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].

Group 1: Hong Kong Stocks - Lehua Entertainment (02306) surged over 24% due to strong market performance of its toy IP "WUKUKU," with multiple new products setting sales records and the theme song exceeding 1 billion views [1] - United Energy Group (00467) rose over 7% after signing a 15-year production increase contract with Uzbekistan's UNG, involving 57.8 billion cubic meters of oil and gas production, with an initial investment of $100 million to expand into Central Asia [1] - Smoore International (06969) fell over 3% as shareholder Yiwei Lithium Energy plans to reduce its stake by 3.5% (216 million shares), resulting in a decrease of its holding to 27.23%, no longer being the controlling shareholder [1] - New World Development (00200) dropped over 5% after completing a "2 for 1" rights issue, issuing 758 million shares and raising HKD 771 million, with oversubscription of 13 times [1] - Fourth Paradigm (06682) increased over 7% after launching AI solutions for the manufacturing industry, covering production optimization to supply chain intelligence upgrades [1] - Shandong High-Tech Holdings (00412) rose over 4% as Zhongtai Securities highlighted significant synergy between its new energy and digital infrastructure, with a data center PUE value of 1.15, enhancing financial integration [1] - KANAT Optical (02276) increased over 4% due to an explosion in the smart glasses market (e-commerce transactions up 8 times), with Meta collaborating with Oakley to launch AI glasses, positioning the company with leading 3C enterprises [1] Group 2: Other Notable Stocks - Sipai Health (00314) rose over 7% after partnering with Anruijiaer to develop customized insurance, planning to sell 6 pharmacies for 5.89 million to focus on core medical insurance business [2] - SF Express (09699) increased over 5% after raising its delivery service revenue cap for 2025/26 to HKD 12.8 billion / HKD 20.5 billion, with demand growth exceeding expectations [2] - Liufu Group (00590) fell over 3% as it projected a 40% decline in profits for the 2025 fiscal year, primarily due to gold hedging losses and high base effects from acquisition gains [2] - Zhenjiu Lidu (06979) rose over 4% after announcing Yao Annan as the "Cultural Heritage Ambassador" for liquor, leveraging Huawei-related topics to boost brand visibility [2] - Ideal Auto-W (02015) dropped over 4% as Meituan's Wang Xing sold 5.73 million shares for HKD 600 million, reducing his stake to 20.61% [2] - Health Road (02587) surged over 7% as its liver disease AI management platform was selected for Beijing's digital medical verification program, supporting WHO's "2030 Hepatitis Elimination" goal [2] - Gilead Sciences-B (01672) rose over 5% after its psoriasis oral drug ASC50 completed the first dosing in Phase I clinical trials in the U.S., targeting the IL-17 pathway [2] - China Silver Group (00815) increased over 10% after partnering with Zefeng Gold to acquire a 55% stake in a lead-zinc exploration company, gaining exploration rights over 50.8 square kilometers in Tibet [2] Group 3: U.S. Stocks - Verve Therapeutics (VERV.US) skyrocketed over 80% as Eli Lilly prepares to acquire the gene-editing company for up to $1.3 billion, with $1 billion as an upfront payment and $300 million contingent on specific clinical milestones [4] - Solar energy stocks plummeted, with Sunrun (RUN.US) down over 40%, Solaredge Technologies (SEDG.US) down over 41%, and First Solar (FSLR.US) down over 22%, following a Republican proposal in the U.S. Senate to terminate wind and solar tax credits by 2028, raising concerns about the industry's outlook [4] - Reddit (RDDT.US) rose over 6% after launching the AI advertising tool Reddit Insights, enhancing ad targeting through real-time user trend analysis [4] - Bitcoin-related stocks fell, with CleanSpark (CLSK.US) down over 7% and Riot Platforms (RIOT.US) down over 5%, as Bitcoin prices dropped nearly 2% to $105,580 amid escalating tensions in the Middle East and high leverage positions in the derivatives market [4] - AMD (AMD.US) continued to rise 0.56% after officially launching the Zen5 architecture Ryzen Threadripper processors, covering the workstation and desktop markets, with a market share close to 50% in China for Q1, although there are concerns about its cost-performance ratio [5] - Brain Regen Technologies (RGC.US) surged over 30% after announcing a 38-for-1 stock split, coupled with FDA clinical trial approval news, although its actual business has no revenue and a very small float, indicating significant retail speculation [6] - Jabil (JBL.US) rose over 8%, reaching a new all-time high of $202.5, with Q3 revenue increasing 15% year-on-year to $7.83 billion, raising its full-year revenue forecast to $29 billion and planning a $500 million investment to support AI data center infrastructure [6] - Niu Technologies (NIU.US) increased over 11% after launching its new NX Play electric motorcycle on Douyin, integrating a smart riding system to enhance user experience [6] - T-Mobile US (TMUS.US) fell nearly 4% as SoftBank sold 21.5 million shares at $224 each, a 3% discount, triggering market sell-off [6] - The pharmaceutical sector saw widespread declines, with Eli Lilly (LLY.US) down over 2% and Novo Nordisk (NVO.US) down over 3%, as concerns grew over the potential impact of the U.S. Senate tax bill on the industry, coupled with profit-taking ahead of some companies' earnings reports [6] - The gold sector declined, with Gold Fields (GFI.US) down over 2.1%, and spot gold fell 0.27% to $3,375.53, as easing tensions in the Middle East reduced safe-haven demand, alongside Citigroup's bearish long-term gold price forecast [7]

