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].