Core Viewpoint - The article discusses the financial performance and market position of Mandi International, a leading player in the hair loss treatment market, highlighting its high profit margins and concerns regarding its reliance on a single product and marketing expenses [2][11]. Group 1: Financial Performance - Mandi International has achieved an annual revenue of 1.4 billion RMB with a gross margin exceeding 80%, primarily driven by its flagship product, minoxidil [2][4]. - The company's gross margin has remained stable above 80% from 2022 to 2024, reaching 82.7% in 2024, indicating a strong profitability compared to other industries [3][4]. - Revenue has shown significant growth, increasing from 982 million RMB in 2022 to 1.455 billion RMB in 2024, with a notable revenue of 743 million RMB in the first half of 2024 [4]. Group 2: Marketing and R&D Concerns - Mandi International's growth is heavily dependent on high marketing expenditures, which rose from 476 million RMB in 2022 to 634 million RMB in 2024, with marketing costs exceeding 50% of revenue at times [5][11]. - The company's R&D spending has significantly decreased, with only 19.5 million RMB allocated in the first half of 2025, a 67% drop year-on-year, and R&D expenses accounting for less than 3% of revenue [6][11]. - The product portfolio is highly concentrated, with over 90% of revenue coming from minoxidil products, raising concerns about the sustainability of growth [6][11]. Group 3: IPO and Dividend Strategy - Mandi International is preparing for an IPO to become the first publicly listed company in the hair loss treatment sector, with significant pre-IPO dividend distributions totaling 1.42 billion RMB, exceeding its net profits during the same period [9][11]. - The company's strategy of distributing large dividends while seeking to raise funds through an IPO has led to skepticism regarding its financial needs and intentions in the capital market [11].
蔓迪国际冲击“生发”第一股，80%毛利比肩茅台，单一品种贡献9成收入，上市前狂分14亿