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]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Mandi Inc. 蔓迪國際 （於開曼群島註冊成立的有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、 接納並向Mandi Inc.（蔓迪国际）（「本公司」）、其獨家保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章 公 司（清 盤 及 雜 項 條 文）條 例 送 呈 香 港 公 司 註 冊 處 處 長 登 記 前，本 公 司 不 會 向 香 港 公 眾 人 士 提 出 要 約 或 邀 請。倘 於 適 當 時 候 向 香 港 公 眾 人 士 提 出 要 約 或 邀 請，有 意 投 資 者 務 請 僅 依 據 呈 交 香港公司註冊處處長註冊的本公司 ...