3月10日，新一期港股通名单调整正式生效，创新药企业"一进六出"，科笛-B(02487)便是其中之一。 从往期来看，在被技术性调出港股通投资标的后，短期内个股因流动性以及退通抛压等因素大多会出现显著的股价下跌现象，科笛亦不例外。在正式退通的 6个交易日内，科笛股价累跌20.60%。 但接下来科笛股价并未继续下探，而是在3月20日走出"三连阳"后横盘震荡，直到4月7日，公司股价因恒指大盘剧烈波动出现单日下跌26.88%。而这似乎给 科笛砸出了一个"黄金坑"。 智通财经APP观察到，4月9日，科笛股价触底3.64港元，创下上市以来股价新低，但在随后的1个半月内持续反弹。5月20日，科笛盘中股价最高涨幅达 20%，最高价达到7.62港元，突破退通前的前高股价。也就是说，经过2个多月的股价震荡，科笛股价最终修复了"出通"后全部跌幅。 从港股通变动情况来看，3月10日，科笛的港股通持股比例为10.07%，在接下来2个多月中，无论公司股价涨跌，该持股比例都在持续降低，截至5月19日仅 剩5.32%。不过在4月10日新一轮上涨行情启动时，科笛的港股通持股比例为5.94%，近40天内其变动比例仅为0.62%，较此前明显放缓。 ...

| 目錄 | | | --- | --- | | 公司資料 | 2 | | 主席報告 | 4 | | 摘要 | 7 | | 公司概覽 | 8 | | 管理層討論及分析 | 9 | | 財務概要 | 20 | | 企業管治報告 | 21 | | 董事會報告 | 39 | | 董事及高級管理層 | 62 | | 獨立核數師報告 | 69 | | 綜合損益及其他全面收益表 | 73 | | 綜合財務狀況表 | 74 | | 綜合權益變動表 | 76 | | 綜合現金流量表 | 77 | | 綜合財務報表附註 | 79 | | 釋義 | 134 | 科笛集團 2024年年報 公司資料 執行董事 張樂樂女士 黃雨青先生 非執行董事 陳連勇博士 （主席） 謝沁博士 黃瀟博士 楊雲霞女士 獨立非執行董事 鍾明杰先生 陶德仁先生 葉曉翔先生 陳詩婷女士 (FCG, HKFCG) 授權代表 張樂樂女士 陳詩婷女士 (FCG, HKFCG) 核數師 審核委員會 鍾明杰先生 （主席） 葉曉翔先生 陶德仁先生 薪酬委員會 葉曉翔先生 （主席） 陳連勇博士 鍾明杰先生 提名委員會 陳連勇博士 （主席） 陶德仁先生 鍾明杰先生 公司秘書 ...

科笛-B(02487)公布2024年业绩 净亏损约4.34亿元 同 比收窄77.91% 智通财经APP讯，科笛-B(02487)公布2024年业绩，收益约2.8亿元，同比增加约103%。毛利为约1.435亿 元，同比增加约102.0%。净亏损约4.34亿元，同比收窄77.91%。每股亏损1.41元。 公告称，收益增长主要是由于毛发疾病及护理产品及日常护肤产品的销量增加。 2024年是该公司第二个完整的商业化年度，凭借公司强大的产品能力、销售和运营优势，公司持续打 造"爆品"，保持线上销售的优异表现。在"618活动"期间，公司的产品取得GMV超过人民币5600万元， 同比增长500%。在"双11活动"期间，公司的产品取得GMV超过人民币1.1亿元，较"618活动"全周期实 现翻倍。毛发疾病及护理产品持续放量，单品表现突出(其中CUP-MNDE("Bailleul®"米诺地尔喷雾剂) 在天猫的跨境米诺地尔类别中销量排名第一)，其他毛发疾病及护理产品的收益占比持续提升。公司持 续地向市场推出新的产品，不断完善"青丝几何 ®"的产品矩阵。同时，公司致力于建立并加强消费者的 长期信任，复购率和客服询单转化率持续高于行业 ...

