点击蓝字，关注我们 今日上午港股 1.赣锋锂业 (01772) 再涨超 3%， Mali Lithium 旗下马里 Goulamina 锂辉石项目一期已正式投产. 6.歌礼制药 - B (01672) 现涨超 6% ， 消息面上，歌礼制药公布，ASC30 完成首批受试者给药 预计四季 度获得实验数据。 2.德林国际 (01126) 涨超 6% ，消息面上产能布局中国 + 越南 + 印尼 公司有望持续受益潮玩盛行趋势。 7.金山软件 (03888) 再跌近 7% ， 消息面上，金山软件旗下新游《解限机》正式开启公测 市场关注新游 表现。 3.环球新材国际 (06616) 再涨超 7% ， 消息面上，环球新材国际公布收购默克表面解决方案业务交易事 项即将落地。 8.国泰君安国际 (01788) 涨超 5% ， 消息面上，6 月 24 日，国泰君安国际正式获香港证监会批准，将现 有证券交易牌照升级为可提供虚拟资产交易服务。 4..零跑汽车 (09863) 涨超 3% ， 消息面上，7 月 1 日，零跑汽车宣布与 Stellantis 达成价值 15 亿碳积分转 让协议。 5.仔机器人 (00370) 涨超 6% ， ...

石药尚在专利申请中的化合物10（Compound 10，申请号：PCT/CN2024/140920；申请人：石药集团百 克（山东）生物制药股份有限公司（CSPC Baike (Shandong)Biopharmaceutical Co., Ltd.））与歌礼已获 USPTO授权的该专利所涵盖的化合物1(Compound 1)分子结构完全一致。 但歌礼向USPTO提交专利申请的日期领先石药申请的日期长达三个多月之久，截至本公告日期，石药 的专利申请仍在审查中。 近日，歌礼制药发布自愿性公告。披露公司近日获悉由石药集团有限公司附属公司康久普乐生物医疗有 限公司向美国专利商标局（「USPTO」）提交的一项复审。该复审质疑本公司附属公司歌礼制药（中 国）有限公司一项已获授权的美国专利的有效性。截至本公告日期，该复审仍在USPTO审查中。 本公司对于该专利的有效性充满信心，如该复审继续推进，本公司将采取一切必要的法律手段扞卫本公 司的知识产权。 由于该复审目前仍在USPTO审查中，当前阶段该复审对本集团无潜在影响。本公司将密切关注该复审 的进展并评估其影响，与此同时，当前本公司的业务及运营未受影响。 （企业公告） 尽管 ...

Core Viewpoint - The article discusses the ongoing patent dispute between Songlei and Conjupro Biotherapeutics, a subsidiary of CSPC Pharmaceutical Group, regarding the validity of a US patent held by Songlei, which is currently under review by the USPTO [1][3]. Group 1: Patent Dispute Details - On June 30, Songlei announced that it was informed on June 24 about Conjupro's request for a Post Grant Review at the USPTO, questioning the validity of specific claims in Songlei's US patent (Patent No: 12,234,236) [1]. - Conjupro's application for "Compound 10" is claimed to be structurally identical to Songlei's "Compound 1," with Songlei asserting that its patent application was submitted over three months prior to Conjupro's [1]. - As of the announcement, the review request is still under examination by the USPTO [1]. Group 2: Background and Implications - Songlei noted that it could not ascertain the specific reasons behind Conjupro's review request, but highlighted that Conjupro had previously sought global licensing discussions for the GLP-1R agonist Compound 1, which Songlei declined [3]. - The patent in question is based on proprietary technology developed by Songlei and is currently being utilized in the development of the candidate drug ASC30, with multiple related molecules protected under various patent systems [4]. - The USPTO officially granted the patent rights to Songlei on February 25, 2025, citing its innovation and non-obviousness compared to existing technologies [4].

