Core Viewpoint - 德镁医药有限公司 has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, indicating a strong position in the innovative skin prescription drug market in China [1][3]. Company Overview - 德镁医药 was spun off from 康哲药业 (CMS) in 2021 and is focused on innovative skin health products, providing integrated solutions from prevention to long-term care [3]. - The company ranks first among Chinese pharmaceutical companies focusing on innovative products in terms of revenue generated from skin prescription drugs for 2024, and fifth overall among all Chinese pharmaceutical companies [1][3]. Product Portfolio - 德镁医药 has a diverse product portfolio that addresses significant unmet clinical needs in major skin diseases, with a leading position in the coverage of seven skin disease indications among innovative product-focused Chinese pharmaceutical companies [3]. - The main products include skin prescription drugs and dermatological-grade skincare products, with a pipeline that includes three marketed products and several candidates in various stages of clinical development [4]. Commercialization and Sales Network - The company has a strong commercialization capability, supported by a dedicated team of approximately 650 professionals, and has established a comprehensive sales network covering over 12,000 hospitals and 150,000 retail pharmacies across China [5]. - 德镁医药's sales revenue is significantly derived from outpatient channels, and it holds a leading position in the coverage of hospital dermatology departments in China [5]. Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of RMB 384 million, RMB 473 million, RMB 618 million, and RMB 498 million for 2022, 2023, 2024, and the first half of 2025, respectively [6][7]. - The company recorded net losses during the performance period, primarily due to high sales and R&D expenses associated with new product launches and pipeline expansion [6].