Core Viewpoint - The company Codex-B (02487) has received approval from the Hong Kong government for its product CU-40102, a topical finasteride spray, for the treatment of androgenetic alopecia, marking a significant advancement following its approval by the National Medical Products Administration of China [1] Group 1: Product Approval and Features - CU-40102 is a topical formulation that inhibits the conversion of testosterone to dihydrotestosterone in the scalp, providing a treatment option for androgenetic alopecia [1] - Unlike oral finasteride, CU-40102 allows for precise application directly to the scalp, potentially reducing systemic exposure to the drug [1] Group 2: Market Implications - The approval of CU-40102 is a crucial step for the company in the hair disease and care sector, indicating extensive commercialization preparations in China [1] - This approval is expected to enhance the international presence of CU-40102, expanding its market reach and benefiting more patients suffering from androgenetic alopecia [1]

Core Viewpoint - The company Codex-B (02487) has received approval from the Hong Kong Department of Health for its product CU-40102, a topical finasteride spray for the treatment of androgenetic alopecia, marking a significant advancement following its approval by the National Medical Products Administration of China [1] Group 1: Product Details - CU-40102 is a topical formulation that inhibits the conversion of testosterone to dihydrotestosterone in the scalp, which is effective in treating androgenetic alopecia [1] - Unlike oral finasteride, CU-40102 allows for precise application directly to the scalp, potentially reducing systemic exposure to the drug [1] Group 2: Market Implications - The approval of CU-40102 is a crucial step for the company in the hair disease and care sector, as it prepares for extensive commercialization activities in China [1] - This approval will enhance the international positioning of CU-40102, expanding its market reach and benefiting more patients suffering from androgenetic alopecia [1]

Core Viewpoint - Codex-B (02487.HK) has received approval from the Hong Kong Department of Health for its topical finasteride spray, CU-40102, aimed at treating androgenetic alopecia, marking a significant advancement following its approval from the National Medical Products Administration of China [1] Group 1: Product Details - CU-40102 is a topical formulation that inhibits the conversion of testosterone to dihydrotestosterone in the scalp, providing a targeted treatment for androgenetic alopecia [1] - Unlike oral finasteride, CU-40102 allows for precise application on the scalp, potentially reducing systemic exposure to the drug [1] Group 2: Market Implications - The approval of CU-40102 is a crucial step for the company in the hair disease and care sector, indicating extensive commercialization preparations in China [1] - This approval is expected to enhance the international presence of CU-40102, expanding its market reach and benefiting more patients suffering from androgenetic alopecia [1]

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]

Core Insights - Codex Group announced that CU-40102 (topical finasteride spray) has received approval from the National Medical Products Administration for the treatment of androgenetic alopecia, marking it as the first and only approved topical finasteride for this condition globally and in China [1] Company Summary - CU-40102 is based on results from a Phase III confirmatory clinical trial, demonstrating its effectiveness in treating androgenetic alopecia, with good local tolerability reported by participants [1] - This approval will enhance Codex Group's commercialization strategy in the dermatology treatment and care sector [1]

Core Viewpoint - The clinical trial results for CU-30101, a topical anesthetic cream, have been accepted for presentation at the 30th CSD Annual Meeting, highlighting the company's influence and cutting-edge research in the dermatology field [1] Group 1: Clinical Trial Overview - The Phase III clinical trial was a multi-center, randomized, double-blind, positive drug-controlled study designed to evaluate the safety and efficacy of CU-30101 for local anesthesia in dermatological procedures [1] - The trial used Pliaglis® as a comparator, with the primary efficacy endpoint being the visual analog scale (VAS) for pain immediately after fractional laser surgery [1] Group 2: Efficacy Results - The results showed that the VAS difference between the two sides of the face (CU-30101 side vs. Pliaglis® side) fell within the predefined equivalence range, indicating comparable analgesic efficacy [2] - No statistically significant differences were found in patient evaluations regarding pain relief, likelihood of reusing the drug, and researchers' satisfaction with the efficacy of both drugs (P > 0.05) [2] Group 3: Safety Profile - CU-30101 demonstrated good overall safety with no severe adverse events reported [2] - The local tolerability assessment of CU-30101 was similar to that of Pliaglis®, consistent with known safety characteristics, and no new safety signals were identified [2] Group 4: Regulatory Progress - Based on the Phase III trial results, the company has submitted a drug marketing application for CU-30101 to the National Medical Products Administration, which is expected to be accepted by July 2024 [2]

Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect list has led to a significant impact on the stock price of Kedi-B (02487), which experienced a notable decline followed by a recovery, supported by strong financial performance and market sentiment towards its new product developments [1][3][6]. Stock Performance - Kedi-B's stock price fell by 20.60% over six trading days after being removed from the Hong Kong Stock Connect [1]. - Following a brief recovery, the stock saw a dramatic drop of 26.88% on April 7 due to market volatility, creating a potential buying opportunity [1]. - The stock hit a low of 3.64 HKD on April 9 but rebounded significantly, reaching a peak of 7.62 HKD by May 20, surpassing pre-removal levels [1][3]. Financial Performance - Kedi-B reported total revenue of approximately 280 million RMB for 2024, a year-on-year increase of about 103% [6][7]. - Gross profit for the same period was around 144 million RMB, reflecting a 102% increase year-on-year, while net loss narrowed by 77.91% to approximately 434 million RMB [6][7]. - The company achieved a gross margin of 51.3%, up from 50.6% in the previous year, driven by improved product lines and cost management [8]. Product Line and Market Strategy - The revenue growth was primarily attributed to increased sales of hair care and skincare products, with hair care revenue exceeding 160 million RMB and skincare revenue surpassing 110 million RMB [8]. - Kedi-B plans to enter a second growth phase in 2025 with three significant prescription drugs, including treatments for acne and hair loss, which are expected to drive future revenue growth [9]. - The company is also involved in the development of a botulinum toxin product, CU-20101, which has received approval in South Korea, showcasing its technical capabilities [10][12]. Market Context - The domestic medical aesthetics market is under pressure, with many companies reporting declines in Q1 2025, yet Kedi-B's stock performance indicates positive market sentiment towards its product developments [11]. - The botulinum toxin market in China is projected to reach 11.4 billion RMB by 2025, with a compound annual growth rate of 23.9% from 2020 to 2025, indicating strong growth potential [12][14]. - Kedi-B's entry into the botulinum toxin market, particularly with innovative product forms, positions it well against established competitors [14].