下消费医药业务板块蔓迪国 际分拆至港交所主板独立上市，华泰国际担任独家保荐人。这意味着，这家凭借米诺地尔产品连续十年 稳居中国脱发药物市场榜首的企业，即将以独立身份登陆资本市场。 蔓迪国际的背后，站着三生制药的灵魂人物——娄竞。1993年，娄竞的父亲、生物医学专家娄丹在沈阳 创立了三生制药。彼时正在美国福特汉姆大学攻读分子与细胞生物学博士学位的娄竞，于1995年学成归 国，加入父亲创办的公司担任研发主管，此后逐步接手公司管理，现任三生制药董事长兼首席执行官。 2015年，三生制药全资收购了拥有蔓迪品牌的浙江万晟药业，将其纳入集团化药发展平台。如今，这一 业务板块被推向独立上市，娄竞仍通过信托安排控制蔓迪国际的员工持股平台。 根据招股书披露，三生制药目前持有蔓迪国际约87.16%的股权，阿里健康等机构投资者亦在股东名单 之中。值得注意的是，公告明确指出分拆完成后三生制药将不会保留蔓迪国际的任何权益，这意味着蔓 迪将彻底脱离母公司，以独立个体在市场中搏杀。在集采降价、竞争加剧的行业背景下，这家"防脱神 药"制造 ...

文 | 野马财经 刘钦文 编辑 | 高远山 一位"药二代"的资本运作，一个家族企业的上市征程，在脱发经济的风口上迎来高光时刻。 "我的每一根头发都有名字"，社交媒体上年轻人的自我调侃，折射出脱发市场的庞大需求。2025年11月20日，三生制药旗下蔓迪国际正式向港交所递交 《招股书》，计划在香港主板上市。 蔓迪国际凭借一款米诺地尔生发剂，在中国脱发药物市场占据57%份额，连续十年排名第一。财务数据显示，2022年至2024年，公司营收从9.82亿元增长 至14.55亿元，复合年增长率达21.7%。 若蔓迪成功上市，这将是"三生系"掌门人娄氏家族的第三个资本市场平台。目前，娄氏家族在资本市场上已有三生制药（1530.HK）、三生国健 （688336.SH）两家上市公司，这位"药二代"，正一步步构建起属于自己的医药帝国。 01 靠"脱发"人群年入14亿，还在布局减肥赛道 "头秃" 焦虑早已不是小众困扰，而是演变为席卷全民的集体焦虑，更催生出一个规模持续爆发的千亿市场。 据灼识咨询数据，2024年中国脱发人群已突破3.39亿，相当于每4个人中就有1人受脱发困扰，而35岁以下群体占比超60%，20-35岁年轻人更是扛起 ...

招商证券发布研报称，首次覆盖给予三生制药(01530)"强烈推荐"评级，PD-(L)1/VEGF双抗是下一代IO 治疗的核心药物，SSGJ-707分子设计独特、早期临床数据具备BIC潜力。辉瑞14亿美元前端付款+最高 48亿美元里程碑付款+1亿美元股份认购获得全球权益，充分认可707分子潜力和公司研发实力，并且随 着辉瑞多项全球临床的快速推进、后续更多ADC联用的临床开启，公司估值空间有望持续打开。公司 业绩基本盘稳健，产品管线衔接有序，中长期成长动力充沛。 招商证券主要观点如下： 公司背景 基本盘扎实，创新周期再加速。三生制药成立于1993年，是国内领先的生物药物公司，在研发/生产/销 售生物药方面具有丰富的经验。经过30多年发展，公司在肾科、血液及肿瘤、自免、毛发皮肤等治疗领 域布局了丰富的产品和在研管线。同时公司具备强大的国内商业化能力，核心产品特比澳、EPO、益赛 普、蔓迪在所处赛道占据高市占率，驱动业绩持续增长。 肿瘤锚定下一代IO基石疗法，早研FIC分子进入临床验证期;自免管线进展迅速，即将进入收获期 肿瘤：707有望成为全球肿瘤免疫治疗重磅基石品种，多个FIC分子已进入临床阶段。2025年5-7 ...

