Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

Core Insights - The announcement from the company indicates positive topline pharmacokinetic (PK) data from the Phase Ib multiple ascending dose (MAD) study of ASC30 in obese subjects with a BMI of 30-40 kg/m² [1] Group 1: Study Results - The study involved a randomized, double-blind, placebo-controlled design [1] - In cohort 1 (20 mg), the drug exposure at steady state reached 3560 ng.h/mL, while in cohort 2 (40 mg), it reached 5060 ng.h/mL [1] - After 28 days of treatment, the average weight loss was 4.5% for cohort 1 and 6.5% for cohort 2, indicating that higher drug exposure correlates with more significant weight loss effects [1]

Core Insights - The announcement from the company indicates positive topline pharmacokinetic (PK) data for ASC30, an oral tablet administered once daily, in a Phase Ib multiple ascending dose (MAD) study involving obese subjects [1][2][3] - The study demonstrated that higher drug exposure levels correlate with more significant weight loss, with a 4.5% reduction in the 20 mg cohort and a 6.5% reduction in the 40 mg cohort after 28 days of treatment [1][3] Group 1: Drug Exposure and Weight Loss - In the Phase Ib MAD study, ASC30 drug exposure levels (AUC0-24h) reached 3,560 ng.h/mL for the 20 mg cohort and 5,060 ng.h/mL for the 40 mg cohort, showing a direct relationship with weight loss outcomes [1] - Comparative analysis revealed that ASC30's drug exposure was approximately 2.3 times and 3.3 times higher than orforglipron's exposure at 24 mg, which resulted in a weight loss of only 3.6% [2] Group 2: Safety and Tolerability - The ASC30 oral tablet demonstrated good safety and tolerability, with no serious adverse events (SAEs) reported and no grade 3 or higher adverse events, including gastrointestinal issues [3] - Laboratory tests and vital signs showed no abnormalities, and there were no elevations in liver enzymes during the treatment period [3] Group 3: Competitive Positioning - The company believes that the higher drug exposure levels of ASC30 will lead to more significant weight loss effects compared to small molecule GLP-1 receptor agonists, including orforglipron [3] - The CEO expressed excitement over the data indicating ASC30's competitive and differentiated potential in treating obesity, based on its superior pharmacokinetic profile [3]

Core Insights - The core point of the article is that Gilead Sciences-B (01672.HK) announced positive results for its ASC30 oral tablet in a Phase Ib multi-dose escalation study in the U.S., demonstrating favorable pharmacokinetic characteristics compared to orforglipron [1] Group 1: Drug Performance - ASC30 shows a drug exposure level approximately 2.3 to 3.3 times higher than orforglipron, indicating a significant advantage in pharmacokinetics [1] - The higher drug exposure and good tolerability of ASC30 suggest it may be more effective than orforglipron [1] Group 2: Future Research - Gilead plans to conduct a Phase IIa study of ASC30 in overweight or obese subjects, with top-line data expected in the fourth quarter of 2025 [1]

Core Insights - The announcement from the company indicates positive topline pharmacokinetic (PK) data for ASC30, an oral tablet administered once daily, in a Phase Ib multiple ascending dose (MAD) study involving obese subjects with a BMI of 30-40 kg/m² [1][2] - The study demonstrated that higher drug exposure levels correlate with more significant weight loss, with a 4.5% reduction in weight for the 20 mg cohort and a 6.5% reduction for the 40 mg cohort after 28 days of treatment [1][3] Group 1: Pharmacokinetics and Weight Loss - In the Phase Ib MAD study, the drug exposure levels (AUC0-24h) for the 20 mg and 40 mg cohorts were 3,560 ng.h/mL and 5,060 ng.h/mL, respectively [1] - The weight loss results were consistent with the drug exposure levels, indicating that higher exposure leads to more pronounced weight loss effects [1][3] Group 2: Comparison with Orforglipron - ASC30's drug exposure levels were approximately 2.3 times and 3.3 times higher than those of orforglipron (24 mg cohort), which had an AUC0-24h of 1,520 ng.h/mL [2] - The weight loss achieved with orforglipron after 28 days was only 3.6%, indicating that ASC30 may offer superior efficacy in weight reduction [2] Group 3: Safety and Tolerability - The ASC30 oral tablet demonstrated good safety and tolerability, with no serious adverse events (SAEs) reported and no grade 3 or higher adverse events observed [3] - No elevations in liver enzymes or other abnormalities were noted during the study, suggesting a favorable safety profile for ASC30 [3] Group 4: Competitive Positioning - The company believes that the higher drug exposure levels of ASC30 will lead to more significant weight loss compared to other small molecule GLP-1 receptor agonists, including orforglipron [3] - The data from non-human primate studies, which showed higher drug exposure for ASC30, has been successfully translated into human clinical research, enhancing the competitive and differentiated potential of ASC30 in treating obesity [3]

