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 with a post-investment valuation of HKD 5.8 billion [1][2]. Company Overview - Mandi International, established in 1997, is a leading consumer pharmaceutical company in China, focusing on skin health and weight management solutions, particularly in the hair health sector [2][5]. - The company was spun off from Shenshan Pharmaceutical, which was founded in 1993 and became the first Chinese biopharmaceutical company listed on NASDAQ in 2007 [3][4]. Product Portfolio - Mandi International's product range includes the first-generation 5% Minoxidil solution, the second-generation 5% Minoxidil foam, and anti-hair loss shampoos [5][6]. - The flagship product, Mandi 5% Minoxidil foam, is the only approved domestic Minoxidil foam in China and has maintained a leading market position for ten consecutive years [6]. Market Performance - Mandi International's revenue for the years 2022 to 2025 shows a compound annual growth rate (CAGR) of 21.7%, with revenues of CNY 9.82 billion, CNY 12.28 billion, CNY 14.55 billion, and CNY 7.43 billion for the respective years [7]. - The net profit for the same period was CNY 2.02 billion, CNY 3.41 billion, CNY 3.90 billion, and CNY 1.74 billion, with net profit margins ranging from 20.5% to 27.8% [7]. Market Trends - The hair health management market in China is projected to grow from CNY 19.8 billion in 2018 to CNY 52.7 billion by 2024, with an expected CAGR of 11.3% from 2024 to 2035 [6]. - Approximately 339 million people in China suffer from hair loss, with over 60% of them being under 35 years old, indicating a significant market opportunity among the younger demographic [6]. Future Prospects - Mandi International is expanding its pipeline in skin health and weight management, with ongoing clinical trials for innovative products like Winlevi and Semaglutide [8].

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].

Core Viewpoint - Mandi International has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the "first stock in anti-hair loss" amid a growing consumer healthcare market and increasing youth hair loss issues [1]. Company Overview - Mandi International, originally Zhejiang Wansheng Pharmaceutical Co., launched the first 5% minoxidil solution in China in 2001 and has maintained a leading position in the hair loss treatment market for the past decade [4]. - The company is planning to spin off and independently list on the Hong Kong Stock Exchange, with its parent company, 3SBio, holding an 87.16% stake prior to the split [4]. Financial Performance - Mandi International's revenue is projected to grow from RMB 981.54 million in 2022 to RMB 1.45 billion in 2024, reflecting a compound annual growth rate (CAGR) of 21.7% [5]. - Net profit is expected to increase from RMB 202 million in 2022 to RMB 390 million in 2024, with gross margins improving from 80.3% to 82.7% during the same period [5]. - The company's revenue from its main product line, the Mandi series, accounted for over 90% of total revenue, indicating a heavy reliance on this product line [6]. Market Dynamics - The hair health management market in China is projected to grow from RMB 19.8 billion in 2018 to RMB 52.7 billion by 2024, with an expected CAGR of 11.3% until 2035 [10]. - The competitive landscape is intensifying, with traditional pharmaceutical companies and international giants entering the market with new products [10]. Marketing and R&D Expenditure - Marketing expenses have been increasing, with sales and marketing costs rising from RMB 476.39 million in 2022 to RMB 633.80 million in 2024, representing a significant portion of revenue [8]. - In contrast, R&D spending is projected to decrease significantly in 2025, raising concerns about the company's long-term innovation capabilities [10]. Future Plans - The company plans to use the net proceeds from its IPO for enhancing R&D capabilities, digital operations, brand building, and working capital [11].

Core Insights - The hair health management market in China is rapidly growing, driven by an increasing number of hair loss patients, which has reached approximately 340 million [4][5]. Market Overview - The number of hair loss patients in China is projected to grow from 271 million in 2018 to 339 million by 2024, with a compound annual growth rate (CAGR) of 3.8%, and is expected to reach 468 million by 2035 [5]. - The hair health management market size is anticipated to expand from 19.8 billion yuan in 2018 to 52.7 billion yuan by 2024, reflecting a CAGR of 17.7%, and is projected to further increase to 171.4 billion yuan by 2035 [5]. Treatment Options - There are primarily two treatment options for hair loss: medication and hair transplantation. The hair transplantation market has seen the emergence of the first listed company, Yonghe Medical, which has faced continuous losses since its IPO [5][6]. - Compared to the expensive and painful hair transplantation process, more individuals prefer medication for treatment [6]. Drug Market Growth - The market for anti-hair loss medications in China is expected to grow from 500 million yuan in 2018 to 3.5 billion yuan by 2024, with projections to soar to 19.7 billion yuan by 2035 [7]. Company Spotlight: Mandi International - Mandi International, a leading player in the hair health medication sector, is currently pursuing an IPO on the Hong Kong Stock Exchange [8]. - The company was the first to obtain approval for a 5% minoxidil solution in China in 2001, establishing a significant market presence [9]. - Mandi has developed various formulations of minoxidil and other hair care products, maintaining a leading market share of 57% in the hair loss medication market and 71% in the minoxidil segment by 2024 [10]. Financial Performance - Mandi International has demonstrated high profitability, with gross margins exceeding 80% and net margins over 20%. Revenue is projected to grow from 982 million yuan in 2022 to 1.455 billion yuan by 2024, representing a CAGR of 21.7% [11]. - The company completed a Series A financing round in November 2022, raising $50 million and achieving a valuation of approximately $752 million [11]. Parent Company: Sanofi Group - Mandi International was acquired by Sanofi Group in 2015 for 528 million yuan, highlighting the potential of the hair loss medication market [12]. - Sanofi Group has a history of successful drug development and capital operations, having previously listed on NASDAQ and later on the Hong Kong Stock Exchange [14][15]. Future Prospects - The IPO of Mandi International represents a strategic move by Sanofi Group to independently list its various business lines, potentially leading to the establishment of a third publicly traded company within the group [17].

