【导读】一款防脱发药水，有望让娄竞家族收获第三个IPO 2025年上半年，蔓迪国际实现营收7.43亿元，同比增长20.2%；实现净利润1.74亿元，同比增长64.1%。 同期，蔓迪国际毛利率分别为80.3%、82.0%、82.7%、81.1%，净利率分别为20.5%、27.8%、26.8%及23.4%。 尽管业绩表现不俗，但细看其营收结构，产品结构相对集中的问题不容忽视。 中国基金报记者 夏天 "Nancy，Luna，Rachel……我的每一根头发都有名字。"在社交媒体上，年轻一代自我调侃的背后，是日益严重的脱发问题。根据灼识咨询的数据，中国 脱发人群已经超过3.3亿人，其中超六成年龄在35岁以下。 在这场"秃顶危机"中，三生制药子公司蔓迪国际成为大赢家。近日，主营防脱发产品的蔓迪国际正式向港交所主板递交上市申请，华泰国际为其独家保荐 人。 若成功上市，蔓迪国际将成为继雍禾医疗之后，又一家在港股上市的毛发医疗概念股。来自东北的"药二代"娄竞也将在三生制药、三生国健之后，再收获 一个IPO。 虽然蔓迪国际凭借一款明星防脱发药水产品快速打开市场，在中国脱发药物市场拿下57%的份额，但其招股书显示，公司也面临着产品 ...

【导读】一款防脱发药水，有望让娄竞家族收获第三个IPO 中国基金报记者 夏天 "Nancy，Luna，Rachel……我的每一根头发都有名字。"在社交媒体上，年轻一代自我调侃 的背后，是日益严重的脱发问题。根据灼识咨询的数据，中国脱发人群已经超过3.3亿人，其 中超六成年龄在35岁以下。 在这场"秃顶危机"中，三生制药子公司 蔓迪国际 成为大赢家。近日， 主营 防脱发产品的 蔓 迪国际 正式向港交所主板递交上市申请，华泰国际为其独家保荐人。 若成功上市， 蔓迪国际 将成为继雍禾医疗之后，又一家在港股上市的毛发医疗概念股。来自 东北的"药二代"娄 竞 也将在三生制药、三生国健之后，再收获一个IPO。 同期，蔓迪国际毛利率 分别为 80.3%、82.0%、82.7%、81.1%，净利率分别为20.5%、 27.8%、26.8%及23.4%。 尽管业绩表现不俗，但细看其营收结构，产品结构相对集中的问题不容忽视。 招股书显示，蔓迪国际超90%的收入均来自 蔓迪 ® 系列产品。其中，核心产品蔓迪®5%米 诺地尔酊剂在2022年至2023年的营收占比分别高达91.3%和91.6%。 | | | | 截至12月31日止年度 ...

Core Insights - The collaboration between 欧加隆, 京东健康, and 雍禾医疗 aims to create a comprehensive hair health management ecosystem that includes online medication purchasing, health consultations, and offline specialized treatments for hair loss patients [1][3][4] - There is a significant demand for systematic and accessible hair health management in China, with approximately 250 million hair loss patients, particularly among younger demographics [3] - The partnership seeks to leverage each company's strengths in online platforms, digital technology, and professional services to enhance patient care and create a patient-centered service model [3][4] Company Contributions - 欧加隆 provides a comprehensive treatment plan for hair health, including both oral and topical solutions, and aims to connect quality resources and build a health ecosystem [3] - 京东健康 is enhancing its digital healthcare ecosystem by launching specialized hair clinics and offering standardized management services that cover the entire patient journey, from initial assessment to follow-up care [3] - 雍禾医疗 has established a standardized treatment service system in the hair health sector and focuses on innovative techniques for hair loss prevention and treatment [3][4] Industry Trends - The hair health management industry is shifting from traditional hair transplant services to a more diversified, personalized, and technology-driven approach [4] - The collaboration reflects a growing trend in the healthcare industry towards integrated services that combine online and offline resources to improve patient outcomes [3][4]