Core Viewpoint - The company announced the completion of the first dosing of healthy subjects in a Phase I clinical trial for its orally administered small molecule IL-17 targeted inhibitor ASC50, aimed at treating psoriasis [1] Group 1 - The trial is designed to evaluate the safety, tolerability, and preliminary efficacy of ASC50 [1] - Preclinical data suggests that ASC50 has the potential to become a best-in-class oral medication for psoriasis, administered once daily [1]

Group 1 - Company Gilead Sciences-B (01672) saw a significant stock increase of over 18%, currently trading at 10.96 HKD with a transaction volume of 79.907 million HKD [1] - Gilead announced that its oral small molecule fatty acid synthase (FASN) inhibitor, ASC40, achieved all primary, key secondary, and secondary endpoints in a Phase III clinical trial for moderate to severe acne [1] - Dongwu Securities highlighted that ASC40's clinical trial results are promising, indicating it may become an effective, patient-compliant, and safe treatment for acne, with plans to submit for regulatory approval in 2025 and potential revenue contribution in 2026 [1] Group 2 - Gilead will present early research data on its oral small molecule GLP-1 receptor agonist ASC30 and fat-targeting weight loss candidate ASC47 at the 85th American Diabetes Association (ADA) Scientific Sessions in Chicago [2] - ASC30 is noted as the only GLP-1 small molecule that can be administered both orally daily and via monthly subcutaneous injection, catering to diverse market needs [2] - ASC47 targets the THRβ receptor in fat cells and has potential for fat loss without muscle loss, being the first small molecule weight loss drug targeting THRβ, with Phase I SAD study data already released [2]

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]

Group 1 - Company announced that it will present early research data on oral small molecule GLP-1 receptor agonist ASC30 and fat-targeting weight loss candidate ASC47 at the 85th American Diabetes Association (ADA) Scientific Sessions in Chicago [1] - ASC30 is a clinical-stage small molecule GLP-1R agonist with unique properties allowing for both subcutaneous injection and oral tablet administration, protected by global compound patents until 2044 [1] - ASC47 is a self-developed fat-targeting, ultra-long-acting subcutaneous thyroid hormone receptor β (THRβ) selective small molecule agonist, showing dose-dependent high drug concentration in fat tissue [1] Group 2 - The ADA, established in 1940, is a leading non-profit organization focused on diabetes prevention and treatment, with its annual scientific sessions serving as a key industry benchmark [2] - The 85th ADA Scientific Sessions will take place from June 20 to 23 in Chicago, showcasing cutting-edge clinical practices and research directions in the diabetes field [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has successfully completed all primary and secondary endpoints in the Phase III clinical trial for ASC40, a treatment for moderate to severe acne, demonstrating excellent efficacy [7] - ASC40's treatment success rate was 33.2% compared to 14.6% in the placebo group, with a significant reduction in total lesions and inflammatory lesions [7] - The company is expected to submit for regulatory approval in 2025, with projected revenues starting in 2026 [7] Financial Projections - Total revenue is projected to be 1.28 million in 2024, with a significant increase to 40 million in 2026 and 100 million in 2027 [1] - The net profit attributable to the parent company is expected to decline to (300.94) million in 2024 and further to (454.44) million in 2025, before slightly improving to (445.21) million in 2027 [1] - The earnings per share (EPS) is forecasted to be (0.31) in 2024, (0.47) in 2025, and (0.46) in 2027 [1] Market Data - The closing price of the stock is 8.07 HKD, with a market capitalization of approximately 7,169.28 million HKD [5] - The company has a price-to-book ratio of 3.81 and a price-to-earnings ratio of (54.06) [5][1]

