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]
康哲药业分拆德镁医药上市，后者连续三年亏损