开拓药业-B：2025年中期报告

Stock Code: 9939(Incorporated in the Cayman Islands with limited liability) 2025 INTERIM REPORT CONTENTS Corporate Information2Financial and Business Highlights5Management Discussion and Analysis9Interim Condensed Consolidated Statement ofComprehensive Income52Interim Condensed Consolidated Statement ofFinancial Position53 Interim Condensed Consolidated Statement ofChanges in Equity55Interim Condensed Consolidated Statement ofCash Flows56Notes to the Condensed Consolidated InterimFinancial Information58Other Information91Definitions113 CORPORATE INFORMATION Board of Directors Executive Directors Dr. Youzhi TONG(Chairman of the Board and Chief Executive Officer)Dr. Xiang NI Non-executive DirectorsMr. Weipeng GAOMs. Geqi WEI Independent Non-executive Directors Dr. Michael Min XUMr. Wallace Wai Yim YEUNGProf. Liang TONG Audit Committee Mr. Wallace Wai Yim YEUNG(Chairman)Dr. Michael Min XUProf. Liang TONG Nomination Committee Dr. Michael Min XU(Chairman)Ms. Geqi WEIMr. Wallace Wai Yim YEUNG Remuneration Committee () Dr. Michael Min XU(Chairman)Prof. Liang TONGDr. Youzhi TONG Joint Company Secretaries Mr. Ming Ming CHEUNGMr. Wai Chiu WONG Authorised Representatives Dr. Youzhi TONGMr. Wai Chiu WONG Registered Office Cricket SquareHutchins Drive, PO Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket SquareHutchins Drive, PO Box 2681Grand Cayman, KY1-1111Cayman Islands Head Office and Principal Place ofBusiness in China 20 No. 20 Songbei RoadSuzhou Industrial ParkSuzhouJiangsuPRC Principal Place of Business in Hong Kong 24840 40th FloorDah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong Legal Adviser 143 Ashurst Hong Kong43/F Jardine House1 Connaught PlaceCentralHong Kong Auditor 22 PricewaterhouseCoopersCertified Public Accountants and Registered Public Interest Entity Auditor22/F Prince’s BuildingCentralHong Kong Principal Share Registrar and Transfer Office Conyers Trust Company (Cayman) LimitedCricket SquareHutchins Drive, PO Box 2681Grand Cayman, KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins Drive, PO Box 2681Grand Cayman, KY1-1111Cayman Islands Hong Kong Share Registrar 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong Principal Banks Shanghai Pudong Development BankSuzhou Branch Wuzhong Sub-branchChina Construction BankSuzhou Industrial Park Sub-branch www.kintor.com.cn Company’s Website www.kintor.com.cn 500 Board Lot Size 500 shares Stock Code 99399939 FINANCIAL AND BUSINESS HIGHLIGHTS FINANCIAL HIGHLIGHTS •20246 30020256306.0KOSHINÉ •Our revenue increased from RMB0 million for the six monthsended 30 June 2024 to RMB6.0 million for the six months ended30 June 2025, which was mainly attributable to the global salesof new high-end cosmetics brand KOSHINÉ's cosmetic product.The Group will continue to explore different approaches tofur therpromote the commercialisation of the Company’scosmetic products worldwide. •20246 3071.511.816.5%20256 3083.3 •Our net loss increased by RMB11.8 million or 16.5% fromRMB71.5 million for the six months ended 30 June 2024 toRMB83.3 million for the six months ended 30 June 2025, whichwas mainly attributable to the increase in our Group’s R&D costsand marketing costs. •20246 3039.39.323.6%20256 3048.6KX-826GT20029 •Our R&D costs increased by RMB9.3 million or 23.6% fromRMB39.3 million for the six months ended 30 June 2024 toRMB48.6 million for the six months ended 30 June 2025.Such increased costs were mainly attributable to the Group’sincreasing focus on investments in core dermatology pipelinesKX-826 and GT20029. These pipelines are progressing throughvarious clinical trials in China and have achieved several positivedevelopments. •20246 3033.98.725.6%20256 3025.2 •Our administrative expenses decreased by RMB8.7 million or25.6% from RMB33.9 million for the six months ended 30 June2024 to RMB25.2 million for the six months ended 30 June2025. Such decrease was mainly attributable to the reduction inemployee benefit expenses (including share-based compensationexpenses) and traveling and office expenses during the ReportingPeriod due to the downsizing of employees. •20246 301.86.5369.0%20256 308.3KOSHINÉ •Our marketing costs increased by RMB6.5 million or 369.0%from RMB1.8 million for the six months ended 30 June 2024 toRMB8.3 million for the six months ended 30 June 2025, whichwas mainly attributable to the increase in the marketing andpromotion expenses for the KOSHINÉ’s cosmetic product andraw materials business. •20256 3052.9202563030.02025 •The Group had cash and cash equivalents of RMB52.9 millionas at 30 June 2025. In addition, the Group had unutilised bankfacilities of RMB30.0 million as at 30 June 2025. The Group isimplementing certain plans and measures to ensure continuedsupport for the advancement of its clinical trials and R&D, such asthe Top-up Placing 2