足具收入规模的背后，蔓迪仍面临着一大隐忧：大单品米诺地尔酊剂的收入增长已现下滑趋势，新产品 仍未能完成撑起蔓迪的收入大旗。 随着此番IPO，蔓迪有望为布局体重管理、皮肤类的新品进一步补充弹药。 加码营销之路 蔓迪主攻脱发市场，核心成分系米诺地尔。 三生制药（1580.HK）10年前一笔5亿元的投资，如今已有近10倍的投资回报。 这笔投资正是源自2015年三生制药所收购的蔓迪国际（下称"蔓迪"）。 根据2025年11月A轮融资的投后估值，蔓迪身价达到58亿港元，较10年前收购价暴涨了近10倍。 估值或许还有增长空间，日前三生制药正筹划分拆蔓迪至港股上市。 蔓迪主攻脱发市场，核心产品系米诺地尔酊剂，收入已经突破10亿元大关。2024年收入、净利润分别为 14.55亿元、3.9亿元。 蔓迪的主要打法是以营销带动米诺地尔酊剂等一系列脱发产品的销售——2024年销售费用是研发费用的 6倍。 这是治疗脱发的主流用药成分之一。目前中国治疗雄激素性脱发的药物主要涵盖米诺地尔、非那雄胺及 螺内酯。 与其他两款药物相比，米诺地尔的优势在于其不仅是唯一一款可适用于男性、女性的疗法，同时副作用 相对可控。 例如非那雄胺于1992年、 ...

【文/王力 编辑/周远方】 11月20日晚间，港股上市公司三生制药（01530.HK）发布公告，宣布将旗下消费医药业务板块蔓迪国 际分拆至港交所主板独立上市，华泰国际担任独家保荐人。这意味着，这家凭借米诺地尔产品连续十年 稳居中国脱发药物市场榜首的企业，即将以独立身份登陆资本市场。 蔓迪国际的背后，站着三生制药的灵魂人物——娄竞。1993年，娄竞的父亲、生物医学专家娄丹在沈阳 创立了三生制药。彼时正在美国福特汉姆大学攻读分子与细胞生物学博士学位的娄竞，于1995年学成归 国，加入父亲创办的公司担任研发主管，此后逐步接手公司管理，现任三生制药董事长兼首席执行官。 2015年，三生制药全资收购了拥有蔓迪品牌的浙江万晟药业，将其纳入集团化药发展平台。如今，这一 业务板块被推向独立上市，娄竞仍通过信托安排控制蔓迪国际的员工持股平台。 根据招股书披露，三生制药目前持有蔓迪国际约87.16%的股权，阿里健康等机构投资者亦在股东名单 之中。值得注意的是，公告明确指出分拆完成后三生制药将不会保留蔓迪国际的任何权益，这意味着蔓 迪将彻底脱离母公司，以独立个体在市场中搏杀。在集采降价、竞争加剧的行业背景下，这家"防脱神 药"制造 ...

这年头，老同学聚一起，聊得最多的可能不是收入、家庭，而是发际线。 每次洗完澡，看着浴室下水口一堆头发，是不是特焦虑？ 数据显示，2024年全国有差不多3.39亿人被脱发困扰，而这里面有超过六成都是35岁以下的年轻人，是 不是有点意外？ 因此，一批做"头顶生意"的公司闷声发财。 最近，国内治脱发老大、来自杭州临安的蔓迪国际（Mandi Inc.）正式向港交所交表，准备去主板上 市。 蔓迪国际是中国脱发治疗领域的隐形冠军——旗下"蔓迪"品牌米诺地尔产品，自2014年起连续十年在中 国脱发药物市场占有率第一，堪称"国民生发水"。 若上市成功，这家靠米诺地尔产品一年收入超14亿元的公司，将成为中国"脱发治疗第一股" 中国的头发健康市场，从2018年的198亿元，一路涨到2024年的527亿元，预计到2035年冲到1714亿元。 算下来，这十几年里每年平均增长超过11%。 越来越光的头顶，造就了一门狂飙的生意。 - 01 - 蔓迪国际创立于2001年，它推出国内首款5%米诺地尔酊剂。在偏方仍大行其道的年代，蔓迪以经FDA 认证的科学疗法，填补了巨大的市场空白。 而2024年国产首款米诺地尔泡沫剂的问世，不仅摆脱了传统液 ...

