凤凰网财经《 IPO 观察哨》 " 人有三千烦恼丝，而我有一千五 " 、 " 我太爱掉头发了，我感觉上辈子就是个蒲公英 "…… 这些自嘲段子的背后，是当代人真实的"头顶焦虑"。 如今，这份焦虑正撑起一门暴利生意 —— 你的发际线，正在成就一家上市公司。 在"每 5 位成年男性就有一人受脱发困扰 " 的庞大刚需下，行业巨头蔓迪国际正式递交港股招股书，揭开了 " 头顶生意 " 的神秘账本。 招股书显示，蔓迪旗下产品已连续十年占据中国脱发药物市场榜首， 2024 年市占率高达 57% 。支撑其市场地位的，是一份亮眼的财报：高达 80% 的毛利率，让 " 防脱 " 成为一门跑赢绝大多数上市公司的生意。 不过，凤凰网财经《 IPO 观察哨》翻阅招股书发现，这家防脱发巨头的增长逻辑暗藏诸多隐患。 从蔓迪国际营收结构来看，公司主要是线上和线下两种销售方式，报告期内，线下整体波动不大，主要增长点在于线上销售。 其线上收入占比从 2022 年的 55% 攀升至 2025 年上半年的 74% ，在抖音、天猫等平台的 " 双十一 ""6.18" 大促中屡次斩获 OTC 药品 GMV 第一。主要通过 KOL 种草、短视频带货等方式进 ...

近年来，受到多重因素共同影响，脱发问题已经从小众群体的焦虑演变为受到广泛关注的健康问题。公开数据显示，2024年 我国有超过3.39亿人受脱发问题困扰，其中超过60%年龄在35岁以下。 "秃"如其来的烦恼扩大化、年轻化，这对于为市场提供治疗脱发产品的公司而言无疑是一个确定性的成长机遇。智通财经注 意到，日前，率先推出蔓迪米诺地尔类产品的蔓迪国际向港交所主板递交了上市申请。招股书显示，蔓迪国际早在2001年便 在国内获批了首款5%米诺地尔酊剂产品，并以蔓迪为品牌，填补了国内脱发治疗市场的关键空白。2018-2024年，蔓迪国际 的蔓迪系列米诺地尔类产品的销量总计超过5000万瓶。另按销售额计算，该公司的蔓迪系列米诺地尔类产品自2014年起连续 十年位居中国脱发药物市场第一。 在头发健康领域显然已占据了先发优势与规模优势的蔓迪国际，如今正式向资本市场发起冲刺。公司的基本面成色究竟如 何？展望未来，蔓迪国际的成长性能否令二级市场里挑剔的投资者们满意？关于这些问题，透过公司的招股书，或许能窥见 一二。 强劲的盈利能力，同样是蔓迪国际基本面的突出特征之一。报告期内，蔓迪国际的毛利分别为7.89亿元、10.07亿元、12 ...

近年来，受到多重因素共同影响，脱发问题已经从小众群体的焦虑演变为受到广泛关注的健康问题。公开数据显示，2024年 我国有超过3.39亿人受脱发问题困扰，其中超过60%年龄在35岁以下。 "秃"如其来的烦恼扩大化、年轻化，这对于为市场提供治疗脱发产品的公司而言无疑是一个确定性的成长机遇。智通财经注 意到，日前，率先推出蔓迪®米诺地尔类产品的蔓迪国际向港交所主板递交了上市申请。招股书显示，蔓迪国际早在2001年 便在国内获批了首款5%米诺地尔酊剂产品，并以蔓迪®为品牌，填补了国内脱发治疗市场的关键空白。2018-2024年，蔓迪国 际的蔓迪®系列米诺地尔类产品的销量总计超过5000万瓶。另按销售额计算，该公司的蔓迪®系列米诺地尔类产品自2014年起 连续十年位居中国脱发药物市场第一。 在头发健康领域显然已占据了先发优势与规模优势的蔓迪国际，如今正式向资本市场发起冲刺。公司的基本面成色究竟如 何？展望未来，蔓迪国际的成长性能否令二级市场里挑剔的投资者们满意？关于这些问题，透过公司的招股书，或许能窥见 一二。 业绩稳步增长毛利率超80% 得益于中国的消费医疗市场尤其是头发健康管理市场在过去这些年里快速扩容，蔓迪国际的 ...