Core Insights - The hair health service industry in China is experiencing rapid growth, yet the leading company, Yonghe Medical, is facing a decline in performance, highlighting a stark contrast to the booming market potential [1][4]. Industry Overview - The Chinese hair health market has expanded from 58.29 billion RMB in 2020 to 79.55 billion RMB in 2023, with projections to reach 116.54 billion RMB by 2028 [2]. - The hair transplant market is expected to grow at an annual rate of nearly 30%, with a forecasted market size of over 30.4 billion RMB by 2028 [2]. Market Demand - A significant driver of market growth is the large population suffering from hair loss, which reached 250 million in 2020, with a market penetration rate of only 0.21% for hair transplant surgeries [3]. - The number of hair loss patients is projected to exceed 343 million by 2026, indicating a substantial supply-demand gap [3]. Company Performance Challenges - Yonghe Medical's revenue has declined by 4.22% year-on-year, with a drop in average spending per customer from 22,987 RMB to 19,761 RMB for hair transplant services [5]. - The company has experienced a significant loss of talent, with the number of doctors decreasing from 350 to 242, a drop of over 30% [6]. Marketing and Operational Efficiency - Yonghe Medical has struggled with high marketing costs, spending 3.81 billion RMB in the first half of 2025, which has not translated into effective customer acquisition [9]. - The company has seen stagnation in store expansion, with only a slight increase in the number of medical institutions from 54 to 63 since its IPO [10]. Strategic Directions - The company aims to tap into the low-ticket hair care service market to create a high-frequency consumption model, potentially increasing the revenue share of medical-grade hair care services to over 50% in the next three years [12]. - There is a focus on the female market, with strategies to cater to aesthetic needs and enhance service quality to attract more female customers [14]. - Yonghe Medical plans to address the younger demographic by offering early intervention products for initial hair loss, which could help build long-term customer relationships [15]. - The company is considering price adjustments and subsidies to lower consumer barriers and enhance market penetration [16]. - Optimizing store layouts and marketing strategies is essential to improve operational efficiency and reduce reliance on high-cost traditional marketing [17][18].

Core Insights - The establishment of the Hair Medicine Professional Committee by the China Non-Public Medical Institutions Association marks a significant step towards the standardization and professional development of hair medicine in China [1][3] Group 1: Committee Formation and Leadership - The Hair Medicine Professional Committee is the 93rd branch of the China Non-Public Medical Institutions Association, with key leadership positions filled by prominent figures in the field [1] - Jiang Wenjie, Director of the Hair Transplant Center at the Chinese Academy of Medical Sciences, was elected as the committee chair, while Zhang Yu, founder and chairman of Beijing Yonghe Medical Technology Group, was elected as the executive vice-chairman and secretary-general [1][3] Group 2: Objectives and Focus Areas - The committee aims to establish a standardized diagnosis and treatment system, promote the implementation of industry standards, and develop clinical guidelines and quality control systems [3] - It will also focus on fostering interdisciplinary collaboration and research innovation, including the establishment of a special research fund and enhancing data-driven applications [3] - Expanding international perspectives and cross-industry cooperation is another key focus, with plans for international academic exchanges and public education initiatives [3] Group 3: Industry Context and Support - Hair loss is increasingly recognized as a health issue rather than merely a cosmetic concern, impacting self-esteem and mental health [4] - Yonghe Medical, a key player in the hair medical field, emphasizes a patient-first approach and has established multiple hair medical institutions across the country, serving hundreds of thousands of patients [4] - The inaugural academic annual meeting of the committee gathered over 400 experts and representatives from the hair medicine field to discuss the latest research, clinical techniques, and future development directions [4]

