靠米诺地尔撑起脱发生意！蔓迪国际冲刺港股“防脱第一股”

Core Viewpoint - Mandi International has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the "first stock in anti-hair loss" amid a growing consumer healthcare market and increasing youth hair loss issues [1]. Company Overview - Mandi International, originally Zhejiang Wansheng Pharmaceutical Co., launched the first 5% minoxidil solution in China in 2001 and has maintained a leading position in the hair loss treatment market for the past decade [4]. - The company is planning to spin off and independently list on the Hong Kong Stock Exchange, with its parent company, 3SBio, holding an 87.16% stake prior to the split [4]. Financial Performance - Mandi International's revenue is projected to grow from RMB 981.54 million in 2022 to RMB 1.45 billion in 2024, reflecting a compound annual growth rate (CAGR) of 21.7% [5]. - Net profit is expected to increase from RMB 202 million in 2022 to RMB 390 million in 2024, with gross margins improving from 80.3% to 82.7% during the same period [5]. - The company's revenue from its main product line, the Mandi series, accounted for over 90% of total revenue, indicating a heavy reliance on this product line [6]. Market Dynamics - The hair health management market in China is projected to grow from RMB 19.8 billion in 2018 to RMB 52.7 billion by 2024, with an expected CAGR of 11.3% until 2035 [10]. - The competitive landscape is intensifying, with traditional pharmaceutical companies and international giants entering the market with new products [10]. Marketing and R&D Expenditure - Marketing expenses have been increasing, with sales and marketing costs rising from RMB 476.39 million in 2022 to RMB 633.80 million in 2024, representing a significant portion of revenue [8]. - In contrast, R&D spending is projected to decrease significantly in 2025, raising concerns about the company's long-term innovation capabilities [10]. Future Plans - The company plans to use the net proceeds from its IPO for enhancing R&D capabilities, digital operations, brand building, and working capital [11].