香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Ascletis Pharma Inc. 歌禮製藥有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1672） ASC39具有獨特的化學骨架，該化學骨架是利用歌禮基於結構的AI輔助藥物發 現（Artificial Intelligence-assisted Structure-Based Drug Discovery，AISBDD）技 術自主發現的。在ASC39與eloralintide的頭對頭環磷酸腺苷(cAMP)激活實驗中， ASC39與eloralintide（胰淀素多肽類似物）對人胰淀素1型受體(hAMY1R)的EC50 （半數最大有效濃度）分別為21.4 pM和21.2 pM。ASC39與eloralintide對人降鈣素 受體(hCTR)的EC50分別為846.1 pM和1,350.8 pM。這些數據表明，相較於hCTR， ASC39對hAMY1R具有高度選擇性，且ASC39對hAMY ...

行 业 及 产 业 海外消费服务 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 2026 年 03 月 13 日 海外医药：维立志博、劲方医药等自 3 月 9 日起被纳入 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 港股通，康方生物首款三抗获批临床 看好 ——海外消费周报（20260306-20260312） 本期投资提示： ⚫ 海外医药：维立志博、劲方医药等自 3 月 9 日起被纳入港股通，康方生物首款三抗获批临床 业绩：金斯瑞生物科技：2025 年，公司预计经调整净利润 2.07-2.42 亿美元，同比增长约 246.5%-304.3%，主要由于许可收入从 2024 年的 240 万美元增长 ...

整理 | GLP1减重宝典内容团队 近期，歌礼制药的小分子GLP-1受体激动剂ASC30皮下储库型制剂在美国展开的II期24周研究取得了积极顶线结果。此次研究涉及65名 受试者，旨在评估ASC30在肥胖和相关合并症人群中的安全性、耐受性和疗效。 研究数据显示，在接受3剂ASC30皮下储库型制剂A1的患者中，平均体重在第12周显著下降了6.3%，并在第16周达到7.5%。这些结果 显示该治疗方法对于减重具有显著的疗效。ASC30的每月一次给药方案被证明能有效维持体重下降，展现出其作为长期维持疗法的潜 力。 此外，ASC30在治疗过程中表现出了良好的安全性和耐受性，与常见的GLP-1类药物相似。在研究期间，未出现因不良事件导致的停药 情况，且胃肠道不良反应均为轻度，未发现严重安全信号。 这一研究的成功为ASC30提供了进一步临床开发的有力支持，也为GLP-1类减肥药物的未来应用开辟了新的方向。 *本文仅供医疗卫生专业人士参考 版权声明：所有「GLP1减重宝典」的原创文章，转载须联系授权，并在文首/文末注明来源、作者、微信ID，否则减重宝典将向其追究法律责 任。部分文章推送时未能与原作者或公众号平台取得联系。若涉及 ...

行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 2026 年 03 月 13 日 海外医药：维立志博、劲方医药等自 3 月 9 日起被纳入 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 港股通，康方生物首款三抗获批临床 看好 ——海外消费周报（20260306-20260312） 本期投资提示： ⚫ 海外医药：维立志博、劲方医药等自 3 月 9 日起被纳入港股通，康方生物首款三抗获批临床 业绩：金斯瑞生物科技：2025 年，公司预计经调整净利润 2.07-2.42 亿美元，同比增长约 246.5%-304.3%，主要由于许可收入从 2024 年的 240 万美元增长 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Ascletis Pharma Inc. 歌禮製藥有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1672） 自願性公告 歌禮宣佈其小分子GLP-1R激動劑ASC30的超長效 皮下儲庫型製劑針對肥胖適應症的美國II期24周研究獲積極頂線結果 本公告乃歌禮製藥有限公司（「本公司」或「歌禮」，連同其附屬公司稱為「本集 團」）自願作出，以使本公司股東及潛在投資者了解本集團的最新業務發展。 該II期研究同時評估了ASC30皮下儲庫型製劑A1作為維持療法的潛力。在第8周 完成末次給藥後，對在患者中的療效持續時間進行了為期16周的評估。ASC30皮 下儲庫型製劑A1在末次給藥後的16周維持期內均達到了治療性藥物暴露水平。 經安慰劑校正後的平均體重下降在第8周為5.5%，第20周（末次給藥後3個月）為 6.4%，第24周（末次給藥後4個月）為5.8%。這些結果顯示ASC30皮下儲庫型製劑 A1有望成為每季度給 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2026年2月28日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 歌禮製藥有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） | | 未符合適用的公眾持股量要求（見下方） | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類別的已發行股份總數(不包括庫存股份)的25% | | 額外信息 | 第 2 頁 共 10 頁 v 1.2.0 FF301 | 1. 股份分類 | 普 ...