Revenue Growth - Revenue increased approximately 103% from about RMB 138 million for the year ended December 31, 2023, to about RMB 280 million for the year ended December 31, 2024[5]. - Revenue increased approximately 103.2% from about RMB 137.6 million for the year ended December 31, 2023, to about RMB 279.6 million for the year ended December 31, 2024, primarily due to increased sales of hair disease and care products and daily skincare products[27]. - The company reported total revenue of RMB 279.6 million for the year ending December 31, 2024, compared to RMB 137.6 million in 2023, representing a growth of 102.6%[67]. Profitability and Loss - Gross profit increased approximately 102.0% to about RMB 143.5 million for the year ended December 31, 2024, with a stable gross margin of approximately 51%[29]. - The total loss for the year was RMB 433.8 million, a reduction from RMB 1,963.8 million in 2023, showing an improvement in financial performance[67]. - The company reported a net loss of RMB 433.8 million for 2024, a significant improvement from a loss of RMB 1,963.8 million in 2023[45]. - Non-IFRS adjusted net loss for 2024 was RMB 365.2 million, compared to RMB 351.9 million in 2023, representing a loss margin of 1.31% of revenue[45]. - The basic and diluted loss per share for 2024 was RMB 1.41, compared to RMB 9.60 in 2023, reflecting a reduction in losses[90]. Expenses and Costs - Sales and distribution expenses as a percentage of revenue significantly decreased compared to the previous year, while R&D costs decreased by approximately RMB 17 million or 8%, and administrative expenses decreased by approximately RMB 44 million or 24%[5]. - Cost of sales rose by approximately RMB 69.6 million to about RMB 136.2 million for the year ended December 31, 2024, compared to about RMB 66.6 million for the year ended December 31, 2023, consistent with business growth[28]. - Selling and distribution expenses increased approximately 26.6% to about RMB 263.7 million for the year ended December 31, 2024, compared to about RMB 208.3 million for the year ended December 31, 2023, driven by expanded online marketing activities[32]. - Research and development costs decreased approximately 7.7% to about RMB 199.0 million for the year ended December 31, 2024, from about RMB 215.7 million for the year ended December 31, 2023[33]. - Administrative expenses decreased approximately 23.7% to about RMB 141.9 million for the year ended December 31, 2024, compared to about RMB 185.9 million for the year ended December 31, 2023[35]. Cash and Financial Position - The total cash and cash equivalents, along with financial assets at fair value, amounted to approximately RMB 876 million as of December 31, 2024[5]. - Cash and cash equivalents decreased by approximately 18.5% to RMB 385.7 million as of December 31, 2024, down from RMB 473.1 million in 2023[46]. - The company's current assets totaled approximately RMB 1,087.1 million, with current liabilities of about RMB 323.3 million, including interest-bearing bank loans of RMB 213.3 million[46]. - The debt-to-asset ratio increased to 30.0% as of December 31, 2024, up from 21.0% in 2023, primarily due to increased interest-bearing bank loans[49]. - The company held financial assets at fair value of approximately RMB 480.0 million as of December 31, 2024, an increase of about 2.3% from RMB 469.3 million in 2023[46]. Product Development and Approvals - CU-10201, a topical 4% minocycline foam, received approval from the National Medical Products Administration in November 2024, marking it as the first and only approved topical minocycline for acne treatment globally[6]. - CU-40102, a topical finasteride spray, had its NDA accepted by the National Medical Products Administration in January 2024, and it is the first and only approved topical finasteride product for androgenetic alopecia[6]. - CU-30101, a topical lidocaine-prilocaine cream, had its drug registration application accepted in July 2024, demonstrating comparable analgesic efficacy to the reference product Pliaglis®[6]. - The company completed the Phase II clinical trial for CU-20401, a recombinant mutated collagenase for treating submental fat accumulation, showing significant efficacy and good safety profile[6]. - CU-20401 is expected to accelerate into Phase III clinical trials following positive Phase II results, showcasing good safety and efficacy[24]. Market Performance - During the "618 event," the company's products recorded GMV exceeding RMB 56 million, a year-on-year increase of 500%, and during the "Double 11 event," GMV exceeded RMB 110 million, doubling the performance from the "618 event"[6]. - The company has developed a tailored commercialization strategy to penetrate the extensive skin disease treatment market in China, leveraging online and offline marketing channels[18]. - The self-operated customer service team enhances customer experience, contributing to higher repurchase rates and brand loyalty[20]. Governance and Corporate Structure - The company has adhered to all applicable corporate governance codes throughout the year ending December 31, 2024[58]. - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[109]. - The company has established independent investment funds, such as Oriental Kylin Fund SPC and Summit View Fund SPC, to enhance its investment strategies[110]. Shareholder Actions - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[64]. - The company has repurchased a total of 1,362,600 shares at a total cost of approximately HKD 15.1 million, representing about 0.44714% of the issued shares[60].

中远海能、泉峰控股、春立医疗、农夫山泉、福莱特玻璃等跌逾2%。 证券时报网讯，部分港股通标的逆市下跌，科笛-B以5.43%的跌幅领跌，紧随其后的是海丰国际，下跌 4.04%，中国中药下跌3.90%，知行汽车科技下跌3.74%，特海国际下跌3.03%。 校对：刘星莹 ...

