（图片来源：网络） 出品｜搜狐财经 作者｜冯圆圆 在超3亿人"头顶焦虑"催生的千亿市场中，蔓迪国际凭借一瓶米诺地尔药水，创造了年入14亿、毛利率超80%的暴利生意。近日，这家"防脱一哥"正式冲刺 港股，试图摘下"防脱第一股"的桂冠。然而，其招股书却撕开了光鲜业绩背后的隐忧：高额的营销投入，持续缩水的研发费用，增长高度依赖单一爆品。一 瓶药水撑起的IPO故事，能否真正说服投资者？ 暴利的生发生意，毛利率超80% 蔓迪国际的核心竞争力，来源于一款已在市场上深耕二十余年的经典老药——米诺地尔。作为国内首个5%浓度米诺地尔的开拓者，蔓迪国际早早抓住了脱 发治疗领域的市场空白，构建起自己的行业领先地位。 数据显示，其核心产品蔓迪系列已连续十年蝉联中国脱发药物市场榜首，2024年在米诺地尔细分品类中的市占率更是高达71%，近乎垄断了这一黄金赛道。 收入来源单一，一瓶药水能撑多久？ 尽管盈利能力亮眼，但蔓迪国际的增长却呈现出明显的"营销依赖症"，其业绩增长的背后是居高不下的销售开支。 2022年至2024年，蔓迪国际的销售费用从4.76亿一路增长至6.34亿，2025年上半年更是增至3.75亿，销售费用占营收的比例一度突破 ...

以下文章来源于盐财经 ，作者张婉莹、简洋洋 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 来源丨 盐财经 （ nfc-yancaijing ） 作者丨 张婉莹 简洋洋 编辑丨江江 图源丨Midjourney "小时候总想将头发梳成大人模样，长大后却发现大人根本没有头发。" 这句在社交平台上获赞无数的调侃，道出了近3.4亿中国人的共同困扰——脱发焦虑。 脱发焦虑已成为当代年轻人最真实的写照。小红书平台上， #脱发 话题的浏览量超28亿，讨论量超 1000万。 小红书平台上关于脱发相关话题浏览量达到28.6亿 2025年11月20日，蔓迪国际正式向港交所递交招股书 这家脱胎于三生制药的企业，背后站着消费医疗圈知名的"娄竞家族"。他们试图将24年来积累的"头 顶商机"，转化为资本市场的新故事。 然而，资本市场的热闹背后，蔓迪国际潜藏隐忧。上市前夕，蔓迪国际进行了"清仓式分红"。2022 年至2025年上半年，公司共宣派股息14.2亿元，其中近半年宣派股息7.7亿元。这一操作直接导致公 司账面现金及等价物仅剩1.1亿元。同时，销售费用的持续走高与研发费用的下滑同样引起了投资者 们的关注。 当脱发焦虑遇 ...

Core Viewpoint - Mandis International, a subsidiary of Sanofi Pharmaceutical focusing on hair loss treatment, has submitted its IPO application to the Hong Kong Stock Exchange, but a significant pre-IPO dividend of 770 million yuan raises concerns about the company's future prospects [1][3][7] Financial Performance - Mandis International has maintained a leading position in China's hair loss medication market, with its main brand "Mandis" holding a 57% market share in 2024 [2] - The company's revenue grew from 982 million yuan in 2022 to 1.455 billion yuan in 2024, with a compound annual growth rate of 21.7%, while net profit increased from 202 million yuan to 390 million yuan during the same period [2] - The gross profit margin has consistently exceeded 80%, reaching 82.7% in 2024, significantly higher than the industry average [2] Dividend Strategy - The company declared a sudden dividend of 770 million yuan in the first half of 2025, which is 4.4 times its net profit of 174 million yuan for that period, surpassing the total dividends of the previous three years [3] - This dividend payout has drastically reduced the company's net current assets from 595 million yuan at the end of 2024 to just 400,000 yuan in the first half of 2025 [3] - The primary beneficiaries of this dividend are the controlling shareholders, who hold 87.16% of the company [3] Research and Development - Despite the high dividend, the company's R&D expenditure has decreased significantly, dropping to 19.5 million yuan in the first half of 2025, only one-third of the amount from the same period in 2024 [3] - The R&D team has also shrunk to 46 members, contrasting sharply with the high sales expenses, which reached 374 million yuan in the first half of 2025, accounting for 50.4% of revenue [3] Market Challenges - The company faces significant challenges as its core patent is set to expire in 2028, which may lead to an influx of generic drugs and potential price wars [4] - Competitive pressures are already evident, with a 52% drop in the bidding price for its core product in provincial drug procurement in 2024 [4] - Additionally, the company is contending with competition from consumer brands that have entered the hair loss treatment market [4] Future Strategy - The IPO proceeds are intended to enhance R&D capabilities, strategic business collaborations, digital operations, and brand building [6] - The company is expanding its product line with new treatments, including D2501 for vitiligo and WS2505 for obesity, with the latter expected to enter clinical trials soon [6] - However, these new products are unlikely to contribute significantly to revenue in the short term, leaving the company heavily reliant on its minoxidil product line during a critical period of patent expiration and increased competition [6] Conclusion - Mandis International has established a strong market position and profitability in the hair loss treatment sector, but faces challenges from its pre-IPO dividend strategy, high sales costs, declining R&D investment, and impending patent expiration [7] - Investors should consider both the short-term financial metrics and the long-term growth potential, as sustained innovation and product diversification will be crucial for maintaining long-term value [7]

