来源：子弹财经 2024年，康哲药业核心心脑血管业务因集采失标遭遇营收利润下滑。2025年，其旗下仍在亏损的皮肤业 务板块——德镁医药，悄然向港交所递交了上市申请。 这家背靠老牌药企、仅独立运营四年仍处于商业化初期的创二代，手握三款上市药物与一个尚未成气候 的护肤品牌，却喊出了"五年复合增长率超50%、2029年销售破百亿"的豪言。 一边是母公司急于剥离亏损业务，一边是自身难脱关联交易与营销依赖的窘境；前有百亿目标高悬，后 有薇诺娜等巨头在敏感肌赛道的碾压性优势。德镁医药的上市之路，究竟是一场资本市场的翻身仗，还 是又一个画饼充饥的空谈？ 从救命药到皮肤药， 德镁医药申请上市始末 在港股市场，上市药企分拆子公司融资早已不是新鲜事。 2018年，港交所18A规则出台，为未盈利生物科技公司打开了IPO大门，越来越多传统药企选择将创新 业务板块拆分至港股，寻求差异化估值与融资空间。 乐普医疗分拆肿瘤药子公司乐普生物、四环医药剥离消化领域创新平台轩竹生物赴港上市，均是这一趋 势下的典型样本。 德镁医药的赴港IPO，正是这一分拆浪潮中的又一新案例。 德镁医药母公司康哲药业，曾是仿制药时代的心脑血管王者，但核心品种集采失 ...

公司拥有丰富的产品组合，覆盖银屑病、白癜风、特应性皮炎等主要皮肤疾病，截至2025年6月30日， 于七种皮肤疾病适应症的覆盖范围方面，公司在中国创新药企中排名第一。公司主要产品包括三款已上 市皮肤处方药、四款临床阶段或后期候选产品，以及禾零舒缓系列和喜辽妥—壬二酸产品系列等皮肤学 级护肤品。 德镁医药已向港交所提交上市申请，计划以介绍方式上市，此次分拆上市不涉及融资。华泰国际为其独 家保荐人。 德镁医药是一家中国领先的皮肤健康产品公司，提供皮肤处方药和皮肤学级护肤品，致力于皮肤健康综 合解决方案。公司于2021年从康哲药业分拆独立运营，2024年，德镁医药的皮肤处方药收入在中国创新 药企中排名首位，在所有中国药企中排名第五。 德镁医药拥有强大的商业化能力，拥有约650人的自建商业化团队，销售网络覆盖全国超过1.2万家医院 和15万家零售药房。 ...

Company Overview - 德镁医药 is an innovative pharmaceutical company focused on skin health, operating under 康哲药业. It specializes in prescription drugs and dermatological skincare products, with three products already on the market and several candidates in various clinical stages [1] Financial Performance - Revenue for 2023 reached RMB 472.56 million, a year-on-year increase of 23.2%, driven by a robust growth in prescription drugs and a significant surge in skincare products [2][3] - Prescription drug revenue was RMB 424.82 million in 2023, up 13.6% from RMB 374.04 million in 2022, accounting for 89.9% of total revenue [2] - Skincare product revenue skyrocketed by 404.4% to RMB 47.74 million in 2023, primarily due to successful e-commerce promotions [3] Profitability and Margins - The overall gross margin improved to 76.9% in 2023, up 6.8 percentage points from the previous year, with a significant reduction in net loss to RMB 5 million [5] - The gross margin for prescription drugs was 76.6%, while skincare products achieved a gross margin of 79.0% [5] - However, the gross margin is expected to decline to 63.5% in 2024 due to increased costs and pricing pressures from insurance adjustments [7][8] Debt Structure and Cash Levels - A debt-to-equity conversion in 2024 significantly improved the company's balance sheet, reducing liabilities from RMB 15.75 billion to RMB 1.54 billion [10] - Despite the reduction in debt, cash reserves remain tight, with only RMB 2.82 billion available at the end of 2024 [10] Competitive Advantages - 德镁医药 has the broadest coverage of skin disease indications in China, with nine conditions addressed, surpassing competitors [11] - Key products like 益路取 for psoriasis and 喜辽妥 for scar treatment have unique advantages, including insurance coverage and lack of direct competition [12][14] - The company benefits from a strong distribution network, leveraging 康哲药业's existing relationships with over 10,000 hospitals and 100,000 pharmacies [13] Industry Context - The Chinese skin treatment and care market was valued at RMB 76.4 billion in 2023, with a projected CAGR of 10.6% through 2035, driven by the high prevalence of chronic skin diseases [20] - The demand for dermatological skincare products is also increasing, with significant growth in e-commerce channels [20]

