Kintor Pharmaceutical Ltd (9939) AI Stock Analysis

• Market Cap: HK$1.39B
• Dividend Yield: N/A
• Average Volume (3M): 4.99M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.49
• Revenue Growth: N/A
• EPS Growth: 81.67%
• Country: HK
• Employees: 168
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.21
• Shares Outstanding: 498,660,100
• 10 Day Avg. Volume: 2,605,850
• 30 Day Avg. Volume: 4,990,601
• PEG Ratio: 0.03
• Price to Book (P/B): 1.33
• Price to Sales (P/S): 78.48
• P/FCF Ratio: -1.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: HK$3.00 ▲(56.25% Upside)

The score is held down primarily by weak financial performance (minimal revenue, ongoing losses, and negative free cash flow despite improving burn) and a valuation profile consistent with a loss-making company (negative P/E, no dividend data). Technicals are a support due to a strong uptrend and positive MACD, but extremely overbought RSI/Stoch signals add near-term risk.

Positive Factors

Narrowing net loss and reduced cash burn

A materially smaller net loss and reduced cash burn in 2024 improve the company's runway and lower near-term financing pressure. If sustained, this trend increases the chance management funds key clinical programs to value inflection points without immediate dilution, strengthening execution optionality.

Improving leverage and lower debt

Lower debt relative to equity reduces fixed financing obligations and enhances balance sheet flexibility. An improving debt-to-equity ratio supports greater resilience through clinical cycles and gives management more optionality for non-dilutive funding or strategic partnerships over the medium term.

Focused clinical-stage pipeline in oncology and dermatology

A concentrated R&D focus on androgen-related pathways and oncology/dermatology creates scientific specialization and potential regulatory leverage. A diverse mix of small molecules and biologics across development stages can produce multiple clinical catalysts, reducing single-asset binary risk over the medium term.

Negative Factors

Minimal revenue and persistent operating losses

Very low revenue versus sustained operating losses signals the business is far from commercial scale. This structural gap implies continued dependence on financing to support R&D and operations, raising the probability that future growth will be delayed absent successful clinical readouts or partnerships.

Consistent negative operating and free cash flow

Repeated negative operating and free cash flow necessitate external capital to sustain development. Over time this increases dilution risk, constrains strategic choices, and may force suboptimal licensing or partnership terms if financing windows narrow prior to clinical or commercial milestones.

Equity erosion and negative returns on equity

Declining equity and persistently negative ROE indicate shareholder value erosion and potential dilution from repeated financings. This undermines capital sustainability and limits the company's ability to raise non-dilutive funds, imposing a long-term constraint on scaling R&D and commercial investments.

Kintor Pharmaceutical Ltd Business Overview & Revenue Model

Company Description

Kintor Pharmaceutical Limited, a clinical-stage biotechnology company, engages in developing and commercializing a pipeline of small molecule and biological therapeutics for androgen-receptor-related disease areas with unmet medical needs in the People's Republic of China and internationally. The company's products pipeline include Proxalutamide, a second generation androgen receptor (AR) antagonist for the treatment of metastatic castration-resistant prostate cancer, AR positive breast cancer, and COVID-19; and Pyrilutamide, an AR antagonist for the androgenetic alopecia (AGA) and acne vulgaris treatment. Its products pipeline also comprise ALK-1 antibody for the treatment of metastatic hepatocellular carcinoma (HCC) and various solid tumours; GT20029, a topical AR-PROTAC compound for the treatment of AGA and acne vulgaris; and PD-L1/TGF-ß, a dual target antibody to treat non-small cell lung cancer, biliary tract cancer, triple negative breast cancer, and HPV-associated tumours. In addition, the company's products pipeline include Detorsertib for the treatment of metastatic solid tumours, such as breast cancer, prostate cancer, and HCC; and Hedgehog/SMO Inhibitor, an inhibitor of the hedgehog signal transduction pathway to treat blood cancer and basal-cell carcinoma. Kintor Pharmaceutical Limited was founded in 2009 and is headquartered in Suzhou, the People's Republic of China.

