"脱发星人"买出一个IPO。 11月20日，蔓迪国际向港交所主板递交上市申请，华泰国际为独家保荐人。 据灼识咨询，在中国脱发药物赛道，蔓迪系列米诺地尔类脱发治疗产品的零售额，已连续10年排名第一，市场份额达57%。 1-6月，公司营收7.43亿元，同比增长近2成，净利为1.74亿元。 蔓迪国际由三生制药分拆而来，操盘的沈阳医药大佬娄竞，有望拿下第三个IPO。 防脱生意 防脱生发赛道，热度正显著上升。 据灼识咨询，2024年，中国有超过3.39亿人受脱发问题困扰。其中，超过60%年龄在35岁以下。 粗略估算，每4个中国人里，就有一人面临"秃头"窘境。 应对"英年早秃"的难题，娄竞率队早早入局米诺地尔类产品，抢占市场。 在众多生发产品中，米诺地尔是目前唯一被美国FDA和中国NMPA双重认证的外用生发成分，其促进毛囊血液循环、延长头发生长期的机制，已通过大量 临床验证。 2001年，蔓迪就推出了中国首款5%米诺地尔酊剂，此后持续开发不同规格的产品，满足不同性别、不同场景的需求。 2024年，娄竞团队推出第二代米诺地尔类产品——蔓迪5%米诺地尔泡沫剂，这是中国首个且唯一获批的国产同类产品。 据称，它通过靶向给药和提升 ...

Group 1 - Company plans to spin off its subsidiary Mandi Group and list it independently on the Hong Kong Stock Exchange [1] - The proposed spin-off will involve a distribution of Mandi shares to shareholders based on their ownership percentage and a global offering of new Mandi shares [1] - Mandi submitted its application to the Stock Exchange on November 20, 2025, for the approval of its shares to be listed and traded [1] Group 2 - Mandi is primarily owned by the company and several other entities, holding approximately 87.16%, 3.38%, 2.80%, 4.00%, and 2.65% of the equity respectively [2] - The spin-off group is recognized as a leading professional consumer pharmaceutical company in China, focusing on skin health and weight management solutions [2] - Mandi has established a leadership position in the hair health sector within the broader skin health industry, launching the first 5% minoxidil solution in 2001 and planning to introduce a second-generation minoxidil foam product in 2024 [2]