2021年德镁医药从CMS集团分拆出来，作为独立的业务单元开始运营。 目前，德镁医药主要在中国境内从事皮肤处方药及皮肤学级护肤品业务。而CMS留存集团从事心脑血管、消化、眼科 等领域业务，以及中国境外的皮肤领域业务。 德镁医药采取合作研发与自主研发双管齐下的研发模式，开发皮肤健康领域潜在同类首创(FIC)、同类最佳(BIC)产 品。 截至2025年4月15日，在皮肤处方药领域，德镁医药的主要产品管线包括三款已上市产品、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(AD)、皮肤挫伤、浅表性静脉炎、静脉曲 张、化脓性汗腺炎(HS)、结节性痒疹(PN)、慢性自发性荨麻疹(CSU)等主要皮肤疾病。 在皮肤学级护肤品领域，公司的代表性产品包括禾零舒缓系列产品与喜辽妥—壬二酸产品系列，该等护肤品主要针对 患有特应性皮炎与寻常痤疮的消费者。 近期，又有医药公司冲击港股上市。 格隆汇获悉，德镁医药有限公司（简称：德镁医药）近期递表港交所，保荐人是华泰国际。 德镁医药于2020年成立，主要营业地点及总部位于海南省海口市，林刚目前是德镁医药的控股股东，同时他也是CMS （康哲药业，8 ...

公司动态 近期，港交所上市企业康哲药业发布公告称，计划将旗下专注于皮肤业务的子公司德镁医药的股份进行分拆，并在香港联交所主板实现独立上市。公告表 明，康哲药业持有德镁医药90.8%的股权，其余9.2%的股权由两家雇员激励平台持有。据悉，此次分拆预计采用实物分派的方式，康哲药业将把所持有的全 部德镁医药股份，按照比例无偿分派给现有股东。 公开资料显示，德镁医药成立于2020年，是一家聚焦于皮肤健康的创新型医药企业。该公司推出了禾零 舒缓系列以及喜辽妥壬二酸祛痘系列等皮肤学级护肤品，同时还拥有多款用于治疗皮肤病的处方药。据了解，德镁医药在2024年的营收超过了6亿元。此 外，该公司于2022年进军皮肤学级护肤品赛道，目前相关业务收入在公司总收入中的占比已超过10%。 截至目前尚未有皮肤学级护肤品企业成功在港交所上市。这意味着，如果德镁医药能够顺利上市，它将在资本市场中赢得一席之地。这对于整个皮肤学级护 肤品领域而言，无疑是一个积极的信号。 从公司财务状况分析，在2022年至2024年期间，德镁医药的营业收入分别为3.84亿元、4.73亿元和6.18亿元，这三年累计营收接近15亿元，年均复合增长率 达到26.89% ...

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].

Core Viewpoint - 康哲药业's subsidiary 德镁医药 is planning to spin off and independently list on the Hong Kong Stock Exchange, despite facing losses in recent years [1][2] Group 1: Company Overview - 德镁医药 is primarily responsible for 康哲药业's skin health business in China, focusing on innovative pharmaceutical solutions for skin conditions [1] - The company has developed a diverse product portfolio addressing significant unmet clinical needs in major skin disease areas, including three marketed prescription products for conditions like psoriasis [1] Group 2: Financial Performance - 德镁医药 has reported losses for the past three years, with revenues of 383 million yuan, 473 million yuan, and 618 million yuan from 2022 to 2024, while net profits were -55.17 million yuan, -4.703 million yuan, and -106 million yuan respectively [2] - The revenue growth is attributed to increased sales of prescription drugs and dermatological skincare products, while losses are mainly due to high marketing and R&D expenses related to new product launches [2] Group 3: Spin-off Purpose - The spin-off aims to allow 德镁医药 to raise capital directly from the market, providing financial support for its existing operations and future expansion [2] - After the spin-off, 康哲药业 will no longer hold any equity in 德镁医药, which will cease to be a subsidiary [2]

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]

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 ...

在行业内，德镁医药已取得显著地位，根据灼识咨询报告，在 2024 年中国创新药企业中，其产品 覆盖的皮肤疾病适应症数量排名首位 ，同年皮肤处方药产生的收入也排名第一。 从财务状况来看，德镁医药在业绩记录期内呈现出收入增长的趋势。其收入从 2022 年的 3.84 亿元 增长至 2023 年的 4.73 亿元，2024 年进一步增长至 6.18 亿元。 导 语：德镁医药母公司康哲药业去年营收下滑6.8%，试图重塑增长动能。 德镁医药在港交所递交的招股书中提到，康哲药业将公司独立分拆，并拟以介绍方式在香港联合交 易所有限公司主板上市，此次分拆上市不涉及新股发行及募资 ，保荐人为华泰国际。这一举措标志 着德镁医药迈向资本市场的新征程，也引发了市场对其发展前景的诸多关注。 德镁医药是一家专注于皮肤健康领域的创新型医药企业，围绕皮肤处方药及皮肤学级护肤品开展 研、产、销一体化运营。其市场定位明确，致力于为皮肤疾病患者提供从预防、治疗到长期护理的 综合解决方案。 政策方面，公司产品可能受到集中采购、报销政策及定价法规等影响，若产品未能纳入医保目录或 报销水平受限，可能影响产品需求和商业化成功。 综合来看，德镁医药在皮肤健 ...