Company Dynamics - Kangzheng Pharmaceutical plans to spin off its subsidiary, Demai Pharmaceutical, which focuses on skin health, for independent listing on the Hong Kong Stock Exchange [3] - Kangzheng holds 90.8% of Demai's shares, with the remaining 9.2% held by employee incentive platforms [3] - The spin-off is expected to be executed through a distribution of shares to existing shareholders [3] Financial Performance - Demai Pharmaceutical's revenue from 2022 to 2024 is projected to be 384 million, 473 million, and 618 million respectively, totaling nearly 1.5 billion with a compound annual growth rate of 26.89% [4] - Despite revenue growth, Demai has reported losses of 55.17 million, 4.703 million, and 106 million over the same period, attributed to high sales and R&D expenses [4] - The company has successfully entered the skin-level skincare market, with related business revenue exceeding 10% of total revenue [3][4] Market Implications - No skin-level skincare companies have successfully listed on the Hong Kong Stock Exchange to date, making Demai's potential listing a significant milestone for the sector [4] - A successful listing would signal positive developments for the skin-level skincare industry in the capital market [4]

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 - 德镁医药's parent company, 康哲药业, experienced a revenue decline of 6.8% last year and is attempting to reshape its growth momentum through a spin-off listing in Hong Kong [1] Group 1: Company Overview - 德镁医药 is an innovative pharmaceutical company focused on skin health, providing comprehensive solutions for skin disease patients from prevention to long-term care [1] - The company has achieved a significant position in the industry, ranking first in the number of skin disease indications covered by its products among Chinese innovative pharmaceutical companies in 2024 [2] Group 2: Financial Performance - 德镁医药's revenue has shown an upward trend, increasing from 384 million yuan in 2022 to 473 million yuan in 2023, and further to 618 million yuan in 2024 [3] - Despite revenue growth, the company recorded net losses of 55.17 million yuan, 4.7 million yuan, and 106 million yuan from 2022 to 2024, primarily due to high sales expenses for new product promotions and significant R&D investments [4] Group 3: Product and R&D Strategy - The company has a rich and differentiated product portfolio, with its main product pipeline covering various major skin diseases, including both marketed and clinical-stage candidates [5][6] - 德镁医药 employs a dual approach to R&D, collaborating with global pharmaceutical companies while also developing innovative drugs independently, such as CMS-D001, which is currently in Phase I clinical trials [7] Group 4: Commercialization and Market Presence - The company has strong commercialization capabilities, supported by a self-built team of over 650 professionals and a sales network that covers numerous hospitals, retail pharmacies, and major e-commerce platforms [8] Group 5: Market Challenges - The company faces potential risks in its IPO, including the lengthy and costly nature of innovative drug development, with uncertainties regarding regulatory approvals for its candidates [9] - The pharmaceutical industry is highly competitive, and 德镁医药 must timely launch competitive new products to avoid pricing pressures that could impact profits and market share [10] - Regulatory policies, such as centralized procurement and reimbursement policies, may affect product demand and commercialization success if products are not included in the medical insurance directory or if reimbursement levels are limited [11]