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 article highlights the significant growth potential in the hair loss treatment market, particularly through the upcoming IPO of Mandi International, a subsidiary of Sangfor Pharmaceutical, which is set to capitalize on the booming demand for hair restoration products [1][20]. Market Overview - The hair loss market in China is experiencing explosive growth, with the number of affected individuals exceeding 339 million by 2024, translating to one in four people suffering from hair loss, predominantly among the younger demographic [4]. - The hair health management market is projected to grow from 52.7 billion RMB in 2024 to 171.4 billion RMB by 2035, with a compound annual growth rate (CAGR) of 11.3% [4]. Company Performance - Mandi International holds a 57% market share in the hair loss medication sector, with revenue expected to grow from 982 million RMB in 2022 to 1.455 billion RMB in 2024, reflecting a CAGR of 21.7% [1][12]. - The company's flagship product, Minoxidil, has seen a decline in sales, while the newly launched Minoxidil foam is driving growth, achieving sales of 283 million RMB in the first half of 2025, a 338% increase year-on-year [6][8]. Financial Metrics - Mandi's gross profit margin remains high, consistently above 80%, with net profits rising from 202 million RMB in 2022 to 390 million RMB in 2024 [9][12]. - The company has distributed 1.42 billion RMB in dividends to shareholders from 2022 to mid-2025, indicating strong cash flow management despite a decrease in asset value [20]. Competitive Landscape - Mandi International is facing increasing competition in the hair loss treatment market, with a need to diversify its product offerings beyond hair restoration to maintain growth [8][9]. - The company is also exploring new markets in skin health and weight management, although these segments are still in early development stages [9]. Family Business Background - The Lou family, founders of Sangfor Pharmaceutical, have established a significant presence in the capital markets with three listed companies, including Mandi International, which represents a strategic shift towards consumer healthcare [20][21]. - The family's wealth has been recognized, ranking them among the top in the biopharmaceutical sector, with a net worth of 15 billion RMB as of October 2025 [22][23].

Core Viewpoint - The hair loss treatment market in China is rapidly growing, with Mandis International preparing for an IPO, highlighting the increasing demand for hair loss solutions among the younger population [1][10]. Company Overview - Mandis International, originally founded as a pharmaceutical company in 2001, gained market traction with its minoxidil solution and has been a leader in the hair loss treatment sector for the past decade [2][4]. - The company was acquired by 3SBio in 2015, which has since expanded its portfolio and market presence [3][4]. Market Potential - Over 330 million people in China suffer from hair loss, with more than 60% of them being under 35 years old, indicating a significant market opportunity [1][10]. - The market for hair loss treatments is projected to be worth hundreds of billions, with major cities like Beijing, Shanghai, Guangzhou, and Shenzhen being the top markets [1][10]. Financial Performance - Mandis International reported revenues of 982 million RMB in 2022, with projections of 1.23 billion RMB in 2023 and 1.45 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 21.7% [6][8]. - The gross profit margins have remained high, with figures of 80.3% in 2022, 82.0% in 2023, and 82.7% in 2024 [6]. Product Portfolio - The company's product lineup includes first-generation 5% minoxidil solution, second-generation minoxidil foam, and various anti-hair loss shampoos, holding a market share of 57% and 71% in the domestic hair loss and minoxidil markets, respectively [4][7]. - The revenue from the Mandis® series products accounts for over 90% of total income, with the minoxidil foam's revenue share increasing significantly from 10.6% in the first half of 2024 to 38.7% in the same period of 2025 [7][8]. Competitive Landscape - The hair loss treatment market is becoming increasingly competitive, with rising customer acquisition costs and price reductions impacting profit margins [9]. - The company faces risks from competitors who may develop or commercialize products more successfully, potentially hindering growth targets [9]. Distribution Channels - Mandis International primarily sells through third-party distributors to hospitals and pharmacies, although the number of distributors has decreased from 220 in 2022 to 106 recently, indicating potential customer attrition risks [9]. Industry Trends - The hair loss treatment industry is witnessing a surge in interest, with various brands entering the market and a growing ecosystem of products ranging from shampoos to hair transplants [10][11]. - The increasing prevalence of hair loss among younger demographics is driving demand for effective treatments, with social media playing a significant role in spreading awareness and sharing experiences [10][11].

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].

Core Viewpoint - The acquisition of Siyi Industrial by Kidswant marks a strategic move into the hair care sector, driven by the need to find new growth points amid a slowing maternal and infant market [1][2]. Group 1: Acquisition Details - Kidswant has completed the payment for the acquisition of 100% equity in Siyi Industrial, with the second phase payment amounting to 990 million RMB [1]. - The total transaction price for the acquisition was set at 1.65 billion RMB, with Kidswant investing 1.073 billion RMB [2]. - Following the acquisition, Siyi Industrial has become a subsidiary of Kidswant, holding a 65% stake through Jiangsu Xingsiyi [2]. Group 2: Company Performance - In 2024, Siyi Industrial reported a revenue of 723 million RMB, with sales from hair care products accounting for 417 million RMB, representing 57.76% of total revenue [1]. - Kidswant anticipates a significant increase in net profit for the first half of 2025, projecting a range of 119.64 million to 159.52 million RMB, which translates to a year-on-year growth of 50% to 100% [2]. Group 3: Market Insights - The hair care market in China has shown substantial growth, with the market size increasing from 43.23 billion RMB in 2020 to 57.09 billion RMB in 2023, reflecting a compound annual growth rate of 9.7% [1]. - The rising demand for scalp care and the increasing population experiencing hair loss are driving the expansion of the hair care market [1].