Performance Updates - 开拓药业-B (09939.HK) has completed patient enrollment for the Phase III clinical trial of KX-826 solution for androgenetic alopecia in adult males in China [2] - 李氏大药厂 (00950.HK) has received approval from the National Medical Products Administration for Socazolimab to be used in combination with chemotherapy for first-line treatment of extensive-stage small cell lung cancer in mainland China [2] - 恒瑞医药 (01276.HK) has received approval for clinical trials of SHR-8068 injection, Adebali monoclonal antibody injection, and Bevacizumab injection [2] - 恒瑞医药 (01276.HK) has also received approval to conduct clinical trials for HRS-5041, intended for prostate cancer treatment [2] - 深圳高速公路股份 (00548.HK) reported toll revenue of 106 million yuan for the outer ring project in June [2] - 大成生化科技 (00809.HK) has signed an EPC contract with Northeast Electric and Liaoning Electric for boiler renovation projects, with a maximum cost of 129.1 million yuan [2] - 小黄鸭德盈 (02250.HK) has signed a contract to develop an AI marketing system to diversify revenue sources [2] Buyback and Financing Activities - 威海银行 (09677.HK) plans to issue up to approximately 758 million domestic shares and 154 million H-shares, raising nearly 3 billion yuan [2] Financial Results - 香港电讯-SS (06823.HK) reported total revenue of 17.322 billion HKD for the first half, a year-on-year increase of 4%, with a net profit of 2.07 billion HKD, also up 4% [4] - 青岛银行 (03866.HK) reported operating revenue of 7.662 billion yuan for the first half, a growth of 7.5%, and a net profit of 3.065 billion yuan, up 16.05% [4] - 中国石油化工股份 (00386.HK) expects mid-term net profit to be between 20.1 billion and 21.6 billion yuan, a year-on-year decline of 39.5%-43.7% [4] - 汽车之家-S (02518.HK) reported total revenue of 3.212 billion yuan for the first half, a decrease of 7.75%, with a net profit of 772 million yuan, down 15.99% [4] - 绿茶集团 (06831.HK) issued a profit warning, expecting mid-term net profit to be between 230 million and 237 million yuan, a year-on-year increase of approximately 32%-36% [4] - 粤海置地 (00124.HK) issued a profit warning, expecting mid-term net profit to exceed 260 million HKD, turning from loss to profit [4] - 药师帮 (09885.HK) issued a profit warning, expecting mid-term net profit to exceed 70 million yuan [4] - 中国东方教育 (00667.HK) issued a profit warning, expecting mid-term net profit to grow by 45%-50% year-on-year [4] - 中核国际 (02302.HK) issued a profit warning, expecting mid-term revenue to increase to at least 585 million HKD, with net profit of at least 9.5 million HKD [4] - 大唐环境 (01272.HK) issued a profit warning, expecting mid-term net profit to decrease to between 350 million and 400 million yuan [4] - 长江生命科技 (00775.HK) issued a profit warning, expecting mid-term net loss of approximately 150 million HKD, turning from profit to loss year-on-year [4] - 延长石油国际 (00346.HK) issued a profit warning, expecting mid-term loss of approximately 27.9 million HKD [4]

该项关键性临床试验是一项多中心、随机、双盲、赋形剂对照的 II/III 期适应性设计研究，用以评估 KX-826 酊 1.0%和 0.5%外用治疗中国成年男性 AGA 患者的有效性和安全性。该 III 期阶段试验在全国 25 家临床研究中心开展，按照规定的给药剂量进行为期 24 周的治疗和 2 周的安全观察，预计在 2026 年初完成 III 期临床。 格隆汇7月31日丨开拓药业-B(09939.HK)宣布，其自主研发、潜在同类首创的KX-826 酊 1.0%治疗脱发 的关键性临床试验 III 期阶段已完成全部 666 名患者入组。该项关键性临床试验采用 II/III 期操作无缝衔 接设计，II 期阶段已达到主要研究终点，结果具有统计学显着性及临床意义，且有效性和安全性均表现 出色。 ...

