Company Overview - Mandi International has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company is a leading professional consumer pharmaceutical company in China, focusing on comprehensive and long-term solutions for skin health and weight management [1] - Mandi International has established a leading position in the hair health sector within the broader skin health industry [1] Product and Market Position - Mandi's flagship product, the Mandi® series of minoxidil-based hair loss treatment products, has ranked first in the Chinese hair loss medication market for ten consecutive years since 2014, with market shares of approximately 57% and 71% in the hair loss and minoxidil markets, respectively, in 2024 [3] - The products are sold in over 2,000 medical institutions and approximately 190,000 retail pharmacies across China, covering over 90% of the top 100 chain pharmacies [3] - Mandi International has established an O2O model through leading instant retail platforms, enhancing product accessibility and convenience for consumers [3] Research and Development - To strengthen its leading position in hair health, Mandi International is expanding its pipeline, including the development of a 5% minoxidil foam in Europe, expected to submit for market approval in 2026 [3] - The company has initiated a clinical project focused on female androgenetic alopecia, with a Phase III trial expected to begin in December 2024 [3] - Mandi International is also developing 2% and 5% minoxidil solutions and plans to advance the clinical development of M2506, a monoclonal antibody targeting prolactin receptors [4] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, are approximately RMB 982 million, RMB 1.228 billion, RMB 1.455 billion, and RMB 743 million, respectively [6] - The net profit for the same periods is approximately RMB 202 million, RMB 341 million, RMB 390 million, and RMB 174 million, respectively [7] - The gross profit margin for 2022, 2023, 2024, and the six months ending June 30, 2025, is 80.3%, 82.0%, 82.7%, and 81.1%, respectively [9] Industry Overview - The skin health market in China has grown rapidly from RMB 53.7 billion in 2018 to an estimated RMB 142.5 billion in 2024, with a compound annual growth rate (CAGR) of 17.7% [10] - The number of hair loss patients in China is projected to reach 339 million in 2024, up from 271 million in 2018, with a CAGR of 3.8% [12] - The minoxidil market in China is expected to grow from RMB 200 million in 2018 to RMB 2.8 billion in 2024, with a CAGR of 50.9% [13] - The obesity drug market in China is also expanding, projected to grow from RMB 800 million in 2018 to RMB 2.3 billion in 2024, with a CAGR of 20.7% [15]
新股消息 | 蔓迪国际递表港交所 旗下米诺地尔产品连续十年全国市占第一
Xin Lang Cai Jing·2025-11-21 00:03