肥胖、失眠、脱发、近视、矮小、免疫低下……很多人都被"亚健康"和慢性病困扰，它们虽然不像肿瘤 等疾病具有高致死率，但其潜在风险不容忽视。相较于严肃医疗药品的刚需性，医药企业在打造消费医 疗产品时，需要精准匹配消费者的需求，搭建线上+线下的销售渠道，再加上合规化的市场营销和品牌 建设，在天时地利人和的结合下，一款爆品便应运而生。 近年来，不少医药企业已经在布局消费医疗领域。如诺和诺德的司美格鲁肽、礼来的替尔泊肽依靠各自 的GLP-1产品赚得盆满钵溢；卫材的莱博雷生在2025年中国市场获批，便已成为明星产品，线上销售蒸 蒸日上；我武生物，依靠过敏系列产品（畅皓、畅迪、畅点），成为一家净利润超过3亿元的细分领域 龙头；长春高新，依靠旗下金赛药业的生长激素，成为东北地区制药龙头；浙江医药，从原料药业务起 家，制剂产品一体化生产，打造知名维生素品牌来益系列，从上游原料生产到下游商业营销，浙江医药 实现全链路布局；寿仙谷和东阿阿胶，依靠中式滋补品，打开消费空间，成为家喻户晓的知名品牌…… 今年11月20日，三生制药旗下蔓迪国际正式向港交所递交招股书，计划在香港主板上市。蔓迪国际凭借 一款米诺地尔生发剂，在中国脱发药物市场 ...

Core Viewpoint - The article discusses the significant growth and strategic moves of the "San Sheng" group, particularly under the leadership of Liu Jing, who has successfully navigated the company through multiple key capital market transactions, including the planned IPO of Mandi International in Hong Kong. Company Overview - Liu Jing, the second-generation leader of the "San Sheng" group, is known for his adept capital operations since taking over in 2012 [1] - Under Liu's leadership, San Sheng Pharmaceutical transitioned to the Hong Kong Stock Exchange and successfully spun off San Sheng Guojian for independent listing in 2020 [1] Stock Performance - Both San Sheng Pharmaceutical and San Sheng Guojian have seen substantial stock price increases this year, with San Sheng Pharmaceutical's stock rising nearly fourfold [2] - Liu Jing's family wealth has also increased significantly, ranking 443rd on the Hurun Rich List with a net worth of 15 billion yuan [2] Upcoming IPO - In November 2023, San Sheng Pharmaceutical plans to spin off its subsidiary Mandi International for a Hong Kong IPO, marking the third capital market platform for the "San Sheng" group [2] - Mandi International's core product, Minoxidil hair growth solution, holds a 57% market share in China's hair loss medication market, maintaining the top position for ten consecutive years [2] Valuation and Investment - Mandi International has a post-investment valuation of 5.8 billion HKD following a Series A funding round that raised approximately 50 million USD [5] - The company has received investments from notable entities, including Alibaba Health [3][5] Financial Performance - Mandi International's revenue has shown steady growth, with figures of 982 million yuan, 1.23 billion yuan, 1.45 billion yuan, and 743 million yuan for the years 2022 to 2025 [11] - The flagship product series, Mandi®, has contributed approximately 90% of the company's revenue during the reporting period [12] Dividend Policy - Mandi International has implemented a "clearance-style dividend" policy, distributing a total of 1.42 billion yuan in dividends over the reporting period, exceeding the total net profit [14] Cost Structure - The company maintains a high gross margin, with rates of 80.3%, 82%, 82.7%, and 81.1% during the reporting period, while net profit margins have fluctuated [13] - Sales expenses have been significantly higher than R&D expenses, with sales costs being nine times that of R&D [15][16] Distribution Network - Mandi International's revenue primarily comes from sales through third-party distributors, with a decreasing number of distributors from 173 to 106 over the reporting period [18]

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].