该专利系利用歌礼专有技术开发而成，目前正应用于公司候选药物ASC30的研发。公司包括化合物1和 ASC30在内的化合物受多项专利保护，包括前述该专利。基于其与现有技术相比具有新颖性和非显而易 见性，USPTO已于2025年2月25日将该专利权授予公司附属公司歌礼制药(中国)有限公司。 公司对于该专利的有效性充满信心，如该复审继续推进，公司将采取一切必要的法律手段捍卫公司的知 识产权。 由于该复审目前仍在USPTO审查中，当前阶段该复审对集团无潜在影响。公司将密切关注该复审的进 展并评估其影响，与此同时，当前公司的业务及运营未受影响。 智通财经APP讯，歌礼制药-B(01672)发布公告，该公司董事会于2025年6月24日获悉由石药集团有限公 司(一家于香港联合交易所有限公司上市的公司，股份代号：1093)附属公司康久普乐生物医疗有限公司 (Conjupro Biotherapeutics, Inc.)向美国专利商标局(USPTO)提交的一项复审。该复审质疑公司附属公司歌 礼制药(中国)有限公司一项已获授权的美国专利(美国专利号：12,234,236)权利要求 1-9、12-17及21-25 的有效性。截至本公 ...

Core Viewpoint - The company's ASC30 and ASC47 drugs showcased at the ADA conference have promising future prospects, with ASC30 demonstrating good pharmacokinetic characteristics and safety, while ASC47 shows potential for fat reduction and muscle gain in preclinical studies [1][2]. Event Summary - On June 18, the company announced the completion of the first dosing of subjects in the U.S. Phase I clinical trial for ASC50, an oral small molecule IL-17 inhibitor for psoriasis [1]. - On June 23, ASC30 and ASC47 were presented at the ADA conference, highlighting their clinical research data [1]. ASC30 Insights - The SAD study for ASC30 included 30 subjects divided into five groups with doses of 2mg, 5mg, 10mg, 20mg, and 40mg, showing a half-life of 30-55 hours for the 5-40mg groups, indicating favorable pharmacokinetic properties [1][2]. - The study reported that all side effects were mild to moderate, with no vomiting in the 2mg and 5mg groups, confirming the drug's controllable safety profile [2]. ASC47 Insights - Preclinical studies of ASC47 indicated its potential for fat reduction, muscle gain, and weight loss, particularly when combined with semaglutide in mouse models, showing a greater weight loss trend compared to the semaglutide-only group [2]. ASC50 Potential - ASC50 is positioned as a promising oral treatment for psoriasis, currently undergoing Phase I clinical trials in the U.S. The preclinical data suggest higher oral exposure, longer half-life, and strong efficacy, supporting its potential as a best-in-class oral medication [2]. Future Development Outlook - The company plans to continue advancing its core pipeline, with ASC30's oral Phase IIa study and ASC40's Phase III study expected to be completed by 2025, alongside the publication of ASC30's subcutaneous Phase Ib results [3]. - The focus remains on ASC30 and ASC47, with multiple pipeline developments anticipated in the coming years [3]. Financial Forecast - The core drugs ASC30 and ASC47 are in early development stages, showing excellent safety and efficacy in early clinical results. The company estimates a reasonable market value of HKD 19.29 billion, raising the target price to HKD 19.93, maintaining a "buy" rating [3].

Investment Rating - The report maintains a "Positive" outlook on the pharmaceutical and biotechnology industry, particularly focusing on the weight loss market driven by GLP-1RAs [9]. Core Insights - The global weight loss market is rapidly expanding, with significant growth in GLP-1RAs, which saw sales reach $15.96 billion in Q1 2025, a year-on-year increase of 47.9% [9][15]. - The development trend is shifting from merely achieving weight loss to enhancing the quality of weight loss, with a focus on long-acting formulations, oral medications, and multi-target molecules [9][22]. - Major multinational corporations (MNCs) are actively positioning themselves in the weight loss sector, creating numerous business development opportunities [9][30]. Summary by Sections 1. Weight Loss Market Surge - The GLP-1RAs market is experiencing high growth, with Q1 2025 sales reaching $15.96 billion, a 47.9% increase year-on-year [9][15]. - Semaglutide has become the new "king of drugs" with sales of $8.38 billion, surpassing other major drugs [9][19]. 2. Development Trends: From Quantity to Quality - Current weight loss drugs are achieving results comparable to surgical interventions, with average weight loss figures nearing those of surgical procedures [22]. - The focus is on long-acting, oral formulations, and multi-target combinations to improve patient adherence and reduce lean body mass loss [22][23]. 2.1 Long-Acting Formulations - ASC30 has the longest half-life among long-acting formulations, supporting potential monthly dosing [23][25]. - MariTide and GZR18 are the fastest progressing long-acting formulations in clinical trials [23][27]. 2.2 Oral Formulations - Oral formulations are being developed primarily in peptide and small molecule categories, with semaglutide tablets nearing NDA submission [30][31]. - Orforglipron is expected to submit NDA by the end of 2025, potentially becoming the first approved oral GLP-1RA [46]. 2.3 Multi-Target Molecules - Multi-target molecules like GLP-1R/GIPR are gaining traction, with several in clinical development [50]. - The report highlights the potential of new targets and combinations to enhance weight loss efficacy [50]. 3. MNCs Actively Positioning - MNCs are increasingly engaging in significant transactions within the weight loss sector, with Eli Lilly and Novo Nordisk leading the way [9][30]. - There are substantial business development opportunities for domestic companies in the weight loss market due to their competitive advantages [9][30].

