治脱发药企蔓迪国际递表港交所 销售开支攀升而研发费用收缩

Core Viewpoint - The hair loss treatment market in China is rapidly growing, with over 339 million people affected, and a significant portion of this demographic being under 35 years old. The market is projected to reach a valuation of hundreds of billions [1]. Group 1: Company Overview - Mandi International, a subsidiary of 3SBio, has submitted an application for an IPO on the Hong Kong Stock Exchange, focusing on its minoxidil product line for hair loss treatment [1]. - The company was founded in 2001 and launched China's first 5% minoxidil solution, filling a gap in the market for effective hair loss treatments [2]. - Mandi's second-generation product, a 5% minoxidil foam, became a bestseller, selling over 2.5 million bottles in its first year and generating over 300 million yuan in revenue [2]. Group 2: Financial Performance - Mandi International's revenue grew from 982 million yuan in 2022 to 1.455 billion yuan in 2024, with a compound annual growth rate of 21.7%. Net profit increased from 202 million yuan to 390 million yuan during the same period [2]. - The gross profit margin remained above 80% over three years, reaching 82.7% in 2024, which is significantly higher than many pharmaceutical companies [2]. - Sales expenses rose from 476 million yuan in 2022 to 375 million yuan in the first half of 2025, exceeding 50% of revenue due to business expansion and marketing activities [3]. Group 3: Research and Development - R&D expenses increased significantly in 2024 to 92.2 million yuan but dropped to 19.5 million yuan in the first half of 2025, primarily due to the absence of certain costs incurred in the previous year [3]. Group 4: Leadership and Strategy - The company is led by Lou Jing, a second-generation pharmaceutical executive, who has a history of successful IPOs and acquisitions in the pharmaceutical sector [4][5]. - Mandi International is also expanding into the weight management market, with plans to submit a drug registration application for a semaglutide injection in 2026 [6]. - The company aims to use the funds from its IPO to enhance R&D capabilities, expand product offerings, and strengthen marketing and operational efficiency [7].