3.4亿脱发人群或将撑起一个IPO。11月24日，新京报贝壳财经记者获悉，旗下拥有蔓迪系列米诺地尔类 脱发治疗产品的消费医药公司蔓迪国际向港交所递交招股书，华泰国际为独家保荐人。 数据显示，2022年—2024年，蔓迪产品系列的收入实现了21.9%的年均复合增长率，公司综合毛利率超 过80%。 不过，蔓迪国际销售开支不菲，今年上半年，其销售费用率约50.4%。也就是说，该公司有约一半的收 入被用于销售费用。这也制约了净利率表现，去年和今年上半年，其净利率连降。 约3.4亿人受脱发问题困扰，蔓迪国际收入年均复合增长率达21.7% 脱发已经由小众群体的焦虑，演变为受到广泛关注的健康问题。根据灼识咨询资料，2024年中国有超过 3.389亿人受脱发问题的困扰，其中，超过60%的人年龄在35岁以下。 与此同时，中国防脱发护发产品的市场规模由2018年的95亿元增长至2024年的158亿元，预计2035年市 场规模将达到389亿元，2024年至2035年的年均复合增长率约8.5%。作为治疗脱发常用的外用药物活性 成分，米诺地尔的市场规模增长强劲，从2018年的2亿元增至2024年的28亿元。 招股书显示，2001年，蔓 ...

近年来，受到多重因素共同影响，脱发问题已经从小众群体的焦虑演变为受到广泛关注的健康问题。公开数据显示，2024年 我国有超过3.39亿人受脱发问题困扰，其中超过60%年龄在35岁以下。 "秃"如其来的烦恼扩大化、年轻化，这对于为市场提供治疗脱发产品的公司而言无疑是一个确定性的成长机遇。智通财经注 意到，日前，率先推出蔓迪米诺地尔类产品的蔓迪国际向港交所主板递交了上市申请。招股书显示，蔓迪国际早在2001年便 在国内获批了首款5%米诺地尔酊剂产品，并以蔓迪为品牌，填补了国内脱发治疗市场的关键空白。2018-2024年，蔓迪国际 的蔓迪系列米诺地尔类产品的销量总计超过5000万瓶。另按销售额计算，该公司的蔓迪系列米诺地尔类产品自2014年起连续 十年位居中国脱发药物市场第一。 在头发健康领域显然已占据了先发优势与规模优势的蔓迪国际，如今正式向资本市场发起冲刺。公司的基本面成色究竟如 何？展望未来，蔓迪国际的成长性能否令二级市场里挑剔的投资者们满意？关于这些问题，透过公司的招股书，或许能窥见 一二。 强劲的盈利能力，同样是蔓迪国际基本面的突出特征之一。报告期内，蔓迪国际的毛利分别为7.89亿元、10.07亿元、12 ...

Group 1 - The first non-surgical targeted drug for treating PFIC in China, "Beierwei" (generic name: Odevixibat), has been officially launched by the company Yipusheng, marking a significant breakthrough in the accessibility of treatment options for PFIC patients in the country [1] - PFIC is a rare genetic disease with an incidence rate of 1-2 per 100,000, typically manifesting in newborns or infants under one year old [1] - The drug has been included in the domestic and overseas special drug directories of three and eleven provinces and cities, respectively, indicating its potential for widespread use [1] Group 2 - JD Health's CEO, Jin Enlin, has resigned due to family reasons, effective September 29, with a swift appointment of Cao Dong as the new CEO, which may help stabilize market confidence despite initial concerns over management stability [2] - Qingqing Yi has also resigned as a non-executive director for similar reasons, effective September 30 [2] Group 3 - Nuohui Health, known as the "first stock in cancer early screening," faces delisting risks after being suspended from trading for 18 months due to a short-selling report alleging inflated sales revenue [3] - The company's auditor, Deloitte, refused to endorse its financial statements, leading to the trading suspension, which could severely impact its future business expansion and fundraising efforts [3] Group 4 - Aimeike's wholly-owned subsidiary has received approval from the National Medical Products Administration for two minoxidil topical solutions, with concentrations of 2% and 5%, aimed at treating male pattern baldness and alopecia [4] - This development represents Aimeike's strategic entry into the hair loss treatment market, potentially providing a new revenue growth point and enhancing the company's competitiveness [4] - The approval also reflects Aimeike's strength in research and product innovation, which may boost investor confidence and drive stock price increases [4]

