Group 1 - The core point of the article is that Gilead Sciences (歌礼制药) is experiencing a stock price increase following the announcement of a share placement to fund clinical trials for obesity-related peptide drugs [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 clinical trial development of subcutaneous and oral peptide candidates for obesity [1] Group 2 - The company's controlling shareholder, Wu Jinzi, will sell 52.4 million shares at HKD 16.45 and subsequently subscribe to 28.82 million new shares, resulting in a cash-out of HKD 388 million [1] - Citigroup has released a report highlighting Gilead's potential for its small molecule GLP-1 receptor agonist ASC30, with phase II data expected in Q4 of 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] - Citigroup believes that other candidates like ASC47 and ASC50 have not yet been fully recognized by the market, and new data releases could provide potential upside [1]

Group 1 - Rongchang Biologics (09995.HK) increased by 7.44% [1] - Yongtai Biologics-B (06978.HK) rose by 5.69% [1] - Gilead Sciences-B (01672.HK) saw a gain of 4.41% [1] - Laika Pharmaceuticals-B (02105.HK) experienced a rise of 3.18% [1]

歌礼制药-B(01672)发布公告，于2025年8月25日根据日期为2025年8月19日的配售及认购协议,根据一般 授权配发及发行2882万股新股份。 ...

智通财经APP讯，歌礼制药-B(01672)发布公告，于2025年8月25日根据日期为2025年8月19日的配售及认 购协议, 根据一般授权配发及发行2882万股新股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 歌禮製藥有限公司 呈交日期： 2025年8月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01672 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存 ...

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之內容概不負責，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而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約，亦並非擬用作邀請提出 相關要約或邀請。本公告或其任何副本概不得直接或間接帶入美國或於美國（包括其領土及屬 地、美國任何州及哥倫比亞特區）派發。尤其是，本公告並不構成亦並非在美國或其他地方出 售證券的要約或招攬購買或認購證券的任何要約。除非已根據一九三三年美國證券法（經修訂） 登記或獲豁免登記，否則證券不得在美國提呈發售或出售。於美國進行的任何證券公開發售將 僅以招股章程的方式進行，該招股章程可向證券發行人或賣方取得，並載有發行人及管理層的 詳細資料以及財務資料。本公司無意於美國公開發售本公告所述證券。 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） 1 認購所得款項用途 完成根據一般授權配售現有股份及補足認購新股份 獨家整體協調人及獨家配售代理 ݷ 茲提述歌禮製藥有限公司（「 ...

机构：国投证券 研究员：李奔/冯俊曦/连国强 事件：公司发布2025 年中期业绩，报告期内公司实现营业收入0.01 亿元，实现归母净利润-0.88 亿元。 口服小分子GLP-1 激动剂ASC30 展现BIC 潜力，海外授权值得期待。公司口服小分子GLP-1 激动剂 ASC30 在美国Ib 期MAD 队列2 经安慰剂校准后的体重相对基线平均下降6.5%；考虑到海外礼来口服小 分子GLP-1 激动剂orforglipron 在3 期临床ATTAIN-1 研究中减重数据低于预期，在第72 周36mg 组体重 降幅仅有12.4%（安慰剂组为0.9%），我们认为公司ASC30 展现出全球BIC潜力，未来的海外授权值得 期待。目前ASC30 在美国IIa 期临床已完成入组，有望在年内获得顶线数据。 其他多个管线产品快速推进中。其中每月一次或更长时间注射一次的ASC30 皮下注射制剂美国IIa 期研 究已完成首例受试者入组，预计年内完成入组；ASC47 THRb 皮下注射制剂联合司美格鲁肽的美国临床 已完成所有受试者给药，预计年内获得顶线数据；FASN 口服小分子ASC40 的III 期临床已取得优异数 据；口服小分子IL ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 19.02 over the next six months [4]. Core Insights - The company reported a revenue of HKD 0.01 billion and a net profit of -HKD 0.88 billion for the reporting period. The oral small molecule GLP-1 agonist ASC30 shows potential for BIC, and overseas licensing opportunities are promising. ASC30 demonstrated an average weight reduction of 6.5% relative to baseline in a U.S. Phase Ib trial [1][2]. - The company has multiple pipeline products advancing rapidly, including ASC30 subcutaneous injection and ASC47 THRb subcutaneous injection, with top-line data expected within the year. The revenue projections for 2025 to 2027 are HKD 0.03 billion, HKD 0.7 billion, and HKD 1.4 billion, respectively, with net profits projected at -HKD 3.0 billion, -HKD 2.8 billion, and -HKD 2.9 billion [2][6]. Financial Summary - The company’s total revenue for 2023 is projected at HKD 56.60 million, with a significant increase expected in subsequent years, reaching HKD 137.92 million by 2027. However, net profits are expected to remain negative throughout this period [6][10]. - The company’s cash flow from operating activities is projected to be negative in 2025 at -HKD 168.66 million, with a recovery expected in 2026 [9]. - The balance sheet shows total assets decreasing from HKD 2,491.01 million in 2023 to HKD 1,232.41 million by 2027, indicating a potential liquidity concern [8]. Market Performance - The stock has shown significant performance, with a 12-month absolute return of 1,733.3% and a relative return of 1,701.2% [5]. - The current stock price is HKD 14.85, which is below the target price, indicating potential upside for investors [4]. Pipeline Development - The company is advancing several clinical trials, including ASC30 and ASC47, with expected top-line data releases within the year, which could significantly impact future revenue streams [2][6]. - The DCF model suggests a strong growth trajectory for revenue, with projections indicating a rise to HKD 70.0 billion by 2034 [7]. Valuation Metrics - The projected P/E ratio for 2025 is -44.23, reflecting the company's current unprofitability but potential for future growth as products are commercialized [11]. - The projected net profit margin is expected to improve significantly, moving from -255.70% in 2024 to -207.79% in 2027, indicating a gradual recovery [11].

