The Zhitong Finance App learned that CITIC Lyon released a research report saying that maintaining the Kodi Group (02487) “buy” rating, the target price was drastically reduced by 77% from HK$37.96 to HK$8.8, reflecting uncertainty about whether upcoming products can be successfully commercialized, and new products require extensive in-hospital channel construction.

According to the report, Kodi Group has strong commercialization capabilities in 2023, and its annual revenue increased 11 times to 137.6 million yuan, mainly benefiting from the promotion of its hair treatment product portfolio and skincare products. The company expects to launch the first topical minocycline foam (topical minocycline foam) in the fourth quarter of 2024, and topical finasteride spray (topical finasteride spray) and lidocaine and tetracaine cream (lidocaine & tetracaine cream) in the second half of 2025.