Summary of the Conference Call for 开拓药业 (Kaituo Pharmaceutical) Company Overview - **Company**: Kaituo Pharmaceutical - **Industry**: Pharmaceutical and Cosmetics Key Points Strategic Transformation - The company is undergoing a strategic transformation towards dermatology, aiming for gross profit to turn positive by 2025 and achieving both cash flow and profitability by 2027 [2][4] - The decision for transformation was influenced by excessive investment in COVID-19 projects, which impacted financial stability and focus [4] Financial Performance and Projections - Projected revenue for 2025 is expected to increase from 5 million RMB in 2024 to 32.7 million RMB, a growth of approximately 550% [3] - Domestic cosmetics sales are projected at 24.3 million RMB, with overseas sales at 5.9 million RMB, both showing a 500% increase [3] - The company anticipates a significant increase in sales for its core products, KX-826 and GT20,029, with KX-826 expected to generate 120 million RMB in 2026 [5][12] Product Development and Clinical Trials - KX-826 has successfully completed Phase III clinical trials, showing better safety compared to Minoxidil, with a pricing strategy set to be 50%-100% higher than competitors [2][7] - GT20,029 is positioned as a third-generation tyrosinase inhibitor, targeting a market previously dominated by older products [5][10] Marketing Efficiency - Marketing efficiency for the ToC (Consumer) segment has improved significantly, with the input-output ratio moving from 4.4:1 in 2024 to approximately 1:1 by early 2026 [2][3] Business Development and Partnerships - The company is actively pursuing business development (BD) opportunities, including licensing non-dermatology pipelines and overseas rights to alleviate financial pressure [2][5] - Plans to collaborate with major cosmetic brands for GT19,939 to enhance market penetration and brand recognition [12][14] Challenges and Responses - The company is addressing patent challenges raised by Bayer, asserting that scientific data supports their position and enhances product awareness [2][9] - Despite challenges, the company views increased scrutiny as an opportunity to elevate the profile of GT19,939 in the market [12][13] Future Outlook - The company aims to transition from a research-focused entity to a commercialized company while maintaining a strong emphasis on R&D [4][5] - Expected sales for GT19,939 in 2026 are projected to reach 2-3 tons, with significant growth anticipated in 2027 [12][13] Market Positioning - KX-826 is targeted at the mass market, while GT20,029 is aimed at the high-end market, potentially combining with professional channels for greater value [10][11] - The company is exploring combination therapies to enhance treatment efficacy and patient adherence [10][11] Conclusion - Kaituo Pharmaceutical is strategically positioning itself within the dermatology sector, with ambitious growth targets and a focus on innovative product development. The company is navigating challenges while leveraging opportunities for market expansion and brand recognition.

