当前，中国洗护发行业稳步增长，智研咨询数据显示，2019年-2024年市场规模从573亿元增至678亿元。随着新一 代消费力量崛起，国人对洗护需求的更替正催生出新的消费热点，洗护市场正向功效化、专业化、精细化等方向 升级。 从市场竞争格局来看，国际巨头宝洁、欧莱雅、联合利华目前仍主导中国洗护发市场，这些品牌凭借成熟的研发 体系、强大的渠道铺设能力及全球化品牌影响力，一度掌控超60%的市场份额，形成垄断格局。京东2025年Q3洗 护发品类销量TOP10中，外资品牌占7席，淘宝双11预售阶段高端洗护赛道外资份额超80%。欧莱雅（卡诗）、资 生堂、汉高等国际品牌，凭借"专业"认知与历史沉淀，在高端市场占据用户心智。宝洁（海飞丝、潘婷）、联合 利华（清扬、力士）则在大众市场维持基本盘。国货品牌则处于"分散突围"阶段，行业TOP10中，只有阿道夫和 滋源两大国货品牌挺近，留给国货品牌集中突围的空间还很大。 在消费升级与健康意识深化的双重驱动下，中国洗护市场正经历从"清洁+基础护理"向以"科学养护"为核心的精细 化转型的变革期。从市场生态来看，近两年国货品牌加速布局洗护赛道，形成了集体发力的热潮：国货美妆品 牌"珀莱雅（ ...

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].