Core Viewpoint - The company is undergoing a full transformation towards innovative drug research and development, with a focus on obesity treatment through GLP-1 related drugs, while facing financial losses in the short term [1][2] Financial Performance - In the first half of 2025, the company reported an operating revenue of 0.01 billion RMB and a net loss attributable to shareholders of 0.88 billion RMB [1] - The company's cash and cash equivalents, along with other financial instruments, amount to approximately 18.28 billion RMB, which is expected to support R&D activities and operations until 2029 [1] Product Development - ASC30, a potential leading GLP-1 small molecule weight loss drug, showed a 6.5% average weight reduction in obese patients after 28 days of once-daily oral administration in the U.S. Phase Ib clinical trial [1] - ASC30 has a half-life of 36 days in obese patients with a single subcutaneous injection, indicating the potential for monthly or less frequent dosing [1] - ASC47, a fat-targeting drug, demonstrated a peak weight loss of 1.7% in obese patients after a single 90mg injection, with no muscle loss observed [2] - The company is conducting U.S. clinical trials for ASC47 in combination with semaglutide, with top-line data expected this year [2] Market Context - The recent data from Eli Lilly's oral GLP-1 small molecule weight loss drug, Orforglipron, showed a 12.4% weight reduction in patients, which was below market expectations, potentially increasing the overseas business development prospects and value of ASC30 [1]

Market Performance - The Hong Kong stock market indices continued to decline, with the Hang Seng Index falling by 0.57% to 24,980.20, the Hang Seng China Enterprises Index down by 0.67% to 8,945.88, and the Hang Seng Tech Index dropping by 1.26% to 5,472.25, marking a breach of the 25,000-point threshold again [1]. Sector Performance - Large technology stocks showed weak performance, with Kuaishou down nearly 5%, Alibaba down 1.6%, JD.com down 1.46%, and Baidu down 1%. Tencent, NetEase, Meituan, and Xiaomi also experienced declines [3]. - The pharmaceutical sector faced significant adjustments, particularly in internet healthcare and innovative drug stocks, with Tongyuan Kangyi falling nearly 22%, and other notable declines from Gilead Sciences, Nuo Cheng Jianhua, and Fosun Pharma [3]. - Chinese brokerage stocks were collectively weak, with Hongye Futures and Dongfang Securities showing notable declines [3]. Notable Stock Movements - Fuyao Glass surged nearly 14% following its earnings report, indicating strong performance in the glass manufacturing sector [3]. - New consumption concept stocks saw a rise, particularly Pop Mart, which increased by 8.6%, surpassing the 300 HKD mark for the first time [3].