In recent years, hair loss has evolved from a niche concern to a widespread health issue influenced by multiple factors. Public data shows that in 2024, over 339 million people in China struggled with hair loss, with more than 60% under the age of 35. This expanding and younger demographic presents a clear growth opportunity for companies offering hair loss treatments.

Mindi International, the pioneer behind the Mindi® minoxidil product line, has recently submitted an application for a main board listing on the Hong Kong Stock Exchange. According to its prospectus, the company secured approval for China’s first 5% minoxidil tincture product under the Mindi® brand in 2001, filling a critical gap in the domestic hair loss treatment market. From 2018 to 2024, Mindi International sold over 50 million bottles of its Mindi® minoxidil products. By sales revenue, the brand has dominated China’s hair loss medication market for ten consecutive years since 2014.

With a first-mover advantage and scale in the hair health sector, Mindi International is now making a bold move into capital markets. But how solid are its fundamentals, and will its growth prospects satisfy discerning investors? A closer look at its prospectus offers some insights.

**Steady Growth with Over 80% Gross Margin** Backed by the rapid expansion of China’s consumer healthcare market, particularly in hair health management, Mindi International has delivered consistent financial growth—a key factor driving its IPO ambitions.

From 2022 to the first half of 2025, the company’s revenue rose steadily, reaching RMB 982 million, RMB 1.228 billion, RMB 1.455 billion, and RMB 743 million, respectively. The Mindi® product line contributed over 90% of total revenue, hitting a record 92.4% in H1 2025. Meanwhile, the Laizi® product series accounted for 5.7%, 4.9%, 4.6%, and 3.4% during the same period, while other commercial products contributed 2.6%, 2.8%, 3.3%, and 4.2%.

Mindi International has actively sought to diversify beyond its flagship product. Beyond hair health, it has expanded into dermatology and functional haircare. For instance, Laizi® (tacrolimus ointment) treats atopic dermatitis, while the Mindi® shampoo line saw its revenue share climb to 4.7% in H1 2025—a historic high. A new anti-hair loss shampoo launched in March 2024 sold 500,000 bottles within six months.

The company’s omnichannel sales network, particularly its online platforms, drove significant growth. Online sales accounted for 55.2%, 67.8%, 72.3%, and 74% of revenue from 2022 to H1 2025, fueling incremental gains. Notably, all revenue was generated domestically.

Profitability remained robust, with gross margins consistently above 80% (80.3%, 82%, 82.7%, and 81.1%) and net profits rising from RMB 202 million in 2022 to RMB 174 million in H1 2025.

**Diversifying the Product Pipeline for Long-Term Growth** While rooted in hair health, Mindi International is aggressively branching out. Its pipeline includes Winlevi® (clascoterone cream), the world’s first topical androgen receptor inhibitor for acne, now in Phase III trials in China with a planned 2027 regulatory submission. Similarly, semaglutide injection for weight management is undergoing Phase III trials, targeting a submission in H1 2026. If approved, it could be among China’s first domestically produced GLP-1 receptor agonists for weight control.

Early-stage assets like D2501 (for vitiligo) and WS2505 (for obesity-related metabolic disorders) further diversify its portfolio.

Simultaneously, Mindi International is reinforcing its core hair health business. In April 2023, it initiated development of a 5% minoxidil foam in Europe, aiming for a DCP submission in 2025. Domestically, a Phase III trial for female androgenetic alopecia treatment was approved in late 2023, with a 5% minoxidil foam slated for launch in 2028. The company has also filed ANDAs for 2% and 5% minoxidil solutions.

Additionally, Mindi is developing a PRLR-targeting humanized monoclonal antibody, currently in Phase I trials, as a novel systemic treatment for hair loss.

**Market Prospects** Whether this multi-pronged strategy will propel Mindi International into a strong product cycle remains pivotal for its future growth. Its Hong Kong IPO bid underscores ambitions to capitalize on this critical expansion phase.

With consumer healthcare stocks frequently outperforming in Hong Kong, Mindi International’s potential listing could position it as a standout in the consumer-health crossover space—a narrative worth watching.