肿瘤锚定下一代IO基石疗法，早研FIC分子进入临床验证期;自免管线进展迅速，即将进入收获期 智通财经APP获悉，招商证券发布研报称，首次覆盖给予三生制药（01530）"强烈推荐"评级，PD- (L)1/VEGF双抗是下一代IO治疗的核心药物，SSGJ-707分子设计独特、早期临床数据具备BIC潜力。辉 瑞14亿美元前端付款+最高48亿美元里程碑付款+1亿美元股份认购获得全球权益，充分认可707分子潜 力和公司研发实力，并且随着辉瑞多项全球临床的快速推进、后续更多ADC联用的临床开启，公司估 值空间有望持续打开。公司业绩基本盘稳健，产品管线衔接有序，中长期成长动力充沛。 招商证券主要观点如下： 公司背景 基本盘扎实，创新周期再加速。三生制药成立于1993年，是国内领先的生物药物公司，在研发/生产/销 售生物药方面具有丰富的经验。经过30多年发展，公司在肾科、血液及肿瘤、自免、毛发皮肤等治疗领 域布局了丰富的产品和在研管线。同时公司具备强大的国内商业化能力，核心产品特比澳、EPO、益赛 普、蔓迪在所处赛道占据高市占率，驱动业绩持续增长。 升板产品：主力大单品竞争格局佳，拓展适应症挖掘增长空间。特比澳为公司核心大单 ...

Investment Rating - The report gives a "Strong Buy" rating for the company [2]. Core Views - The PD-(L)1/VEGF dual antibody is positioned as a core drug for next-generation immuno-oncology treatments, with the SSGJ-707 molecule showing unique design and early clinical data indicating its potential as a best-in-class (BIC) candidate. The collaboration with Pfizer, involving an upfront payment of $1.4 billion and potential milestone payments of up to $4.8 billion, reflects the recognition of SSGJ-707's potential and the company's R&D capabilities [1][8][48]. - The company's financial performance is stable, with a well-structured product pipeline and strong long-term growth drivers [1][8]. Summary by Sections Company Overview - Established in 1993, the company is a leading biopharmaceutical firm in China, focusing on R&D, production, and sales of biological drugs. It has developed a rich product and pipeline portfolio across various therapeutic areas, including nephrology, oncology, autoimmune diseases, and dermatology [13][16]. Oncology Pipeline - The SSGJ-707 is expected to become a cornerstone in global cancer immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages. The collaboration with Pfizer is a significant milestone, with substantial financial backing and a strategic focus on expanding clinical trials [1][8][37]. - Clinical data for SSGJ-707 shows promising efficacy and safety profiles, with high overall response rates (ORR) in various cancer types, indicating its potential to address unmet medical needs in oncology [1][8][37][38]. Autoimmune Pipeline - The company has several pipelines nearing commercialization, with notable advancements in clinical trials for various autoimmune treatments. The IL-17A monoclonal antibody SSGJ-608 and IL-1β monoclonal antibody SSGJ-613 have received NDA acceptance, indicating progress towards market entry [8][19]. Commercialization Capability - The company demonstrates strong commercialization capabilities, with core products maintaining high market shares. The flagship product, TPIAO, is expected to generate significant revenue, supported by new indications and stable pricing strategies [8][19][30]. - The company is also expanding its product portfolio in the erythropoiesis-stimulating agent market, maintaining a leading position despite competitive pressures [8][19]. Financial Projections - Revenue projections for 2025-2027 are estimated at 185.2 billion, 115.5 billion, and 117.8 billion CNY, respectively, with corresponding net profits of 97.7 billion, 37.2 billion, and 32.8 billion CNY. The report anticipates a significant increase in revenue in 2025, followed by a decline in subsequent years [7][8].

Core Viewpoint - The article highlights the transformation of 3SBio from a traditional biopharmaceutical company into an innovative player in the global market, particularly through its strategic decision to develop the dual antibody product SSGJ-707, culminating in a significant partnership with Pfizer worth $6.05 billion [2][6][37]. Group 1: Company Origins and Initial Choices - 3SBio was founded in 1993 in Shenyang, China, during a time when the domestic biopharmaceutical industry was underdeveloped, with high prices for imported interferons and a lack of local expertise [4][9]. - The company chose to tackle the challenging task of developing recombinant interferon, breaking the import monopoly and becoming one of the first companies in China to master core recombinant protein technology [10][11]. - 3SBio's early decisions established a foundation of resilience and innovation, focusing on difficult challenges rather than following the easier paths taken by others [13][14]. Group 2: Capital Expansion and Market Challenges - After establishing a foothold in the domestic recombinant protein market, 3SBio aimed for global expansion, listing on NASDAQ in 2007, which was a significant move for a company from Shenyang [17][19]. - The company faced a downturn post-2011 due to the broader issues affecting Chinese companies listed in the U.S., leading to a drastic drop in stock price and market valuation [19][20]. - In response to these challenges, 3SBio made the bold decision to privatize and delist from NASDAQ, later successfully listing on the Hong Kong Stock Exchange in 2015, which allowed for a more suitable capital environment [21][22]. Group 3: Transition to Innovative Drug Development - Following its return to the market, 3SBio confronted the pressing question of the sustainability of its recombinant protein business amid rising competition and market changes [25][27]. - The company strategically decided to leverage cash flow from its established products to invest in innovative drug development, focusing on a diversified pipeline that includes renal, autoimmune, metabolic, and oncology therapies [28][29]. - A pivotal decision was made to develop the dual antibody SSGJ-707 instead of entering the crowded PD-1 market, positioning the company for a unique competitive advantage [34][35]. Group 4: Key Decisions and Future Outlook - The development of SSGJ-707 showcased 3SBio's commitment to innovation, with promising clinical data leading to breakthrough therapy designation and FDA approval for global trials [36][37]. - The partnership with Pfizer, involving an upfront payment of $1.25 billion and milestone payments totaling $4.8 billion, marked a significant recognition of 3SBio's capabilities on the global stage [37][38]. - 3SBio's journey reflects a pattern of making critical decisions during challenging times, demonstrating a balance of stability and willingness to take calculated risks, positioning the company for future growth and international expansion [40][42].

