蔓迪国际冲刺港股：泡沫剂收入暴增338%背后，流动比率骤降76.7%引流动性危机

Core Insights - The company relies heavily on a single product for its revenue, with over 90% of its income coming from the Mandi® series, which poses significant dependency risks [1][11] - The online sales channel has grown significantly, accounting for 74% of revenue in the first half of 2025, up from 55.2% in 2022 [2] - Financial performance shows a slowdown in revenue growth, with a net profit margin declining for three consecutive years, indicating increasing pressure on profitability [3][4] Business Overview - The core business focuses on hair loss treatment, with the Mandi® series of minoxidil products holding a 57% market share in China [1] - The primary revenue source is the minoxidil solution, generating 9.91 billion yuan in 2024, which constitutes 68.1% of total revenue [2] - The second-generation minoxidil foam launched in 2024 has seen a sales surge of 338% in the first half of 2025, contributing 38.7% to revenue [2] Financial Performance - Total revenue increased from 982 million yuan in 2022 to 1.455 billion yuan in 2024, with a compound annual growth rate of 21.7% [3] - The net profit margin has decreased from 27.8% in 2023 to 23.4% in the first half of 2025, driven by high sales expenses and rising promotional costs [3] - Liquidity ratios have deteriorated significantly, with the current ratio dropping 76.7% to 1.0 in the first half of 2025 [4] Customer and Supplier Concentration - The top five customers account for 62.6% of revenue, with the largest customer contributing 28% [4] - Supplier concentration has increased, with the top five suppliers making up 75.6% of purchases, raising concerns about supply chain stability [6] Research and Development - R&D expenditures have fluctuated dramatically, with a 105% increase in 2024 followed by a 67% decrease in the first half of 2025, raising concerns about the pipeline's progress [7] - The company faces intense competition in its core therapeutic areas, which may hinder its ability to maintain high margins [8] Risk Factors - The company is exposed to significant risks from policy changes, competition, and liquidity issues, particularly with a 52% price drop in a recent procurement [9][10] - The entry of major competitors like Johnson & Johnson in 2026 could further pressure market share and growth potential [10] - The reliance on a single product and high customer concentration could lead to severe revenue impacts if key clients are lost [11]