3.4亿“地中海”，撑起蔓迪国际IPO

Core Insights - The hair health management market in China is rapidly growing, driven by an increasing number of hair loss patients, which has reached approximately 340 million [2][3][4] Industry Overview - The number of hair loss patients in China has increased from 271 million in 2018 to an estimated 339 million by 2024, with a compound annual growth rate (CAGR) of 3.8%, projected to reach 468 million by 2035 [3] - The hair health management market size has expanded from 19.8 billion yuan in 2018 to 52.7 billion yuan in 2024, with a CAGR of 17.7%, and is expected to grow to 171.4 billion yuan by 2035 [4] Market Dynamics - The demand for hair loss treatment is primarily met through two options: medication or hair transplant. The hair transplant market has seen the emergence of the first listed company, Yonghe Medical, which has faced continuous losses since its IPO [7] - The market for anti-hair loss medications in China has grown from 500 million yuan in 2018 to 3.5 billion yuan in 2024, with projections to soar to 19.7 billion yuan by 2035 [8] Company Spotlight - Mandi International, a leading player in the hair health medication sector, is currently pursuing an IPO on the Hong Kong Stock Exchange. The company was the first to launch a 5% minoxidil solution in China, establishing a significant market presence [9][12] - Mandi's flagship minoxidil products have maintained the top market position for ten consecutive years, with market shares of 57% and 71% in the hair loss medication and minoxidil markets, respectively, by 2024 [9] - The company has achieved high profitability, with gross margins exceeding 80% and net margins over 20%. Revenue is projected to grow from 982 million yuan in 2022 to 1.455 billion yuan in 2024, reflecting a CAGR of 21.7% [12] Corporate History - Mandi International was acquired by Sanofi Pharmaceutical in 2015 for 528 million yuan, recognizing the potential in the hair loss medication market [14] - Sanofi Pharmaceutical, founded by medical expert Lou Dan, has a history of innovation and successful capital operations, including a notable IPO on NASDAQ in 2007 and a subsequent listing on the Hong Kong Stock Exchange [15][17] - The upcoming IPO of Mandi International represents a strategic move by Sanofi to independently list its various business lines, potentially establishing a third publicly traded company within the Sanofi group [17]