德镁医药已建立丰富且差异化的产品组合，覆盖具有巨大未满足临床需求的重大皮肤疾病领域。根据灼 识咨询报告，截至2025年6月30日，公司七种皮肤疾病适应症的覆盖范围在所有聚焦创新产品的中国药 企中排名首位，在所有中国药企中排名第三。 （原标题：新股消息 | 德镁医药递表港交所 皮肤处方药收入在中国创新药企排名首位） 智通财经APP获悉，据港交所10月30日披露，德镁医药有限公司(简称：德镁医药)向港交所主板提交上 市申请书，华泰国际为其独家保荐人。根据灼识咨询报告，2024年德镁医药皮肤处方药产生的收入在聚 焦创新产品的中国药企中排名首位，在所有中国药企中排名第五。 据悉，德镁医药2021年从康哲药业(CMS)集团分拆独立运营，本次实施的分拆上市不涉及新股发行融 资。该等上市将以介绍方式及CMS分派落实，据此，合资格CMS股东将获得相关股份。上市构成本集 团自CMS分拆，且概不涉及公司股份或公司任何其他证券的提呈发售以供购买或认购，亦将不会募集 任何资金。分拆完成后，CMS留存集团将在心脑血管/消化内科、眼科等领域运营，同时亦将在中国境 外皮肤科领域运营。 招股书显示，德镁医药是一家中国领先、专业聚焦创新皮肤健 ...

据港交所10月30日披露，德镁医药有限公司(简称：德镁医药)向港交所主板提交上市申请书，华泰国际为其独家保荐 人。根据灼识咨询报告，2024年德镁医药皮肤处方药产生的收入在聚焦创新产品的中国药企中排名首位，在所有中国药 企中排名第五。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | | | | (未經審核) | | | 收入 | 383.504 | 472,560 | 617,530 | 243,804 | 498,028 | | 銷售成本 … | (114,796) | (109,270) | (225,670) | (85,485) | (190,300) | | 毛利 | 268,708 | 363,290 | 391,860 | 158,319 | 307,728 | | 其他收益 | 8.782 | 4.743 | ...

招股书显示，德镁医药是一家专业聚焦皮肤健康的创新型医药企业，围绕皮肤处方药及皮肤学级护肤品 的研、产、销一体化运营，致力于提供从预防、治疗到长期护理的皮肤健康综合解决方案。公司已建立 丰富且差异化的产品组合，全面覆盖具有巨大未满足临床需求的重大皮肤疾病领域。根据灼识谘询报 告，在中国创新药企业中，公司产品覆盖的皮肤疾病适应症数量排名首位，2024年公司皮肤处方药产生 的收入亦排名首位。 德镁医药有限公司(简称：德镁医药)于4月22日所递交的港股招股书满6个月，于10月22日失效，递表时 华泰国际为独家保荐人。 ...

（原标题：新股消息 | 德镁医药港股IPO招股书失效） 招股书显示，德镁医药是一家专业聚焦皮肤健康的创新型医药企业，围绕皮肤处方药及皮肤学级护肤品 的研、产、销一体化运营，致力于提供从预防、治疗到长期护理的皮肤健康综合解决方案。公司已建立 丰富且差异化的产品组合，全面覆盖具有巨大未满足临床需求的重大皮肤疾病领域。根据灼识谘询报 告，在中国创新药企业中，公司产品覆盖的皮肤疾病适应症数量排名首位，2024年公司皮肤处方药产生 的收入亦排名首位。 智通财经APP获悉，德镁医药有限公司(简称：德镁医药)于4月22日所递交的港股招股书满6个月，于10 月22日失效，递表时华泰国际为独家保荐人。 ...

