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 core viewpoint of the article highlights the growing attention on the hair loss market, driven by increasing concerns among a significant population suffering from hair loss issues, particularly among younger individuals [2][7] - Mandis International, which specializes in hair loss treatment products, has submitted its IPO application to the Hong Kong Stock Exchange, indicating a strong market potential [2][3] - The company reported substantial revenue growth from 9.82 billion in 2022 to 14.55 billion in 2024, with net profit increasing from 2.02 billion to 3.90 billion during the same period, showcasing a clear upward trend [2][3] Group 2 - The gross profit margin of Mandis International has consistently remained above 80%, with figures of 80.3%, 82.0%, 82.7%, and 81.1% from 2022 to the first half of 2025, indicating strong profitability [2][3] - However, the net profit margin is comparatively lower, with 20.5% in 2022 and only 23.4% in the first half of 2025, primarily due to high sales channel costs [3][4] - The company has seen a significant shift towards online sales, with online revenue increasing from 55.2% in 2022 to 74.0% in the first half of 2025, while offline sales have decreased correspondingly [3][4] Group 3 - The founder and chairman, Liu Jing, has a notable background in the pharmaceutical industry, having previously led the successful listings of other companies, indicating strong leadership and experience [5][7] - Mandis International aims to expand beyond hair loss treatments into broader skin health and weight management solutions, reflecting a strategic shift to capture more market opportunities [7][8] - The company faces competition from established brands and new entrants in the hair loss market, which may impact its market position and growth potential [8][9] Group 4 - Research and development is crucial for the company, with a current focus on developing new products for acne and weight management, although R&D spending has decreased significantly in the first half of 2025 [8][9] - The company has a high dependency on its top five customers, which accounted for 72.1% of total revenue in 2022, indicating potential risks associated with customer concentration [7][8] - Mandis International's strategic positioning as a leading consumer pharmaceutical company aims to leverage the growing consumer awareness regarding health and appearance, which could drive future demand [7][8]

Core Insights - The hair health management market in China is rapidly growing, driven by an increasing number of hair loss patients, which has reached approximately 340 million [4][5]. Market Overview - The number of hair loss patients in China is projected to grow from 271 million in 2018 to 339 million by 2024, with a compound annual growth rate (CAGR) of 3.8%, and is expected to reach 468 million by 2035 [5]. - The hair health management market size is anticipated to expand from 19.8 billion yuan in 2018 to 52.7 billion yuan by 2024, reflecting a CAGR of 17.7%, and is projected to further increase to 171.4 billion yuan by 2035 [5]. Treatment Options - There are primarily two treatment options for hair loss: medication and hair transplantation. The hair transplantation market has seen the emergence of the first listed company, Yonghe Medical, which has faced continuous losses since its IPO [5][6]. - Compared to the expensive and painful hair transplantation process, more individuals prefer medication for treatment [6]. Drug Market Growth - The market for anti-hair loss medications in China is expected to grow from 500 million yuan in 2018 to 3.5 billion yuan by 2024, with projections to soar to 19.7 billion yuan by 2035 [7]. Company Spotlight: Mandi International - Mandi International, a leading player in the hair health medication sector, is currently pursuing an IPO on the Hong Kong Stock Exchange [8]. - The company was the first to obtain approval for a 5% minoxidil solution in China in 2001, establishing a significant market presence [9]. - Mandi has developed various formulations of minoxidil and other hair care products, maintaining a leading market share of 57% in the hair loss medication market and 71% in the minoxidil segment by 2024 [10]. Financial Performance - Mandi International has demonstrated high profitability, with gross margins exceeding 80% and net margins over 20%. Revenue is projected to grow from 982 million yuan in 2022 to 1.455 billion yuan by 2024, representing a CAGR of 21.7% [11]. - The company completed a Series A financing round in November 2022, raising $50 million and achieving a valuation of approximately $752 million [11]. Parent Company: Sanofi Group - Mandi International was acquired by Sanofi Group in 2015 for 528 million yuan, highlighting the potential of the hair loss medication market [12]. - Sanofi Group has a history of successful drug development and capital operations, having previously listed on NASDAQ and later on the Hong Kong Stock Exchange [14][15]. Future Prospects - The IPO of Mandi International represents a strategic move by Sanofi Group to independently list its various business lines, potentially leading to the establishment of a third publicly traded company within the group [17].