Revenue and Financial Performance - Revenue increased by approximately 178.3% from about RMB 343 million for the six months ended June 30, 2023, to about RMB 956 million for the six months ended June 30, 2024[4]. - The company reported a revenue increase of 178.3%, from RMB 34.3 million for the six months ended June 30, 2023, to RMB 95.6 million for the six months ended June 30, 2024, primarily due to increased sales of hair disease and skincare products[21]. - Revenue for the six months ended June 30, 2024, was RMB 95,575 thousand, a significant increase from RMB 34,343 thousand in the same period of 2023, representing an increase of 178%[102]. - Gross profit for the same period was RMB 50,335 thousand, compared to RMB 21,260 thousand in 2023, indicating a growth of 136%[102]. - The total loss for the period was RMB 200,926 thousand, a reduction from a loss of RMB 1,640,339 thousand in the previous year, showing an improvement of 87%[102]. - Basic and diluted loss per share was RMB (0.66), compared to RMB (15.84) in the prior year, reflecting a significant reduction in loss per share[102]. - The adjusted net loss for the six months ended June 30, 2024, was approximately RMB 1.61 billion, with the adjusted net loss as a percentage of revenue further narrowing[4]. Product Performance and Development - During the "618 event," the combined GMV of hair disease and care products and skin care products grew nearly fivefold year-on-year[5]. - The revenue of the "Qing Si Ji He" selenium disulfide shampoo increased by 12,100% year-on-year in the first half of 2024[5]. - CU-40102, the world's first and only approved topical finasteride for androgenetic alopecia, had its NDA accepted by the National Medical Products Administration in January 2024[5]. - CU-10201, the world's first and only approved topical minocycline for acne treatment, received NDA acceptance in September 2023[6]. - CU-30101, a topical lidocaine-dinoprost cream for skin surface surgeries, had its drug listing application accepted in July 2024[6]. - CU-40102 is the world's first and only approved topical finasteride spray for androgenetic alopecia, with its NDA accepted by the National Medical Products Administration (NMPA) in January 2024[10]. - CU-10201 is the first and only approved topical minocycline foam for the treatment of acne, with its NDA accepted by the NMPA in September 2023[11]. - CU-30101 completed its Phase III clinical trial in January 2024, with its drug registration application accepted by the NMPA in July 2024[13]. - CU-20401 is currently undergoing a Phase II clinical trial for submental fat accumulation, expected to complete by 2025 and aims for regulatory approval in 2028[14]. Marketing and Sales Strategy - The company is focused on expanding its online marketing strategy and enhancing sales capabilities across various e-commerce and social media platforms[20]. - The "Qing Si Ji He®" flagship store on e-commerce platforms has a repurchase rate and customer inquiry conversion rate consistently above industry averages[16]. - The company is expanding its interest e-commerce channels, with significant year-on-year revenue growth in the first half of 2024[16]. - The "Ouma" olive oil series products account for over 70% of skin care product sales[16]. - The online sales performance during the "618 event" saw a nearly fivefold year-on-year increase in GMV for hair and skin care products[16]. Expenses and Cost Management - The cost of sales rose from RMB 13.1 million to RMB 45.2 million, an increase of RMB 32.1 million, consistent with business growth[22]. - Sales and distribution expenses increased by 78.3% from RMB 58.0 million to RMB 103.5 million, driven by expanded online marketing activities[26]. - Research and development costs rose by 9.8% from RMB 90.1 million to RMB 99.0 million, attributed to an increase in R&D personnel and milestone-related expenses[27]. - Administrative expenses decreased by 23.1% from RMB 87.9 million to RMB 67.6 million, primarily due to reduced share-based payment expenses[29]. - Financial costs increased by 182.4% from RMB 1.7 million to RMB 4.8 million, mainly due to increased bank loans for operational funding[30]. - Other income decreased by 44.6% from RMB 21.5 million to RMB 11.9 million, mainly due to reduced government subsidies and lower bank interest income[24]. Shareholder and Equity Information - As of June 30, 2024, the beneficial ownership of shares includes Zhang Lele with 27,524,275 shares (9.03%) and Huang Yuqing with 4,750,000 shares (1.56%) in the company[50]. - As of June 30, 2024, 6 Dimensions Capital, L.P. holds 61,771,710 shares, representing approximately 20.27% of the total shares[51]. - 6 Dimensions Capital GP, LLC controls 65,022,855 shares, accounting for about 21.34% of the total shares[51]. - The total shareholding structure indicates significant concentration among a few major shareholders, with the top three shareholders holding over 60% of the total shares[51]. - The company has a diverse shareholder base, including various investment partnerships and funds, indicating strong institutional interest[51]. - The company repurchased a total of 585,800 shares at a total cost of approximately HKD 4.2 million, representing about 0.19223% of the issued shares as of the date of the repurchase resolution[56]. - The total number of issued shares remains unchanged at 304,738,625 shares after the repurchase[56]. Cash Flow and Financial Position - As of June 30, 2024, cash and cash equivalents totaled RMB 276.0 million, a decrease of 41.7% from RMB 473.1 million as of December 31, 2023, primarily due to expenditures in R&D and operations[36]. - The company's current assets amounted to RMB 1,210.1 million, including cash and cash equivalents of RMB 276.0 million, while current liabilities were RMB 237.8 million[36]. - The debt-to-asset ratio as of June 30, 2024, was 21.2%, slightly up from 21.0% as of December 31, 2023[38]. - The total equity of Cutia Therapeutics is RMB 1,188,333,000, down from RMB 1,349,039,000 as of December 31, 2023, representing a decrease of approximately 11.93%[104]. - The company’s cash and cash equivalents decreased to RMB 276,047,000 as of June 30, 2024, down from RMB 693,557,000 as of June 30, 2023, a decline of approximately 60.19%[109]. - The total amount of loans payable within one year increased to RMB 170,332,000 as of June 30, 2024, compared to RMB 129,411,000 as of December 31, 2023[131]. Corporate Governance and Compliance - The company has adopted the principles and code provisions of the corporate governance code and has complied with all applicable code provisions for the six months ending June 30, 2024[90]. - The company has complied with the standard code of conduct for securities trading, with no violations reported by employees who may possess inside information[58]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[95]. - There were no significant breaches of loan agreements during the reporting period[93]. - The company did not issue any equity securities or sell treasury shares for cash during the reporting period[94].

