来源：子弹财经 2024年，康哲药业核心心脑血管业务因集采失标遭遇营收利润下滑。2025年，其旗下仍在亏损的皮肤业 务板块——德镁医药，悄然向港交所递交了上市申请。 这家背靠老牌药企、仅独立运营四年仍处于商业化初期的创二代，手握三款上市药物与一个尚未成气候 的护肤品牌，却喊出了"五年复合增长率超50%、2029年销售破百亿"的豪言。 一边是母公司急于剥离亏损业务，一边是自身难脱关联交易与营销依赖的窘境；前有百亿目标高悬，后 有薇诺娜等巨头在敏感肌赛道的碾压性优势。德镁医药的上市之路，究竟是一场资本市场的翻身仗，还 是又一个画饼充饥的空谈？ 从救命药到皮肤药， 德镁医药申请上市始末 在港股市场，上市药企分拆子公司融资早已不是新鲜事。 2018年，港交所18A规则出台，为未盈利生物科技公司打开了IPO大门，越来越多传统药企选择将创新 业务板块拆分至港股，寻求差异化估值与融资空间。 乐普医疗分拆肿瘤药子公司乐普生物、四环医药剥离消化领域创新平台轩竹生物赴港上市，均是这一趋 势下的典型样本。 德镁医药的赴港IPO，正是这一分拆浪潮中的又一新案例。 德镁医药母公司康哲药业，曾是仿制药时代的心脑血管王者，但核心品种集采失 ...

Group 1 - The core point of the article is that Kangzheng Pharmaceutical is planning to spin off its subsidiary, Demai Pharmaceutical, which holds 90.8% of its shares, to list on the Hong Kong Stock Exchange, aiming to enhance both companies' market positions and attract investors [1][4] - Demai Pharmaceutical, established in 2020, focuses on skin prescription drugs and dermatological skincare products, providing comprehensive solutions for skin health [2][5] - The company has a product pipeline that includes three marketed products and several candidates in various stages of development, targeting common skin diseases such as psoriasis and acne [2][3] Group 2 - Demai Pharmaceutical reported revenues of approximately 1.5 billion yuan over the past three years, with a net loss of 160 million yuan, indicating a trend of increasing revenue but persistent losses [2][3] - The revenue growth is attributed to increased sales of skin prescription drugs and dermatological skincare products, alongside high promotional and R&D expenses [5][6] - The spin-off is expected to provide Demai Pharmaceutical with greater autonomy in resource allocation and strategic decision-making, potentially leading to improved operational efficiency and market opportunities in the skin health sector [6][7]