Core Insights - The hair health management market in China is rapidly growing, driven by an increasing number of hair loss patients, which has reached approximately 340 million [4][5]. Market Overview - The number of hair loss patients in China is projected to grow from 271 million in 2018 to 339 million by 2024, with a compound annual growth rate (CAGR) of 3.8%, and is expected to reach 468 million by 2035 [5]. - The hair health management market size is anticipated to expand from 19.8 billion yuan in 2018 to 52.7 billion yuan by 2024, reflecting a CAGR of 17.7%, and is projected to further increase to 171.4 billion yuan by 2035 [5]. Treatment Options - There are primarily two treatment options for hair loss: medication and hair transplantation. The hair transplantation market has seen the emergence of the first listed company, Yonghe Medical, which has faced continuous losses since its IPO [5][6]. - Compared to the expensive and painful hair transplantation process, more individuals prefer medication for treatment [6]. Drug Market Growth - The market for anti-hair loss medications in China is expected to grow from 500 million yuan in 2018 to 3.5 billion yuan by 2024, with projections to soar to 19.7 billion yuan by 2035 [7]. Company Spotlight: Mandi International - Mandi International, a leading player in the hair health medication sector, is currently pursuing an IPO on the Hong Kong Stock Exchange [8]. - The company was the first to obtain approval for a 5% minoxidil solution in China in 2001, establishing a significant market presence [9]. - Mandi has developed various formulations of minoxidil and other hair care products, maintaining a leading market share of 57% in the hair loss medication market and 71% in the minoxidil segment by 2024 [10]. Financial Performance - Mandi International has demonstrated high profitability, with gross margins exceeding 80% and net margins over 20%. Revenue is projected to grow from 982 million yuan in 2022 to 1.455 billion yuan by 2024, representing a CAGR of 21.7% [11]. - The company completed a Series A financing round in November 2022, raising $50 million and achieving a valuation of approximately $752 million [11]. Parent Company: Sanofi Group - Mandi International was acquired by Sanofi Group in 2015 for 528 million yuan, highlighting the potential of the hair loss medication market [12]. - Sanofi Group has a history of successful drug development and capital operations, having previously listed on NASDAQ and later on the Hong Kong Stock Exchange [14][15]. Future Prospects - The IPO of Mandi International represents a strategic move by Sanofi Group to independently list its various business lines, potentially leading to the establishment of a third publicly traded company within the group [17].