Core Viewpoint - 德镁医药 has submitted a listing application to the Hong Kong Stock Exchange, planning to go public through an introduction method without involving financing [1] Company Overview - 德镁医药 is a leading Chinese company in skin health products, offering prescription medications and dermatological skincare products, focusing on comprehensive solutions for skin health [1] - The company was spun off from 康哲药业 in 2021 and ranks first in prescription drug revenue among innovative pharmaceutical companies in China for 2024, and fifth among all Chinese pharmaceutical companies [1] Product Portfolio - 德镁医药 has a diverse product portfolio addressing major skin diseases such as psoriasis, vitiligo, and atopic dermatitis, ranking first among innovative pharmaceutical companies in China for coverage across seven skin disease indications as of June 30, 2025 [1] - Key products include three marketed prescription drugs, four clinical-stage or late-stage candidates, and dermatological skincare lines such as 和零舒缓系列 and 喜辽妥—壬二酸系列 [1] Commercialization Capability - The company possesses strong commercialization capabilities with a self-built team of approximately 650 people, and its sales network covers over 12,000 hospitals and 150,000 retail pharmacies nationwide [1]

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]

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].

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]