Kintor Pharmaceutical Ltd (9939) AI Stock Analysis

• Market Cap: HK$1.08B
• Dividend Yield: N/A
• Average Volume (3M): 4.99M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.51
• 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: 51 Neutral
• Price Target: HK$2.50 ▲(30.21% Upside)

The score is held down primarily by weak financial performance (minimal revenue, ongoing losses, and negative free cash flow) and a negative P/E that offers limited valuation support. These are partly offset by stronger recent technical momentum, though indicators are approaching overbought levels.

Positive Factors

Focused clinical-stage pipeline

A concentrated R&D focus on oncology and androgen-related dermatology gives Kintor structural exposure to large, persistent markets and clear product development milestones. Durable value creation hinges on progressing candidates through clinical stages, enabling meaningful de-risking and potential commercial upside over months.

Improved 2024 cash burn trajectory

A materially narrower operating cash flow loss in 2024 indicates management tightened cash stewardship or slowed spend, extending runway absent new capital. Sustained reduction in burn supports funding of nearest-term trials and lowers near-term dilution risk, improving chances to reach value-driving milestones.

Lower leverage versus prior year

Declining debt levels and a reduced debt-to-equity ratio strengthen solvency and financial flexibility for a clinical-stage biotech. This improvement makes the company better positioned to fund R&D or negotiate financing on improved terms, lowering short- to mid-term refinancing pressure.

Negative Factors

Minimal commercial revenue

Persistently trivial revenue and negative gross and net margins show Kintor remains far from commercial scale; durable profitability depends on successful clinical outcomes and product launches. Until revenues materialize, the business will remain reliant on financing and unable to self-sustain operations.

Chronic negative cash flow

Consistent negative operating and free cash flow forces ongoing dependency on external capital. Over months, sustained cash burn without commercial inflows increases dilution risk and can constrain R&D pacing, jeopardizing the ability to advance multiple programs concurrently.

Eroding equity and negative returns

Declining equity and persistent negative ROE signal capital erosion from repeated losses and financing, reducing shareholder buffer against further write-downs. Over time this raises the probability of dilution, weaker investor confidence, and constrained strategic options for funding development programs.

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

Kintor Pharmaceutical Ltd faces significant financial challenges with negative profitability and cash flow metrics. Despite increased revenue, operational inefficiencies and high R&D costs weigh heavily on margins. The balance sheet shows moderate financial stability, yet the high liabilities and reliance on debt financing are concerning.

Income Statement

Kintor Pharmaceutical Ltd has shown a challenging financial performance in recent years. The company recorded negative gross profit and net income for the latest year, indicating difficulty in covering its cost of goods sold and operational expenses. Despite a significant increase in total revenue in 2024, the company remains unprofitable with negative EBIT and EBITDA margins, highlighting ongoing operational challenges.

Balance Sheet

The balance sheet shows a moderate level of financial stability with a debt-to-equity ratio of 0.45, indicating a relatively controlled level of leverage. However, the company has a significant amount of liabilities compared to its assets, and the equity ratio is below optimal levels, pointing to a reliance on debt financing. The negative net income has also adversely affected the return on equity.

Cash Flow

Kintor Pharmaceutical Ltd's cash flow statements reflect significant challenges in generating cash from operations, as indicated by consistently negative operating and free cash flows. The operating cash flow to net income ratio suggests inefficiencies in converting income into cash. Despite some positive investing cash flow, the company's overall cash position remains under pressure.

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: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 1.97, below the 50-day MA of 1.97, and above the 200-day MA of 1.87, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 60.05 is Neutral, neither overbought nor oversold. The STOCH value of 81.98 is Negative, 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$10.95B	14.18	6.69%	4.28%	-8.49%	-9.46%
1875	61 Neutral	HK$1.93B	238.10	0.99%	―	9.41%	-32.69%
2197	52 Neutral	HK$3.76B	-3.61	―	―	79.98%	-3.40%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
9939	51 Neutral	HK$1.08B	-5.30	-54.87%	―	―	81.67%
2257	44 Neutral	HK$1.09B	-8.04	―	―	―	83.89%
2126	41 Neutral	HK$1.12B	-1.64	-51.56%	―	2.45%	2.58%

Kintor Pharmaceutical Ltd Corporate Events

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.