香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Cutia Therapeutics 科笛集團 （於開曼群島註冊成立的有限公司） （股份代號：2487） 董事會會議召開日期 科笛集團（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025年8月28日 （星期四）舉行董事會會議，籍以（其中包括）考慮及批准本公司及其附屬公司截 至2025年6月30日止六個月的中期業績及其發佈，以及考慮建議派中期股息（如 有），並處理其他事項。 承董事會命 Cutia Therapeutics科笛集團 首席執行官兼執行董事 張樂樂 香港，2025年8月18日 於本公告日期，董事會包括(i)執行董事張樂樂女士及黃雨青先生；(ii)非執行董事 陳連勇博士、謝沁博士、黃瀟博士及楊雲霞女士；及(iii)獨立非執行董事鍾明杰 先生、陶德仁先生及葉曉翔先生。 ...

Core Viewpoint - The company is strategically positioning itself in the hair and skin care market by addressing unmet consumer needs and avoiding highly competitive segments, focusing on localized fat management, hair diseases and care, skin diseases and care, and epidermal anesthesia. Group 1: Hair Care - The demand for hair loss treatment is rapidly increasing in China, with the market previously dominated by minoxidil and oral finasteride, both having significant drawbacks [2] - The company exclusively represents the world's only topical finasteride spray, which enhances transdermal absorption and reduces side effects, with clinical efficacy comparable to oral finasteride [2] - The product CU-40102 is expected to be approved in June 2025 and commercialized by the end of the year, contributing significantly to the company's performance [2] Group 2: Skin Care - The acne treatment market in China is expanding, with traditional treatments facing issues like side effects and antibiotic resistance [2] - The company exclusively represents the world's only topical minocycline foam, overcoming absorption challenges through unique technology [2] - The product CU-10201 is anticipated to be approved in November 2024 and commercialized in the second half of 2025 [2] Group 3: Epidermal Anesthesia - The market for epidermal anesthesia is competitive, with the company aiming to innovate with its lidocaine-dinoprost combination [3] - The traditional lidocaine-dinoprost combination has been ineffective, leading to potential compliance risks for medical institutions [3] - The product CU-30101 has made significant progress and is expected to be the first approved lidocaine-dinoprost cream in China, with NDA submitted in July 2024 [3] Group 4: Localized Fat Management - The localized fat management market is in its early stages, with the company gradually enhancing its product line [3] - Most domestic lipolysis injections are based on deoxycholic acid, while the company is developing a differentiated product using mutated recombinant collagenase, promising improved safety and reduced pain [3] Investment Recommendation - The company has a comprehensive understanding of the skin and hair markets, with a diverse pipeline aligned with market demands, leading to a significant turnaround in performance as key products are launched [3] - Revenue projections for 2025-2027 are estimated at 494 million, 973 million, and 1.45 billion yuan, with net profits expected to shift from losses to a profit of 122 million yuan by 2027, corresponding to a PE ratio of 22 times [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned as a platform in the hair and skin care sectors, focusing on unmet consumer needs and avoiding highly competitive domestic markets. It aims to commercialize products in localized fat management, hair diseases and care, skin diseases and care, and epidermal anesthesia [1][16]. - The company has a robust product pipeline, with significant growth expected from the commercialization of key products starting in 2025, including external minoxidil and finasteride [2][3]. Summary by Sections Company Overview - The company was founded in 2019 and has progressed through stages of product agency, introduction of differentiated products, and self-developed drugs. It focuses on four main areas: hair disease and care, skin disease and care, epidermal anesthesia, and localized fat management [16][22]. Financial Analysis - The company has shown rapid revenue growth, with a projected increase from 0.02 billion in 2021 to 2.80 billion in 2024, reflecting a CAGR of 415.8%. The hair care segment is a significant contributor, with revenue expected to exceed 1.6 billion in 2024 [22][24]. - The gross margin reached 51% in 2024, with a significant reduction in losses, indicating a trend towards profitability as revenues continue to grow [24][30]. Business Segments - The company is focused on addressing consumer pain points through a commercialized approach, with a product lineup that includes treatments for hair loss, skin conditions, and localized fat management. The first tier of products is primarily agency-based, while the second tier, including external minoxidil and finasteride, is set to launch in 2025 [32][33]. Hair Care Market - The hair care market in China is experiencing strong growth, with the number of individuals suffering from androgenetic alopecia reaching approximately 135.5 million in 2021. The market for hair loss treatments is projected to grow from 76.2 billion in 2017 to 144.3 billion by 2025, with a CAGR of 7.8% [36][39][40]. Skin Care Products - The company has secured approval for the world's first external minocycline foam, which is expected to be commercialized in 2025. This product addresses the growing demand in the acne treatment market, which is expanding significantly [3][4]. Epidermal Anesthesia - The company is developing a novel lidocaine-dinoprost combination product, which is anticipated to be the first approved in its category in China. This product aims to capture a significant share of the competitive market for epidermal anesthesia [3][4]. Localized Fat Management - The localized fat management segment is in its early development stages, with the company leveraging patented technology to create safer and more effective products for fat reduction [3][4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 科笛集团 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02487 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 ...

