转自：前瞻产业研究院 行业主要上市公司：雍禾医疗(02279.HK)、仙琚制药(002332)、*ST 美谷(000615)、益盛药业(002566)、 振东制药(300158)、国际医学(000516)、康惠制药(603139)、康缘药业(600557)、康恩贝(600572)、福瑞 达(600223)等 本文核心数据：中国毛发医疗行业竞争派系;中国植发行业竞争梯队;中国生发药品行业竞争梯队;中国网 上药店终端米诺地尔销售TOP5 从中国毛发医疗行业竞争派系看，雍禾植发、大麦微针植发、青逸植发等布局植发医疗服务，三生制 药、振东制药、仙琚制药等布局医疗养固服务。 中国毛发医疗行业竞争梯队 植发机构方面，第一梯队主要为头部全国连锁龙头，包括雍禾植发、碧莲盛植发、大麦微针植发等，市 场份额合计占比较高，且均具备全国性直营连锁布局、成熟技术体系和强品牌认知度。 中国毛发医疗行业竞争派系 在生发药品领域，第一梯队包括三生制药、振东制药、默沙东等，三生制药、振东制药在米诺地尔市场 占据主要份额，默沙东是非那雄胺的原研药企，具有重要地位;第二梯队包括仙琚制药、康恩贝、厦门 美商医药等，近年来加快推出米诺地尔、非那雄胺等 ...

以下文章来源于盐财经 ，作者张婉莹、简洋洋 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 在这个颜值经济盛行的时代，头发稀疏成为许多年轻人难以言说的痛。他们正在把焦虑转化为 实实在在的消费力，支撑起了一个蓬勃发展的防脱市场。数据显示，2024年，中国头发健康 管理市场规模达到527亿元，是2018年198亿元的2.6倍。 而生产"米诺地尔酊"的蔓迪国际，成为了这一消费狂欢的最新受益者。 上市光环下的阴影。 来源：盐财经 作者： 张婉莹 编辑：江江 "小时候总想将头发梳成大人模样，长大后却发现大人根本没有头发。" 这句在社交平台上获赞无数的调侃， 道出了近3.4亿中国人 的共同困扰——脱发焦虑。 脱发焦虑已成为当代年轻人最真实的写照。小红书平台上， #脱发 话题的浏览量超28亿，讨 论量超1000万。 小红书平台上关于脱发相关话题 浏览量达到28.6亿 2025年11月20日，国内脱发治疗赛道龙头企业蔓迪国际正式向港交所递交招股书，拟冲 刺"防脱第一股"。 2025年11月20日，蔓迪国际正式向港交所递交招股书 这家脱胎于三生制药的企业，背后站着消费医疗圈知名的"娄竞家族"。他们试图将24年来积 ...

来源：新浪证券 从全年业绩来看，蔓迪国际的营收、净利润均处于增长之中，但增速有所放缓。2022-2024年，公司营 业收入分别为9.8亿元、12.3亿元及14.5亿元，2023年、2024年分别同比增长25.08%、18.49%；年内溢利 分别为2.0亿元、3.4亿元及3.9亿元，2023年、2024年分别同比增长68.96%、14.54%。2025年上半年，公 司营收进一步增长至7.43亿元，同比增幅20.2%，净利润达1.7亿元，同比增长64%。 （资料来源：公司招股书） 另一方面，公司上市前夕大手笔分红7.7亿元，这一数额甚至超过了同期净利润，致使流动资产净额大 幅下降不足百万，但却募资补充营运资金。一边大手笔分红，一边上市募资，一边大砍研发开支，一边 募资提升研发能力，蔓迪国际的招股书似乎充满了"自相矛盾"。 超90%营收靠蔓迪产品系列 核心产品米诺地尔酊剂销售额下滑、分销商数量持续下降 出品：新浪财经上市公司研究院 作者：木 近日，蔓迪国际向港交所递交招股书，拟向港交所递交主板上市申请，华泰国际担任独家保荐人。近年 来，蔓迪国际随保持业绩双增，但公司经营上却仍存在一些问题不容忽视。如公司超90%营收 ...

以下文章来源于盐财经 ，作者张婉莹、简洋洋 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 来源丨 盐财经 （ nfc-yancaijing ） 作者丨 张婉莹 简洋洋 编辑丨江江 图源丨Midjourney "小时候总想将头发梳成大人模样，长大后却发现大人根本没有头发。" 这句在社交平台上获赞无数的调侃，道出了近3.4亿中国人的共同困扰——脱发焦虑。 脱发焦虑已成为当代年轻人最真实的写照。小红书平台上， #脱发 话题的浏览量超28亿，讨论量超 1000万。 小红书平台上关于脱发相关话题浏览量达到28.6亿 2025年11月20日，蔓迪国际正式向港交所递交招股书 这家脱胎于三生制药的企业，背后站着消费医疗圈知名的"娄竞家族"。他们试图将24年来积累的"头 顶商机"，转化为资本市场的新故事。 然而，资本市场的热闹背后，蔓迪国际潜藏隐忧。上市前夕，蔓迪国际进行了"清仓式分红"。2022 年至2025年上半年，公司共宣派股息14.2亿元，其中近半年宣派股息7.7亿元。这一操作直接导致公 司账面现金及等价物仅剩1.1亿元。同时，销售费用的持续走高与研发费用的下滑同样引起了投资者 们的关注。 当脱发焦虑遇 ...

