东吴证券指出，ASC30作为歌礼制药的核心管线，此前在美国开展的口服剂型Ia期临床读出了优秀的疗 效数据，4周最高减重6.5%，而与礼来同赛道的口服小分子GLP-1管线Orforglipron的4周最高减重3.4%相 比效果更佳，具有较高的全球BIC潜力。该行指出，歌礼制药对于ASC30的临床推进速度很快，整体效 率更高，且临床在美国开展，数据更受海外MNC认可。综合以上优势，认为该管线具有很强的BD预 期，随着25年Q4的临床数据读出，BD预计有望推进加快。 消息面上，8月5日，歌礼制药宣布，其小分子GLP-1管线ASC30在美国进行的每日口服剂型减重适应症 13周IIa期研究已经完成入组，总计125名患者，预计将在2025年Q4读出顶线数据。ASC30拥有美国和全 球化合物专利保护，专利保护期至2044年。 歌礼制药-B(01672)再涨超7%，截至发稿，涨7.14%，报12.76港元，成交额1.28亿港元。 ...

Core Viewpoint - The company is advancing its clinical pipeline, particularly ASC30, which has shown promising results in weight loss and is expected to generate top-line data by Q4 2025 [1][2]. Group 1: ASC30 Clinical Trials - The ASC30 oral formulation has completed enrollment in a 13-week Phase IIa study with 125 patients, aiming to read out top-line data in Q4 2025 [1]. - ASC30 has U.S. and global compound patent protection until 2044, excluding any patent extensions [1]. - The Phase IIa study is randomized, double-blind, placebo-controlled, and multi-center, targeting overweight individuals with at least one weight-related comorbidity [1]. Group 2: Efficacy and Comparison - In a previous Phase I trial in the U.S., ASC30 demonstrated excellent pharmacokinetics and efficacy, achieving a maximum weight loss of 6.5% over four weeks, outperforming Eli Lilly's Orforglipron, which achieved 3.4% [2]. - The ASC30 subcutaneous injection formulation has also commenced its first patient dosing in the U.S. Phase IIa trial, showing a half-life of up to 36 days, which is advantageous compared to Amgen's AMG133 [2]. Group 3: Additional Pipeline Potential - The company has several other promising pipelines, including ASC47, which targets THR-β for fat reduction and muscle gain, and ASC50, an oral IL-17 small molecule for psoriasis treatment [3]. - ASC47's unique mechanism may enhance weight loss effects while mitigating muscle loss side effects when used in conjunction with GLP-1 drugs [3]. - ASC50 is one of the few oral IL-17 small molecules in clinical stages, potentially offering a competitive edge in the psoriasis market [3]. Group 4: Financial Outlook - The company maintains its revenue forecasts for 2025-2027 at 0, 0.4, and 1 billion RMB, respectively [3]. - The target price has been raised to 14.02 RMB based on the FCFF valuation model, with a "buy" rating maintained [3].

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, providing insights into supply-demand rebalancing: the long depression in the late 19th century in Europe and America, the 1929 Great Depression, and Japan's capacity reduction in the 1970s and 1990s [1][11] - Key conclusions include that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if uncontrolled, and government intervention is more effective than non-intervention in addressing capacity imbalances [1][11] - Effective supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][11] Fixed Income - The report discusses the micro-guided convertible bond, which has a total issuance scale of 1.17 billion yuan, with net proceeds used for the construction of an intelligent factory for semiconductor thin film deposition equipment [2][12] - The expected listing price range for the convertible bond is between 128.84 and 143.03 yuan, with a predicted subscription rate of 0.0036% [2][12] - The company, Micro-Guided Nano, has shown steady revenue growth with a compound annual growth rate of 71.44% from 2020 to 2024, achieving 2.7 billion yuan in revenue in 2024, a year-on-year increase of 60.74% [2][12] Industry Analysis - The report on Chuanfeng Power highlights the company's leading position in the all-terrain vehicle and motorcycle markets, with three major business segments experiencing rapid growth [3][14] - The investment recommendation maintains a "buy" rating for Chuanfeng Power, anticipating higher valuations due to its significant market position and growth potential across its business segments [3][14] - Jiuhua Tourism is positioned to leverage its unique cultural and natural resources, with projected net profits of 220 million, 240 million, and 270 million yuan from 2025 to 2027, corresponding to price-earnings ratios of 18, 16, and 15 times [4][14] Company-Specific Insights - Crystal Technology has secured a significant contract for drug discovery, with potential payments exceeding 5.89 billion USD, indicating strong future growth prospects [5][16] - The company is expected to achieve revenues of 552 million, 924 million, and 1.503 billion yuan from 2025 to 2027, with a forecasted return to profitability by 2027 [5][16] - Zhongchong Co., a leader in the pet food industry, reported a 42.6% year-on-year increase in net profit for the first half of 2025, driven by strong growth in its proprietary brands [17][18]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The ASC30 pipeline has successfully completed patient enrollment for the Phase IIa trial, with top-line data expected in Q4 2025. This compound has patent protection in the U.S. and globally until 2044 [7] - ASC30 has shown superior efficacy in previous trials, achieving a maximum weight loss of 6.5% over four weeks, outperforming a competitor's product [7] - The company has multiple promising pipelines, including ASC47 and ASC50, which are expected to have strong business development potential [7] - Revenue forecasts for 2025-2027 are projected at 0, 0.4, and 1 billion RMB respectively, with an updated target price of 14.02 RMB [7] Financial Summary - Total revenue for 2023 is projected at 566.9 million RMB, with a significant decline expected in 2024 [1] - The company is expected to incur net losses, with a projected net profit of -300.94 million RMB in 2024 and -454.44 million RMB in 2025 [1] - The price-to-earnings ratio is forecasted to improve from -49.48 in 2023 to -15.76 in 2025 [1][8]

Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]

Core Insights - The company announced the completion of participant enrollment for the 13-week Phase IIa study of ASC30, a small molecule oral GLP-1 receptor agonist for obesity treatment, with 125 subjects enrolled [1][2] - The CEO expressed optimism about ASC30's potential as a differentiated therapy for obesity, highlighting the urgent need for more treatment options in the market [1] - The Phase IIa study aims to evaluate the efficacy, safety, and tolerability of ASC30 in obese subjects and overweight subjects with at least one weight-related comorbidity [1] Study Details - The study is randomized, double-blind, placebo-controlled, and multi-center, focusing on two oral formulations of ASC30 [1] - The primary endpoint is the percentage change in average weight from baseline at week 13 [1] - Both formulations will start at a dose of 1 mg, with weekly titrations to reach target maintenance doses of 20 mg and 40 mg for formulation 1, and 20 mg, 40 mg, and 60 mg for formulation 2 [1] Drug Characteristics - ASC30 is the first and only small molecule GLP-1R biased agonist that can be administered both orally and via monthly subcutaneous injection [2] - The drug is a new chemical entity (NCE) with patent protection in the U.S. and globally until 2044, excluding any patent extensions [2] - Formulation 2 has shown a smoother pharmacokinetic profile compared to formulation 1 in previous studies [2]

两种制剂均已在ASC30口服Ia期单剂量递增(SAD)研究(NCT06680440)中进行了评估。制剂2相较制剂1 显示出更平缓的药代动力学特征。 歌礼制药-B(01672)发布公告，评估小分子口服GLP-1受体(GLP-1R)激动剂ASC30治疗肥胖症的美国13周 IIa期研究(NCT07002905)已完成入组。125例受试者均为肥胖人群或伴有至少一种体重相关合并症的超 重人群。 "我们很高兴宣布这一重要里程碑，这标志着ASC30在有望成为治疗肥胖症的独特差异化疗法的道路上 又迈进一步。"歌礼创始人、董事会主席兼首席执行官吴劲梓博士表示，"完成125名受试者入组仅用时 一个多月，凸显了肥胖症市场迫切需要更多治疗选择。我们热切期待在2025年第四季度获得这项IIa期 研究的顶线数据。作为一种小分子药物，如获批，ASC30有望提供每日一次口服和每月一次皮下注射两 种给药选择治疗肥胖症。" 这项IIa期研究是一项13周、随机、双盲、安慰剂对照和多中心的研究，旨在评估ASC30在肥胖受试者 (体重指数(BMI)≥30kg/m2)或伴有至少一种体重相关合并症的超重受试者(27kg/m2≤BMI<30kg/m2)中的 ...

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 歌禮完成小分子口服GLP-1R激動劑ASC30美國IIa期研究 肥胖或超重受試者入組 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。 本公司董事（「董事」）會（「董事會」）宣佈，評估小分子口服GLP-1受體(GLP-1R) 激動劑ASC30治療肥胖症的美國13周IIa期研究(NCT07002905)已完成入組。125 例受試者均為肥胖人群或伴有至少一種體重相關合併症的超重人群。 「我們很高興宣佈這一重要里程碑，這標誌着ASC30在有望成為治療肥胖症的獨 特差異化療法的道路上又邁進一步。」歌禮創始人、董事會主席兼首席執行官吳 勁梓博士表示，「完成125名受試者入組僅用時一個多月，凸顯 ...

Group 1 - The Hong Kong biotechnology stocks collectively rose, with notable increases in several companies' stock prices [1][2] - Beihai Kangcheng-B saw a rise of nearly 19%, while other companies like Gilead Sciences-B and Ascentage Pharma-B also experienced significant gains of over 15% and 9% respectively [1][2] - The overall trend indicates a positive sentiment in the biotechnology sector, with multiple companies achieving gains of over 5% [1][2] Group 2 - Specific stock performance includes: Beihai Kangcheng-B at 18.99% increase, Gilead Sciences-B at 15.30%, and Ascentage Pharma-B at 9.48% [2] - The market capitalization of these companies varies significantly, with Gilead Sciences-B at approximately 11.477 billion and Ascentage Pharma-B at about 29.86 billion [2] - Other notable performers include Jiahua Bio-B and Beikang Medical-B, both showing increases of over 7% [1][2]

Group 1 - The Hong Kong biotechnology sector experienced a rise on August 5, with notable increases in stock prices for several companies [1] - Gilead Sciences (歌礼制药) saw a surge of over 15% in its stock price [1] - Ascentage Pharma (亚盛医药) increased by more than 9% [1] - Other companies such as Jiahe Biopharma (嘉和生物) and Innovent Biologics (复宏汉霖) rose by over 8% [1] - CanSino Biologics (康希诺生物) and Zai Lab (再鼎医药) experienced increases of over 5% [1]