Core Viewpoint - 德镁医药有限公司 has submitted an application for listing on the Hong Kong Stock Exchange, with its skin prescription drug revenue ranking first among innovative pharmaceutical companies in China and fifth overall among all Chinese pharmaceutical companies [1] Group 1: Company Overview - 德镁医药 is a leading Chinese pharmaceutical company focused on innovative skin health products, providing integrated solutions for skin health from prevention to treatment and long-term care [1] - The company was spun off from 康哲药业 (CMS) in 2021 and the listing will not involve new share issuance or fundraising [1] Group 2: Product Portfolio - 德镁医药 has established a diverse product portfolio addressing significant unmet clinical needs in major skin diseases, ranking first among innovative pharmaceutical companies in China for the coverage of seven skin disease indications [2] - The main products include skin prescription drugs and dermatological-grade skincare products, with a pipeline that includes three marketed products and several candidates in clinical stages [2] Group 3: Commercialization Capability - The company has a proven track record of commercialization, supported by a strong sales and academic promotion team of approximately 650 professionals [3] - 德镁医药 has a wide sales network covering over 12,000 hospitals and 150,000 retail pharmacies across China, with significant revenue coming from outpatient channels [3] Group 4: Financial Performance - For the fiscal years 2022 to 2025, the company reported revenues of 384 million, 473 million, 618 million, and 498 million RMB respectively, with net losses recorded during the same periods due to high sales and R&D expenses [4] - The losses were primarily attributed to the costs associated with promoting newly acquired or launched products and expanding the product pipeline [4]