Core Insights - The article highlights the growing concern of hair loss among young people in China, with approximately 340 million individuals affected by hair loss anxiety, leading to a burgeoning market for hair health management products [3][7][8]. - The company Mandi International, which produces Minoxidil solutions, is positioned to benefit from this trend and has filed for an IPO to become the "first stock in anti-hair loss" [5][6]. Market Overview - The hair health management market in China is projected to reach 52.7 billion yuan by 2024, a 2.6-fold increase from 19.8 billion yuan in 2018 [4]. - The number of individuals suffering from hair loss in China has increased from 270 million in 2018 to 340 million in 2024, with a compound annual growth rate of 3.8% [7]. Consumer Behavior - Over 60% of the hair loss population is under 35 years old, indicating a shift in demographics where hair loss is no longer just a middle-aged concern [8]. - Young consumers are increasingly investing in hair care products, with significant discussions on platforms like Xiaohongshu, where topics related to hair care have garnered billions of views [12]. Company Profile: Mandi International - Mandi International has maintained a leading market share in the anti-hair loss sector for ten consecutive years, with a systematic approach to product and channel development [22]. - The company has achieved a revenue compound annual growth rate of 21.9% from 2022 to 2024, with revenues of 982 million yuan, 1.228 billion yuan, and 1.455 billion yuan respectively [26][25]. Financial Performance - Mandi's gross margin has consistently remained above 80%, with net profit margins between 20% and 30%, comparable to high-margin industries like liquor [26]. - The company has declared a total dividend of 1.42 billion yuan from 2022 to mid-2025, which has significantly reduced its cash reserves from 1.127 billion yuan at the end of 2024 to 110 million yuan by mid-2025 [33][34]. Risks and Challenges - Mandi International faces a "single product dependency" issue, with approximately 92% of its revenue coming from Minoxidil products, raising concerns about future revenue stability amid increasing competition [29]. - The company has seen a decline in research and development spending, which fell to 2.62% of revenue in mid-2025, down from 8.15% in 2022, indicating a potential risk in maintaining competitive advantage through innovation [31]. Competitive Landscape - The market for Minoxidil is becoming increasingly competitive, with several companies entering the space, potentially eroding Mandi's market share as patents expire [36]. - Mandi's distribution network has shrunk, with the number of distributors decreasing from 173 in 2022 to 106 in mid-2025, which could impact its market reach and stability [32]. Future Outlook - The article concludes that while Mandi International has capitalized on the market for hair loss solutions, it must address its reliance on a single product and improve its R&D efforts to sustain long-term growth and market relevance [39][40].

Core Insights - The article highlights that Mandi International is the leading player in the domestic hair loss treatment market, maintaining a dominant market share in minoxidil products for ten consecutive years, with a significant growth expected in the foam formulation by mid-2025 [1][2][5] - The company's revenue structure is heavily reliant on a single product, with over 90% of its income derived from the minoxidil series, raising concerns about long-term sustainability [5][11] - Recent financial maneuvers, including substantial dividends paid before the IPO, have led to a significant reduction in cash reserves, which may impact investor confidence and operational stability [9][23] Industry Leadership - Mandi International has established itself as a key brand in the hair loss treatment sector, with minoxidil products accounting for a substantial market share [5][6] - The company faces increasing competition as the minoxidil market is open to multiple players, which could threaten its pricing power and market position [6][11] Financial Performance - Revenue decreased from 9.82 billion to 7.43 billion from 2022 to the first half of 2025, with net profit also declining during the same period [5][11] - The sales of the core product, minoxidil solution, dropped significantly, while the foam variant saw a remarkable increase in sales, indicating a shift in consumer preference [11][12] Distribution and Supply Chain - Mandi's revenue is primarily generated through distributors, which accounted for over 90% of sales, but the number of distributors has decreased by approximately 39% [2][12] - The company relies heavily on a limited number of suppliers, with a single supplier providing the raw material for minoxidil, raising concerns about supply chain stability [13][14] Research and Development - The company's R&D expenditures have fluctuated significantly, raising questions about its ability to innovate and compete effectively in the market [15][16] - Mandi is attempting to diversify its product offerings by introducing new products, but faces stiff competition from established players in the market [15][16] Management and Governance - The ownership structure is highly concentrated, with significant control held by the founder and major shareholder, which may pose risks if the IPO does not succeed [20][23] - The recent stock incentive plan is closely tied to the success of the IPO, creating potential instability in management if the listing is delayed or fails [21][22] Conclusion - Mandi International's strong market position is counterbalanced by its reliance on a single product, high dividend payouts, and concentrated supply and distribution channels, which could pose risks to its future growth and stability [24][25]