Group 1 - InnoCare (02577.HK) has partnered with NVIDIA to promote the large-scale implementation of the 800 VDC power architecture in AI data centers, which is designed for efficient power supply in megawatt-level computing infrastructure [1] - The 800 VDC system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, enabling a 100-1000 times increase in AI computing power [1] - The company's third-generation GaN devices provide a comprehensive power solution from 800V input to GPU terminals, covering a voltage range from 15V to 1200V [1] Group 2 - China Ruyi (00136.HK) received a strategic investment of HKD 3.9 billion from Wuji Capital to accelerate business expansion and acquisition plans [2] - LEPU Biopharma-B (02157.HK) has authorized T-cell connector technology with an upfront payment of USD 10 million and potential milestone payments of up to USD 850 million [2] - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia [2] Group 3 - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of 58% [3] - Great Wall Motors (02333.HK) achieved approximately 104,372 vehicle sales in July, reflecting a year-on-year growth of 14.34% [3] - NIO-SW (09866.HK) delivered 21,017 vehicles in July [3]

Group 1: Company Earnings - PCCW (00008.HK) reported a revenue of HKD 18.922 billion for the first half, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [1] - Xinyi Solar (00968.HK) recorded a revenue of HKD 10.932 billion, a decrease of 6.5% year-on-year, with a net profit of HKD 0.746 billion, down 58.8% [2] - Xinyi Glass (00868.HK) had a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [3] - Xinyi Energy (03868.HK) reported a revenue of HKD 1.21 billion, an increase of 7.7% year-on-year, with a net profit of HKD 0.45 billion, up 23.4% [4] - DTXS Silk Road Investment (02510.HK) issued a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [5] - Lianhua Supermarket (00980.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 25-55 million [6] - Tibet Water Resources (01115.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 36 million, a year-on-year increase of about 300% [7] - Foton Motor (00420.HK) issued a profit warning, expecting a mid-term net profit of HKD 30.7 million, turning from loss to profit [8] - Hong Kong Travel (00308.HK) issued a profit warning, expecting a mid-term net loss exceeding HKD 70 million, turning from profit to loss [9] - Poly Property Group (00119.HK) issued a profit warning, expecting a mid-term net profit to decline by 40%-50% year-on-year [10] - Kefu Shan Group Holdings (08512.HK) issued a profit warning, expecting a mid-term net profit to decrease to approximately HKD 43-47 million [11] - Mobi Development (00947.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 32 million [12] - Changmao Biochemical Engineering (00954.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 24-27 million [13] - Yunyou Holdings (00484.HK) issued a profit warning, expecting a mid-term net loss to increase to approximately HKD 21 million [14] - Weiya Li (00854.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 15-25 million, turning from loss to profit [15] Group 2: Automotive Sales - BYD Company (01211.HK) reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [16] - Great Wall Motors (02333.HK) reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [17] - Li Auto (02015.HK) delivered 30,731 new vehicles in July [18] - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [19] Group 3: Company News - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia, with a contract value expected to reach several billion USD [20] - InnoCare Pharma (02577.HK) partnered with NVIDIA to jointly promote the large-scale implementation of 800 VDC power architecture in AI data centers [21] - Zijin Mining (02899.HK) received parliamentary approval for the mining lease of the Akyem gold mine in Ghana, with a total transaction value of USD 1 billion [22] - Codex-B (02487.HK) received approval from the Hong Kong Department of Health for the listing of CU-40102 (topical finasteride spray) for the treatment of androgenetic alopecia [23] - Mixue Group (02097.HK) subscribed to a wealth management product from Pudong Development Bank, involving an investment of HKD 300 million [24] Group 4: Buyback Activities - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HKD 22.5922 million, with repurchase prices ranging from HKD 112.4 to 114.3 [25] - Vitasoy International (00345.HK) repurchased 1.844 million shares at a cost of approximately HKD 16.89 million, with repurchase prices ranging from HKD 9.14 to 9.17 [26]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Cutia Therapeutics 科笛集團 （於開曼群島註冊成立之有限公司） （股份代號：2487） 自願公告 CU-40102（外用非那雄胺噴霧劑） 獲得香港衛生署上市批准 本公告由科笛集團（「本公司」，連同其附屬公司統稱「本集團」）自願刊發，以告知 本公司股東及潛在投資者有關本集團最新業務發展資料。 本公司董事會（「董事會」）欣然宣佈，本集團的CU-40102（外用非那雄胺噴霧劑） 已獲得中華人民共和國（「中國」）香港特別行政區（「香港」）政府衛生署（「香港衛 生署」）上市批准，獲批的適應症為治療雄激素性脫髮。這是CU-40102繼取得中國 國家藥品監督管理局（「國家藥監局」）上市批准後又一重大進展。 非那雄胺作為特異性II型5α-還原酶競爭抑制劑抑制頭皮中睾酮轉化為雙氫睾酮， 可治療雄激素性脫髮。與口服非那雄胺不同，CU-40102的外用製劑便於患者將藥 物直接精確地塗抹在頭皮表面，與口服藥比 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a moderate recovery in the beauty and cosmetics sector, with a notable performance in hair care and color cosmetics, indicating a stable growth trajectory [7][35] - The medical aesthetics sector is expected to gain momentum from the introduction of innovative products, particularly in the field of collagen and hair loss treatments [30][46] Summary by Sections Market Review - In June, the beauty and personal care index fell by 3.61%, ranking 31st among all primary industries, underperforming the market [14] - The medical aesthetics sector saw significant stock price increases for companies like Meili Tianyuan Medical Health (+64.4%), Yonghe Medical (+50.0%), and Sihuan Pharmaceutical (+13.3%) [20][26] - For the first half of 2025, the medical aesthetics sector recorded substantial gains, with Jinbo Biological (+124.6%), Yonghe Medical (+83.3%), and Meili Tianyuan Medical Health (+69.9%) leading the way [20][26] Medical Aesthetics - Jinbo Biological launched the world's first recombinant type III humanized collagen gel, HiveCOL, which is expected to revolutionize tissue regeneration [30] - Sihuan Pharmaceutical introduced new products targeting skin quality improvement and contour shaping, while Kedi's external finasteride spray received approval, marking a significant advancement in hair loss treatment [31][32] Cosmetics - The retail sales of cosmetics in the first half of 2025 reached 229.1 billion yuan, reflecting a year-on-year growth of 2.9% [35] - Online sales of cosmetics amounted to 267.83 billion yuan, growing by 11.1%, while offline sales decreased by 4.1% to 228.44 billion yuan [36] - The report emphasizes the strong performance of domestic brands in the online market, particularly on platforms like Douyin and Tmall [40][43] Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are expected to gain market share, particularly in high-growth segments [46][47] - Key recommendations include companies like Shangmei Co., Ltd., Maogeping, and Pulaia, which are well-positioned to benefit from the ongoing trends in the beauty market [50]