Core Insights - The establishment of the Hair Medicine Professional Committee by the China Non-Public Medical Institutions Association aims to address challenges in the hair medicine field, including inconsistent diagnostic standards, insufficient professional talent, uneven distribution of technical resources, and imbalanced development of medical service institutions [2][3] - The committee will focus on three key areas: creating a standardized diagnostic system, promoting interdisciplinary integration and research innovation, and expanding international collaboration and cross-industry cooperation [2][3] Group 1 - The Hair Medicine Professional Committee was officially established in Beijing on October 26, marking the 93rd branch of the China Non-Public Medical Institutions Association [2] - The committee's formation is a response to industry needs, aiming to integrate quality resources and promote the standardization and professional development of hair medicine [2] - The committee will facilitate academic exchanges, technical promotion, standard formulation, and talent cultivation to enhance the overall management level and service capability of the hair medicine industry [2] Group 2 - The committee's future work will include developing clinical guidelines and technical specifications, establishing a quality control system, and exploring certification systems for hair medicine technicians in non-public medical institutions [2] - The committee will also focus on building a platform for industry-academia-research transformation, establishing special research funds, and enhancing data-driven and digital applications to improve diagnostic accuracy [2] - The inaugural academic annual meeting of the committee gathered over 400 experts, scholars, and industry representatives to discuss the latest research, clinical techniques, and future development directions in hair medicine [3]

Core Points - The establishment of the Hair Medicine Professional Committee by the China Non-Public Medical Institutions Association aims to address challenges in the hair medicine field, including inconsistent treatment standards and insufficient professional talent [1][2] - The committee will focus on three key areas: building a standardized treatment system, promoting interdisciplinary collaboration and research innovation, and expanding international cooperation [2] Group 1 - The Hair Medicine Professional Committee was officially established in Beijing, with key leadership positions filled by prominent figures in the field [1] - The committee's formation is a response to the rapid development of the hair medicine sector, which still faces multiple challenges [1] - The committee aims to enhance the overall management level and service capacity of the industry, while maintaining its reputation [1] Group 2 - Future work will include creating clinical guidelines and quality control systems, as well as exploring certification for hair medicine technicians in non-public medical institutions [2] - The committee will establish a platform for industry-academia-research collaboration and set up special research funds to accelerate the transformation of research outcomes [2] - The focus will also be on organizing international academic exchanges and promoting public education on "hair health management" [2]

Core Insights - The article discusses the resilience of companies in the Chinese market during economic fluctuations from 2022 to 2025, highlighting the contrasting fates of those that thrived versus those that faltered [1] Company Performance - Yonghe Medical reported a revenue of approximately 860 million yuan in the first half of the year, with a gross profit of about 550 million yuan, marking a 3.9% increase year-on-year [4] - The company achieved a net profit of approximately 27.9 million yuan, recovering from a loss of about 140 million yuan in the same period last year [4] Strategic Advantages - Yonghe Medical's core advantages include its scale as the largest hair transplant company in China and its medical expertise, particularly in FUE technology [5][6] - The company has a professional medical team of 1,320 members, including 226 doctors, making it the largest team in the hair transplant industry [6][8] Operational Improvements - Yonghe Medical has shifted from aggressive expansion to a more cautious approach in opening new stores, particularly in lower-tier cities, to optimize its resources [5][10] - The company has developed a "He Fan" chain medical management system and a "Heaven, Earth, and People" three-network model to enhance operational efficiency [10][12] Future Growth Opportunities - Yonghe Medical anticipates significant growth in the female hair aesthetics market, predicting that it will account for a substantial portion of the industry revenue in the coming years [14][15] - The company has established a comprehensive brand matrix to cater to diverse consumer needs, including partnerships with institutions for new product development targeting female consumers [16] Market Context - The total population suffering from hair loss in China exceeds 250 million, with a significant portion being young individuals facing various pressures [16] - The hair transplant market in China is projected to exceed 116.5 billion yuan by 2028, indicating a growing demand for comprehensive hair health management solutions [16][19]