Group 1 - The pharmaceutical stocks have shown a general upward trend, with notable increases in companies such as Genscript Biotech (up 6.33%), Kintor Pharmaceutical (up 5.23%), and Junshi Biosciences (up 4.39%) [1] - The Chinese innovative drug licensing market has continued its strong growth into 2026, with total transaction amounts exceeding $33.28 billion in the first quarter, surpassing the highest quarterly upfront payment levels of 2025 [1] - According to Open Source Securities, the innovative drug sector has experienced a correction over the past two quarters, but long-term prospects for quality stocks are favorable, suggesting an increase in sector allocation focusing on companies with established overseas opportunities and high clinical data performance [1] Group 2 - Donghai Securities previously indicated that the innovative drug sector is entering a phase of accelerated profit realization by 2025, with companies like Innovent Biologics and Rongchang Biopharmaceutical achieving profitability, while others like 3SBio and Shanghai Yizhong are expected to see significant performance increases [2] - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product volume growth supported by medical insurance becoming the foundation for performance growth, while external collaborations such as BD are crucial for enhancing earnings [2]

Core Viewpoint - The announcement of the clinical development of ASC36, a novel oral glucagon-like peptide-1 (GLP-1) receptor agonist, marks a significant advancement for the company in the metabolic disease sector, showcasing its proprietary oral peptide delivery enhancement technology [1] Company Summary - The company's stock, Gilead Sciences-B (01672), saw an increase of nearly 8%, with a current price of HKD 17.72 and a trading volume of HKD 36.79 million [1] - The board of directors has selected ASC36 for clinical development, with plans to submit an Investigational New Drug (IND) application to the FDA in the second quarter of 2026 for obesity treatment [1] - ASC36 is developed using the company's AI-assisted drug discovery technology (AISBDD), representing a key transition from platform capability to candidate drug [1]

Group 1 - The core viewpoint of the news highlights the significant surge in Chinese AI model stocks, particularly with companies like Zhiyu and MiniMax experiencing substantial price increases, with Zhiyu rising over 130% in five trading days and MiniMax increasing over 40% in the same period [1] - The launch of new AI models such as GLM-5 by Zhiyu and Minimax 2.5 by MiniMax is expected to drive further interest and investment in the sector, with additional models from Alibaba and ByteDance anticipated to be released around the Chinese New Year [1] - Korean retail investors are actively purchasing Chinese AI model stocks, indicating a shift in investment preferences towards emerging technology companies, as evidenced by their buying patterns in the Hong Kong stock market [2][4] Group 2 - Data from the Korea Securities Depository shows that Korean investors have favored stocks like MiniMax and various ETFs related to Chinese technology and semiconductors, reflecting a strong interest in these sectors [2][3] - The Korean stock market has seen a remarkable increase, with the composite index rising by 130% since 2025, largely driven by a few major stocks like Samsung Electronics and SK Hynix, which have contributed significantly to the overall market performance [6][7] - The trend of Korean retail investors converting their currency to invest in foreign markets, including the Chinese stock market, has raised concerns about the depreciation of the Korean won, as highlighted by the Bank of Korea [10][11]

Group 1 - Korean investors have shown increasing enthusiasm for Chinese assets, with a total investment exceeding $88 million in the top ten stocks as of February 10, 2026 [3] - The top ten stocks purchased by Korean investors include MINIMAX-WP, Huaxia CSI 300 ETF, and Lanke Technology, with respective investments of $20.67 million, $19.18 million, and $18.64 million [1][2] - There is a noticeable shift in Korean investment focus towards emerging technology companies in China, compared to 2025, where the top investments were in companies like Xiaomi and Alibaba [4] Group 2 - The investment amounts for the top ten stocks in 2026 are as follows: MINIMAX-WP ($20.67 million), Huaxia CSI 300 ETF ($19.18 million), Lanke Technology ($18.64 million), and others, indicating a diverse interest in various sectors [2][4] - In 2025, the top investments were led by Xiaomi Group ($87.75 million) and Global X China Semiconductor ETF ($7.40 million), highlighting a different investment landscape compared to 2026 [5]