德镁医药冲击港股IPO，专注于皮肤治疗领域，以合作研发为主

Core Viewpoint - Demy Pharmaceutical Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, focusing on prescription dermatological drugs and skincare products, with a significant growth trajectory in revenue and product pipeline [2][11]. Company Overview - Demy Pharmaceutical was established in 2020 and is headquartered in Haikou, Hainan Province. It was spun off from CMS Group in 2021 and operates independently [2][3]. - The company employs a dual approach of collaborative and independent research and development, targeting innovative products in the dermatology sector [3]. Product Pipeline - As of April 15, 2025, Demy has three marketed products and several candidates in various clinical stages, addressing major skin diseases such as psoriasis, vitiligo, and atopic dermatitis [3][10]. - Key products include: - Rituximab Injection (Yilvqu): Approved for moderate to severe plaque psoriasis, requiring administration only four times a year [7]. - Polysaccharide Mucopolysaccharide Cream (Xiliao): A skin barrier repair agent approved for treating bruises and superficial venous inflammation [8]. - Lukotini Cream: A JAK inhibitor for vitiligo, currently under NDA review in China [8]. - MG-K10: A long-acting monoclonal antibody for atopic dermatitis, completing Phase III trials in China [9]. Financial Performance - Revenue growth has been driven by increased sales of dermatological prescription drugs and skincare products, with revenues of 384 million RMB, 473 million RMB, and 618 million RMB for 2022, 2023, and 2024 respectively [11][12]. - The company reported net losses of 55.2 million RMB, 4.7 million RMB, and 106 million RMB during the same periods, primarily due to high sales and R&D expenses [12]. - Total R&D expenditures were 291 million RMB, 187 million RMB, and 265 million RMB, representing 76.0%, 39.5%, and 42.9% of total revenue for the respective periods [15]. Market Potential - The dermatology treatment and care market in China is projected to grow from 76.4 billion RMB in 2023 to a compound annual growth rate (CAGR) of 10.6% through 2035 [10]. - The market for atopic dermatitis treatments is expected to reach 12.3 billion RMB in 2024, growing to 24.7 billion RMB by 2029 [10]. Operational Scale - As of March 31, 2025, Demy employed 764 full-time staff, with a commercialization team of 650, and its sales network covers over 10,000 hospitals and 100,000 retail pharmacies across China [12].