在国内治疗脱发的市场上，蔓迪国际的名字几乎无人不知。 背靠中国超过 3.39 亿脱发人群、其中六成年龄在 35 岁以下的巨大市场，蔓迪国际 不仅 踩中了增长最快的那条赛道 ，而且 依靠米 诺地尔产品 连续 十年占据中国脱发药物市场冠军 。 摘要： 1、行业"龙头"：作为国内脱发治疗赛道龙头，蔓迪连续十年蝉联米诺地尔市场份 额第一，泡沫剂新剂型在2025年上半年实现爆发式 增长，维持短期增长动能。 2、渠道与核心产品：核心产品销售额缩水过亿元，分销商贡献收入占比超90%，但报告期内分销商减少67家，减少比例比例约 39%。 3、未来运营稳定 度： 上市前夕巨额派息，现金降至历史低位，行业竞争升温、渠道与供应链集中度过高，未来的增长质量和治理结 构稳定性有待观察。 不过，当它在 2025 年 11 月向港交所递表、试图成为"防脱第一股"之时，公司的业务结构、财务稳定性、股东动作及管理层动向， 也被完整摊开在市场面前。与过往"高增长""高毛利"的光鲜标签相比，这次蔓迪国际递表带来的讨论反而集中在另一个方向——它长 期依赖单一产品的模式还能走多远？又是否真的能支撑一个上市公司的长期故事？ 一切的核心 ： 米诺地尔 导 ...

【文/王力 编辑/周远方】 11月20日晚间，港股上市公司三生制药（01530.HK）发布公告，宣布将旗下消费医药业务板块蔓迪国 际分拆至港交所主板独立上市，华泰国际担任独家保荐人。这意味着，这家凭借米诺地尔产品连续十年 稳居中国脱发药物市场榜首的企业，即将以独立身份登陆资本市场。 蔓迪国际的背后，站着三生制药的灵魂人物——娄竞。1993年，娄竞的父亲、生物医学专家娄丹在沈阳 创立了三生制药。彼时正在美国福特汉姆大学攻读分子与细胞生物学博士学位的娄竞，于1995年学成归 国，加入父亲创办的公司担任研发主管，此后逐步接手公司管理，现任三生制药董事长兼首席执行官。 2015年，三生制药全资收购了拥有蔓迪品牌的浙江万晟药业，将其纳入集团化药发展平台。如今，这一 业务板块被推向独立上市，娄竞仍通过信托安排控制蔓迪国际的员工持股平台。 根据招股书披露，三生制药目前持有蔓迪国际约87.16%的股权，阿里健康等机构投资者亦在股东名单 之中。值得注意的是，公告明确指出分拆完成后三生制药将不会保留蔓迪国际的任何权益，这意味着蔓 迪将彻底脱离母公司，以独立个体在市场中搏杀。在集采降价、竞争加剧的行业背景下，这家"防脱神 药"制造 ...

麻了。 尽管根据各大电商平台的双十一战报，今年国人的消费实力依旧不减，天猫双11总交易额5403亿元、京东11.11累计下单金额超3491亿元，都高于去年， 但大众的消费心态却发生了明显变化。 社交平台上，许多年轻人发帖称彻底放弃了钻研复杂的购物攻略，放弃计算直播间与旗舰店下单的微小差距。 因为受够了被平台套路牵着鼻子走，像没头苍蝇一般困在铺天盖地的营销算法牢笼里。 今年双十一刚刚结束，相比于往年热闹喧嚣的贵了、便宜了、多了、少了、值不值得等等评判与讨论，更多普通人的感受只能用两个大字来形容： 越来越多人意识到，花钱是为了讨好自己、消费是为了更快乐，如果购物的心境不是从从容容游刃有余，而是匆匆忙忙、连滚带爬，既焦虑于错过优惠、 事后又后悔冲动下单，那这样的购物体验不如不要。 因此，一些年轻人最近在尝试一种全新的购物理念——当自己的"手机皇帝"。 01 第一批厌倦套路的年轻人 开始抢回消费主导权 手机皇帝，指的是此前网络上爆火的一种app分类方式。 把app们根据功能分类，对照着古代官制大致对应、重新命名，比如把办公软件们命名为上书房，购物软件们命名为采办处。 专门用来看电视剧、综艺的影音软件们则是教坊司。 而 ...

