蔓迪国际离岸架构及控制权接受排队问询，累计分红14亿元

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional materials from Mandi International regarding its IPO application, focusing on the compliance of its offshore structure and reverse mergers, as well as the identification of controlling shareholders and trust arrangements [1][2][3] Group 1: Compliance and Regulatory Requirements - The CSRC requires Mandi International to clarify the compliance of its offshore structure and reverse investment, including details on foreign exchange management, overseas investment, foreign investment, and tax management [1] - The company must provide a conclusive opinion on the pricing basis, payment methods, and compliance of acquiring domestic operating entity shares, as well as tax declaration and payment status of transfer parties [1] - The CSRC is particularly interested in the trust arrangements involving the controlling shareholders, requiring detailed disclosure of trust agreements and the rights and obligations of all parties involved [2][3] Group 2: Business Overview and Market Position - Mandi International, formerly known as Zhejiang Wansheng Pharmaceutical, was acquired by 3SBio for 528 million yuan in 2015, subsequently establishing an offshore listing structure [3] - The company focuses on the hair health sector, with its flagship product, Mandi® minoxidil hair loss treatment, leading the Chinese market for ten consecutive years, holding approximately 57% and 71% market shares in the hair loss drug and minoxidil markets respectively by 2024 [3] Group 3: Financial Performance - Mandi International's revenue for the years 2022 to 2024 was 982 million yuan, 1.228 billion yuan, and 1.455 billion yuan, with a compound annual growth rate of 21.7% [4] - The net profit for the same period was 202 million yuan, 341 million yuan, and 390 million yuan, with a gross margin consistently above 80%, reaching 82.7% in 2024 [4] - Sales expenses have increased significantly, reaching 375 million yuan in the first half of 2025, accounting for over 50% of revenue, attributed to business expansion and marketing activities [5] Group 4: Revenue Dependency and Dividend Policy - Mandi International's revenue is heavily reliant on the Mandi® series, which accounted for over 90% of total revenue during the reporting period [5] - The company experienced a slowdown in revenue growth in the first half of 2025, with a significant increase in revenue contribution from minoxidil foam, rising from 10.6% in 2024 to 38.7% [5] - The company has distributed substantial dividends prior to its IPO, totaling 1.42 billion yuan from 2022 to 2024, exceeding total profits for the same period [5]