智通财经6月18日电，截至发稿，北海康成-B(01228.HK)涨6.25%、科济药业-B(02171.HK)涨5.96%、歌 礼制药-B(01672.HK)涨4.79%、云顶新耀(01952.HK)涨2.78%。 港股医药股多数走强 北海康成涨超6% ...

歌礼制药公告，歌礼宣布其自主研发的口服小分子白细胞介素-17(IL-17)靶向抑制剂ASC50治疗银屑病 的美国I期临床试验已完成首批健康受试者给药。该试验旨在评估ASC50的安全性、耐受性和初步疗 效。临床前数据显示ASC50有望成为治疗银屑病的同类最佳每日一次口服药物。 ...

消息面上，歌礼制药近日公布，同类首创、每日一次口服小分子脂肪酸合成酶(FASN)抑制剂地尼法司 他(ASC40)治疗中重度寻常性痤疮的III期临床试验(NCT06192264)达到所有主要、关键次要及次要终 点。东吴证券指出，目前痤疮疗法治标不治本，而地尼法司他III期临床达到所有终点，疗效数据优秀， 未来有望成为疗效显著、患者依从性高、安全性好的BIC痤疮药物。随着地尼法司他III临床期顺利结 束，公司预计将在2025年提交药监局申报上市，2026年贡献收入。 此外，歌礼制药将在美国芝加哥举行的美国糖尿病协会(ADA)第85届科学会议上，以壁报形式报告口服 小分子GLP-1受体(GLP-1R)激动剂ASC30，以及脂肪靶向、减重不减肌候选药物ASC47的早期研究数 据。东吴证券指出，ASC30是目前唯一一款既可每天口服，也可每月一次皮下注射的GLP-1小分子，满 足了不同市场人群的需求，具备稀缺性；ASC47是靶向脂肪细胞THRβ靶点的小分子药物，每月一次皮 下注射，有减脂不减肌潜力，是首个THRβ靶点的小分子减肥药。目前I期SAD研究数据已读出，在美国 联合司美格鲁肽临床研究已经完成首例患者给药。 智通财 ...

Group 1: Major Contracts and Financial Performance - China Railway Group (00390.HK) recently won multiple major engineering contracts with a total bid amount of approximately RMB 91.2 billion, accounting for about 8.52% of the company's revenue under Chinese accounting standards for 2021 [1] - China People's Insurance Group (01339.HK) reported a total insurance premium income of RMB 452.46 billion from January to August 2022, representing a year-on-year growth of 9.89% [2] - China Coal Energy (01898.HK) announced that its coal sales volume in August reached 25.96 million tons, a year-on-year increase of 1.3%, while coal production was 10.92 million tons, up 22.3% year-on-year [3] Group 2: Share Buybacks and Stake Increases - Bohai Bank (09668.HK) announced that several employees plan to voluntarily purchase at least 25 million H-shares using their own funds, reflecting confidence in the bank's long-term business development [4] - China Communications Construction (01800.HK) disclosed that its controlling shareholder has cumulatively increased its stake by approximately 264.47 million H-shares, representing 1.64% of the company's total issued shares [5] - Shougang Holding (00697.HK) reported that its major shareholder has entered into an agreement to sell 728 million shares to Beijing Guoguan Investment Holdings, which will acquire about 10% of the company's total issued shares [6] Group 3: Market Activities and Corporate Actions - Jianye Real Estate (00832.HK) announced plans to repurchase shares in the open market based on market conditions [7] - China Pacific Insurance (02601.HK) reported cumulative original insurance business income of RMB 290.9 billion from January to August [8] - China Property & Casualty Insurance (02328.HK) reported a premium income of RMB 340.25 billion from January to August, reflecting a year-on-year growth of 9.8% [9]