Core Insights - The hair health management market in China is rapidly growing, driven by an increasing number of hair loss patients, which has reached approximately 340 million [2][3][4] Industry Overview - The number of hair loss patients in China has increased from 271 million in 2018 to an estimated 339 million by 2024, with a compound annual growth rate (CAGR) of 3.8%, projected to reach 468 million by 2035 [3] - The hair health management market size has expanded from 19.8 billion yuan in 2018 to 52.7 billion yuan in 2024, with a CAGR of 17.7%, and is expected to grow to 171.4 billion yuan by 2035 [4] Market Dynamics - The demand for hair loss treatment is primarily met through two options: medication or hair transplant. The hair transplant market has seen the emergence of the first listed company, Yonghe Medical, which has faced continuous losses since its IPO [7] - The market for anti-hair loss medications in China has grown from 500 million yuan in 2018 to 3.5 billion yuan in 2024, with projections to soar to 19.7 billion yuan by 2035 [8] Company Spotlight - Mandi International, a leading player in the hair health medication sector, is currently pursuing an IPO on the Hong Kong Stock Exchange. The company was the first to launch a 5% minoxidil solution in China, establishing a significant market presence [9][12] - Mandi's flagship minoxidil products have maintained the top market position for ten consecutive years, with market shares of 57% and 71% in the hair loss medication and minoxidil markets, respectively, by 2024 [9] - The company has achieved high profitability, with gross margins exceeding 80% and net margins over 20%. Revenue is projected to grow from 982 million yuan in 2022 to 1.455 billion yuan in 2024, reflecting a CAGR of 21.7% [12] Corporate History - Mandi International was acquired by Sanofi Pharmaceutical in 2015 for 528 million yuan, recognizing the potential in the hair loss medication market [14] - Sanofi Pharmaceutical, founded by medical expert Lou Dan, has a history of innovation and successful capital operations, including a notable IPO on NASDAQ in 2007 and a subsequent listing on the Hong Kong Stock Exchange [15][17] - The upcoming IPO of Mandi International represents a strategic move by Sanofi to independently list its various business lines, potentially establishing a third publicly traded company within the Sanofi group [17]

Core Viewpoint - Mandi International is a leading professional consumer pharmaceutical company in China, focusing on comprehensive and long-term solutions for skin health and weight management, with a strong emphasis on hair health [1] Company Overview - Mandi International has submitted its application to the Hong Kong Stock Exchange for a mainboard listing, with Huatai International as its sole sponsor [1] - The company has established a leading position in the hair health sector within the broader skin health industry [1] Product and Market Position - Mandi's flagship product, the Mandi series minoxidil hair loss treatment, has ranked first in the Chinese hair loss drug market for ten consecutive years since 2014, with market shares of approximately 57% and 71% in the hair loss and minoxidil drug markets, respectively, projected for 2024 [2] - The products are distributed through over 2,000 medical institutions and approximately 190,000 retail pharmacies, covering more than 90% of China's top 100 chain pharmacies [2] - Mandi has established an O2O model through leading instant retail platforms, enhancing product accessibility for consumers [2] Research and Development - Mandi International is expanding its pipeline in the hair health sector, with plans to launch a 5% minoxidil foam in Europe by 2026 and a clinical project focused on female androgenetic alopecia in China, expected to enter Phase III trials by December 2024 [2][3] - The company is also developing a targeted monoclonal antibody for androgenetic alopecia and has initiated clinical trials for a topical androgen receptor inhibitor for acne [3] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is approximately RMB 982 million, RMB 1.228 billion, and RMB 1.455 billion, respectively, with a profit of RMB 202 million, RMB 341 million, and RMB 390 million for the same periods [4][6] - The gross profit margin for the years 2022, 2023, and 2024 is reported at 80.3%, 82.0%, and 82.7%, respectively [7][9] Industry Overview - The skin health market in China is rapidly growing, projected to increase from RMB 53.7 billion in 2018 to RMB 142.5 billion by 2024, with a CAGR of 17.7% [10] - The number of individuals suffering from hair loss in China is expected to rise from 271 million in 2018 to 339 million in 2024, with a CAGR of 3.8% [12] - The minoxidil market in China is anticipated to grow from RMB 200 million in 2018 to RMB 2.8 billion by 2024, with a CAGR of 50.9% [12] - The obesity drug market in China is also expanding, projected to grow from RMB 800 million in 2018 to RMB 2.3 billion by 2024, with a CAGR of 20.7% [15]