智通财经APP讯，歌礼制药-B(01672)发布公告，同类首创(first-in-class)、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。 主要、关键次要及次要终点可见表2。主要终点包括治疗成功百分比(治疗成功的定义为在第12周时，研究者总体评估(Investigator's Global Assessment，IGA) 评分较基线下降至少2分，且IGA分级为0分(光洁)或1分(几乎光洁))、总皮损计数相对基线百分比下降，以及炎性皮损计数相对基线百分比下降。第12周时， 地尼法司他治疗组治疗成功百分比为33.2%，而安慰剂组为14.6%，p <0.0001;地尼法司他治疗组总皮损计数相对基线百分比下降是57.4%，而安慰剂组为 35.4%，p <0.0001;以及，地尼法司他治疗组炎性皮损计数相对基线百分比下降是63.5%，而安慰剂组为43.2%，p <0.0001。第12周时，非炎性皮损计数相对 基线百分比下降(关键次要终点)，地尼法司他治疗组为51.9%，而安慰剂组为28.9 ...

整理 | GLP1减重宝典内容团队 关于ASC47-103研究 ASC47-103研究在美国开展，是一项随机、双盲、安慰剂对照的临床研究，旨在评估单剂量超长效皮下注射（SQ）ASC47联合 司美格鲁肽治 疗肥胖症（体质指数≥30 kg/m²）患者的安全性和初步疗效。ASC47-103研究包含三个队列：队列1的参与者将接受单剂量10 mg ASC47或容量 匹配的安慰剂皮下注射，以及四剂 司美格鲁肽（0.5 mg，每周一次）皮下注射。队列2的参与者将接受单剂量30 mg ASC47或容量匹配的安慰 剂皮下注射，以及四剂 司美格鲁肽（0.5 mg，每周一次）皮下注射。第 3 组参与者将通过皮下注射接受单剂量 60 毫克 ASC47 或体积匹配的 安慰剂，并通过皮下注射接受四剂量的司美格鲁肽（0.5 毫克，每周一次）。 *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。若涉及版权问题，敬请原作者联系我们。合作事宜，请添加微信：andyxu365 歌礼制 ...

Investment Rating - The industry investment rating is "Recommended" (Maintained) [1] Core Viewpoints - The trend of "going abroad" remains a major focus, with short-term impacts from tariffs diminishing. In Q1 2025, China's pharmaceutical exports reached $26.632 billion, a year-on-year increase of 4.39%, with exports to the U.S. at $4.639 billion, up 9.6% [3] - The market for gout and uric acid reduction presents significant potential, with the number of patients expected to rise from 1.7 billion in 2020 to 2.4 billion by 2030 in China. Current treatments show poor adherence and efficacy, indicating a need for safer and more effective drugs [4] - The oral weight loss drug sector is seeing major players like Novo Nordisk intensifying their efforts, with significant collaborations and clinical advancements. Chinese companies are also making rapid progress in this area [6] - Breakthroughs in universal CAR-T and autoimmune applications are emerging, with promising clinical data from companies like Kintor Pharmaceutical and Bangyao Biotech [8] Summary by Sections 1. Pharmaceutical Export Trends - Pharmaceutical exports are on the rise, with a notable increase in trade volume and value. The U.S. remains the largest single market for Chinese pharmaceutical exports [3] 2. Gout Treatment Market Potential - Gout is a global health issue, particularly in China, where the prevalence is increasing. The market for gout treatments is expected to grow significantly due to the high number of patients and the need for better treatment options [4] 3. Weight Loss Drug Developments - Major pharmaceutical companies are investing heavily in oral weight loss drugs, with significant collaborations and clinical trials underway. Chinese firms are also positioned to capitalize on this growing market [6] 4. Advances in CAR-T Therapy - New developments in universal CAR-T therapies are showing promise, with initial clinical results indicating high efficacy and safety. This could lead to broader applications in various diseases [8] 5. Stock Recommendations - The report recommends several companies based on their potential in various segments, including those focusing on international collaborations, innovative drug development, and market expansion [10]