蔓迪国际：诺地尔酊剂销售额下滑、大砍研发开支、过半收入营销 上市前突击分红7.7亿致流动资产净额不足百万

Core Viewpoint - Mandi International has submitted an application for a main board listing on the Hong Kong Stock Exchange, but faces significant operational challenges despite maintaining revenue and profit growth in recent years [1][16]. Group 1: Financial Performance - Mandi International's revenue and net profit have shown growth, with revenues projected at 9.8 billion, 12.3 billion, and 14.5 billion RMB for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 25.08% and 18.49% [4][21]. - In the first half of 2025, the company reported revenue of 7.43 billion RMB, a year-on-year increase of 20.2%, and a net profit of 1.7 billion RMB, up 64% [4][21]. Group 2: Product and Market Challenges - Over 90% of Mandi International's revenue is derived from the Mandi® product line, with the core product, Minoxidil solution, experiencing a sales decline of approximately 25.41% in the first half of 2025, generating around 3.58 billion RMB [5][20]. - The number of distributors has been decreasing annually, with counts of 173, 150, 132, and 106 for the years 2022, 2023, 2024, and the first half of 2025 respectively [8][23]. Group 3: Marketing and R&D Expenditure - The company has adopted a "heavy marketing, light R&D" approach, with marketing expenses reaching 3.75 billion RMB in the first half of 2025, resulting in a sales expense ratio of 50.4% [9][24]. - R&D spending has significantly decreased, with a 67.41% year-on-year drop to 0.195 billion RMB in the first half of 2025, raising concerns about the company's ability to innovate and expand into new areas [9][24]. Group 4: Dividend Policy and Financial Health - Mandi International declared a substantial dividend of 7.7 billion RMB in the first half of 2025, exceeding its net profit of 1.74 billion RMB for the same period, leading to a significant decline in net current assets [12][27]. - The company's liquidity has deteriorated sharply, with net current assets dropping from 5.95 billion RMB at the end of 2024 to just 0.04 billion RMB [13][29].