Core Insights - The article highlights the significant growth potential in the hair loss treatment market, particularly through the upcoming IPO of Mandi International, a subsidiary of Sangfor Pharmaceutical, which is set to capitalize on the booming demand for hair restoration products [1][20]. Market Overview - The hair loss market in China is experiencing explosive growth, with the number of affected individuals exceeding 339 million by 2024, translating to one in four people suffering from hair loss, predominantly among the younger demographic [4]. - The hair health management market is projected to grow from 52.7 billion RMB in 2024 to 171.4 billion RMB by 2035, with a compound annual growth rate (CAGR) of 11.3% [4]. Company Performance - Mandi International holds a 57% market share in the hair loss medication sector, with revenue expected to grow from 982 million RMB in 2022 to 1.455 billion RMB in 2024, reflecting a CAGR of 21.7% [1][12]. - The company's flagship product, Minoxidil, has seen a decline in sales, while the newly launched Minoxidil foam is driving growth, achieving sales of 283 million RMB in the first half of 2025, a 338% increase year-on-year [6][8]. Financial Metrics - Mandi's gross profit margin remains high, consistently above 80%, with net profits rising from 202 million RMB in 2022 to 390 million RMB in 2024 [9][12]. - The company has distributed 1.42 billion RMB in dividends to shareholders from 2022 to mid-2025, indicating strong cash flow management despite a decrease in asset value [20]. Competitive Landscape - Mandi International is facing increasing competition in the hair loss treatment market, with a need to diversify its product offerings beyond hair restoration to maintain growth [8][9]. - The company is also exploring new markets in skin health and weight management, although these segments are still in early development stages [9]. Family Business Background - The Lou family, founders of Sangfor Pharmaceutical, have established a significant presence in the capital markets with three listed companies, including Mandi International, which represents a strategic shift towards consumer healthcare [20][21]. - The family's wealth has been recognized, ranking them among the top in the biopharmaceutical sector, with a net worth of 15 billion RMB as of October 2025 [22][23].

Core Viewpoint - The hair loss treatment market in China is rapidly growing, with Mandis International preparing for an IPO, highlighting the increasing demand for hair loss solutions among the younger population [1][10]. Company Overview - Mandis International, originally founded as a pharmaceutical company in 2001, gained market traction with its minoxidil solution and has been a leader in the hair loss treatment sector for the past decade [2][4]. - The company was acquired by 3SBio in 2015, which has since expanded its portfolio and market presence [3][4]. Market Potential - Over 330 million people in China suffer from hair loss, with more than 60% of them being under 35 years old, indicating a significant market opportunity [1][10]. - The market for hair loss treatments is projected to be worth hundreds of billions, with major cities like Beijing, Shanghai, Guangzhou, and Shenzhen being the top markets [1][10]. Financial Performance - Mandis International reported revenues of 982 million RMB in 2022, with projections of 1.23 billion RMB in 2023 and 1.45 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 21.7% [6][8]. - The gross profit margins have remained high, with figures of 80.3% in 2022, 82.0% in 2023, and 82.7% in 2024 [6]. Product Portfolio - The company's product lineup includes first-generation 5% minoxidil solution, second-generation minoxidil foam, and various anti-hair loss shampoos, holding a market share of 57% and 71% in the domestic hair loss and minoxidil markets, respectively [4][7]. - The revenue from the Mandis® series products accounts for over 90% of total income, with the minoxidil foam's revenue share increasing significantly from 10.6% in the first half of 2024 to 38.7% in the same period of 2025 [7][8]. Competitive Landscape - The hair loss treatment market is becoming increasingly competitive, with rising customer acquisition costs and price reductions impacting profit margins [9]. - The company faces risks from competitors who may develop or commercialize products more successfully, potentially hindering growth targets [9]. Distribution Channels - Mandis International primarily sells through third-party distributors to hospitals and pharmacies, although the number of distributors has decreased from 220 in 2022 to 106 recently, indicating potential customer attrition risks [9]. Industry Trends - The hair loss treatment industry is witnessing a surge in interest, with various brands entering the market and a growing ecosystem of products ranging from shampoos to hair transplants [10][11]. - The increasing prevalence of hair loss among younger demographics is driving demand for effective treatments, with social media playing a significant role in spreading awareness and sharing experiences [10][11].