Financial Performance - The group's revenue increased from RMB 5.0 million for the year ended December 31, 2024, to RMB 32.7 million for the year ended December 31, 2025, representing a growth of 554.0%[3]. - The net loss increased by RMB 44.8 million or 28.8% from RMB 155.3 million for the year ended December 31, 2024, to RMB 200.1 million for the year ended December 31, 2025[4]. - The total comprehensive loss for the year ended December 31, 2025, was RMB 200.1 million, compared to RMB 155.3 million in 2024, indicating an increase in losses of approximately 28.8%[69]. - The company recorded a total loss of RMB 200.1 million for the year ended December 31, 2025, compared to RMB 155.3 million for the previous year[50]. - The basic loss per share increased to RMB (0.44) in 2025 from RMB (0.36) in 2024, with total losses attributable to equity holders reaching RMB (200,107,000) in 2025 compared to RMB (155,292,000) in 2024[124]. Research and Development - The company has five potential first-in-class/best-in-class drugs in clinical phases I-III and one new ingredient in the whitening field, KT-939[7]. - KX-826 achieved significant milestones in clinical trials, including reaching primary endpoints with statistical significance in multiple phases[7]. - The company has developed 5 clinical-stage drugs and 1 new ingredient, obtaining clinical trial approvals in China, the United States, and other regions[19]. - KX-826, a topical AR antagonist, has shown significant efficacy in treating androgenetic alopecia, with key clinical trials achieving primary endpoints and demonstrating statistical significance and clinical relevance[21]. - The company is actively exploring commercialization pathways for KX-826 and has patented it in multiple countries, with core patent protection until September 8, 2030[19]. Clinical Trials and Product Development - The company completed the critical Phase III clinical trial for KX-826 targeting male pattern baldness, demonstrating significant efficacy and safety[13]. - The AR-PROTAC compound GT20029 gel for acne treatment successfully met primary endpoints in its Phase II clinical trial in China[8]. - The Phase II clinical trial for GT20029 in acne treatment achieved its primary endpoint with statistical significance, confirming a recommended dose of 0.5% for Phase III trials[33]. - The long-term safety clinical trial for KX-826 in China has reached its primary endpoint, showing excellent safety and efficacy results, with data expected to be announced on March 20, 2025[21]. - The company is developing GT0486, a second-generation mTOR inhibitor for treating metastatic solid tumors such as breast cancer, prostate cancer, and liver cancer[165]. Financial Position and Liquidity - The group had cash and cash equivalents of RMB 32.7 million as of December 31, 2025, and unused bank financing of RMB 50 million[5]. - The cash and cash equivalents decreased by RMB 114.7 million or 77.8% from RMB 1.474 billion as of December 31, 2024, to RMB 327.4 million as of December 31, 2025[72]. - The current ratio dropped from 103.0% as of December 31, 2024, to 43.3% as of December 31, 2025, primarily due to the decrease in cash and cash equivalents[84]. - The company plans to alleviate liquidity pressure through various measures, including renewing existing bank credit lines and exploring equity financing[17]. - The group plans to monitor liquidity reserves based on expected cash flows and may consider issuing new shares or borrowing to meet operational funding needs[90]. Marketing and Sales Strategy - The company achieved sales revenue of RMB 32.7 million during the reporting period, a year-on-year increase of approximately 554.0%, primarily driven by live e-commerce sales of the KOSHINÉ brand[16]. - The company is expanding its overseas sales channels, focusing on platforms like Amazon in the U.S. to meet the diverse needs of global cosmetic consumers[16]. - The company plans to transition its cosmetics business from R&D to commercialization, planning to allocate more resources for new product launches and global marketing[132]. - Future strategies include deepening partnerships with major e-commerce platforms like Tmall and JD, and enhancing online promotion through live streaming on platforms like Douyin and Xiaohongshu[132]. - The company aims to expand its KOL and influencer collaborations to enhance market penetration and brand visibility[133]. Administrative and Operational Expenses - Administrative expenses increased by RMB 20.3 million or 32.8% from RMB 61.8 million in 2024 to RMB 82.1 million in 2025, primarily due to an increase in impairment losses on intangible assets of RMB 24.1 million[60]. - Other income decreased by RMB 19.6 million or 89.5% to RMB 2.3 million for the year ended December 31, 2025, mainly due to reduced government subsidies[53]. - Employee benefits expenses in administrative costs decreased by RMB 7.6 million from 2024, despite an increase in overall administrative expenses[60]. - The total expenses for the year ended December 31, 2025, amounted to RMB 235,265,000, up from RMB 176,256,000 in 2024[117]. - The company did not declare or pay any dividends for the years ended December 31, 2025, and 2024[122]. Strategic Partnerships and Collaborations - The company is in strategic partnerships for the joint development of KT-939-based cosmetics with Zhejiang Funuo Pharmaceutical Co., Ltd. and Shanghai Shangmei Cosmetics Co., Ltd.[44]. - The company is negotiating business development and commercialization for KX-826 and GT20029 with multiple potential clients[49]. - The company has suspended the development of several pipeline drugs to focus resources on the dermatological candidate drug KX-826[105]. - The company is actively seeking additional equity financing and negotiating with potential investors for new share subscriptions[156]. - The group is also pursuing additional bank financing and negotiating refinancing of existing loans under similar terms[156]. Governance and Compliance - The board believes that having the same individual serve as both Chairman and CEO ensures consistent leadership and effective strategy planning[135]. - The audit committee has reviewed the financial statements and found no objections to the accounting policies adopted by the group[158]. - The company has adopted a standard code for securities trading by directors, confirming compliance throughout the reporting period[136]. - The board has resolved not to declare any final dividend for the year ending December 31, 2025 (2024: none)[160]. - The company is currently evaluating the impact of new accounting standards on its consolidated financial statements, with potential implications for presentation[110].

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之內容概不負責，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份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 開拓藥業有限公司 ＊ KINTOR PHARMACEUTICAL LIMITED 董事會主席、執行董事及行政總裁 童友之博士 香港，2026 年 3 月 23 日 於本公告日期，執行董事為童友之博士 及倪翔博士 ；非執行董事為 陳雲飛先生 及 衛 舸 琪女士；及獨立非執行董事為徐敏博士、楊懷嚴先生及童亮教授。 茲提述開拓藥業有限公司*（「本公司」）日期為 2026 年 1 月 26 日的公告，內容有關 本公司將於 2026 年 3 月 26 日（星期四）舉行董事（「董事」）會（「董事會」）會 議，藉以（其中包括）考慮及批准本公司及其附屬公司截至 2025 年 12 月 31 日止年度 之全年業績及其發佈。 鑒於董事之時間安排，董事會謹此宣佈上述董事會會議將延期至 2026 年 3 月 30 日 （星期一）舉行。 承董事會命 KINTOR PHARMACEUTICAL LIMITED ( 於開曼群島註冊成立 ...

