Core Viewpoint - After a cumulative decline of 35.88% in stock price in 2025, the company Kedi-B (02487) has not yet found a way to reverse this downward trend in 2026, despite a year-to-date increase of over 7% as of January 19, 2026, primarily due to a low base from the previous year's closing price [1]. Group 1: Stock Performance - The stock price of Kedi-B experienced a significant drop of 5.02% on the last trading day of 2025, closing at 4.54 HKD, which contributed to the favorable year-to-date performance in 2026 [1]. - The stock price remains in a downward trend, with fluctuations indicating ongoing volatility rather than a recovery [1]. - Following the announcement of positive results from the Phase III clinical trial of CU-20101, the stock saw a temporary increase, suggesting potential stabilization [1][10]. Group 2: Market Dynamics - After being removed from the Hong Kong Stock Connect list in March 2025, Kedi-B's stock price fell to a low of 3.64 HKD within a month, but rebounded significantly after the release of its annual report in April 2025, which showcased strong fundamentals [2]. - The stock's performance is influenced by the behavior of Hong Kong Stock Connect funds, which typically engage in left-side trading strategies, leading to a rapid sell-off following the removal from the list [2]. - The holding ratio of Hong Kong Stock Connect funds decreased from 10.09% to 2.29% over several months, indicating a significant outflow of capital [3]. Group 3: Financial Performance - Kedi-B's 2024 annual report revealed a total revenue increase of approximately 103% year-on-year, with gross profit rising by about 102%, and a reduction in net loss by 77.91% [7]. - The revenue growth was attributed to increased sales of hair loss and skincare products, along with improved gross margins from the skincare brand line [7]. - The company announced plans to issue 28.9 million shares at a price of 8.40 HKD each to raise approximately 240 million HKD, with 45% of the funds allocated for the commercialization of new products [8]. Group 4: Product Development - The company is focusing on the commercialization of CU-40102 and CU-10201, with market expectations for CU-40102 to potentially exceed 1 billion HKD in its first full year, and CU-10201 estimated at 50 million HKD [9]. - CU-20101 has shown promising results in clinical trials, demonstrating efficacy comparable to BOTOX and a favorable safety profile, which could enhance its market potential [13][14]. - The competitive landscape for botulinum toxin products in China includes established players with significant market shares, posing challenges for Kedi-B as a new entrant [14].
出通10个月流动性问题显现，研发利好能否推动科笛-B止跌？