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8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9月4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 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to strategic adjustments and the termination of a partnership with a U.S. skincare brand, while focusing on the commercialization of new products [1][2] Financial Performance - In 1H25, the company achieved revenue of 0.66 million yuan, a year-on-year decrease of 30.6% - The net profit attributable to the parent company was -2.39 million yuan, with adjusted net profit at -2.18 million yuan - The gross margin for 1H25 was 48.4%, down by 4.3 percentage points [1] Strategic Adjustments - The revenue decline was attributed to the company's decision to terminate its agency cooperation with the U.S. skincare brand OMA, reallocating resources to new products CU-40102 and CU-10201, which have received regulatory approval - The company is optimistic about accelerating revenue growth in the second half of the year as these core products move towards commercialization [1][2] Cost Management - The company has optimized its expenses, with sales, management, and R&D costs in 1H25 being 0.92 million, 0.64 million, and 0.79 million yuan respectively, showing year-on-year decreases of 11.4%, 5.0%, and 20.3% - The reduction in sales expenses is attributed to improved investment efficiency in multiple products and strategic marketing preparations for upcoming commercialized products [1] Product Pipeline and Future Outlook - The company has made significant progress in its hair and skin care business, with two key products expected to receive market approval in late 2024 and mid-2025 - The company anticipates that the commercialization of these products will enhance growth potential and contribute positively to financial performance [2] - Projections for net profit from 2025 to 2027 are -2.87 million, -1.00 million, and 1.35 million yuan respectively, maintaining a "buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leader in the treatment of skin diseases, with expectations for pipeline commercialization to contribute incremental growth [7] - The company has made strategic adjustments, optimizing expenses while focusing on the commercialization of two core products, which are expected to drive revenue growth in the second half of the year [7] - The company has achieved significant progress in its hair and skin care business, with two major products expected to receive regulatory approval and contribute to growth [7] Financial Performance Summary - Revenue for 2023 is projected at 138 million, with a growth rate of 1110.83%, and is expected to reach 1,070 million by 2027, with a growth rate of 52.40% [6] - The company is expected to report a net profit of -1,964 million in 2023, improving to a profit of 135 million by 2027 [6] - The gross margin for the first half of 2025 was 48.4%, with a decrease of 4.3 percentage points compared to the previous year [7] Product Pipeline and Commercialization - The company anticipates significant contributions from its core pipeline, with two key products expected to be commercialized in the near future [7] - The external 4% minocycline foam and external finasteride spray are set to receive market approval in November 2024 and June 2025, respectively [7] - Additional products in the pipeline include a recombinant collagenase for submental fat accumulation and a new small molecule for atopic dermatitis, with clinical trials progressing [7]

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

消息面上，科笛公布中期业绩，上半年收益同比减少30.6%至约6630万元；净亏损约2.39亿元，同比增 加约19.1%。公告称，收益减少主要是由于在宏观政策和国际环境影响下，集团审慎决定终止与美国护 肤品牌欧玛的代理合作，并将资源调配至已获得监管机构批准的CU-40102(外用非那雄胺喷雾剂)和CU- 10201(外用4%米诺环素泡沫剂)等新品的商业化准备中。该类新品预期具有更大市场潜力和更高投入产 出比，预期该调整有利于集团中长期发展。 此外，科笛宣布，拟发行合共2890.4万股配售股份，每股配售价8.40港元，较上一交易日收市价每股 9.55港元折让约12.04%，配售所得款项净额约为2.4亿港元，其中45%用于局部脂肪堆积管理、毛发疾病 及护理、皮肤疾病及护理以及表皮麻醉等领域的临床前研究开发、临床试验及生产设施布局；另外45% 用于CU-40102(外用非那雄胺喷雾剂)和CU-10201(外用4%米诺环素泡沫剂)的市场推广、渠道拓展及品 牌建设；剩余10%则用作营运资金及一般企业用途。 科笛-B(02487)早盘涨超14%，截至发稿，涨14.24%，报10.91港元，成交额2906.52万港元。 ...

Group 1 - The core viewpoint of the news is that 科笛-B (02487) experienced a significant stock price increase of over 14% despite reporting a substantial decline in revenue and an increase in net loss for the first half of the year [1] - The company's revenue decreased by 30.6% year-on-year to approximately 66.3 million HKD, while the net loss increased by about 19.1% to approximately 239 million HKD [1] - The decline in revenue is attributed to the company's decision to terminate its agency cooperation with the US skincare brand 欧玛 due to macroeconomic policies and international environment impacts, reallocating resources to new products with higher market potential [1] Group 2 - 科笛 plans to issue a total of 28.9 million placement shares at a price of 8.40 HKD per share, representing a discount of approximately 12.04% to the previous trading day's closing price of 9.55 HKD [2] - The net proceeds from the placement are expected to be approximately 240 million HKD, with 45% allocated for preclinical research and development, clinical trials, and production facility layout in areas such as localized fat management and skin diseases [2] - Another 45% of the proceeds will be used for marketing, channel expansion, and brand building for the new products CU-40102 and CU-10201, while the remaining 10% will be used for working capital and general corporate purposes [2]