Core Viewpoint - The company is currently in the process of developing a sales plan for its minoxidil product, which is not yet on the market [2] Group 1: Product Information - The minoxidil product is intended for hair growth and is currently under development [2] - The company has not disclosed any specific advantages of the minoxidil product in terms of efficacy [2] Group 2: Sales and Production - The sales model for the minoxidil product has not been detailed by the company [2] - The current status of production and sales for the minoxidil product is still in the planning phase [2]

Summary of the Conference Call for Meinuohua Industry and Company Overview - The conference call pertains to Meinuohua, a company engaged in the pharmaceutical industry, particularly in contract development and manufacturing organization (CDMO) services and formulation processing. Key Points and Arguments Business Growth and Financial Performance - Meinuohua's contract manufacturing business has seen significant growth, with a quarterly increase exceeding 200 million yuan in Q3 2025, and is expected to continue expanding in Q4 2025 and beyond, benefiting from partner orders and capacity planning [2][5] - In Q3 2025, the company reported a revenue increase of 17.67% year-on-year and a net profit increase of 51.66%, reaching 46.87 million yuan, indicating strong performance in the formulation sector [4] - The overall profit margin has improved due to the scale effect from processing orders, with gross margin and management expense ratio optimizing in the first three quarters of the year [8] Project Developments - The 389 project is progressing as expected, with animal model studies initiated in the US and clinical research launched domestically. Collaboration with Italian partners has led to successful overseas process replication and small-scale production for safety trials in Europe [6] - The collaboration with Merck in the veterinary medicine sector is entering a commercial order phase, with significant revenue expected to begin in 2026 [11] Future Projections - The company aims for a net profit margin of over 10% by 2026, supported by increased orders and profit growth anticipated in the coming year [12] - New formulation capacity is being added, with a total planned capacity of 4.5 billion tablets, and two new production lines expected to be operational by 2025, with further growth anticipated in 2026 [18] CDMO Business Insights - Merck remains the most important client for Meinuohua's CDMO business, with the company actively seeking new clients, including domestic ones and opportunities related to mRNA [3][20] - The API (Active Pharmaceutical Ingredient) prices are currently at a low point, but the downward trend has halted, and the company expects to maintain stable output and growth in the coming years [15] Innovation and New Product Development - The company is focusing on mRNA drug development, particularly in chronic disease treatments, and is exploring new drug research in hypertension and hyperlipidemia [9] - The GH389 delivery platform is being developed for multiple applications beyond weight loss, with ongoing clinical trials and plans to explore cancer and targeted therapies [14] Capital Expenditure and Production Capacity - There are no significant capital expenditure plans, with a stable transition of assets expected. The company has a relatively small ongoing project pipeline [18] - The small packaging production line has achieved high utilization rates, and new production lines are planned to meet customer demand [13] Overall Outlook - Meinuohua anticipates a stable performance in API business while expecting substantial growth in formulation business, with a balanced contribution from both sectors in the future [16] - The company is optimistic about its growth trajectory, aiming to achieve a second growth curve through innovation and stable traditional business growth [21]

Summary of the Conference Call for Minsheng Health Company Overview - Minsheng Health focuses on the OTC (Over-the-Counter) health product market, with its core product being 21 Jinweita, which is expected to maintain mid-to-high single-digit growth [2][4] - The company has a significant market share in the OTC vitamin and mineral product sector, with a sales volume market share of approximately 36%, second only to Shancun [5][13] Financial Performance and Projections - For 2024, Minsheng Health's total revenue is projected to be around 6.41 billion yuan, with 21 Jinweita accounting for 69% of this revenue, approximately 4.42 billion yuan [3][6] - Revenue growth is expected to be between 24% and 25% in 2025, reaching around 8 billion yuan, with profit growth of about 16%, exceeding 1 billion yuan [6][24] - By 2026, revenue growth is anticipated to be around 30%, with profits nearing 1.4 billion yuan [6][24] Market Dynamics - The Chinese OTC vitamin and mineral product market is projected to grow from 160.6 billion yuan in 2016 to 283.4 billion yuan by 2024, with a CAGR of approximately 12% [10] - The overall OTC market in China is expected to grow from 128.9 billion yuan in 2010 to 221.4 billion yuan in 2024, with a CAGR of about 7%, significantly outpacing global growth [7] Product Development and New Launches - The company is expanding its product matrix with new offerings, including B vitamins and calcium tablets, which are expected to contribute to a 10% annual growth in the vitamin and mineral segment [4][18] - Minsheng Health has acquired Zhongke Jiayi, a domestic probiotic raw material manufacturer, which is expected to contribute 70-80 million yuan in revenue in 2025 [2][8][19] - The company is also developing therapeutic drugs, including Minoxidil for hair loss and Varenicline for smoking cessation, with the latter projected to generate around 1 billion yuan in revenue [8][20][21] Competitive Landscape - The OTC vitamin and mineral market is characterized by a few dominant players, with Shancun holding a market share of about 48% and Minsheng Health around 25% based on sales [13] - The current regulatory environment has paused the approval of new OTC vitamin and mineral product licenses, giving Minsheng Health a competitive edge with its existing licenses [5][13] Sales Channel Trends - The online sales channel for OTC products has increased from 4.61% in 2017 to an expected 30.45% by 2024, although offline channels remain dominant at approximately 60.55% [12] - The ability to use health insurance for OTC vitamin and mineral products provides a natural advantage for offline sales channels [12] Future Growth Drivers - Key growth drivers include the aging population in China, which is expected to increase the demand for health products, and the rising health awareness among consumers [10][11] - The company aims to leverage its unique OTC licenses and product offerings to maintain stable growth in the long term [16] Valuation Considerations - Given the scarcity of OTC licenses and the significant revenue contribution from this segment, Minsheng Health is expected to command a valuation premium compared to peers in the health product sector [25]

