​Financial performance • Revenue surged to RMB52.00 million for the six months ended 30 June 2026, up 766.7% versus RMB6.00 million a year earlier, driven by livestream e-commerce sales of the high-end cosmetics brand “KOSHINÉ” that features KX-826 as a core ingredient. • Net loss narrowed 9.0% year-on-year to RMB75.78 million (H1 2025: RMB83.27 million). • R&D expense fell 43.7% to RMB27.36 million after major Phase III costs for KX-826 were recognized in FY 2025 and headcount was reduced. • Selling and marketing expense jumped 595.2% to RMB57.52 million, reflecting intensified promotion of cosmetic products. • Administrative expense declined 11.6% to RMB22.31 million, mainly on lower personnel costs. • Gross profit reached RMB25.67 million versus a RMB0.20 million loss in the prior-year period.

Liquidity • Cash and cash equivalents stood at RMB31.30 million on 30 June 2026, supplemented by RMB70.10 million in undrawn credit lines. • The current ratio slipped to 26.4% (31 Dec 2025: 43.3%) after short-term borrowings increased to RMB132.90 million. • The Board declared no interim dividend.

Clinical and business milestones • KX-826 (topical AR antagonist) – Phase III pivotal trial for male androgenetic alopecia (AGA) met its primary endpoint on 18 March 2026, showing mean non-vellus target-area hair count (TAHC) gains of 15.33 hairs/cm² for the 1.0% BID group versus 4.68 hairs/cm² for placebo. – NDA submission in China is targeted for H2 2026, with potential approval in 2027. – A Phase Ib/III combination trial with minoxidil is planned in China.

• GT20029 (topical AR-PROTAC) – Phase IIa trial for male AGA in China reached its primary endpoint; the 0.5% QD dose raised TAHC by 16.80 hairs/cm² after 12 weeks. – Phase II acne trial in China also met primary endpoints; Phase IIb/III AGA trial in China and Phase II AGA trial in the U.S. are being prepared.

• KT-939 (tyrosinase inhibitor for skin whitening) – Positive interim safety results from a long-term human study reported on 10 June 2026; regulatory submission targeted for late 2026. – Multiple strategic partnerships formed (Fonow Medicine, Chicmax, Shanghai Kangmei) to accelerate commercialization.

Strategic outlook KINTOR PHARMA intends to leverage cash flow from its fast-growing cosmetics segment to fund late-stage development and future commercialization of KX-826, GT20029 and other pipeline assets, while pursuing additional credit facilities, equity financing and out-licensing opportunities to strengthen liquidity ahead of expected NDA filings.