新股前瞻｜瞄准3.4亿脱发人群旗舰产品7年卖出5000万瓶，蔓迪国际的成长叙事能让港股“买单”吗？

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]