来源：新浪证券 从全年业绩来看，蔓迪国际的营收、净利润均处于增长之中，但增速有所放缓。2022-2024年，公司营 业收入分别为9.8亿元、12.3亿元及14.5亿元，2023年、2024年分别同比增长25.08%、18.49%；年内溢利 分别为2.0亿元、3.4亿元及3.9亿元，2023年、2024年分别同比增长68.96%、14.54%。2025年上半年，公 司营收进一步增长至7.43亿元，同比增幅20.2%，净利润达1.7亿元，同比增长64%。 （资料来源：公司招股书） 另一方面，公司上市前夕大手笔分红7.7亿元，这一数额甚至超过了同期净利润，致使流动资产净额大 幅下降不足百万，但却募资补充营运资金。一边大手笔分红，一边上市募资，一边大砍研发开支，一边 募资提升研发能力，蔓迪国际的招股书似乎充满了"自相矛盾"。 超90%营收靠蔓迪产品系列 核心产品米诺地尔酊剂销售额下滑、分销商数量持续下降 出品：新浪财经上市公司研究院 作者：木 近日，蔓迪国际向港交所递交招股书，拟向港交所递交主板上市申请，华泰国际担任独家保荐人。近年 来，蔓迪国际随保持业绩双增，但公司经营上却仍存在一些问题不容忽视。如公司超90%营收 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 除此之外，公司本次募资必要性也受到质疑，一方面，公司拟将募集资金用于增强早期研发能力、拓展 产品等，但是公司的研发收入却远不及营销开支，2025年上半年公司研发开支同比下降67.41%至0.195 亿元，销售开支却高达3.75亿元，销售费用率达50.4%。 另一方面，公司上市前夕大手笔分红7.7亿元，这一数额甚至超过了同期净利润，致使流动资产净额大 幅下降不足百万，但却募资补充营运资金。一边大手笔分红，一边上市募资，一边大砍研发开支，一边 募资提升研发能力，蔓迪国际的招股书似乎充满了"自相矛盾"。 超90%营收靠蔓迪产品系列 核心产品米诺地尔酊剂销售额下滑、分销商数量持续下降 蔓迪国际是中国领先的专业消费医药公司，致力于开发并提供全面和长期的皮肤健康及体重管理解决方 案。公司主要专注于更广泛的皮肤健康行业中的头发健康领域，并在此领域确立了领导地位。蔓迪国际 的商业叙事建立在两个强大的基础之上：一个规模超过3亿人的庞大脱发人群市场，以及一款在该市场 占据绝对统治地位的产品。 据灼识谘询的资料，按零售额计，蔓迪 ...

Core Insights - Company Mandee is a leading professional consumer pharmaceutical company in China, focusing on skin health and weight management solutions, particularly in the hair health sector, where it has established a market leadership position [1] - Mandee's flagship product, the Mandee® series minoxidil hair loss treatment, has ranked first in the Chinese hair loss drug market and minoxidil drug market for ten consecutive years since 2014, with market shares of approximately 57% and 71% respectively in 2024 [1] - The company aims to expand its product offerings and enhance its research and development capabilities through the funds raised in its IPO, targeting digital operations, marketing, and general corporate purposes [1] Financial Performance - In 2024, the company achieved a revenue of 1.455 billion yuan, a year-on-year increase of 18.49%, and a net profit attributable to shareholders of 390 million yuan, up 14.54% [2] - For the first half of 2025, the company reported a revenue of 743 million yuan, a growth of 20.2%, and a net profit of 174 million yuan, which is a significant increase of 64.1% [2] - The net cash flow from operating activities for 2024 was 327 million yuan, reflecting a growth of 1.41%, while for the first half of 2025, it surged to 154 million yuan, marking a 200.68% increase [2][6] Asset Changes - As of June 2025, the company's accounts receivable decreased by 7.46%, while inventory increased by 22.39%, and cash and cash equivalents rose by 24.38% [10] - The changes in these assets indicate a shift in the company's asset composition, with cash becoming a larger proportion of total assets [10] Liability Changes - As of June 2025, other payables (including interest and dividends) increased by 842.78%, significantly impacting the total asset ratio by 45.36 percentage points [13] - Conversely, tax payables decreased by 56.67%, while accounts payable rose by 33.86%, indicating a mixed trend in the company's liabilities [13]

