脱发“90后”，撑起一个IPO！

Core Viewpoint - A hair loss treatment product from Mandi International, a subsidiary of 3SBio, is expected to lead to a third IPO for the Liu family, amidst a growing hair loss crisis in China, where over 330 million people are affected, with more than 60% under the age of 35 [2][4]. Financial Performance - Mandi International reported impressive financial data, with revenues projected to reach RMB 9.82 billion, RMB 12.28 billion, and RMB 14.55 billion from 2022 to 2024, and net profits of RMB 2.02 billion, RMB 4.41 billion, and RMB 3.09 billion respectively [6]. - In the first half of 2025, the company achieved revenue of RMB 7.43 billion, a year-on-year increase of 20.2%, and a net profit of RMB 1.74 billion, up 64.1% [6]. Product Concentration - Over 90% of Mandi International's revenue comes from the Mandi® product series, with the core product, Mandi® 5% Minoxidil solution, accounting for 91.3% and 91.6% of revenue in 2022 and 2023 respectively [7][8]. R&D and Marketing Expenditure - Despite strong performance, Mandi International's R&D spending saw a significant drop from RMB 9.22 million in 2024 to RMB 1.95 million in the first half of 2025, raising concerns about its innovation capabilities [11]. - Sales expenses have increased significantly, with over 50% of revenue in the first half of 2025 allocated to sales costs, indicating rising customer acquisition costs in a competitive market [13][14]. Market Competition - The hair loss treatment market is becoming increasingly competitive, with major players like Merck and Johnson & Johnson entering the space. The global market for hair loss treatment is projected to reach USD 2.11 billion in 2024, growing at a CAGR of 6.1% [18]. - Mandi International faces potential risks as some of its core patents are set to expire in 2028, which could lead to a flood of generic products and price wars [18]. Industry Trends - The rising incidence of hair loss among younger demographics is transforming "hair health" into a significant consumer pharmaceutical category, attracting capital market interest [19]. - The company's ability to innovate and diversify its product pipeline will be crucial for its future growth potential, especially in a market that has shown clear demand [19].