时近2025年尾声，医药领域风起云涌，多家药企正通过战略合作加速整合资源，进一步聚焦细分赛道领 域。近期，康哲药业(00867.HK)宣布与全球制药巨头诺华签署经销协议，获得诺华就雷珠单抗注射液 (诺适得)、布西珠单抗注射液(倍优适)两款眼科药物在中国大陆的独家进口、经销、销售、推广权利。 此次合作不仅是康哲药业在眼科领域的重磅加码，更彰显了其深耕专科疾病领域的发展决心。 这一战略眼光同样体现在其对皮肤健康赛道的布局上。在六个月前，康哲药业推动旗下皮肤健康业务 ——德镁医药有限公司(以下简称：德镁医药)向港交所递交上市申请，助力其更好地聚焦核心业务。这 家从康哲药业分拆而来的公司，正凭借专业聚焦，挖掘皮肤健康高增长专科赛道的潜力。 在皮肤病诊疗需求持续升级的背景下，自身免疫性皮肤病、炎症性皮肤病等高发疾病领域备受市场关 注，其中白癜风、银屑病、特应性皮炎、痤疮四大细分领域因患者基数庞大、治疗方案有限，成为医药 企业竞争的核心战场。 面对特应性皮炎这一快速增长的市场，德镁医药采取了多管线布局策略。除芦可替尼乳膏正在开展治疗 轻中度特应性皮炎的新药上市申请工作外，德镁医药还拥有MG-K10，一款新型的长效(每四周 ...

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].