Group 1 - The core point of the article is that Codex Group (stock code: 2487) announced a share placement to raise approximately HKD 240 million through the issuance of 28,904,000 new shares at a price of HKD 8.40 per share, which represents a discount of about 12.0% from the previous closing price of HKD 9.55 [1] - The placement shares represent approximately 9.1% of the existing issued share capital and about 8.3% of the enlarged share capital after completion [1] - The placement is managed by BOC International and Haitong International as placement agents, and the completion is expected by September 5, 2025 [1] Group 2 - Codex Group is an investment holding company focused on developing innovative and comprehensive solutions to meet the diverse and evolving needs of patients and consumers in the dermatology treatment and care market [2] - Approximately HKD 110 million of the raised funds will be allocated for preclinical research and clinical trials related to local fat accumulation management, hair diseases and care, skin diseases and care, and epidermal anesthesia pipeline [2] - Another HKD 110 million will be used for marketing activities, channel expansion, and brand building for CU - 40102 (topical finasteride spray) and CU - 10201 (topical 4% minocycline foam) [2] - The remaining HKD 20 million will be allocated for working capital and other general corporate purposes [2]

Core Viewpoint - The company, 科笛-B (02487), has announced a share placement agreement to issue approximately 28.9 million shares at a price of HKD 8.40 per share, representing about 9.05% of its existing shares, with the net proceeds expected to be around HKD 240 million [1] Group 1: Share Placement Details - The placement price of HKD 8.40 per share reflects a discount of approximately 12.04% compared to the closing price of HKD 9.55 on the announcement date [1] - The share placement is facilitated by placement agents who will act on behalf of the company [1] Group 2: Use of Proceeds - Approximately 45% of the net proceeds will be allocated for clinical research and trials related to local fat accumulation management, hair diseases and care, skin diseases and care, and epidermal anesthesia pipeline [1] - Another 45% of the net proceeds will be used for marketing activities, channel expansion, and brand building for CU-40102 (a topical finasteride spray) and CU-10201 (a topical 4% minocycline foam) [1] - The remaining 10% of the net proceeds will be utilized for working capital and other general corporate purposes [1]

Core Viewpoint - The company, 科笛-B (02487), has entered into a placement agreement to issue 28.904 million shares at a price of HKD 8.40 per share, representing approximately 9.05% of the company's issued shares as of the announcement date, with a discount of about 12.04% compared to the closing price of HKD 9.55 on August 28, 2025 [1] Summary by Categories Placement Details - The placement agreement was signed with placement agents on August 28, 2025, to facilitate the subscription of shares at HKD 8.40 each [1] - The total number of shares to be placed is 28.904 million, which is about 9.05% of the company's issued shares excluding treasury shares [1] - The placement price represents a discount of approximately 12.04% from the closing price on the same day [1] Expected Net Proceeds - The estimated net proceeds from the placement are approximately HKD 240 million after deducting related expenses and costs [1] Use of Proceeds - About 45% of the net proceeds will be allocated for clinical research and trials related to localized fat accumulation management, hair diseases and care, skin diseases and care, and epidermal anesthesia pipeline [1] - Another 45% will be used for marketing activities, channel expansion, and brand building for CU-40102 (topical finasteride spray) and CU-10201 (topical 4% minocycline foam) [1] - Approximately 10% of the net proceeds will be utilized for working capital and other general corporate purposes [1]

本公告並不構成在美國或在有關要約屬違法的任何其他司法權區購買或認購任何證券之提呈要 約或招攬，亦不構成其任何一部分。本公告提及的證券並無且將不會根據不時修訂之《1933年 美國證券法》（《美國證券法》）或美國任何其他州之證券法律登記，且不得在美國提呈發售或出 售，惟根據《美國證券法》的規定進行登記，或適用豁免登記，或進行毋須遵守有關登記規定的 交易則除外。本公司無意按照《美國證券法》於美國登記本公告所述任何證券，亦無意於美國公 開發售證券。 Cutia Therapeutics 科笛集團 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。 本公告或其任何文本概不得直接或間接在美國，或在發放或派發本公告屬違法的任何其他司法 權區內發放或派發。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。 （於開曼群島註冊成立的有限公司） （股份代號：2487） 根據一般授權配售新股 整體協調人兼配售代理 根據一般授權配售新股 2025年8月28日（交易時 ...