Core Insights - The issue of hair loss has evolved from a niche concern to a widespread health issue, with over 339 million people in China affected, more than 60% of whom are under 35 years old [1] - Mand International, a company that has pioneered minoxidil products, has submitted an application for listing on the Hong Kong Stock Exchange, indicating a strong growth opportunity in the hair loss treatment market [1] - The company has maintained a leading position in the Chinese hair loss medication market for the past decade, with its Mand® series of minoxidil products achieving over 50 million bottles sold from 2018 to 2024 [1] Financial Performance - Mand International has shown steady revenue growth, with reported revenues of RMB 982 million in 2022, RMB 1.228 billion in 2023, and RMB 1.455 billion in the first half of 2024 [2][3] - The Mand® product series has consistently contributed over 90% of the company's revenue, reaching a record high of 92.4% in the first half of 2024 [2][3] - The company has maintained a gross margin above 80%, with gross profits of RMB 789 million in 2022 and RMB 1.007 billion in 2023 [4][5] Product and Market Strategy - Mand International is expanding its product portfolio beyond hair health, with new offerings in dermatology and weight management, including the Winlevi® cream for acne and a GLP-1 receptor agonist for weight management [6] - The company has established a robust online and offline sales network, with online sales accounting for 74% of total revenue in the first half of 2025 [4][5] - The company is also developing new products targeting female androgenetic alopecia and exploring innovative treatments for hair loss, including a monoclonal antibody targeting prolactin receptors [7][8] Market Position and Future Outlook - Mand International's strategy to diversify its product offerings and strengthen its market position in hair health is expected to drive future growth [6][8] - The company's upcoming listing on the Hong Kong Stock Exchange is seen as a significant step towards capitalizing on the growing consumer healthcare market [8]

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 ...