IPO News | Mandy International reports that Minoxidil products under the Hong Kong Stock Exchange have ranked first in the national market for ten consecutive years

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on November 20, Mandy International submitted the Hong Kong Stock Exchange main board, and Huatai International is its sole sponsor. According to the prospectus, Mandy International is a leading professional consumer medicine company in China, dedicated to developing and providing comprehensive and long-term skin health and weight management solutions. The company mainly focuses on the hair health sector within the broader skin health industry and has established a leadership position in this field.

According to Insight Consulting, in terms of retail sales, Mandy International's flagship product, the Mandy® series of minoxidil hair loss treatment products, has ranked first in the Chinese hair loss drug market and minoxidil drug market for 10 consecutive years since 2014. The market share of these two markets in 2024 was about 57% and 71% respectively.

Offline, the products are sold to more than 2,000 medical institutions and about 190,000 retail pharmacies across the country, covering more than 90% of China's top 100 pharmacy chains, ensuring that the products cover a wide range of cities at all levels in China. In addition, Mandy International has established an O2O model through leading instant retail delivery platforms such as Meituan and Hungry, to enable consumers to purchase the company's products through instant delivery. By further improving the timeliness and convenience of product acquisition, this model complements the company's traditional online and offline channels.

To strengthen the company's leading position in the field of hair health, Mandy International has further expanded its pipeline in this field. In April 2024, Mandy International began the development of 5% minoxidil foam in Europe and is expected to submit a marketing approval application through a decentralized approval process in 2026. Mandy International has also launched a clinical project focusing on female androgenic alopecia in China, and obtained approval from the National Drug Administration in December 2024 to begin a phase III trial to evaluate the efficacy and safety of 5% minoxidil foam in adult female patients. Mandy International expects to launch a 5% minoxidil foam for androgenic alopecia in women in 2028.

Additionally, Mandy International has developed 2% and 5% minoxidil liniments. Currently, an application for the marketing of a simplified new drug has been submitted. The company plans to advance clinical development of M2506, a humanized monoclonal antibody targeting the prolactin receptor (PRLR). The drug is currently in phase 1 clinical trials to provide a novel systemic biotreatment plan for androgenic alopecia.

In the broader field of skin health and weight management, Mandy International's pipeline assets include Colatron cream (Winlevi®), which is the world's first and only topical androgen receptor inhibitor for acne vulgaris. It is currently undergoing phase III clinical trials in China. It is expected to submit a drug registration application in 2027 as well as simeglutide injections, a long-acting GLP-1 receptor agonist for weight management. The goal is to submit a phase III clinical trial in China, with the goal of submitting a drug registration application in the first half of 2026.

According to Insight Consulting data, Mandy International's simeglutide injections are expected to be the first batch of domestically produced simeglutide preparations approved for weight management in China. To enrich its product portfolio, the company has built a series of early assets, including D2501 for treating vitiligo and WS2505 for treating obesity and related metabolic syndromes.

Financial data

Revenue:

For 2022, 2023, 2024 and the six months ended June 30, 2025, the company's revenue was approximately RMB 982 million, RMB 1,228 million, RMB 1,455 million and RMB 743 million, respectively.

Profit:

For 2022, 2023, 2024, and the six months ended June 30, 2025, the company's annual/period profit was approximately RMB 202 million, RMB 341 million, RMB 390 million, and RMB 174 million, respectively.

Gross profit margin:

The company's gross margins for 2022, 2023, 2024 and the six months ended June 30, 2025 were 80.3%, 82.0%, 82.7%, and 81.1%, respectively.

Industry Overview

Skin health is a branch of skin diseases that focuses on treating and caring for skin diseases using prescription or OTC drugs and functional skin care products. It involves the use of topical and systemic medicines and therapies to manage various skin conditions such as hair loss, acne vulgaris, vitiligo, and other infections. China's skin health market experienced rapid growth, growing from RMB 53.7 billion in 2018 to RMB 142.5 billion in 2024, with a CAGR of 17.7%. The market size is expected to further increase to RMB 438.4 billion in 2035, with a compound annual growth rate of 10.8% from 2024 to 2035.