Core Viewpoint - The company has completed the enrollment of 666 patients in the pivotal Phase III clinical trial for KX-826 topical solution 1.0% for the treatment of hair loss, which is a potential first-in-class product [1] Group 1: Clinical Trial Details - The pivotal clinical trial employs a seamless II/III phase design, with the Phase II stage achieving its primary endpoint with statistical significance and clinical relevance [1] - The trial is a multi-center, randomized, double-blind, placebo-controlled adaptive design study aimed at evaluating the efficacy and safety of KX-826 topical solutions 1.0% and 0.5% in treating androgenetic alopecia (AGA) in adult males in China [1] - The Phase III trial is being conducted at 25 clinical research centers nationwide, with a treatment duration of 24 weeks followed by a 2-week safety observation period, expected to complete by early 2026 [1] Group 2: Product Development and Market Considerations - Besides KX-826 topical solution and other cosmetic products, the company cannot ensure the successful development and eventual commercialization of other products related to KX-826 [1] - Shareholders and potential investors are advised to act cautiously when trading the company's shares [1]

Core Viewpoint - The company has completed the enrollment of 666 patients in the pivotal Phase III clinical trial for KX-826 topical solution 1.0% for the treatment of hair loss, indicating significant progress in its development pipeline [1] Group 1: Clinical Trial Details - The pivotal clinical trial employs a seamless II/III phase design, with the II phase achieving primary endpoints that are statistically significant and clinically meaningful [1] - The study is a multicenter, randomized, double-blind, placebo-controlled adaptive design aimed at evaluating the efficacy and safety of KX-826 1.0% and 0.5% in treating adult male AGA patients in China [1] - The Phase III trial is being conducted at 25 clinical research centers nationwide, with a treatment duration of 24 weeks followed by a 2-week safety observation period, expected to complete by early 2026 [1] Group 2: Product Development and Market Risks - Apart from KX-826 topical solution and other cosmetic products, the company cannot ensure the successful development and eventual commercialization of other products related to KX-826 [1] - Shareholders and potential investors are advised to act cautiously when trading the company's shares [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 K X- 826 酊 1.0%治療中國成年男性雄激素脫髮 關鍵性臨床試驗 I II 期階段達完成全部患者入組 該項關鍵性臨床試驗是一項多中心、隨機、雙盲、賦形劑對照的 II/III 期適應性設計 研究，用以評估 KX-826 酊 1.0%和 0.5%外用治療中國成年男性 AGA 患者的有效性和 安全性。該 III 期階段試驗在全國 25 家臨床研究中心開展，按照規定的給藥劑量進行 為期 24 周的治療和 2 周的安全觀察，預計在 2026 年初完成 III 期臨床。 - 1 - 香港聯合交易所有限公司證券上市規則第 18A.08(3)條規定的警示聲明：除 826 外用 防脫液和祛痘膏等化妝品產品和化妝品原料外，本公司無法確保將能成功開發及最終 成功 ...

Core Insights - The company, 开拓药业-B (09939), has announced positive top-line data from the Phase II clinical trial of its self-developed KX-826 solution for treating hair loss, achieving primary endpoints with statistical significance and clinical relevance [1][2] Efficacy - The Phase II trial, which included 90 patients, demonstrated significant efficacy for both the 0.5% BID and 1.0% BID groups compared to the placebo group, with the 0.5% BID group showing an increase of 22.39 hairs/cm and the 1.0% BID group showing an increase of 21.87 hairs/cm, while the placebo group showed an increase of only 8.73 hairs/cm [1] - The 0.5% BID group had a statistically significant increase of 13.66 hairs/cm over the placebo (P=0.002), and the 1.0% BID group had an increase of 13.14 hairs/cm over the placebo (P=0.004) [1][2] - Hair Growth Assessment (HGA) metrics also showed significant improvement for both treatment groups compared to the placebo, with the 0.5% BID group showing statistical significance (P=0.000) and the 1.0% BID group also showing significance (P=0.013) [2] Safety - KX-826 demonstrated satisfactory safety and tolerability in the clinical trial, with a low incidence of adverse events and no reports of drug-related sexual dysfunction or new safety signals [2] - The Independent Data Monitoring Committee (IDMC) reviewed the results and recommended that the Phase III clinical trial continue based on the current safety and efficacy data, maintaining the same groups and sample sizes [2]