How the Company Makes Money

Kintor Pharmaceutical Ltd generates revenue through the development and commercialization of its drug candidates. The company invests in research and development to bring its innovative therapies to market, aiming to secure approvals from regulatory bodies. Once approved, Kintor sells these therapies to healthcare providers and distributors. In addition to direct sales, the company may engage in strategic partnerships and licensing agreements with other pharmaceutical companies, which can provide upfront payments, milestone payments, and royalties based on sales. These collaborative efforts can significantly contribute to Kintor's revenue, allowing the company to leverage the expertise and distribution networks of its partners.

Kintor Pharmaceutical Ltd Financial Statement Overview

Summary

Financials reflect an early-stage, high-burn biotech: minimal revenue (HK$5.0m in 2024), persistent large operating losses, and negative gross profit/net margins. Positives include a meaningful narrowing of net loss and cash burn in 2024 and reduced leverage, but ongoing losses and negative free cash flow still imply reliance on external funding.

Income Statement

The company remains deep in the red, with large and persistent operating losses across the period. While 2024 shows a materially smaller net loss versus 2023, revenue is still minimal (HK$5.0m in 2024) and profitability is very weak, including a negative gross profit and extremely negative net margin. Overall, the income profile reflects an early-stage biotech still far from commercial scale, with only limited evidence of durable revenue traction.

Balance Sheet

Leverage looks moderate in the most recent year (2024 debt-to-equity ~0.45, improved from ~0.55 in 2023), and total debt has come down meaningfully versus 2023. However, equity has also declined since 2021–2022 and returns on equity are consistently negative, reflecting ongoing losses and potential dilution/erosion risk over time. In short: balance sheet leverage is not the primary problem today, but capital sustainability depends on reducing losses.

Cash Flow

Cash generation is weak, with negative operating cash flow and negative free cash flow in every year shown. The cash burn improved in 2024 versus 2023 (operating cash flow loss narrowed from ~HK$388m to ~HK$199m), but free cash flow remains deeply negative, indicating continued reliance on external funding. Cash flow quality versus earnings is not the issue—both are negative—so the key risk is ongoing burn rate until revenues scale.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	11.85M	5.00M	0.00	0.00	34.23M	0.00
Gross Profit	-28.58M	-4.73M	-67.63M	-21.38M	34.23M	-7.31M
EBITDA	-148.53M	-128.37M	-1.06B	-956.45M	-829.09M	-396.33M
Net Income	-180.35M	-155.29M	-1.06B	-954.37M	-842.10M	-508.30M
Balance Sheet
Total Assets	391.89M	515.13M	869.23M	2.06B	2.07B	1.85B
Cash, Cash Equivalents and Short-Term Investments	52.86M	147.42M	455.50M	875.08M	1.06B	1.39B
Total Debt	87.40M	133.01M	253.92M	286.39M	159.73M	221.70M
Total Liabilities	175.89M	221.05M	411.12M	559.95M	412.83M	343.54M
Stockholders Equity	216.00M	294.08M	458.11M	1.50B	1.66B	1.51B
Cash Flow
Free Cash Flow	-171.71M	-200.76M	-390.30M	-988.73K	-1.13M	-449.92K
Operating Cash Flow	-169.59M	-199.08M	-387.58M	-961.26K	-1.05M	-380.88K
Investing Cash Flow	37.16M	20.03M	3.27M	67.19K	92.00K	-439.73K
Financing Cash Flow	-156.72M	-119.67M	-33.46M	815.75K	857.42K	1.78M

Kintor Pharmaceutical Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9939, the sentiment is Positive. The current price of 1.92 is below the 20-day moving average (MA) of 2.51, below the 50-day MA of 2.19, and below the 200-day MA of 1.98, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 66.77 is Neutral, neither overbought nor oversold. The STOCH value of 66.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9939.

Kintor Pharmaceutical Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6826	64 Neutral	HK$10.93B	14.32	6.69%	4.28%	-8.49%	-9.46%
1875	60 Neutral	HK$3.18B	392.38	0.99%	―	9.41%	-32.69%
2197	52 Neutral	HK$2.92B	-2.80	―	―	79.98%	-3.40%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9939	48 Neutral	HK$1.39B	-6.79	-54.87%	―	―	81.67%
2257	44 Neutral	HK$830.97M	-6.12	―	―	―	83.89%
2126	41 Neutral	HK$1.01B	-1.48	-51.56%	―	2.45%	2.58%

Kintor Pharmaceutical Ltd Corporate Events

Kintor CEO Boosts Stake as Company Doubles Down on Dermatology and Cosmetic Expansion