11月20日晚间，三生制药公告，拟将其附属公司蔓迪国际分拆至港交所主板独立上市，港交所已确认可 进行该分拆事宜。分拆完成后，三生制药将不会保留蔓迪国际的任何权益。 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！ 继"H拆A"之后，港股创新药龙头拟"H拆H"，拟分拆旗下"防脱一哥"港股上市。 同日，蔓迪国际向港交所递交招股书，独家保荐人为华泰国际。招股书显示，蔓迪国际是一家专业消费 医药公司，专注于皮肤健康行业中的头发健康领域，旗下脱发治疗产品市占率领先。与此同时，招股书 中暴露出的公司高度依赖单一产品等问题，引起投资者关注。 主力产品销售收入下滑 根据灼识咨询的资料，蔓迪国际于2001年率先在国内获批首款5%米诺地尔酊剂产品，填补了国内脱发 治疗市场的关键空白。 自2014年起，蔓迪®系列米诺地尔类脱发治疗产品已连续十年在国内脱发药物市场及米诺地尔类药物市 场零售额排名第一，2024年的市占率分别为57%、71%。 然而，从蔓迪国际披露的销售收入来看，公司存在营收高度依赖单一产品的问题。 招股书显示，2022年至2024年，蔓迪®产品系列为公司贡献了90%以上的收入。其中，蔓迪®5% ...

根据灼识咨询的资料，按零售额计，蔓迪国际的旗舰产品蔓迪 系列米诺地尔类脱发治疗产品自2014年起连续十年在中国脱发药物市场及米诺地尔类 药物市场排名第一，在上述两个市场于2024年的市场份额分别为约57%及71%。 在线下，产品销往全国2000多家医疗机构及约19万家零售药店，覆盖中国超过90%的百强连锁药店，确保产品广泛覆盖中国各级城市。此外，蔓迪 国际已通过美团及饿了么等领先的即时零售配送平台，建立O2O模式，使消费者能通过即时配送购买公司的产品。此模式通过进一步提升产品获取 的及时性与便利性，对公司的传统线上及线下渠道构成补充。 为加强公司在头发健康领域的领先地位，蔓迪国际进一步拓展了该领域的管线。于2024年4月，蔓迪国际在欧洲启动了5%米诺地尔泡沫剂的开发， 预期于2026年通过分散审批程序递交上市批准申请。蔓迪国际还在国内启动了一项专注于女性雄激素性脱发的临床项目，并于2024年12月获得国家 药监局的批准，开始一项III期试验，评估5%米诺地尔泡沫剂在成年女性患者中的有效性及安全性。蔓迪国际预计于2028年推出针对女性雄激素性脱 发的5%米诺地尔泡沫剂。 据港交所11月20日披露，蔓迪国际递表港 ...

为加强公司在头发健康领域的领先地位，蔓迪国际进一步拓展了该领域的管线。于2024年4月，蔓迪国 际在欧洲启动了5%米诺地尔泡沫剂的开发，预期于2026年通过分散审批程序递交上市批准申请。蔓迪 国际还在国内启动了一项专注于女性雄激素性脱发的临床项目，并于2024年12月获得国家药监局的批 准，开始一项III期试验，评估5%米诺地尔泡沫剂在成年女性患者中的有效性及安全性。蔓迪国际预计 于2028年推出针对女性雄激素性脱发的5%米诺地尔泡沫剂。 另外，蔓迪国际还开发了2%和5%的米诺地尔搽剂。目前，已提交简略新药上市申请。公司计划推进 M2506的临床开发，一种靶向泌乳素受体(PRLR)的人源化单克隆抗体，该药物目前处于一期临床试验 阶段，为雄激素性脱发提供新型的系统生物治疗方案。 在更广泛的皮肤健康及体重管理领域，蔓迪国际的管线资产包含柯拉特龙乳膏(Winlevi®)，此为全球首 创且唯一适用于寻常痤疮的外用雄激素受体抑制剂，目前于中国进行III期临床试验，预计2027年提交药 品注册申请以及用于体重管理的长效型GLP-1受体激动剂—司美格鲁肽注射液，同样于中国进行III期临 床试验，目标于2026年上半年提交药 ...

Core Insights - The surge in BD transactions has catalyzed the domestic innovative drug market, driven by multinational corporations (MNCs) eager to replenish their pipelines amid declining market performance post-2025 [1][2] - Major MNCs like Pfizer, Novo Nordisk, and Merck have experienced significant stock price declines, with Novo Nordisk's stock dropping over 65% in the past year [1] - Pfizer's acquisition of Metsera for $10 billion highlights the competitive landscape for blockbuster products, particularly in the weight loss drug sector [1][3] Group 1: MNC Market Dynamics - MNCs are facing a fundamental shift in pricing logic as single blockbuster products lose their competitive edge, leading to intensified competition for global best-selling products [1][2] - The U.S. price reductions for weight loss drugs, such as a drop from $1,350 to an average of $350 for Novo Nordisk's semaglutide, indicate a strategic "price for volume" trade-off [2] - The total value of BD transactions involving Chinese innovative drugs reached $75 billion by August 2023, accounting for 36% of global transactions, with projections of 18% for 2024 [2] Group 2: Pfizer's Strategic Moves - Pfizer's Q3 2025 earnings report showed a revenue of $16.65 billion, a 6% decline year-on-year, but better than analyst expectations, with adjusted net profit at $4.949 billion, down 18% [3] - The company has terminated 11 research projects across various therapeutic areas, indicating a strategic refocus [4] - Pfizer's successful acquisition of Metsera may position it favorably in the weight loss market, potentially revitalizing the global pharmaceutical industry and presenting opportunities for domestic innovative drug companies [5]