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之內容概不負責，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份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 開 拓 藥 業 有 限 公 司 * KINTOR PHARMACEUTICAL LIMITED （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9939） 自願公告 KX-826酊1.0%治療中國成年男性雄激素脫髮 關鍵性臨床試驗III期階段達到主要終點 本公告由開拓藥業有限公司*（「本公司」，連同其附屬公司統稱「本集團」）自願 刊發，以知會本公司股東及潛在投資者有關本集團的最新進展。 茲提述本公司日期為2025年7月31日的自願公告，內容有關KX-826酊1.0%治療 中國成年男性雄激素脫髮（「AGA」或「脫髮」）的關鍵性臨床試驗（「該項關鍵性 臨床試驗」）III期階段（「該III期階段」），其已於2025年7月底完成全部受試者入 組。 本公司董事（「董事」）會（「董事會」）欣然宣佈，其自主研發、潛在同類首創的 KX-826酊1.0%治療脫髮的關鍵性臨床試驗III期階段 ...

開 拓 藥 業 有 限 公 司 * KINTOR PHARMACEUTICAL LIMITED （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9939） 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之內容概不負責，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份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 自願公告 就KT-939與上美股份簽訂戰略合作框架協議 本公告由開拓藥業有限公司*（「本公司」，連同其附屬公司統稱「本集團」）自願 刊發，以知會本公司股東及潛在投資者有關本集團的最新進展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，近日，本公司全資附屬公司蘇州 開拓藥業股份有限公司（「蘇州開拓」）與上海上美化妝品股份有限公司（一家於 香港聯合交易所有限公司上市的公司（股份代號：2145），「上美股份」）訂立化 妝品領域附帶排他條款的戰略合作框架協議（「框架協議」），內容有關本公司 美白祛斑功效性化妝品原料KT-939的快速商業化。 根據框架協議，蘇州開拓與上美股份就KT-939在中國作為一種化妝品新成分 的註冊與 ...

Market Updates - JD Health (06618) rose over 4.5% following a strategic partnership announcement with leading medical device brand Yuyue Medical [1] - Kangfang Biopharma (09926) increased by over 5.7% after receiving NMPA clinical trial approval for its novel tri-specific antibody drug AK150 for treating advanced malignant solid tumors [1] - Yunfeng Financial (00376) saw a significant rise of 14.18%, with a previous day increase of over 10%, amid a temporary suspension announcement related to a major stock price surge [1] - Steel stocks collectively declined, with Asia Pacific Resources (01104) down 7.59% and Maanshan Iron & Steel (00323) down 7.28% [1] Earnings Warnings and Gains - Jiuyuan Group (00827) fell over 20% after issuing a profit warning, projecting a net loss of approximately RMB 709 million for the year ending December 31, 2025, an increase from a loss of RMB 505 million in 2024 [2] - Changfeng Pharmaceutical (02652) surged nearly 43% after announcing that its inhalation powder ICF001 for treating pulmonary arterial hypertension has received NMPA acceptance for clinical trial application [2] - Yicheng Industrial (01596) rose over 76% after announcing a projected net profit of approximately RMB 334 million for the year ending December 31, 2025, compared to a net loss of RMB 57.7 million in 2024 [3] - Akeso Biopharma (09939) increased by over 10.7% following a strategic cooperation agreement with Funo Pharmaceuticals to develop a new cosmetic product [3] Other Notable Movements - Soundon Technology (02495) rose over 5% after projecting a net profit of no less than RMB 120 million for the year ending December 31, 2025, compared to a net loss of RMB 481 million in 2024 [4] - Starry Chain Group (00399) saw an increase of 18.52% after announcing a memorandum of understanding with Newbridge Acquisition Limited for potential acquisition opportunities [4] US Market Highlights - Tencent Holdings (ADR) (TCEHY.US) rose 1.11% as it welcomed Apple's adjustment of App Store commission policies in China [5] - Meta (META.US) fell 3.83%, marking its largest intraday drop since March 6, due to delays in the release of its new AI model [5] - Ulta Beauty (ULTA.US) dropped 14.24% despite strong same-store sales growth, as fourth-quarter profits fell short of expectations [5] - Bitcoin rose over 5% to $73,764, while Ethereum increased over 6.5% to $2,201.41, reflecting a positive trend in the cryptocurrency sector [6]