Core Viewpoint - Yonghe Medical emphasizes integrity as a fundamental principle for long-term success in the medical industry, which has contributed to its recent financial turnaround and growth in consumer trust [1][5]. Financial Performance - In the first half of 2025, Yonghe Medical reported revenue of RMB 861.6 million, with a gross profit of RMB 550.3 million, reflecting a year-on-year growth of 3.9% [1]. - The gross margin increased from 58.8% to 63.9%, a rise of 5.1 percentage points [1]. - The company achieved a net profit of RMB 27.9 million, recovering from a loss of RMB 138.6 million in the same period last year [1]. Industry Context - The medical beauty industry faces significant trust issues, with 34.1% of consumers citing inconsistent qualifications and 33.2% concerned about unclear physician credentials as major pain points [3]. - There are approximately 13,000 to 15,000 legal medical beauty institutions in China, compared to around 80,000 illegal or unlicensed ones, highlighting a significant trust gap [3]. - In the hair transplant sector, the lack of qualified professionals has led to the emergence of non-compliant medical institutions, further eroding consumer trust [3][4]. Regulatory Environment - The 2023 guidelines from the National Market Supervision Administration emphasize strengthening credit constraints and enhancing industry transparency to combat malpractice in the medical beauty sector [4]. - The regulatory focus aims to eliminate "black institutions" and "black doctors," ensuring a fair market environment for compliant medical beauty institutions [4]. Consumer Trust and Business Strategy - Yonghe Medical's commitment to integrity has resulted in high consumer satisfaction, with a recommendation rate of 92% among its hair transplant users, significantly above the industry average [5]. - The company integrates integrity into its business model by establishing a transparent doctor system, pricing structure, and service framework [8]. Innovations in Service Delivery - Yonghe Medical has implemented a "three transparency" commitment from its doctors, rejecting shadow doctors and illegal practices [9]. - The company has introduced a transparent pricing model, allowing consumers to confirm costs without complex calculations [9]. - Yonghe Medical pioneered live-streaming of hair transplant surgeries to ensure transparency and accountability [10]. Growth Metrics - The number of consumers receiving hair transplant services from Yonghe Medical reached 33,504 in the first half of 2025, a 14.5% increase from 29,272 in the same period of 2024 [10]. Future Outlook - Yonghe Medical aims to establish integrity as a standard in the hair medical industry, ensuring consumers receive reliable and trustworthy services [11].

Core Viewpoint - Yonghe Medical (02279.HK) has demonstrated significant improvement in its financial performance, with a focus on enhancing its operational efficiency and service quality in the hair medical industry [1][2][3]. Financial Performance - For the first half of 2025, Yonghe Medical reported revenue of 862 million yuan and a gross profit of 550 million yuan, marking a year-on-year increase of 3.9% [1]. - The company achieved a net profit attributable to shareholders of 27.91 million yuan, reversing from a loss in the previous year [1]. - The gross profit margin improved from 58.8% to 63.9%, an increase of 5.1 percentage points [1]. - Revenue per store increased by 23%, from 11.11 million yuan in the first half of 2024 to 13.68 million yuan [1]. Business Model and Strategy - Yonghe Medical is adjusting its business model and organizational structure to adapt to industry changes, focusing on the medical attributes of hair treatment [1][2]. - The company is enhancing its medical service capabilities by recruiting more doctors and providing personalized services [2]. - A comprehensive training system for medical staff is being developed to improve service quality [2]. Operational Efficiency - Yonghe Medical is shifting from a scale-driven approach to a more refined operational strategy, utilizing a "Sky Net + Ground Net" model [3]. - The "Ground Net" focuses on improving operational efficiency in major cities and surrounding areas, while the "Sky Net" involves expanding services through an online hospital model [3]. - The company is integrating AI technology to enhance diagnostic accuracy and streamline user health management [3]. Marketing Innovations - In the first half of 2025, Yonghe Medical refined its marketing strategies to enhance efficiency and capitalize on its scale advantages [4]. - The company has optimized its advertising structure and strengthened its brand-content-traffic synergy to improve customer conversion rates [4]. - Sales and marketing expenses decreased by 17% year-on-year to 381 million yuan, with the expense ratio relative to revenue dropping by 7% [4]. Industry Trends - The hair health market in China has been growing, with projections indicating an increase from 58.29 billion yuan in 2020 to 79.55 billion yuan in 2023, and an expected reach of 116.54 billion yuan by 2028 [1]. - Recent regulatory changes in medical service pricing by the National Medical Insurance Administration are expected to standardize pricing in the cosmetic surgery sector, reflecting a trend towards transparency and controlled pricing [4][5].