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 ...

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 | ...

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'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 ...