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...

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 recent revenue growth. The company's reliance on its Mandi® product line, particularly the declining sales of its core product Minoxidil solution, raises concerns about its sustainability and future growth prospects [1][4][5]. 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 for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 25.08% and 18.49% for 2023 and 2024 [4]. - The net profit for the same years is expected to be 2.0 billion, 3.4 billion, and 3.9 billion, with growth rates of 68.96% and 14.54% for 2023 and 2024 [4]. Revenue Structure - Over 90% of Mandi International's revenue is derived from the Mandi® product series, indicating a heavy reliance on a single brand. The sales figures for the Mandi® product series were 91.7%, 92.3%, 92.1%, and 92.4% from 2022 to mid-2025 [7]. - The core product, Minoxidil solution, experienced a significant sales decline, with a 25.41% drop in sales to approximately 3.58 billion in the first half of 2025 [5]. Marketing and R&D Expenditure - The company has adopted a "heavy marketing, light R&D" approach, with sales expenses reaching 3.75 billion in the first half of 2025, resulting in a sales expense ratio of 50.4% [9]. - In contrast, R&D spending has decreased significantly, with a 67.41% year-on-year decline to 0.195 billion in the first half of 2025, raising concerns about the company's commitment to innovation [9]. Dividend Policy - Mandi International has distributed over 14 billion in dividends from 2022 to mid-2025, including a substantial 7.7 billion in the first half of 2025, which exceeds the company's net profit for that period [12][13]. - This high dividend payout has led to a drastic reduction in liquid assets, from 5.95 billion at the end of 2024 to just 0.04 billion, questioning the appropriateness of its fundraising strategy [13].