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 ...

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].

Group 1 - The effectiveness of popular home remedies for hair loss, such as ginger application, is questioned, with claims lacking scientific support and potential harm to hair follicles [1] - Ginger's active component, gingerol, may temporarily stimulate blood circulation but can lead to irreversible damage to the scalp with prolonged use [1] - Black sesame seeds are believed to help with hair growth based on traditional Chinese medicine, but their benefits are limited to hair loss caused by nutritional deficiencies, not androgenetic alopecia [2] Group 2 - Popular hair growth products containing minoxidil are less effective than prescribed medications, as many over-the-counter versions lack sufficient concentration and purity [3] - Minoxidil is FDA-approved for treating androgenetic alopecia and requires continuous use for 3-6 months to show results [3] - Saw palmetto, a natural extract, is suggested to inhibit 5α-reductase, but there is no formal scientific evidence supporting its effectiveness against hair loss, and many products containing it lack proper certification [3]

Industry Overview - The hair medical sector has shown significant activity recently, with the sector index reaching a new high as of June 10, 2023, driven by active stock performances from companies like Aoyang Health and Kanghui Medical [1] - The hair medical services can be divided into hair transplant services and medical hair care services, with hair transplant services currently dominating the market [1] - The growing trend of beauty economy and self-consumption is leading consumers to invest more time and money in hair health and aesthetics, which is expected to drive continuous growth in the hair medical industry [1] - According to Frost & Sullivan, the market size of hair medical services in China is projected to reach 138.1 billion yuan by 2030, with a CAGR of 22.3% from 2020 to 2030 [1] Market Dynamics - The medical hair care market is expected to grow rapidly due to the high frequency and repurchase characteristics of hair care services, with the "hair transplant and care" integration trend driving this growth [2] - By 2030, the medical hair care services are anticipated to account for 45.3% of the total hair medical services market in China, becoming a significant driver of industry development [2] Key Companies - Zhendong Pharmaceutical (300158): The company's main product, Dafeixin Minoxidil Solution, is the only topical medication approved by both the FDA and NMPA for treating hair loss [2] - Huilong Co., Ltd. (002556): The company offers hair growth and hair loss treatment products, including Zhi Zhi Hair Growth Tablets and Compound Ginseng Phenol Solution, which have national drug approval [2] - Kanghui Pharmaceutical (603139): The company has several drugs listed in the national medical insurance directory, including hair loss treatment tablets [3] - Aoyang Health: The company's subsidiary, Weien Medical Beauty, includes hair transplant services [4] - Tainkang (301263): The company is applying for a one-time import of raw materials for Baricitinib, which is under research for hair growth indications [4] - Kangyuan Pharmaceutical: The new hair loss treatment drug Minoxidil Tincture has completed registration verification and GMP compliance checks [4] - Langzi Co., Ltd. (002612): The company has medical beauty institutions that offer hair transplant-related services [5] - Huabang Health (002004): The company has a hair transplant center under Maan Skin, utilizing MN-FUE hair transplant technology for patient treatment [6]