Group 1: Nutritional Functional Food Industry - The nutritional functional food industry in China is experiencing rapid growth, with a market size projected to reach 522.3 billion yuan in 2024 and 720.3 billion yuan by 2029, representing a CAGR of 6.6% from 2024 to 2029 [2][7] - The market for nutritional functional foods specifically is expected to grow from 233.1 billion yuan in 2024 to 349.9 billion yuan in 2029, with a CAGR of 8.5% [7][8] - The industry has established a complete supply chain, including upstream raw material suppliers, midstream manufacturers, and downstream distributors [8][9] - Key companies in the North Exchange related to this industry include Kangbiter, Wuxi Jinghai, and Hengmei Health, each occupying different positions in the supply chain [9] Group 2: PEEK Material Industry - The PEEK material market in China is projected to reach 1.455 billion yuan in 2024, with a year-on-year growth of 21.14% [11] - PEEK materials are widely used in critical components across automotive, electronics, and aerospace sectors, with automotive manufacturing accounting for 27% of global PEEK consumption [11] - The competitive landscape for global PEEK production is characterized by a few strong players, with the UK-based Victrex being the largest producer [11] Group 3: Electronic Industry - Kangguan Technology - Kangguan Technology reported a revenue of 6.935 billion yuan in the first half of 2025, a year-on-year increase of 5.06%, with a net profit of 384 million yuan, down 6.03% [16][17] - The company plans to distribute a cash dividend of 3.60 yuan per 10 shares, reflecting a dividend payout ratio exceeding 65% [16] - The growth in innovative display products is notable, with a revenue increase of 39.16% in the first half of 2025 [17] Group 4: Pharmaceutical Industry - Sanofi Pharmaceutical - Sanofi Pharmaceutical achieved a revenue of 4.355 billion yuan in the first half of 2025, a slight decline of 1.07%, while the net profit increased by 19.13% to 1.358 billion yuan [20][21] - The company’s overseas revenue grew by 70%, with a presence in over 35 countries [21][22] - The company has a rich pipeline of clinical trials, with significant potential for future growth [22][23] Group 5: New Consumption - Chaohongji - Chaohongji has submitted an application for H-share listing, which is expected to enhance its global strategy and brand image [24][25] - The company has expanded its international presence by opening stores in Malaysia, Thailand, and Cambodia, with two stores in Cambodia as of the first half of 2025 [24][25] - The brand is focusing on younger consumers, with a significant portion of its customer base being from the post-80s to post-00s generation [26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing stable growth in its core business, with significant potential for overseas expansion [5] - The company reported a revenue of 4.355 billion RMB in the first half of 2025, a slight decrease of 1.07% year-on-year, while the net profit attributable to shareholders increased by 24.6% to 1.36 billion RMB [7] - The company has a robust pipeline of clinical trials and innovative products, with a focus on four major areas: hematology and oncology, autoimmune diseases, nephrology, and others [7] Financial Performance Summary - Revenue projections for 2025 are estimated at 19.52 billion RMB, with a year-on-year growth rate of 114.3% [6] - The net profit attributable to shareholders is projected to be 10.46 billion RMB in 2025, reflecting a significant increase of 400.5% [6] - The earnings per share (EPS) is expected to reach 4.30 RMB in 2025, with a projected price-to-earnings (P/E) ratio of 6.92 [6] Key Developments - The company has entered into a licensing agreement with Pfizer for SSGJ-707, a PD-1/VEGF bispecific antibody, which includes an upfront payment of 1.4 billion USD and potential total transaction value exceeding 6 billion USD [7] - The company’s international market presence has expanded to over 35 countries, with overseas revenue growth of 70% [7] - The company’s R&D expenses increased by 15.13% year-on-year, indicating a commitment to innovation [7]