Summary of Conference Call Company and Industry - The conference call primarily discusses a company involved in the healthcare and pharmaceutical industry, focusing on products related to weight loss and hair restoration. Key Points and Arguments Compliance and Market Challenges - The compliance products have seen a slight increase in market share, now accounting for approximately 20-30% of the total market, indicating a shift towards more regulated products [1] - Institutions using non-compliant products face significant penalties if caught, creating a dilemma between using compliant products with potential negative feedback and non-compliant products with regulatory risks [2] Product Launch and Market Positioning - The company is preparing to launch its first compliant product in the weight loss sector, aiming to capture market share quickly due to the first-mover advantage [3] - The company has identified a gap in the market for localized fat reduction products, differentiating itself from competitors focused on overall weight loss solutions [4] Product Efficacy and Safety - The new product, a recombinant collagenase, is designed to minimize pain during use, with reported pain duration significantly lower than competitors, lasting only 2,000-3,000 units compared to over 7,000 for others [5][6] - Clinical trials show over 50% fat reduction in participants after one month and over 80% after three months, with a single injection providing lasting effects [7] Development Strategy - The company has a clear three-tier development strategy, focusing first on generating revenue from existing products, followed by the introduction of new drugs in the coming years [8][9] - The company aims to achieve over 100 million RMB in revenue from its flagship product within the first year of commercialization, which is considered a conservative estimate [31] Market Trends and Consumer Behavior - The hair restoration market is experiencing rapid growth, with a projected increase to over 50 billion RMB by 2025, driven by rising consumer anxiety and stress-related hair loss [18] - Oral finasteride currently holds a significant market share but has side effects that the company's topical product aims to mitigate, offering similar efficacy without systemic side effects [19][20] Pricing Strategy - The pricing for the new products is expected to be competitive with international standards, with the topical finasteride priced around 1,400 RMB per bottle, which is lower than its overseas counterparts [24] - The company plans to maintain a balance between affordability and quality, ensuring that the products are accessible to a broad consumer base [25] Distribution and Marketing - The company has made significant progress in establishing distribution channels, with hundreds of medical institutions and pharmacies already onboarded prior to product launch [29] - Marketing efforts are being ramped up, with a focus on online promotions and influencer partnerships to maximize product visibility [15][28] Financial Performance - The company reported strong internal sales growth, with expectations for continued performance improvement as new products are launched [13] - Cost management strategies have been implemented, resulting in a decrease in absolute expenses while maintaining revenue growth [16] Future Outlook - The company is optimistic about its growth trajectory, with plans to expand its product line and enhance its market presence in the coming years [40] - There is a strong belief in the long-term potential of the brand, aiming for it to reach a scale of 1 billion RMB in revenue [40] Other Important Content - The company emphasizes the importance of safety and efficacy in its product offerings, particularly in the context of increasing consumer awareness and regulatory scrutiny [27] - The management team has a history of adapting quickly to market changes, which is seen as a critical factor in their ongoing success [36]

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]