Core Viewpoint - After being removed from the Hong Kong Stock Connect list in March, the stock price of Kedi-B (02487) experienced significant volatility, initially dropping to a low of HKD 3.64 but later rebounding by 250% due to strong financial results and market conditions [1][4][10]. Financial Performance - Kedi reported a total revenue increase of approximately 103% year-on-year for the fiscal year 2024, with gross profit rising by about 102% [4]. - The net loss for the period narrowed by 77.91% compared to the previous year, attributed to increased sales of hair loss and skincare products, as well as cost-cutting measures [4][12]. - The company’s half-year report for 2023 showed a revenue decrease of 30.6% to approximately HKD 66.3 million, with a net loss of about HKD 239 million, reflecting challenges due to strategic changes in partnerships [11][12]. Stock Price Movement - Following the announcement of its annual report on April 22, Kedi's stock price rebounded significantly, reaching a peak of HKD 7.62 on May 20, recovering all losses incurred after being removed from the Stock Connect [4][5]. - The stock price saw a decline from a high of HKD 12 to a low of HKD 5.87, marking a maximum drop of 51.08% over two months [8][10]. Market Dynamics - The stock's performance was influenced by the overall recovery of the Hong Kong pharmaceutical sector and the company's solid financial fundamentals [4][11]. - The liquidity issues stemming from the removal from the Stock Connect were exacerbated by the stock's volatility, with a significant reduction in the proportion of holdings by Stock Connect investors from 10.09% to 4.10% between March and June [5][7]. Future Prospects - Kedi plans to issue 28.9 million shares at a price of HKD 8.40 each to raise approximately HKD 240 million, with 45% of the proceeds allocated for the marketing and development of new products CU-40102 and CU-10201 [12]. - Market forecasts suggest that CU-40102 could achieve first-year revenues exceeding HKD 100 million, with peak sales potential estimated between HKD 1 billion and HKD 2 billion, while CU-10201 is projected to generate around HKD 50 million in its first year [12].
近两个月股价“腰斩”，科笛-B押注新品商业化何时迎反弹时刻？