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之內容概不負責，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份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 開拓藥業有限公司 ＊ KINTOR PHARMACEUTICAL LIMITED ( 於開曼群島註冊成立的有限公司 ) ( 股份代號 : 9939) 自願公告 就 K T- 939 與孚諾醫藥簽訂戰略合作協議 本公告由開拓藥業有限公司*（「本公司」，連同其附屬公司統稱「本集團」）自願 刊發，以知會本公司股東及潛在投資者有關本集團的最新進展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二六年三月十二日（交 易時段後），本公司全資附屬公司蘇州開拓藥業股份有限公司（「蘇州開拓」）與浙 江孚諾醫藥股份有限公司（「孚諾醫藥」）訂立戰略合作協議（「合作協議」），內 容有關聯合開發含本公司創新原料 KT-939 的美白祛斑功效性化妝品，作為緩解並改 善皮膚色素沉著的輔助手段。 根據合作協議，蘇州開拓將向孚諾醫藥提供 KT-939 原料，並授權其在中國大陸境內 開發、生產和銷售以 KT-939 為核心活性成分 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [3] Core Insights - The strategic position of the biopharmaceutical industry has been elevated, with innovative drugs, medical devices, and elderly care services expected to face structural opportunities in the medium to long term [2][36] - The 2026 government work report has classified the biopharmaceutical industry as a pillar industry alongside integrated circuits and aerospace, emphasizing its importance in the national economy [33][36] - There is a shift towards "full-chain support" for innovative drug development, with policies moving from macro-level support to practical payment systems, indicating a new era of diversified payment methods for innovative drugs [37][38] Summary by Sections Market Review - The biopharmaceutical index fell by 2.78% this week, underperforming the CSI 300 index by 1.71 percentage points, ranking 17th in industry performance [14] - Year-to-date, the biopharmaceutical index has increased by 0.1%, also underperforming the CSI 300 index by 0.56 percentage points, ranking 24th [14] Individual Stock Performance - In the A-share market, among 480 biopharmaceutical stocks, 75 stocks rose, accounting for 15.63%. The top five gainers were: - Yahui Pharmaceutical (+38.11%) - Zhejiang Medicine (+12.83%) - Zhongyuan Xiehe (+12.69%) - Duorui Pharmaceutical (+12.55%) - Jiuan Medical (+10.48%) [27][28] - In the Hong Kong market, 116 biopharmaceutical stocks saw 23 rise, making up 19.83%. The top ten gainers included: - Yaojie Ankang-B (+33.53%) - Deqi Pharmaceutical-B (+19.57%) - Baize Medical (+12.87%) [30][31] Industry News and Policies - The biopharmaceutical industry has been explicitly included in the national "emerging pillar industries" category, with policies aimed at enhancing multi-level medical insurance systems and promoting the development of innovative drugs and medical devices [33] - The government is encouraging commercial health insurance to cover more reasonable medical expenses outside the basic medical insurance directory, which is expected to boost investment in innovative drug development [38] Weekly Insights - The report suggests focusing on the long-term development of the biopharmaceutical industry, particularly on innovative drug and device companies that are pioneering in their fields, as well as the related industries in the silver economy [39]

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 | | | 致：香港交易及結算所有限公司 公司名稱: 開拓藥業有限公司 呈交日期: 2026年3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) | 09939 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 700,000,000 | USD | | 0.0001 | USD | | 70,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 700,000,000 | USD | | 0.0001 | USD | | 70,000 | 本月底法定/註冊股本總額： USD 70,000 第 1 頁 共 10 頁 v ...

Core Viewpoint - The company clarifies that its cosmetic sales business, while providing opportunities for commercialization, is currently small in scale compared to its core pharmaceutical business, which focuses on the development and commercialization of KX-826 and GT20029 [1] Group 1: Product and Sales - The product in question is a foam agent for hair loss under the KOSHIN brand, primarily featuring KX-826 as its main ingredient [1] - The company sets a long-term sales target of RMB 100 million, which is cumulative and not expected to be achieved in the short term [1] Group 2: Human Resources - As of the announcement date, the company has 121 employees, with 69 dedicated to drug research and supply, and 24 focused on cosmetic sales and marketing preparations for candidate drugs [1] Group 3: Financials and Funding - R&D expenses are projected to account for over 50% of total expenditures until December 31, 2025, primarily due to funding for KX-826's clinical trials for androgenetic alopecia and GT20029's clinical trials for acne [1] - The board confirms that cash flow from the cosmetic business will be utilized to fund medical and biological applications and development [2] - The company is actively negotiating bank financing expected to be granted in Q1 2026 and is also seeking equity financing from potential investors [2]