New Stock News | Mandarin International Delivers Mingder Products Under Hong Kong Stock Exchange, Ranking First in National Market Share for Ten Consecutive Years

According to the disclosure on November 20 by the Hong Kong Stock Exchange, Mandi International has filed to list on the main board of the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. The prospectus shows that Mandi International is a leading professional consumer pharmaceutical company in China, dedicated to developing and providing comprehensive and long-term solutions for skin health and weight management. The company mainly focuses on the field of hair health in the broader skin health industry, and has established a leading position in this area. According to data from Zhushi Consulting, in terms of retail sales, Mandi International's flagship product, the Mandi series of minoxidil-based hair loss treatment products, has ranked first in the Chinese hair loss drug market and minoxidil-based drug market for ten consecutive years since 2014, with market shares of approximately 57% and 71% respectively in these two markets in 2024. Offline, the products are sold to over 2,000 medical institutions and approximately 190,000 retail pharmacies nationwide, covering over 90% of the top 100 chain pharmacies in China, ensuring widespread coverage of the company's products in cities at all levels in China. Additionally, Mandi International has established an O2O model through leading instant retail delivery platforms such as Meituan and Ele.me, enabling consumers to purchase the company's products through instant delivery. This model further enhances the accessibility and convenience of product acquisition, complementing the company's traditional online and offline channels. To strengthen its leading position in the field of hair health, Mandi International has further expanded its pipeline in this area. In April 2024, Mandi International initiated the development of a 5% minoxidil foam in Europe, expected to submit a listing approval application through a decentralized approval process in 2026. Mandi International has also launched a clinical project focused on female androgenetic alopecia domestically, receiving approval from the National Medical Products Administration in December 2024 to conduct a Phase III trial assessing the effectiveness and safety of the 5% minoxidil foam in adult female patients. Mandi International plans to launch the 5% minoxidil foam specifically for female androgenetic alopecia in 2028. Furthermore, Mandi International has developed 2% and 5% minoxidil topical solutions. The company has already submitted a simplified new drug application. The company plans to advance the clinical development of M2506, a humanized monoclonal antibody targeting the prolactin receptor (PRLR), currently in Phase I clinical trials, providing a novel systemic biological treatment for androgenetic alopecia. In the broader fields of skin health and weight management, Mandi International's pipeline assets include Winlevi, the first and only topical androgen receptor inhibitor for acne vulgaris globally, currently undergoing Phase III clinical trials in China, with an expected drug registration application submission in 2027, as well as semaglutide injection, a long-acting GLP-1 receptor agonist for weight management, also undergoing Phase III clinical trials in China, targeting a drug registration application submission in the first half of 2026. According to Zhushi Consulting data, the semaglutide injection by Mandi International is expected to become one of the first domestically produced semaglutide preparations approved for weight management in China. To enrich its product portfolio, the company has built a series of early-stage assets, including D2501 for the treatment of vitiligo, and WS2505 for the treatment of obesity and related metabolic syndromes. Financial Information: Revenue: For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company's revenue was approximately RMB 0.982 billion, RMB 1.228 billion, RMB 1.455 billion, and RMB 0.743 billion, respectively. Profit: For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company's net profits were approximately RMB 0.202 billion, RMB 0.341 billion, RMB 0.39 billion, and RMB 0.174 billion, respectively. Gross Margin: For the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company's gross margins were 80.3%, 82.0%, 82.7%, and 81.1%, respectively. Industry Overview: Skin health is a branch of dermatology focusing on the treatment and care of skin diseases using prescription or OTC drugs and functional skincare products. It involves the use of topical and systemic drugs and therapies to manage a variety of skin problems, such as hair loss, acne vulgaris, vitiligo, and other infections. The Chinese skin health market has experienced rapid growth, increasing from RMB 53.7 billion in 2018 to RMB 142.5 billion in 2024, with a compound annual growth rate of 17.7%. The market is expected to further grow to RMB 438.4 billion by 2035, with a compound annual growth rate of 10.8% from 2024 to 2035. Driven by factors such as population structure, ecological environment, and lifestyle changes, hair loss is becoming increasingly common, with a growing patient population. In 2024, the number of hair loss patients 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 reach 468 million by 2035, with a compound annual growth rate of 3.0% from 2024 to 2035. Among them, the number of androgenetic alopecia patients in China increased from 230 million in 2018 to 288 million in 2024, with a compound annual growth rate of 3.8%. It is expected to reach 404 million by 2035, with a compound annual growth rate of 3.1% from 2024 to 2035. Minoxidil is the most commonly used topical drug for hair health management. With extensive clinical validation, minoxidil is widely recognized for its proven efficacy and safety. As market awareness and consumer education continue to improve, the expansion of the minoxidil market will accelerate. In China, the minoxidil market size grew 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 by 2035, with a compound annual growth rate of 17.2% from 2024 to 2035. As of November 14, 2025, there were three drug treatments for androgenetic alopecia in China, including minoxidil, finasteride, and spironolactone. Compared to other drug treatments, minoxidil demonstrates a good balance of efficacy, safety, and broad applicability. As of November 14, 2025, there are over 30 approved 2% minoxidil products and over 40 approved 5% minoxidil products for the treatment of androgenetic alopecia in China. The market size of anti-hair loss and hair care products in China has steadily increased 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 is expected to reach RMB 38.9 billion by 2035, with a compound annual growth rate of 8.5% from 2024 to 2035. The market for anti-hair loss and hair care products in China is highly fragmented, with a large number of industry players. According to data from the National Medical Products Administration on domestic special cosmetics registration, as of the last feasible date, there were over 400 registered domestic anti-hair loss shampoos, reflecting broad supplier participation and low market concentration. Specifically, Mandi Anti-Hair Loss Strengthening Shampoo is the first functional anti-hair loss shampoo in China containing Upronic Acid. In addition, regarding the weight management drug market, the market for obesity drugs in China has expanded as the overweight population and medical demand for weight management have increased. The market for obesity drugs in China rapidly grew 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 projected to further increase to RMB 80.4 billion by 2035, with a compound annual growth rate of 37.9% from 2024 to 2035, primarily driven by the rapid expansion of GLP-1 therapies, which are reshaping the treatment landscape for overweight/obesity in China and may become the mainstream therapy in the coming years. Board of Directors Information: The board of directors consists of five directors, including one executive director, one non-executive director, and three independent non-executive directors. According to the articles of association, the directors' term is three years and can be re-elected for consecutive terms. Shareholding Structure: On June 24, 2025, Mandi International was incorporated as an exempted company under the laws of the Cayman Islands. In recognition and acknowledgment of the contributions or potential contributions made by the group's employees and directors, Mandi International issued and distributed a total of 640 shares to English Thai Management Limited and Mandi Group Limited on November 6, 2025. English Thai Management Limited is wholly owned by Honor Success Holdings Limited, which is controlled by Dr. Lou Bo through a trust arrangement. Mandi Group Limited is the group's employee share incentive platform. Intermediary Team: Sponsor: Huatai Financial Holdings (Hong Kong) Limited Legal Counsel for Mandi International: 1. For Hong Kong and US laws: Cooley HK; 2. For Chinese laws: Jingtian & Gongcheng Law Firm; 3. For laws of the Cayman Islands: Conyers Dill & Pearman Legal Counsel for the Exclusive Sponsor: 1. For Hong Kong and US laws: Fangda Partners; 2. For Chinese laws: Fangda Partners Reporting Accountant and Independent Auditor: Deloitte Touche Tohmatsu Certified Public Accountants LLP Industry Consultant: Zhushi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Consultant: SOMERLEY CAP Limited