点击蓝字，关注我们 公司简介 德镁医药是一家聚焦皮肤健康的创新型医药企业，为港股上市公司康哲药业(00867)旗下子公司。其围 绕皮肤处方药及皮肤学级护肤品，进行研产销一体化运营。在皮肤处方药领域， 公司有三款已上市 产品、四款处于临床阶段或后期阶段的候选产品及两款临床前候选产品 ，覆盖银屑病、白癜风、特 应性皮炎等主要皮肤疾病。在皮肤学级护肤品领域，有 禾零舒缓系列 等针对特应性皮炎与寻常痤疮 消费者。2025年4月22日递表，本次 上市保荐人为华泰国际。 财务状况 1、收入 | | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | | 人民幣千元 | % | 人民幣千元 | % | 人民幣千元 | % | | 皮膚處方藥 ... | 374,038 | 97.5% | 424,816 | 89.9% | 537,255 | 87.0% | | 皮膚學級護膚品 ... | 9.466 | 2.5% | 47.744 | 10.1% | 80,275 | ...

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].

Core Viewpoint - 康哲药业 plans to spin off its skin health subsidiary, 德镁医药, and list it on the Hong Kong main board through a distribution of shares to existing shareholders, without diluting their equity [1] Group 1: Company Overview - 德镁医药 focuses on skin health and is responsible for 康哲药业's domestic skin health business, providing comprehensive solutions from prevention to long-term care [1] - The company has incurred losses during the performance record period due to ongoing investments in business development, which aligns with the growth logic of a developing enterprise [1] Group 2: Product Pipeline and Market Position - 德镁医药's product pipeline includes three marketed products, four candidates in clinical or late-stage trials, and two preclinical candidates, covering major skin diseases such as psoriasis, vitiligo, and atopic dermatitis [2] - The company ranks first among Chinese innovative pharmaceutical companies in terms of the number of skin disease indications covered by products in late-stage clinical trials or commercialization [2] - Notable products include the innovative drug, 芦可替尼乳膏, which targets the unapproved treatment area of vitiligo, and the commercialized drug IL-23益路取, which is penetrating the psoriasis market [1][2]

Core Viewpoint - Kangzheng Pharmaceutical is planning to spin off its subsidiary, Demai Pharmaceutical, which focuses on skin health, for independent listing on the Hong Kong Stock Exchange. This move raises questions about whether it is a strategic decision or an attempt to offload a loss-making entity [1][4]. Group 1: Spin-off Details - The spin-off will involve a distribution of 90.8% of Demai's shares to existing shareholders, with no new stock issuance for financing. This allows shareholders to directly hold shares of Demai and benefit from independent valuation premiums [1][2]. - Demai Pharmaceutical has shown revenue growth from 384 million yuan in 2022 to 618 million yuan in 2024, but its losses have also increased from 55.17 million yuan to 106 million yuan during the same period [2][3]. Group 2: Financial Performance - Demai's gross margin for prescription drugs is projected to decline from 76.6% in 2023 to 61.7% in 2024, contributing to an overall gross margin drop from 76.9% to 63.5% [2][3]. - The company's sales expense ratio has risen from 57.7% to 62.9%, with sales expenses reaching 388 million yuan in 2024, nearly matching its gross profit [2][3]. Group 3: Strategic Context - Kangzheng Pharmaceutical is facing significant performance pressure, with a revenue decline of 6.8% to 7.469 billion yuan and a net profit drop of 32.3% to 1.613 billion yuan in 2024. The decline is attributed to the impact of national procurement policies on key products [4][5]. - The spin-off aims to achieve three objectives: shedding the loss-making skin business, allowing Demai to raise capital independently, and enhancing the overall market valuation of the group by focusing on higher-margin areas [4][5]. Group 4: Market Landscape - The skin health market is projected to grow significantly, with an estimated market size of 254.9 billion yuan by 2035 and a compound annual growth rate exceeding 15% [4]. - However, Demai faces intense competition from stronger players in the skin health sector, and its reliance on generic products and high sales expenses raises concerns about sustainability [5].

星标 ★ IPO日报 精彩文章第一时间推送 近日，康哲药业(00867.HK)发布公告，建议将旗下皮肤业务附属公司德镁医药股份分拆并在港交所主板独立上市。 同时，德镁医药有限公司（下称"德镁医药"）向港交所提交了上市申请，独家保荐人为华泰国际。 需要指出的是，康哲药业此次分拆将以实物方式向其股东分派其持有的所有德镁医药股份，而德镁医药以介绍方式在香港主板上市。 制图：佘诗婕 分拆 资料显示，康哲药业是一家开曼群岛注册的有限公司，在2010年9月登陆港交所主板，聚焦于心脑血管、中枢神经、消化及眼科等专科 业务，以及港、澳、台及东南亚市场的皮肤健康业务。创新药方面，公司已累计有5款创新药进入商业化，包括莱芙兰、美泰彤、维福 瑞、益路取和维图可，重磅单品芦可替尼有望2025年内实现销售。 康哲药业目前市值约208亿港元（约合人民币195.31亿元），自从4月22日发布分拆消息后，股价连续上涨三个交易日。 据最新披露，康哲药业2024年实现营业收入74.7亿元，同比下降6.8%；年度溢利16.1亿元，同比下滑32.3%，经调整后净利润为17.1亿 元，同比下降36.7%。 按照全药品销售收入口径来看，2024年，公司 ...

Core Viewpoint - 康哲药业 plans to spin off its skin health subsidiary, 德镁医药, for independent listing on the Hong Kong Stock Exchange, allowing shareholders to receive shares through a distribution method without new stock issuance [1][5] Company Overview - 德镁医药 focuses on skin health, offering comprehensive solutions for skin diseases such as psoriasis, vitiligo, atopic dermatitis, and acne, with a strong competitive edge in addressing unmet clinical needs [2][3] - 康哲药业 will concentrate on its core areas, including cardiovascular, central nervous system, digestive, and ophthalmic specialties, optimizing its asset structure post-spin-off [4][5] Market Potential - The skin disease treatment and care market in China is projected to reach RMB 764 billion in 2023, with a compound annual growth rate of 10.6% from 2023 to 2035, indicating significant growth potential for 德镁医药 [3] - 德镁医药's product pipeline includes competitive offerings such as JAK1/2 topical cream and IL-23 monoclonal antibody injection, supported by a commercial team of over 650 professionals [3] Strategic Benefits - The spin-off is expected to enhance both 康哲药业 and 德镁医药's market positions, allowing for independent fundraising and improved operational efficiency [1][4] - The separation will enable 德镁医药 to establish its own valuation system, potentially unlocking greater growth opportunities and attracting investors [5]