Summary of Meinuohua's Conference Call Company Overview - **Company**: Meinuohua - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 677 million yuan, up 11.42% year-on-year [2][3] - **Net Profit**: 49.05 million yuan, up 158% year-on-year [2][3] - **Net Profit (Excluding Non-recurring Items)**: 36.75 million yuan, up 86.98% year-on-year [2][3] - **Gross Margin**: 31.42% [2][3] - **Formulation Business Revenue**: 262 million yuan, up 111% year-on-year [2][3] Core Business Insights - **Formulation Business**: Significant growth driven by Meinuohua and Tiankang's revenue increase [2][3] - **GH389 Project**: Progressing well with plans to expand into European and U.S. markets; domestic collaborations are also being sought [2][4][6] - **API Prices**: Stable with no significant upward trend expected; gross margin is anticipated to remain stable [2][7] - **CDMO Business**: Expected to start contributing commercially in 2026, with annual incremental revenue projected at around 10 million yuan [2][8] Product Development and Regulatory Insights - **Formulation Approvals**: Anticipated annual approvals of 5-10 new formulations, aiming to expand the product pipeline to over 100 [2][9] - **11th Batch of Centralized Procurement**: Two products expected to participate, including Dapagliflozin; potential for incremental revenue [2][10] Future Growth Drivers - **New Product Launches**: Future growth expected from new product releases and capacity expansion [2][7] - **Formulation Contract Manufacturing**: Continued growth expected, with better performance anticipated in the second half of 2025 [2][11] - **Innovation Projects**: Active development in areas such as GH389, medical aesthetics, and AI collaborations [2][5][12] Market Position and Competitive Advantage - **GH389 Project**: Aimed at providing effective oral weight loss solutions with minimal side effects, targeting a broad consumer base [2][22][24] - **Differentiation in Probiotics**: GH389 focuses on delivering effective doses of GLP-1, distinguishing it from existing probiotic products [2][25] Operational Efficiency - **Cost Management**: Overall expense ratio is expected to remain stable, with no significant fluctuations anticipated [2][26] - **Production Capacity**: High utilization rates, particularly in the formulation segment, with plans for future expansions aligned with customer demand [2][27] Investor Communication - **Outlook**: The company aims to maintain growth momentum and deliver value to investors through ongoing innovation and project development [2][28]