Group 1 - Company Gilead Sciences-B (01672.HK) announced positive topline pharmacokinetic (PK) data from a randomized, double-blind, placebo-controlled Phase Ib multiple ascending dose (MAD) study of ASC30 in obese subjects (BMI: 30-40 kg/m2) [1] - In the Phase Ib MAD study, the drug exposure levels (AUC0-24h) at steady state were 3,560 ng.h/mL for cohort 1 (20 mg) and 5,060 ng.h/mL for cohort 2 (40 mg) [1] - After 28 days of treatment, the average weight loss was 4.5% for cohort 1 and 6.5% for cohort 2, indicating that higher drug exposure leads to more significant weight loss effects [1] Group 2 - The founder and CEO of Gilead, Dr. Wu Jinzi, stated that higher drug exposure levels for small molecule GLP-1 receptor agonists, including orforglipron, result in more significant weight loss effects [2] - In head-to-head studies in non-human primates, ASC30 showed higher drug exposure than orforglipron, which translated into human clinical studies [2] - Cross-trial comparisons indicated that ASC30's drug exposure in humans is approximately 2.3 to 3.3 times that of orforglipron, suggesting competitive and differentiated potential for ASC30 in treating obesity [2]

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） 「基於目前已公開的臨床數據，我們相信對於包括orforglipron在內的小分子GLP-1 受體(GLP-1R)激動劑而言，更高的藥物暴露量會產生更顯著的減重效果，」歌禮 創始人、董事會主席兼首席執行官吳勁梓博士表示，「在非人靈長類動物頭對頭研 究中，ASC30藥物暴露量高於orforglipron，這個數據進一步轉化到了人體臨床研 究中。跨試驗對比顯示，ASC30在人體中的藥物暴露量約為orforglipron的2.3倍至 3.3倍，我們對此感到非常激動。鑒於ASC30更高的藥物暴露量在肥胖受試者中產 生了更顯著的減重效果，我們相信，與orforglipron相比，ASC30每日一次口服片 治療肥胖症具有競爭性及差異化潛力。」 茲提述本公司日期為2025年8月5日的公告，本公司於該公告 ...

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with the Hang Seng Index dropping by 1.27%, losing over 300 points. The Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.4% and 1.47% respectively, with the former barely holding above the 9000-point mark [2] - Major technology stocks, which serve as market indicators, continued to decline in the afternoon. Kuaishou and Meituan fell over 3%, while JD.com dropped by 2.5%. Baidu, NetEase, and Tencent saw declines close to 2%, and Xiaomi fell by 0.56%. Alibaba managed to stay slightly positive [3] Sector Performance - The financial sector, including banks, insurance companies, and Chinese brokerage firms, collectively underperformed, contributing to the overall market decline. The performance of individual stocks continued to be affected by ongoing earnings reports, with property management and real estate stocks experiencing significant drops [3] - Biopharmaceutical stocks faced a collective downturn, particularly in the innovative drug sector, following comments from Trump regarding the rapid imposition of tariffs on pharmaceuticals. This led to notable declines in various biopharma stocks [3] Specific Stock Movements - Several biopharmaceutical companies saw substantial declines, including Kanghao Ya-B (-8.59%), Qiansirui Biotechnology (-7.42%), and Kangfang Biotechnology (-7.10%). Other notable decliners included Xiansheng Pharmaceutical (-6.79%) and Shiyao Group (-6.36%) [3] - In contrast, the rare earth sector remained strong, benefiting from the implementation of supply reforms and multiple catalysts. Apple’s upcoming event on September 9, where the iPhone 17 series is expected to be launched, led to a rise in Apple-related stocks, with Lens Technology (300433) surging nearly 8% and reaching a new high since its listing [4]

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

Group 1 - The core point of the article is that Gilead Sciences-B (01672) announced a share placement to raise funds for clinical trials related to obesity treatments, which has positively impacted its stock price [1] - Gilead plans to place 52.4 million shares at HKD 16.45 each, representing a discount of approximately 9.9% from the previous closing price, with net proceeds expected to be HKD 468 million [1] - Approximately 90% of the funds raised will be allocated to the development of subcutaneous and oral peptide candidates for obesity clinical trials [1] Group 2 - The controlling shareholder and founder, Wu Jinzi, will sell 52.4 million shares at HKD 16.45 each and subsequently subscribe to 28.82 million new shares, resulting in a cash-out of HKD 388 million [1] - Citigroup has highlighted the potential of Gilead's small molecule GLP-1 receptor agonist ASC30, with phase II data expected to be released in Q4 this year, which could serve as a key catalyst for the company [1] - Management has indicated that the safety data from the ASC30 phase II A group blind clinical trial has shown good performance with no cases of discontinuation, and a business development partnership for ASC30 is anticipated by mid-2026 [1]