（图片来源：网络） 出品｜搜狐财经 作者｜冯圆圆 在超3亿人"头顶焦虑"催生的千亿市场中，蔓迪国际凭借一瓶米诺地尔药水，创造了年入14亿、毛利率超80%的暴利生意。近日，这家"防脱一哥"正式冲刺 港股，试图摘下"防脱第一股"的桂冠。然而，其招股书却撕开了光鲜业绩背后的隐忧：高额的营销投入，持续缩水的研发费用，增长高度依赖单一爆品。一 瓶药水撑起的IPO故事，能否真正说服投资者？ 暴利的生发生意，毛利率超80% 蔓迪国际的核心竞争力，来源于一款已在市场上深耕二十余年的经典老药——米诺地尔。作为国内首个5%浓度米诺地尔的开拓者，蔓迪国际早早抓住了脱 发治疗领域的市场空白，构建起自己的行业领先地位。 数据显示，其核心产品蔓迪系列已连续十年蝉联中国脱发药物市场榜首，2024年在米诺地尔细分品类中的市占率更是高达71%，近乎垄断了这一黄金赛道。 收入来源单一，一瓶药水能撑多久？ 尽管盈利能力亮眼，但蔓迪国际的增长却呈现出明显的"营销依赖症"，其业绩增长的背后是居高不下的销售开支。 2022年至2024年，蔓迪国际的销售费用从4.76亿一路增长至6.34亿，2025年上半年更是增至3.75亿，销售费用占营收的比例一度突破 ...

Core Viewpoint - Hair loss has become a significant concern for the younger generation, with over 250 million people affected in China as of 2020, leading to a surge in related businesses and products [2][6]. Company Overview - Mandi International, a leading player in the hair loss treatment market, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for anti-hair loss products [2][6]. - The company has maintained a dominant position in the market, with its minoxidil-based products holding a 57% market share and 71% share in the minoxidil category as of 2024 [6][9]. Financial Performance - Mandi International reported revenues of 9.82 billion RMB, 12.28 billion RMB, and 14.55 billion RMB for the years 2022, 2023, and 2024 respectively, with minoxidil products accounting for approximately 90% of total revenue [6][9]. - The average gross profit margin for Mandi International exceeds 80%, indicating strong profitability [8][9]. Marketing and Sales Strategy - The company has shifted its sales focus online, increasing online sales from 55% to 72.3% between 2022 and 2024, nearly doubling online revenue [10][12]. - Mandi International's marketing expenses have risen significantly, from 476 million RMB in 2022 to 634 million RMB in 2024, with marketing costs consuming nearly half of the product price [12][17]. Research and Development - Despite high revenues, Mandi International has reduced its R&D spending significantly, from 92.2 million RMB in 2024 to 19.5 million RMB in the first half of 2025, raising concerns about its long-term competitiveness [12][15]. Leadership and Ownership - The actual controller of Mandi International, Lou Jing, is a prominent figure in the pharmaceutical industry, with a background in leading successful pharmaceutical companies [13][14]. Dividend Policy - Mandi International has distributed a total of 1.42 billion RMB in dividends from 2022 to mid-2025, exceeding its net profit of 1.106 billion RMB during the same period, which raises questions about its cash flow management [15][16].

Core Insights - The collaboration between Sanofi and Pfizer, valued at over $6 billion, has sparked a reevaluation of innovative pharmaceutical companies in the capital market [1] - Sanofi's strong pipeline of innovative drugs and the upcoming IPO of its consumer healthcare brand, Mandi International, are central to its valuation [1][2] - Mandi International's financial performance has shown significant growth, with a revenue increase from 982 million RMB in 2022 to 1.455 billion RMB in 2024, and a net profit surge of 64.1% in the first half of 2025 [2][3] Group 1 - Mandi International's core product line, particularly the "Mandi series" for hair loss treatment, has established a strong market presence, holding 57% and 71% market shares in the hair loss and minoxidil markets respectively [3] - The Chinese hair loss medication market is projected to grow from 3.8 billion RMB in 2024 to 16.7 billion RMB by 2035, with a compound annual growth rate of 14.5% [3] - Mandi International has successfully launched a second-generation minoxidil foam product, achieving approximately 600 million RMB in revenue within 12 months of its release [3][4] Group 2 - The company has built a robust distribution network, particularly in OTC and e-commerce channels, achieving a 40% compound annual growth rate in online sales from 2022 to 2024 [4] - Mandi International's IPO fundraising will focus on enhancing R&D capabilities, digital operations, and brand development, indicating a strategic shift towards consumer medicine [5][6] - The company is expanding its product pipeline beyond hair loss treatments to include skin and weight management products, with several in various stages of clinical development [6][7] Group 3 - Mandi International's stock structure shows that Sanofi holds approximately 87.16% of the shares, indicating strong backing for its independent growth strategy [7][8] - The management team combines expertise in research, manufacturing, sales, and finance, creating a closed-loop system to support the company's growth [8] - The independent listing of Mandi International is expected to set a new benchmark for consumer healthcare within Sanofi's portfolio, aiming to reshape the future of consumer medicine [8]

Core Viewpoint - Mandi International has submitted an IPO application to the Hong Kong Stock Exchange, aiming for an independent listing, following the announcement of its spin-off from 3SBio, which will no longer retain any equity in Mandi International [1][3]. Company Overview - Mandi International focuses on developing comprehensive and long-term solutions for skin health and weight management, launching its first 5% minoxidil product in China in 2001, thus entering the hair loss treatment market early [3]. - The Mandi series, which includes products like Mandi 5% minoxidil solution and foam, constitutes a significant portion of the company's revenue, accounting for 91.7% to 92.3% of total product sales from 2022 to 2024 [3][4]. Financial Performance - Mandi International's revenue from 2022 to 2024 is projected to be CNY 9.82 billion, CNY 12.28 billion, and CNY 14.55 billion, with year-on-year growth rates of 25.05% and 18.49% for 2023 and 2024, respectively [4]. - The net profit for the same period is expected to be CNY 2.02 billion, CNY 3.41 billion, and CNY 3.9 billion, with significant growth rates of 68.81% and 14.37% in 2023 and 2024 [4]. Market Dynamics - The hair loss treatment market in China is projected to grow to CNY 21 billion by 2024, with over 339 million people affected by hair loss, more than 60% of whom are under 35 years old [3][4]. - The market for hair loss products has become highly competitive, with various companies, including traditional hair care brands and new entrants from the beauty and pharmaceutical sectors, vying for market share [5][6]. Future Plans - Mandi International plans to use the net proceeds from the IPO for enhancing R&D capabilities, digital operations, brand building, and working capital [4]. - The company aims to solidify its leading position in the hair health sector and accelerate the launch of new business segments [4].