Core Viewpoint - The article highlights the rampant issues in online pharmaceutical sales, including counterfeit products, misleading labeling, and fraudulent reviews, which pose significant risks to consumers' safety and trust in e-commerce platforms [1][2][4]. Group 1: Counterfeit and Misleading Products - Numerous counterfeit products flood e-commerce platforms, often mimicking legitimate medications with similar packaging and names, leading to consumer confusion [1][2]. - Common tactics include "word games" where product names are altered to include terms like "repair" or "skin," and using similar color schemes to deceive consumers [2][4]. - Products labeled with "消字号" (disinfection) or "械字号" (medical device) are often misrepresented as effective medications, despite lacking rigorous clinical testing [4]. Group 2: Consumer Confusion and Regulatory Gaps - Consumers are often unfamiliar with the different product classifications, such as "国药准字" (national drug approval), which is the only legitimate identifier for approved medications [4]. - The approval process for non-drug products is less stringent, allowing potentially unsafe items to enter the market without adequate oversight [4]. Group 3: Fraudulent Practices on E-commerce Platforms - E-commerce sellers frequently engage in practices like fake reviews and inflated sales figures to mislead consumers into purchasing counterfeit products [6]. - The lack of a return policy for legitimate medications complicates consumer efforts to identify counterfeit products, as those that allow returns are likely not approved drugs [6]. Group 4: Regulatory Responses and Future Directions - The National Medical Insurance Administration is set to enhance drug traceability regulations starting January 1, 2025, aiming to create a comprehensive tracking system for pharmaceuticals [7]. - Experts emphasize the need for refined regulations to address the challenges posed by online drug sales, urging consumers to recognize legitimate products and utilize official tracking tools [8].

Group 1 - The core viewpoint of the article highlights the significant shift in the hair transplant industry with the introduction of a "taxi-style pricing scheme" by the National Medical Insurance Administration, moving away from the controversial fixed-price model to a per-follicle pricing system [1] - The hair transplant industry is currently facing challenges, as exemplified by Yonghe's financial performance, which has shown continuous losses since its IPO in 2021, with net profits of 120 million yuan, -85.85 million yuan, -546 million yuan, and -226 million yuan from 2021 to 2024 [1] - In contrast, the market for hair loss treatment drugs, particularly Minoxidil, is thriving, with Mandey's sales revenue projected to reach 1.337 billion yuan in 2024, reflecting a year-on-year growth of approximately 18.9% [1] Group 2 - Mandey has maintained a dominant market position, with over 50% market share in 2024, and has consistently held more than 70% market share from 2017 to 2022 [4] - The younger demographic is increasingly affected by hair loss, with over 2.5 billion people in China experiencing this issue, and 74.6% of them being born in the 1980s and 1990s [6] - The rise of Minoxidil products is attributed to the younger generation's preference for scientifically validated treatments, with Mandey and Dafeixin being the two leading brands in the market [8][12] Group 3 - Mandey has successfully penetrated both offline and online markets, establishing partnerships with over 2,000 public medical institutions and 90,000 retail pharmacies, while also achieving over 60% of its sales through e-commerce channels [10][11] - The introduction of new Minoxidil products, such as Mandey's foam formulation, has enhanced its market competitiveness, with the foam being the only approved formulation in China that minimizes skin irritation [9] - The overall hair health market in China has grown significantly, from 58.29 billion yuan in 2020 to 79.55 billion yuan in 2023, with projections to exceed 116.54 billion yuan by 2028 [20] Group 4 - The entry of new players and technological advancements in the Minoxidil market have led to increased competition, with companies like Lunan Pharmaceutical launching new products that challenge traditional brands like Dafeixin [24][25] - Dafeixin, despite its long-standing presence in the market, is facing challenges due to the emergence of new competitors and a decline in its market share, with a reported revenue of 2.971 billion yuan in 2024, down 18.06% year-on-year [26] - The article concludes that the Minoxidil market's explosive growth is driven by a younger, more educated consumer base that prioritizes effective and scientifically validated treatment options [27][28]

Group 1: Company Overview and Operations - Baicheng Pharmaceutical has an international marketing department responsible for the export sales of active pharmaceutical ingredients and formulations [3] - The company is actively pursuing internationalization, with three active pharmaceutical ingredients (Minoxidil, Amorolfine, and Acetylcysteine) having submitted EU registration applications in 2024 [5] Group 2: Research and Development - In 2024, the company invested CNY 320 million in R&D, with plans to continue expanding R&D efforts [5] - The company has made significant progress in innovative drug development, having obtained two IND approvals for Class 1 new drugs and completed 11 IND submissions for Class 2 new drugs [6] - The company has 98 R&D projects with sales rights as of the end of 2024, of which 25 projects have been approved [6][7] Group 3: Financial Performance - The company reported a net loss of CNY 52,742,809.58 for the year 2024 [6] - Commercial production revenue for 2024 was CNY 36 million, attributed to the subsidiary, Saimer Pharmaceutical [6] Group 4: Strategic Focus - The company aims to balance R&D investment with short-term profitability by enhancing research efficiency and quality [4] - Future growth drivers include expanding the generic drug business, increasing innovative drug initiatives, and enhancing overseas market presence [6]