Group 1 - The first non-surgical targeted drug for treating PFIC, "Bai Er Wei" (generic name: Odevixibat capsules), has been officially launched in China, marking a significant breakthrough in the accessibility of treatment options for PFIC patients [1] - PFIC is a rare genetic disease with an incidence rate of (1-2)/100,000, typically manifesting in newborns or infants under one year old [1] - Odevixibat is the first and only approved non-surgical targeted drug for PFIC in China, which has been included in the domestic and overseas special drug directories of several provinces [1] Group 2 - JD Health's CEO, Jin Enlin, has resigned for family reasons, effective September 29, with a swift appointment of Cao Dong as the new CEO, indicating the company's efficient management response [2] - The resignation of key executives may raise short-term concerns regarding management stability, but the prompt succession plan aims to maintain market confidence [2] Group 3 - Nohui Health, known as the "first stock in cancer early screening," faces delisting risks after being suspended from trading for 18 months due to a short-selling report alleging inflated sales revenue [3] - The company's auditor, Deloitte, refused to endorse its financial statements, leading to the trading suspension, which could severely impact its future business expansion and fundraising efforts [3] Group 4 - Aimeike's subsidiary has received approval for two minoxidil topical solutions (2% and 5%) from the National Medical Products Administration, expanding its product offerings in the hair loss treatment sector [4] - The introduction of these products is expected to create new revenue growth opportunities for Aimeike and enhance its competitive position in the market [4] - This development reflects Aimeike's strength in research and product innovation, which may boost investor confidence and drive stock price appreciation [4]

Core Viewpoint - The research conducted by Chen Ting's team reveals that the bioelectric signaling of fibroblasts plays a crucial role in hair regeneration, with hyperpolarization promoting hair growth and depolarization inhibiting it [3][4][5][7]. Group 1: Research Findings - The study identifies that chromatin changes link the KCNJ2 gene in patients with congenital generalized hypertrichosis to distal enhancers [5]. - Upregulation of KCNJ2 in fibroblasts, rather than other cell types, drives sustained hair growth [5]. - Hyperpolarization of fibroblast membranes promotes hair growth, while depolarization halts it [5]. - KCNJ2-mediated hyperpolarization can reverse hair loss associated with aging and androgenetic alopecia [5]. Group 2: Mechanism Insights - The research indicates that the membrane potential oscillation of fibroblasts is particularly associated with the anagen phase of the hair cycle, where hyperpolarization is crucial [4]. - Inducing depolarization in fibroblasts can delay the anagen phase, while hyperpolarization can rescue hair loss in aging and androgenetic alopecia models [4][5]. Group 3: Clinical Implications - The findings suggest a novel therapeutic approach for hair loss treatment by targeting the bioelectric properties of fibroblasts [7].

Industry Overview - The hair medical industry in China is undergoing a transformation driven by upgraded consumer demand and technological innovation, with over 250 million people suffering from hair loss, resulting in a hair loss rate of 17% [1] - The issue of hair loss is increasingly affecting younger populations, with 60% of individuals showing signs of hair loss before the age of 24 and an 83% hair loss rate among those aged 30 [1] - According to Frost & Sullivan, the hair transplant market in China is expected to exceed 116.5 billion yuan by 2028, indicating significant expansion potential for the entire hair medical industry chain [1] Market Dynamics - The traditional hair transplant industry is experiencing rapid growth, with leading companies pursuing branding, chain operations, and capital market entry [1] - However, challenges such as long surgery times, poor customer experience, low follicle survival rates, lengthy post-operative maintenance cycles, and high complaint rates are hindering the growth potential of the hair care industry [1] Treatment Methods - The hair care industry encompasses various treatment methods, including micro-needling, medication, and surgical hair transplants, with micro-needling theoretically suitable for all hair loss demographics [2] - Research indicates that the inactivation of hair follicle stem cells and disruption of the hair growth cycle are fundamental causes of hair loss, emphasizing the importance of targeting these cells for effective treatment [2] Clinical Innovations - Recent collaborations, such as the one between Saiweisen International Biotechnology Co., Ltd. and several hospitals, have led to the development of the "collagen micro-needling" project, which has shown clinical efficacy in hair care [3][4] - Clinical evidence suggests that "collagen micro-needling" can improve scalp health, increase hair density, and promote hair thickness, demonstrating its potential and application value in the industry [4] - The commercialization of "collagen micro-needling" is expected to begin in the second half of 2025, with plans for broader application as more data is collected [4]

Core Viewpoint - The company has completed the enrollment of 666 patients in the pivotal Phase III clinical trial for KX-826 topical solution 1.0% for the treatment of hair loss, which is a potential first-in-class product [1] Group 1: Clinical Trial Details - The pivotal clinical trial employs a seamless II/III phase design, with the Phase II stage achieving its primary endpoint with statistical significance and clinical relevance [1] - The trial is a multi-center, randomized, double-blind, placebo-controlled adaptive design study aimed at evaluating the efficacy and safety of KX-826 topical solutions 1.0% and 0.5% in treating androgenetic alopecia (AGA) in adult males in China [1] - The Phase III trial is being conducted at 25 clinical research centers nationwide, with a treatment duration of 24 weeks followed by a 2-week safety observation period, expected to complete by early 2026 [1] Group 2: Product Development and Market Considerations - Besides KX-826 topical solution and other cosmetic products, the company cannot ensure the successful development and eventual commercialization of other products related to KX-826 [1] - Shareholders and potential investors are advised to act cautiously when trading the company's shares [1]