150亿沈阳医药家族，冲击第三个IPO

Core Viewpoint - Mandis International has submitted an IPO application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, indicating a significant move in the hair loss treatment market in China [1][2]. Company Overview - Mandis International's minoxidil-based hair loss treatment products have ranked first in retail sales for ten consecutive years, holding a market share of 57% [2]. - The company reported a revenue of 743 million yuan in the first half of the year, representing a nearly 20% year-on-year growth, with a net profit of 174 million yuan [2]. - Mandis International was spun off from 3SBio, led by the prominent pharmaceutical figure Lou Jing, who is expected to achieve his third IPO [2][24]. Market Potential - The hair loss treatment market is experiencing significant growth, with over 339 million people in China suffering from hair loss issues, and more than 60% of them being under 35 years old [3]. - Approximately one in four individuals in China faces hair loss challenges [3]. Product Development - Mandis has been proactive in the minoxidil product market, launching the first 5% minoxidil solution in China in 2001 and continuously developing various product specifications [5]. - The company introduced the second-generation minoxidil foam product in 2024, which is the first and only domestically approved product of its kind in China [5]. - The foam product is priced at 198 yuan per bottle and has sold over 700,000 units, ranking first in Tmall's hair growth liquid sales [5][9]. Sales Performance - In the first half of the year, Mandis' sales reached approximately 681 million yuan, a 24% year-on-year increase, accounting for 98.8% of 3SBio's sales in the hair loss sector [12]. - The company's products have achieved a compound annual growth rate of 21.9% from 2022 to 2024 [12]. Distribution Channels - Mandis employs a dual-channel strategy, with online sales contributing 74% of its revenue in the first half of the year [10]. - The products are distributed to over 2,000 medical institutions and approximately 190,000 retail pharmacies across various cities in China [11]. Future Expansion - Lou Jing aims to expand Mandis' product line into skin health and weight management, recognizing significant market potential in these areas [20]. - The company is developing a range of early-stage assets, including treatments for acne and obesity-related metabolic syndromes [22]. IPO and Financial Strategy - The IPO is expected to enhance Mandis' research capabilities, digital operations, marketing, and brand development [25]. - Prior to the IPO, Mandis International was 87.16% owned by 3SBio, with Lou Jing and his wife being the controlling shareholders [24].