2.03亿“90后”撑起脱发产品市场，这家龙头借力上市！

Core Viewpoint - The article highlights the growing market for men's grooming products, particularly focusing on the success of Minoxidil-based products from Mandi International, which is preparing for an IPO. The company has seen significant growth driven by the increasing demand from younger consumers, particularly those born in the 1990s [1][2][12]. Company Overview - Mandi International, established in 1997, is a leading consumer pharmaceutical company in China, focusing on skin health and weight management solutions, with a primary emphasis on hair health [6][13]. - The company was spun off from 3SBio, which was founded in 1993 and became the first Chinese biopharmaceutical company listed on NASDAQ in 2007 [7][8]. Financial Performance - Mandi International's revenue for the years 2022 to 2025 is projected to grow from 9.82 billion to 14.55 billion, with a compound annual growth rate (CAGR) of 21.7%. Net profit is expected to increase from 2.02 billion to 3.90 billion during the same period [14]. - Over 90% of the company's revenue comes from the Mandi series products, with the Minoxidil foam's revenue share rising from 10.6% in the first half of 2024 to 38.7% in the same period of 2025 [14]. Market Position - Mandi's flagship product, the Mandi 5% Minoxidil foam, is the only domestically approved Minoxidil foam in China and has maintained the top position in the hair loss treatment market for ten consecutive years, holding approximately 57% market share in the hair loss drug market and 71% in the Minoxidil category by 2024 [13]. - The hair health management market in China is expected to grow from 198 billion in 2018 to 527 billion by 2024, with a projected CAGR of 11.3% from 2024 to 2035 [13]. IPO and Valuation - Mandi International submitted its main board IPO application on November 20, with a post-investment valuation of 58 billion HKD following a recent financing round [3][9]. - The company is backed by significant shareholders, including 3SBio, which holds approximately 87.16% of the shares, and other investors like GLWecan and Alibaba Health [8][9]. Future Prospects - Mandi International is expanding its product pipeline beyond hair health, with ongoing clinical trials for innovative products in skin health and weight management, including a unique acne treatment and a long-acting GLP-1 receptor agonist for weight management [15].