Core Viewpoint - The article highlights the significant rise in the promotion of prescription weight loss drugs during this year's Double 11 shopping festival, drawing comparisons to the popularity of the iPhone 17, and raises concerns about the compliance of such promotions with existing regulations [1][6]. Group 1: Promotion of Prescription Drugs - Major e-commerce platforms like JD.com, Alibaba, and Meituan have launched promotional activities that include prescription drugs, offering discounts of 10%-20% on various medications [3][4]. - The sales of weight loss drugs, particularly those like Tirzepatide, have surged, with sales growth exceeding 5.7 times compared to previous periods [6]. - The promotional strategies include common tactics such as "spend 300 yuan to get 50 yuan off" and "limited-time flash sales," which are typically seen in consumer goods [1][8]. Group 2: Regulatory Concerns - The promotion of prescription drugs may violate existing regulations, as certain promotional activities for prescription medications are explicitly prohibited [4][9]. - Legal experts indicate that while some promotional methods may not directly constitute illegal practices, they could still be interpreted as misleading advertising under current laws [10][14]. - The article discusses the potential for e-commerce platforms to face scrutiny for their promotional practices, especially if they lead to consumer misuse of prescription medications [12][18]. Group 3: Market Dynamics and Consumer Behavior - The article notes that the ease of obtaining prescriptions online has raised concerns about the potential for drug misuse, as consumers can quickly receive prescriptions without thorough medical evaluations [20][22]. - The introduction of "money-back guarantees" for weight loss drugs during promotions may encourage consumers to purchase these medications without proper medical guidance [16][21]. - The article emphasizes the importance of responsible marketing and the need for regulatory oversight to prevent potential health risks associated with the misuse of prescription drugs [23].

Core Insights - The article highlights the significant achievements of Huadong Medicine's subsidiary, Zhejiang Daor Bio, in the development of DR10624, a first-in-class long-acting triple agonist for treating severe hypertriglyceridemia (SHTG), which was showcased at the AHA 2025 conference [1][3] Group 1: Clinical Trial Results - DR10624 demonstrated a rapid and significant reduction in triglyceride levels, atherosclerotic lipids, and liver fat content in patients with SHTG during its Phase II clinical trial [1][3] - The trial results indicated that 89.5% of patients treated with DR10624 achieved triglyceride levels below 500 mg/dL, and 19.1% reached levels below 150 mg/dL, with a median percentage reduction in triglycerides of up to 75% [6][9] - After 12 weeks of treatment, DR10624 significantly reduced liver fat content, with a median percentage reduction of up to 67% compared to the placebo group [8] Group 2: Mechanism of Action - DR10624 is designed as a long-acting triple-target agonist, uniquely targeting FGFR1c/Klothoβ, GLP-1R, and GCGR, which allows it to intervene in metabolic regulation from multiple dimensions [2][10] - The drug enhances lipid oxidation, suppresses fat generation, improves insulin sensitivity, promotes fat breakdown, and effectively suppresses appetite, showcasing its unique advantages in treating metabolic diseases [2][10] Group 3: Strategic Positioning and Market Potential - The recognition of DR10624 at the AHA conference marks a historic breakthrough for Chinese scholars in cardiovascular research and drug development [3][10] - Huadong Medicine's focus on the FGF21 target, which has high barriers to entry and limited competition, positions the company favorably in the metabolic disease treatment landscape [10][11] - The global interest in FGF21 has led to significant investments from major pharmaceutical companies, indicating a strong consensus on its potential as a core target for metabolic disease therapies [10][11] Group 4: Future Developments - Huadong Medicine is preparing for Phase III clinical trials for DR10624, having submitted clinical trial applications to the FDA and received approvals for various indications [9][12] - The company is expanding its product pipeline, including multiple GLP-1 related products, which are progressing through clinical development for diabetes and weight management [12][13]

Core Points - The U.S. government has reached a price control agreement with Eli Lilly and Novo Nordisk for obesity medications, which will be available through the TrumpRx direct drug sales channel [1][3] - Novo Nordisk's semaglutide injection price will drop from $1,350 to an average of $350 per month, while Eli Lilly's tirzepatide injection and the pending oral drug Orforglipron will decrease from $1,086 to an average of $346 per month [3] - Medicare and Medicaid will now reimburse obesity medications for patients, allowing Novo Nordisk and Eli Lilly to exchange price reductions for increased volume [4] Pricing and Investment Details - Under the agreement, all doses of GLP-1 injections from Novo Nordisk and Eli Lilly will be priced at $245, with Medicare beneficiaries only paying $50 per month after reimbursement [4] - The GLP-1 injections will also be reduced to $245 in the TrumpRx channel over the next two years [4] - Novo Nordisk has committed to invest an additional $10 billion in the U.S., including local production of oral semaglutide once approved [4] Market Reactions - Following the announcement, Novo Nordisk's stock fell by 4%, while Eli Lilly's stock rose by 1.26% [5]