脱发90后撑起一个IPO

Core Viewpoint - The article discusses the growing market for hair loss treatments in China, highlighting the upcoming IPO of Mandi International and the significant market potential driven by a large population suffering from hair loss, particularly among younger individuals [2][11]. Company Overview - Mandi International, originally founded in 2001, has established itself in the hair loss treatment sector with its Minoxidil products, including a 5% Minoxidil solution and foam [3][6]. - The company was acquired by 3SBio in 2015, which has since expanded its market presence and product offerings [3][4]. Market Potential - Over 330 million people in China suffer from hair loss, with more than 60% of this demographic being under 35 years old, indicating a substantial market opportunity [2][11]. - Mandi's Minoxidil products hold a market share of 57% in the domestic hair loss medication sector and 71% in the Minoxidil category, maintaining a leading position for ten consecutive years [6]. Financial Performance - Mandi International's revenue has shown a compound annual growth rate (CAGR) of 21.7% from 2022 to 2024, with revenues of 982 million RMB, 1.228 billion RMB, and 1.455 billion RMB for those years respectively [8]. - The gross profit margins have remained high, with figures of 80.3%, 82.0%, and 82.7% for the same period [8]. Product Portfolio - The product lineup includes first-generation and second-generation Minoxidil products, as well as a range of shampoos with various benefits [6][8]. - The company is also developing additional products for acne treatment and weight management, with plans for regulatory submissions in the coming years [8]. Distribution Channels - Mandi International's online sales have increased significantly, with online sales accounting for 74% of total sales by mid-2025, up from 55.2% in 2022 [9]. - However, the number of offline distributors has decreased by 51.8% over three years, indicating potential risks in customer retention [10]. Competitive Landscape - The hair loss treatment market is becoming increasingly competitive, with rising customer acquisition costs and price reductions impacting profit margins [10]. - The article notes the emergence of various brands entering the market, including those from established companies like Proya and Vichy, which are launching their own anti-hair loss products [12].