Kintor Pharmaceutical Limited announced that its chairman, executive director and CEO, Dr. Youzhi Tong, has increased his stake in the company by purchasing 4.7 million shares on the open market for approximately HK$10.82 million, representing about 0.94% of the company’s issued share capital, while maintaining sufficient public float. Management framed the move as a strong vote of confidence in Kintor’s long-term growth prospects and commercialization transition, particularly for its innovative topical dermatology pipeline in hair loss and hair regrowth, and said the Group will continue to advance key drug candidates, strengthen the KOSHINÉ brand globally, and accelerate the registration and global commercialization of cosmetic ingredient KT-939, underscoring its strategic focus on dermatology and functional cosmetics markets.

The most recent analyst rating on (HK:9939) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Kintor Pharmaceutical Ltd stock, see the HK:9939 Stock Forecast page.

Kintor Pharmaceutical Sets March Board Meeting to Approve 2025 Annual Results

Kintor Pharmaceutical Limited has scheduled a board meeting for 26 March 2026 to review and approve the annual results of the company and its subsidiaries for the financial year ended 31 December 2025, and to approve their release to the public. The announcement signals the forthcoming disclosure of Kintor’s full-year financial and operational performance, a key event for investors and other stakeholders assessing the company’s progress and outlook.

The most recent analyst rating on (HK:9939) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on Kintor Pharmaceutical Ltd stock, see the HK:9939 Stock Forecast page.

Kintor Strikes Exclusive Deal to Market Anti-Hair Loss Foam in Mainland China

Kintor Pharmaceutical has signed an exclusive sales agency agreement under which its wholly owned subsidiary Koshine Hong Kong will partner with Beijing Dekai Pharmaceutical Technology to market and promote Kintor’s anti-hair loss foam product in mainland China. By leveraging Dekai’s extensive chronic disease user base, online healthcare community, and strong minoxidil market presence, together with Kintor’s product advantages in foam-based, propylene-glycol-free hair loss treatment, the collaboration aims to accelerate commercialization, broaden distribution channels, and strengthen Kintor’s competitive positioning in the fast-growing Chinese hair care and cosmetic therapeutics market.

The most recent analyst rating on (HK:9939) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on Kintor Pharmaceutical Ltd stock, see the HK:9939 Stock Forecast page.

Kintor Pharmaceutical Announces Board Composition and Roles

Kintor Pharmaceutical Limited has announced the composition of its board of directors and their respective roles within the company’s committees. This update reflects the company’s governance structure and may influence its strategic direction, potentially impacting stakeholders’ interests and the company’s position within the pharmaceutical industry.

Kintor Pharmaceutical Announces Board Changes

Kintor Pharmaceutical Limited announced the resignation of Mr. Gao as a non-executive director due to his personal and business commitments, effective December 11, 2025. Simultaneously, Mr. Yunfei Chen has been appointed as a non-executive director, bringing extensive experience in microbiology, biochemical pharmacy, and healthcare investment, which could enhance the company’s strategic direction and strengthen its position in the pharmaceutical industry.

Kintor Pharmaceutical Completes Share Subscription to Fund Clinical Trials

Kintor Pharmaceutical Ltd has successfully completed the subscription of new shares, issuing 30,487,500 shares at HK$1.64 each, which represents approximately 6.11% of the company’s enlarged share capital. The net proceeds of approximately HK$49.78 million will be utilized for general working capital and to fund the phase III clinical trial of KX-826, a treatment for androgenetic alopecia. This strategic move enhances the company’s financial position and supports its ongoing clinical development efforts, potentially strengthening its market presence in the dermatology sector.

Kintor Pharmaceutical to Raise HK$49.78 Million Through Share Subscription

Kintor Pharmaceutical Ltd has entered into an agreement to issue 30,487,500 new shares to a subscriber wholly owned by China-Singapore Suzhou Industrial Park Ventures Co., Ltd. The shares are priced at HK$1.64 each, representing a discount to recent trading prices. This subscription will raise approximately HK$49.78 million, which the company plans to use for general working capital and the phase III clinical trial of its product KX-826. The transaction will increase the subscriber’s and Origin VC’s combined stake in Kintor to 10.49% of the issued share capital. The completion of this subscription is contingent upon certain conditions being met, and stakeholders are advised to exercise caution.