Fund Allocation and Utilization - Global offering net proceeds amounted to approximately HKD 392.7 million (equivalent to approximately RMB 356.8 million)[1] - 42% of the net proceeds (HKD 164.9 million) allocated for CU-20401 R&D personnel costs and ongoing R&D activities[1] - 11% of the net proceeds (HKD 43.2 million) allocated for CU-40102 and CU-10201 R&D personnel costs and ongoing R&D activities[1] - 10% of the net proceeds (HKD 39.3 million) allocated for technology and business development for pipeline expansion[1] - 5% of the net proceeds (HKD 19.6 million) allocated for working capital and general corporate purposes[1] - As of December 31, 2023, HKD 130.2 million of the net proceeds had been utilized, with HKD 262.5 million remaining unused[1] Equity Incentive Plan - 30,402,446 shares were available for issuance under the post-IPO equity incentive plan, representing 9.98% of the company's issued shares[2] - The post-IPO equity incentive plan allows for the granting of options or share awards with a minimum holding period of 12 months from the grant date[2]

f 源证券 医药生物/生物制品 公 司 研 究 科笛-B（02487.HK） 2024 年 08 月 31 日 上半年营收维持较快增长，各重磅管线进展顺利 ——港股公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 杨柏炜（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 yangbowei@kysec.cn 证书编号：S0790524050001 事件：2024H1 营收同增 178%，维持较快增长 公司发布半年报：2024H1 实现营收 0.96 亿元（同比+178.3%，下同）、归母净利 润-2.01 亿元、经调净利润-1.61 亿元，经营层面亏损占收入的比例进一步收窄。 公司是泛皮肤病治疗领域新星，毛发产品全面布局，研发+消费双管齐下共筑壁 垒，外用米诺环素/外用非那雄胺/利丁双卡因麻膏获批后有望贡献增量。我们维 持盈利预测不变，预计公司 2024-2026 年归母净利润为-4.97/-3.41/-1.70 亿元，对 应 EPS 为-1.63/-1.12/-0.56 元，营业收入为 2.79/5.49/10.09 亿元，当前股价对应 PS 为 12.8 ...