Core Insights - The hair health management market in China is rapidly growing, driven by an increasing number of hair loss patients, which has reached approximately 340 million [2][3][4] Industry Overview - The number of hair loss patients in China has increased from 271 million in 2018 to an estimated 339 million by 2024, with a compound annual growth rate (CAGR) of 3.8%, projected to reach 468 million by 2035 [3] - The hair health management market size has expanded from 19.8 billion yuan in 2018 to 52.7 billion yuan in 2024, with a CAGR of 17.7%, and is expected to grow to 171.4 billion yuan by 2035 [4] Market Dynamics - The demand for hair loss treatment is primarily met through two options: medication or hair transplant. The hair transplant market has seen the emergence of the first listed company, Yonghe Medical, which has faced continuous losses since its IPO [7] - The market for anti-hair loss medications in China has grown from 500 million yuan in 2018 to 3.5 billion yuan in 2024, with projections to soar to 19.7 billion yuan by 2035 [8] Company Spotlight - Mandi International, a leading player in the hair health medication sector, is currently pursuing an IPO on the Hong Kong Stock Exchange. The company was the first to launch a 5% minoxidil solution in China, establishing a significant market presence [9][12] - Mandi's flagship minoxidil products have maintained the top market position for ten consecutive years, with market shares of 57% and 71% in the hair loss medication and minoxidil markets, respectively, by 2024 [9] - The company has achieved high profitability, with gross margins exceeding 80% and net margins over 20%. Revenue is projected to grow from 982 million yuan in 2022 to 1.455 billion yuan in 2024, reflecting a CAGR of 21.7% [12] Corporate History - Mandi International was acquired by Sanofi Pharmaceutical in 2015 for 528 million yuan, recognizing the potential in the hair loss medication market [14] - Sanofi Pharmaceutical, founded by medical expert Lou Dan, has a history of innovation and successful capital operations, including a notable IPO on NASDAQ in 2007 and a subsequent listing on the Hong Kong Stock Exchange [15][17] - The upcoming IPO of Mandi International represents a strategic move by Sanofi to independently list its various business lines, potentially establishing a third publicly traded company within the Sanofi group [17]

Core Viewpoint - Mandi International has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, positioning itself as a leading professional consumer pharmaceutical company in China focused on skin health and weight management solutions [1] Company Overview - Mandi International has established a leadership position in the broader skin health industry, particularly in the hair health sector [1] - The company's flagship product, the Mandi series of minoxidil-based hair loss treatment products, has ranked first in the Chinese hair loss medication market and the minoxidil drug market for ten consecutive years since 2014, according to Zhi Shi Consulting data [1] Market Position - In 2024, the market share of the Mandi series products in the Chinese hair loss medication market and the minoxidil drug market is approximately 57% and 71%, respectively [1] - In March 2025, Mandi International launched the Mandi anti-hair loss shampoo, which is the first functional anti-hair loss shampoo in China containing the ingredient Unodex. The product sold over 500,000 bottles in its first six months [1]

Group 1 - The core viewpoint of the article is that Mandi International has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor, highlighting its leadership in the Chinese consumer pharmaceutical market focused on skin health and weight management solutions [1] - Mandi International's flagship product, the Mandi series minoxidil hair loss treatment, has ranked first in the Chinese hair loss medication market and the minoxidil drug market for ten consecutive years since 2014, with market shares of approximately 57% and 71% respectively in 2024 [1] - The company launched the Mandi anti-hair loss shampoo in March 2025, which is the first shampoo in China to include the anti-hair loss ingredient Unodex, achieving over 500,000 bottles sold within the first six months, thereby redefining the domestic anti-hair loss and hair care market landscape [1]