Among them, driven by factors such as population structure, ecological environment, and lifestyle changes, ataxia is becoming more common, and the patient population continues to expand. In 2024, the number of people with alopecia in China reached 339 million, rapidly increasing from 271 million in 2018, with a compound annual growth rate of 3.8%. It is expected to increase to 468 million in 2035, and a compound annual growth rate of 3.0% from 2024 to 2035. Among them, the number of cases of androgenic alopecia in China increased from 230 million in 2018 to 288 million in 2024, with a compound annual growth rate of 3.8%, expected to reach 404 million in 2035, and a compound annual growth rate of 3.1% from 2024 to 2035.

Minoxidil is the most commonly used topical medication for hair health care. After extensive clinical verification, minoxidil is widely recognized for its proven efficacy and good safety. As market awareness and consumer education levels continue to increase, Minoxidil's market expansion will accelerate. In China, the size of the minoxidil market grew strongly from RMB 200 million in 2018 to RMB 2.8 billion in 2024, with a compound annual growth rate of 50.9%. It is expected to further increase to RMB 16.2 billion in 2035, with a compound annual growth rate of 17.2% from 2024 to 2035.

As of November 14, 2025, there are three types of medications to treat androgenic alopecia in China, namely minoxidil, finasteride, and spironolactone. Compared with other medications, minoxidil showed a good balance of efficacy, safety, and wide applicability. As of November 14, 2025, more than 30 approved 2% minoxidil products and more than 40 approved 5% minoxidil products have been approved for the treatment of androgenic alopecia in China.

The market size of anti-hair loss products in China grew steadily from RMB 9.5 billion in 2018 to RMB 15.8 billion in 2024, with a compound annual growth rate of 8.9%. The market size is expected to reach RMB 38.9 billion in 2035, with a compound annual growth rate of 8.5% from 2024 to 2035.

The market for anti-hair loss products in China is highly fragmented, and there are many practitioners. According to the China Drug Administration's domestic special cosmetics registration data, as of the last practical date, more than 400 domestic anti-hair loss shampoos have been registered, reflecting extensive supplier participation and low market concentration. In particular, Mandy® Anti-Hair Loss Shampoo is the first functional anti-hair loss shampoo containing unoxidil in China.

Also, with regard to the weight management drug market, the Chinese obesity drug market has expanded with the increase in overweight people and medical demand for weight management. China's obesity drug market grew rapidly from RMB 800 million in 2018 to RMB 2.3 billion in 2024, with a compound annual growth rate of 20.7%. The market is expected to grow further to RMB 80.4 billion in 2035, with a compound annual growth rate of 37.9% from 2024 to 2035, mainly driven by the rapid expansion of GLP-1 therapies, which are reshaping the field of overweight/obesity treatment in China and are likely to become mainstream treatments in the next few years.

Board Information

The board of directors consists of five directors, one of whom is an executive director, one is a non-executive director, and the remaining three are independent non-executive directors. According to the Articles of Association, the term of office of directors is three years, and they can be re-elected.

Shareholding structure

Mandy International was incorporated as an Exempted Limited Company under the Cayman Islands Companies Act on June 24, 2025. To recognize and recognize the contributions or potential contributions of the Group's employees and directors, Mandi International issued and allocated a total of 640 shares to Yingtai Management Limited and Mandi Group Limited on November 6, 2025. Yingtai Management Co., Ltd. is wholly owned by Honor Success Holdings Limited, while Honor Success Holdings Limited is controlled by Dr. Lou through a trust arrangement. Mandi Group Limited is the Group's employee share reward platform.

Intermediary team

Sole sponsor: Huatai Financial Holdings (Hong Kong) Limited

Mandy International's Legal Adviser: 1. Relevant Hong Kong Legislation and US Law: Cooley HK; 2. Relevant Chinese Law: Jingtian Gongcheng Law; 3. Cayman Islands Law: Conyers Dill & Pearman

Sole sponsor legal adviser: 1. Related to Hong Kong law and US law: Fangda Law Firm; 2. Regarding Chinese law: Fangda Law Firm

Reporting Accountants and Independent Auditors: Deloitte Guan Huang Chen Fang

Industry Advisor: Insight Enterprise Management Consulting (Shanghai) Co., Ltd.

Compliance Advisor: New Berry Finance Co., Ltd.