Company Overview - Mandi International has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company is a leading professional consumer pharmaceutical company in China, focusing on comprehensive and long-term solutions for skin health and weight management [1] - Mandi International 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 of minoxidil-based hair loss treatment products, has ranked first in the Chinese hair loss medication market for ten consecutive years since 2014, with market shares of approximately 57% and 71% in the hair loss and minoxidil markets, respectively, in 2024 [3] - The products are sold in over 2,000 medical institutions and approximately 190,000 retail pharmacies across China, covering over 90% of the top 100 chain pharmacies [3] - Mandi International has established an O2O model through leading instant retail platforms, enhancing product accessibility and convenience for consumers [3] Research and Development - To strengthen its leading position in hair health, Mandi International is expanding its pipeline, including the development of a 5% minoxidil foam in Europe, expected to submit for market approval in 2026 [3] - The company has initiated a clinical project focused on female androgenetic alopecia, with a Phase III trial expected to begin in December 2024 [3] - Mandi International is also developing 2% and 5% minoxidil solutions and plans to advance the clinical development of M2506, a monoclonal antibody targeting prolactin receptors [4] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, are approximately RMB 982 million, RMB 1.228 billion, RMB 1.455 billion, and RMB 743 million, respectively [6] - The net profit for the same periods is approximately RMB 202 million, RMB 341 million, RMB 390 million, and RMB 174 million, respectively [7] - The gross profit margin for 2022, 2023, 2024, and the six months ending June 30, 2025, is 80.3%, 82.0%, 82.7%, and 81.1%, respectively [9] Industry Overview - The skin health market in China has grown rapidly from RMB 53.7 billion in 2018 to an estimated RMB 142.5 billion in 2024, with a compound annual growth rate (CAGR) of 17.7% [10] - The number of hair loss patients in China is projected to reach 339 million in 2024, up from 271 million in 2018, with a CAGR of 3.8% [12] - The minoxidil market in China is expected to grow from RMB 200 million in 2018 to RMB 2.8 billion in 2024, with a CAGR of 50.9% [13] - The obesity drug market in China is also expanding, projected to grow from RMB 800 million in 2018 to RMB 2.3 billion in 2024, with a CAGR of 20.7% [15]

Group 1 - The core viewpoint of the article is that Mandi International has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor, highlighting its leadership in the Chinese consumer pharmaceutical market focused on skin health and weight management solutions [1] - Mandi International's flagship product, the Mandi series minoxidil hair loss treatment, has ranked first in the Chinese hair loss medication market and the minoxidil drug market for ten consecutive years since 2014, with market shares of approximately 57% and 71% respectively in 2024 [1] - The company launched the Mandi anti-hair loss shampoo in March 2025, which is the first shampoo in China to include the anti-hair loss ingredient Unodex, achieving over 500,000 bottles sold within the first six months, thereby redefining the domestic anti-hair loss and hair care market landscape [1]

Core Points - The "Innovation Partner Program" was launched in Jing'an District, involving eight multinational and industry-leading companies as the first chain enterprises [3] - The program aims to leverage the leading role of multinational and leading companies in promoting technological innovation and building industrial ecosystems [3] - The event emphasized strengthening city-district collaboration, enhancing the innovation status of enterprises, and optimizing the technology innovation ecosystem to accelerate high-quality development [3][4] Group 1 - The "2025 Jing'an District Technology Innovation Conference" focused on key elements such as AI technology application, nurturing technology small giants, and high-quality incubator development [1] - The conference highlighted the importance of technology innovation in driving high-quality development across various sectors [1] - A strategic cooperation agreement was signed between the Shanghai Municipal Science and Technology Commission and the Jing'an District Government to foster quality technology innovation enterprises and build innovation platforms [3] Group 2 - Five enterprises in Jing'an District were awarded the 2024 Shanghai Technology Small Giants (including cultivation) project [4] - The "North City Digital Economy Demonstration Park" was recognized, along with six incubators selected for the "High-Quality Incubator Cultivation Program" [4] - The cultivation program aims to incubate hard technology and high-growth innovative enterprises through a gradient cultivation mechanism and a comprehensive service system [4]