Core Insights - The functional skincare industry in China is experiencing a rise of domestic brands, with a focus on products that address specific skin issues and provide therapeutic benefits [1][8] - The market size for functional skincare products is projected to exceed 480 billion yuan by 2024, driven by increasing consumer demand for safety and efficacy [25][31] Industry Overview - Functional skincare products are defined as cosmetics or medical devices that target specific skin problems and possess pharmacological effects [1] - The industry is currently in a phase of domestic brand emergence, with significant growth in market share for local brands like Winona and Huaxi Biological [8] Industry Chain Analysis - The functional skincare industry chain consists of upstream raw material suppliers, midstream manufacturers, and downstream sales channels [4][6] - Key raw materials include collagen, hyaluronic acid, and peptides, while packaging materials range from paper to glass [4] Market Development History - The industry has gone through three stages: initiation (1998-2008), transformation (2009-2014), and the current rise of domestic brands (2015-present) [8] - The entry of brands like Vichy and Avene marked the beginning of the functional skincare market in China [8] Policy Background - The industry is governed by regulations applicable to both cosmetics and medical devices, focusing on efficacy claims and labeling management [11][13] Current Market Status - The market is characterized by three main segments: dermatological skincare, high-efficacy skincare, and medical-grade skincare [14] - Consumers are increasingly focused on product efficacy, safety, and ingredient transparency, particularly for sensitive skin [15][16] Sales Channels - Online sales channels dominate the market, with companies like Proya achieving significant revenue from e-commerce [20] - The sales strategy often includes a combination of online and offline channels to maximize reach [19] Profitability - The gross profit margins for most listed companies in the functional skincare sector exceed 70%, with some companies like Jinbo Biological reaching 92.02% due to their focus on medical devices [24] Market Size and Growth - The functional skincare market in China has grown from 10.25 billion yuan in 2017 to an estimated 48.743 billion yuan in 2024 [25][28] - The market is expected to reach 86 billion yuan by 2030, with a compound annual growth rate of approximately 9.0% [33] Competitive Landscape - The competitive landscape is led by companies like Betaini, which holds an 11.71% market share, followed by Huaxi Biological and others [31] - The industry is concentrated in coastal regions, particularly Shanghai and Guangdong [28] Future Trends - The penetration rate of functional skincare products is expected to increase, with a focus on product innovation and medical endorsements [35] - The industry is likely to see intensified competition as consumer preferences evolve towards more personalized and effective solutions [33]

Core Viewpoint - The demand for dermatological skincare products in China is rapidly increasing due to rising consumer health awareness and income levels, with the market expected to reach 22.528 billion yuan in 2024, reflecting a year-on-year growth of 21.13% [1][12]. Overview - Dermatological skincare products are developed based on dermatology and skin structure, aimed at addressing specific skin issues. They are characterized by simplified ingredients, higher safety, and clearer efficacy compared to regular skincare products [2][3]. Market Policy - The Chinese government has implemented a series of regulations to enhance the development of the cosmetics industry, including dermatological skincare products, promoting standardization and high-quality growth [5][6]. Industry Chain - The upstream of the dermatological skincare industry includes suppliers of active ingredients, moisturizers, oils, plant extracts, and production equipment. The downstream consists of hospitals, pharmacies, supermarkets, beauty salons, brand counters, and e-commerce platforms [7][10]. Development Status - The market for dermatological skincare products is experiencing exponential growth, driven by increasing skin issues among consumers and a shift towards scientific skincare. Despite rapid development, the market penetration in China remains low compared to mature overseas markets, indicating significant future growth potential [1][12]. Competitive Landscape - The dermatological skincare market in China is becoming increasingly competitive, with numerous companies entering the space. Key players include Peirfaer (Shanghai) Cosmetics Trading Co., L'Oréal (China) Co., Shenzhen Haichuang Biotechnology Co., and others [14][16]. Representative Company Analysis - Yunnan Betaini Biotechnology Group Co., established in 2010, focuses on skin health and has gained recognition for its "Winona" brand, achieving a revenue of 5.736 billion yuan in 2024, with skincare products accounting for 83.70% of total revenue [16]. - Beijing Andeputai Medical Technology Co., founded in 2010, specializes in solutions for problematic skin and integrates global resources for medical research and product development [18]. Development Trends - The trend of "minimalist skincare" is emerging, with consumers favoring simplified formulations. Additionally, domestic brands are leveraging cross-border e-commerce to expand internationally, supported by capital mergers to enhance global competitiveness [21].