Core Insights - The issue of hair loss has evolved from a niche concern to a widespread health issue, with over 339 million people in China affected, more than 60% of whom are under 35 years old [1] - Mand International, a company that has pioneered minoxidil products, has submitted an application for listing on the Hong Kong Stock Exchange, indicating a strong growth opportunity in the hair loss treatment market [1] - The company has maintained a leading position in the Chinese hair loss medication market for ten consecutive years since 2014, with over 50 million bottles sold from 2018 to 2024 [1] Financial Performance - Mand International has shown steady revenue growth, with revenues of RMB 982 million in 2022, RMB 1.228 billion in 2023, and RMB 1.455 billion in the first half of 2024, indicating a consistent upward trend [2] - The revenue contribution from the Mand series products has remained above 90%, reaching a record high of 92.4% in the first half of 2024 [2][3] - The company has achieved a gross margin exceeding 80%, with gross profits of RMB 789 million in 2022 and RMB 1.007 billion in 2023, reflecting strong profitability [4] Product and Market Strategy - Mand International is diversifying its product offerings beyond hair health, with new products in dermatology and weight management, including a topical treatment for acne and a GLP-1 receptor agonist for weight management [6] - The company has established a robust online and offline sales network, with online sales accounting for 74% of total revenue in the first half of 2025, showcasing its effective distribution strategy [4][5] - The company is also expanding its product pipeline, with ongoing clinical trials for new formulations targeting androgenetic alopecia in women and a novel monoclonal antibody for hair loss treatment [7][8] Market Position and Future Outlook - Mand International's proactive strategy to explore new markets while solidifying its position in the hair health sector is expected to drive future growth [8] - The company's upcoming listing on the Hong Kong Stock Exchange is seen as a significant step towards capitalizing on the growing consumer healthcare market [8]

Core Viewpoint - Mandi International is a leading professional consumer pharmaceutical company in China, focusing on comprehensive and long-term solutions for skin health and weight management, with a strong emphasis on hair health [1] Company Overview - Mandi International has submitted its application to the Hong Kong Stock Exchange for a mainboard listing, with Huatai International as its sole sponsor [1] - The company 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 minoxidil hair loss treatment, has ranked first in the Chinese hair loss drug market for ten consecutive years since 2014, with market shares of approximately 57% and 71% in the hair loss and minoxidil drug markets, respectively, projected for 2024 [2] - The products are distributed through over 2,000 medical institutions and approximately 190,000 retail pharmacies, covering more than 90% of China's top 100 chain pharmacies [2] - Mandi has established an O2O model through leading instant retail platforms, enhancing product accessibility for consumers [2] Research and Development - Mandi International is expanding its pipeline in the hair health sector, with plans to launch a 5% minoxidil foam in Europe by 2026 and a clinical project focused on female androgenetic alopecia in China, expected to enter Phase III trials by December 2024 [2][3] - The company is also developing a targeted monoclonal antibody for androgenetic alopecia and has initiated clinical trials for a topical androgen receptor inhibitor for acne [3] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is approximately RMB 982 million, RMB 1.228 billion, and RMB 1.455 billion, respectively, with a profit of RMB 202 million, RMB 341 million, and RMB 390 million for the same periods [4][6] - The gross profit margin for the years 2022, 2023, and 2024 is reported at 80.3%, 82.0%, and 82.7%, respectively [7][9] Industry Overview - The skin health market in China is rapidly growing, projected to increase from RMB 53.7 billion in 2018 to RMB 142.5 billion by 2024, with a CAGR of 17.7% [10] - The number of individuals suffering from hair loss in China is expected to rise from 271 million in 2018 to 339 million in 2024, with a CAGR of 3.8% [12] - The minoxidil market in China is anticipated to grow from RMB 200 million in 2018 to RMB 2.8 billion by 2024, with a CAGR of 50.9% [12] - The obesity drug market in China is also expanding, projected to grow from RMB 800 million in 2018 to RMB 2.3 billion by 2024, with a CAGR of 20.7% [15]