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The new centralized procurement regulations emphasize "stability in clinical use, quality assurance, prevention of collusion, and countering excessive competition," which are expected to promote the long-term healthy development of the industry [2][32]. - The report suggests focusing on recently launched innovative products, high-quality raw material suppliers, and key products that have passed the consistency evaluation for generic drugs [2][32]. Summary by Sections Market Review - The pharmaceutical and biotechnology index increased by 4% this week, outperforming the CSI 300 index by 2.91 percentage points, ranking second in industry performance [11]. - Year-to-date, the pharmaceutical and biotechnology index has risen by 16.59%, also surpassing the CSI 300 index by 13.45 percentage points [11]. - The chemical pharmaceutical sector showed the highest growth this week at 6.86%, while traditional Chinese medicine had the lowest decline at 0.88% [16][18]. Individual Stock Performance - In the A-share market, 397 out of 474 pharmaceutical stocks rose, with the top five performers being: - Borui Pharmaceutical (+42.35%) - Lisheng Pharmaceutical (+41.68%) - Nanxin Pharmaceutical (+34.95%) - Aosai Kang (+32.77%) - Yipin Hong (+32.13%) [22]. - In the Hong Kong market, 96 out of 106 pharmaceutical stocks increased, with the top performers including: - Clover Biopharma-B (+63.79%) - Lepu Biopharma-B (+62.04%) - Deqi Pharmaceutical-B (+47.04%) [25]. Industry News and Policies - The 11th batch of national centralized drug procurement was officially launched, including 55 varieties across various therapeutic areas, focusing on clinical needs and market realities [28]. - The new procurement rules are more refined, requiring production experience and quality control capabilities from manufacturers, which will help ensure drug quality and promote industry standardization [28]. - The establishment of the "Commercial Insurance Innovative Drug Directory" marks a significant step in building a multi-tiered medical security system, providing new economic support for innovative drug development [28]. Key Company Announcements - Heng Rui Pharmaceutical reported positive results from its GLP-1/GIP dual receptor agonist HRS9531 in a Phase III weight loss study, with an average weight reduction of 19.2% in the treatment group [29][31]. - The report highlights various corporate actions, including stock incentive plans and capital increases by several companies, indicating active corporate governance and strategic investments in the sector [36].

Core Viewpoint - After three consecutive years of stock price decline, Kintor Pharmaceutical (09939) appears to have found a way out in 2025, with a year-to-date stock price increase of 156.70% [1] Group 1: Stock Performance - Kintor's stock price has shown significant fluctuations, with notable increases in February (24.72%), March (17.12%), May (20.00%), and July (66.23%) [1] - Despite the recent gains, Kintor's stock price remains under pressure due to its exclusion from the Hong Kong Stock Connect, leading to a decline of over 40% last year [1][4] - The average trading volume of Kintor's stock has been below 1 million shares per day, indicating liquidity issues typical for small-cap companies [1] Group 2: Hong Kong Stock Connect Impact - Following its removal from the Hong Kong Stock Connect, Kintor's stock price dropped significantly, with an average decline of 24% among 27 stocks removed during the same period [4] - The proportion of Kintor's shares held by Hong Kong Stock Connect investors has decreased from approximately 35% to 24.16% over the past year [4][5] - Investors are concerned that the concentration of holdings may lead to increased selling pressure as the stock price rises [3] Group 3: Clinical Developments and Market Potential - Kintor's core product, KX-826, faced challenges in its Phase III clinical trials, but the company continues to pursue market expansion for the product [11] - The global hair loss treatment market was valued at $8.2 billion in 2022 and is expected to grow at a CAGR of 9.0%, reaching $16.02 billion by 2030 [12] - In China, the hair loss treatment market is projected to reach 15.5 billion yuan by 2031, with a CAGR of 32% from 2021 to 2031 [12] Group 4: Recent Clinical Trial Results - Recent clinical trials showed that KX-826 combined with minoxidil demonstrated statistically significant efficacy compared to minoxidil alone, with a notable increase in hair count [16] - The safety profile of the combination treatment was favorable, with no unexpected adverse events reported [16] - Kintor's strategy of entering the beauty market with KX-826 has matured, showing potential for scalable commercialization [17] Group 5: Valuation and Future Outlook - Kintor's current price-to-book (PB) ratio is 3.62, below the average for the biopharmaceutical industry and significantly lower than the beauty industry's 7.73 [17] - If Kintor's valuation aligns more closely with the beauty sector, there may be substantial upside potential for the company's stock price [17]

Group 1 - The Hong Kong biopharmaceutical stocks continue to show strong performance, with notable increases in share prices [1] - Clover Biopharmaceuticals (02197.HK) surged nearly 24%, while Innovent Biologics (09939.HK) rose over 20% [1] - Lepu Biopharmaceutical (02157.HK) and HeartCare Medical (02160.HK) both increased by over 10%, and Kelun-Biotech (06990.HK) saw a rise of more than 8.5% [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong pharmaceutical stocks, particularly China Biologic Products, which saw a significant increase of 13.84% [1] - Other notable gainers in the pharmaceutical sector include Akeso, Inc. with a rise of 7.14%, and Wondfo Biotech, which increased by 4.43% [1] - The overall trend indicates a positive sentiment in the pharmaceutical industry within the Hong Kong stock market [1]