Revenue Growth - Revenue increased by approximately 178.3% from about RMB 343 million for the six months ended June 30, 2023, to about RMB 956 million for the six months ended June 30, 2024[2]. - Revenue increased by 178.3% from RMB 34.3 million for the six months ended June 30, 2023, to RMB 95.6 million for the six months ended June 30, 2024, primarily due to increased sales of hair disease and care products and daily skincare products[12]. - The company reported a significant increase in customer contract revenue, reaching RMB 95,575 thousand for the six months ended June 30, 2024, compared to RMB 34,343 thousand for the same period in 2023, representing a growth of approximately 178%[46]. Gross Margin and Profit - Gross margin improved by approximately 5 percentage points from about 48% for the six months ended December 31, 2023, to about 53% for the six months ended June 30, 2024[2]. - Gross profit increased by 136.8% from RMB 21.3 million for the six months ended June 30, 2023, to RMB 50.3 million for the six months ended June 30, 2024[14]. - Gross margin decreased from approximately 62% for the six months ended June 30, 2023, to approximately 53% for the six months ended June 30, 2024, but increased by about 5 percentage points from approximately 48% for the six months ended December 31, 2023[14]. Loss and Financial Performance - Adjusted net loss for the six months ended June 30, 2024, was approximately RMB 161 million, with the adjusted net loss as a percentage of revenue further narrowing[2]. - The company recorded a loss of RMB 200.9 million for the six months ended June 30, 2024, a decrease of RMB 1,439.4 million compared to a loss of RMB 1,640.3 million for the six months ended June 30, 2023[23]. - Basic and diluted loss per share improved to RMB (0.66) from RMB (15.84) year-over-year[38]. Research and Development - CU-40102, the first and only approved topical finasteride product for androgenetic alopecia, had its NDA accepted by the National Medical Products Administration in January 2024[5]. - CU-10201, the first and only approved topical minocycline foam for acne treatment, received priority review qualification in August 2023 and had its NDA accepted in September 2023[5]. - The company is conducting a Phase II clinical trial for CU-20401, aimed at treating submental fat accumulation, with the last patient enrolled in June 2024[3]. - The company is actively engaged in research and development, focusing on core products such as CU-20401, CU-40102, and CU-10201[58]. Sales and Marketing - During the "618 event," the combined GMV of hair disease and care products and skin care products grew nearly fivefold year-on-year[3]. - Online sales performance showed significant growth, with GMV for hair disease and care products and skincare products increasing nearly fivefold during the "618 event" period[8]. - The company aims to enhance its online marketing strategy and strengthen sales capabilities across various e-commerce and social media platforms to increase brand awareness[11]. Expenses and Costs - Sales cost rose from RMB 13.1 million for the six months ended June 30, 2023, to RMB 45.2 million for the six months ended June 30, 2024, an increase of RMB 32.1 million, consistent with business growth[13]. - Sales and distribution expenses increased by 78.3% from RMB 58.0 million for the six months ended June 30, 2023, to RMB 103.5 million for the six months ended June 30, 2024, driven by expanded online marketing activities[16]. - R&D costs rose by 9.8% from RMB 90.1 million for the six months ended June 30, 2023, to RMB 99.0 million for the six months ended June 30, 2024, due to an increase in R&D personnel and higher purchasing/licensing expenses[17]. Assets and Liabilities - Cash and cash equivalents totaled RMB 276.0 million as of June 30, 2024, a decrease of 41.7% from RMB 473.1 million as of December 31, 2023, mainly due to expenditures in R&D and other operating activities[25]. - The company’s current assets amounted to RMB 1,210.1 million, including cash and cash equivalents of RMB 276.0 million, while current liabilities were RMB 237.8 million[25]. - Interest-bearing bank borrowings increased to RMB 210.3 million as of June 30, 2024, compared to RMB 189.4 million as of December 31, 2023, reflecting a growth of approximately 11.5%[26]. Employee and Compensation - The total employee compensation cost for the six months ended June 30, 2024, was RMB 113.7 million, down from RMB 134.4 million for the same period in 2023, primarily due to a decrease in share-based payment expenses[32]. - The company had a total of 360 employees as of June 30, 2024, with 57.2% in sales, marketing, and management roles[32]. Other Financial Information - Other income decreased by 44.6% from RMB 21.5 million for the six months ended June 30, 2023, to RMB 11.9 million for the six months ended June 30, 2024, primarily due to reduced government subsidies and lower bank interest income[15]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[37]. - The company has not recognized deferred tax assets due to the uncertainty of future taxable profits, which may not offset tax losses[49].

医药生物/生物制品 公 司 研 究 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 科笛-B（02487.HK） 2024 年 07 月 31 日 利丁双卡因麻膏上市申请获受理，回购股份彰显信心 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------|---------------------------| | | | | | 杨柏炜（分析师） | | | yangbowei@kysec.cn | | | | | | 证书编号： S0790524050001 | 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 | --- | --- | |-------------------------|--------------| | 日期 | 2024/7/31 | | 当前股价 ( 港元 ) | 10.300 | | 一年最高最低 ( 港元 ) | 31.000/5.570 | | 总市值 ( 亿港元 ) | 31.39 | | 流通市值 ( 亿港元 ) | 31.33 | | 总股本 ( 亿股 ) | 3.0 ...