Group 1 - The Hang Seng Index closed up 0.93%, while the Hang Seng Tech Index rose by 1.91% [1] - Apple-related stocks led the gains, with Sunny Optical Technology rising over 10% and AAC Technologies increasing by more than 9% [1] - The innovative drug sector experienced declines, with Genscript Biotech falling over 8% and BeiGene dropping more than 7% [1]

港股创新药板块盘初走低，歌礼制药(01672.HK)跌超8%，百济神州(06160.HK)跌超7%，石药集团 (01093.HK)跌超5%。 ...

港股创新药板块盘初走低，歌礼制药-B跌超8%，百济神州跌超7%，石药集团跌超5%，信达生物、荣昌 生物、君实生物纷纷下挫。 ...

Group 1 - The World Health Organization (WHO) is planning to include weight loss medications in its essential medicines list for the treatment of adult obesity, with guidelines expected to be finalized by August or September 2025 [1] - The guidelines will clarify the clinical indications, applications, and considerations for GLP-1 receptor agonists (RAs) as part of chronic disease management, including clinical and lifestyle interventions [1] - The WHO's expert committee is currently reviewing these medications independently to assess their inclusion in the essential medicines lists, which guide procurement agencies in selecting drugs that meet public health needs [1] Group 2 - Citic Securities reports that overseas giants are consistently exceeding performance expectations, and domestic R&D progress is accelerating, indicating a clearer trend for the weight loss drug industry [2] - Future catalysts for the weight loss drug sector include better-than-expected sales data from major drugs, disclosures of R&D results for overseas GLP-1 drugs in other indications, and successful approvals for domestic products [2] Group 3 - Gilead Sciences (01672) will present early research on its obesity candidate drug ASC47 at the 32nd European Congress on Obesity (ECO 2025) in Malaga, Spain [3] - LianKai Pharmaceuticals (02105) has reported smooth progress in its Phase I clinical trial for LAE102, a monoclonal antibody targeting overweight/obesity, with all 64 participants completing dosing [3] - LianKai has a clinical collaboration agreement with Eli Lilly for LAE102's Phase I study in the U.S., with Eli Lilly covering related costs [3] Group 4 - Innovent Biologics (01801) is at the forefront of domestic GLP-1 innovation with its dual agonist Mazdutide, which has received acceptance for two NDA applications in China targeting obesity and type 2 diabetes [4] - The weight loss indication for Mazdutide is expected to be approved in the first half of next year, with potential to replicate the success of Eli Lilly's weight loss drug in Western countries [4] - The dual-target product Mazdutide is in the application stage for market approval and is expected to be approved within the next two years [4]

Group 1 - Zhengrong Real Estate (06158.HK) has appointed joint liquidators by its controlling shareholder, and trading of its shares will resume from 9 AM on Wednesday, with business operations continuing as usual [1] - XPeng Motors (09868.HK) plans to hold a board meeting on May 21 to approve its first-quarter results [1] - Xiehe New Energy (00182.HK) reported a total equity generation of 3,330.69 GWh in the first four months, a year-on-year decrease of 2.24%, with April's generation at 809.84 GWh, down 6.48% year-on-year [1] Group 2 - Touyun Biotechnology (01332.HK) plans to sell 70% of its stake in Weidao International for 13 million yuan [1] - Gilead Sciences (01672.HK) will present early research findings on its obesity candidate drug ASC47 at the 32nd European Congress on Obesity (ECO 2025) through oral and poster presentations [1] - Yuanda Pharmaceutical (00512.HK) has successfully reached clinical endpoints in its Phase II clinical study of the global innovative product STC3141 for the treatment of sepsis in China [1] Group 3 - Shanggao New Energy (01250.HK) reported a cumulative operational generation of approximately 1.0196 million MWh in the first two months, representing a year-on-year increase of about 13.1% [1]

Core Insights - The company will present research results on its obesity candidate drug ASC47 at the 32nd European Congress on Obesity [1] - The oral presentation is scheduled for May 13, 2025, and the poster presentation will take place on May 14, 2025, in Malaga, Spain [1] - ASC47 is a thyroid hormone receptor β selective small molecule agonist that targets fat and is designed for subcutaneous injection with a long duration of action [1] - The drug achieves dose-dependent high drug concentrations in adipose tissue [1] - The FDA has approved the clinical trial application for ASC47 in combination with semaglutide for the treatment of obesity [1]

Group 1 - The Hang Seng Index closed up by 0.51% [1] - The Hang Seng Tech Index increased by 1.35% [1] - The Hong Kong Tech ETF (159751) rose by 1.44% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) gained 0.58% [1] Group 2 - Meitu Inc. saw a rise of over 10% [1] - Chow Tai Fook Jewelry Group increased by over 8% [1] - Lao Poo Gold experienced a decline of over 5% [1] - Genscript Biotech Corporation (B) fell by over 4% [1]

Financial Performance - The company reported a revenue of RMB 1,283 thousand for the fiscal year 2024, a significant increase compared to RMB 56,596 thousand in 2023[15]. - The gross profit for 2024 was RMB 735 thousand, showing a recovery from a gross loss of RMB 24,692 thousand in 2022[15]. - The net loss margin for 2024 was reported at -23,455.7%, a significant increase from -255.7% in 2023, reflecting ongoing challenges[15]. - Total assets decreased to RMB 2,124,572 thousand in 2024 from RMB 2,332,756 thousand in 2023, indicating a reduction in financial resources[15]. - The annual loss increased from RMB 144.7 million for the year ended December 31, 2023, to RMB 300.9 million for the year ending December 31, 2024, primarily due to increased R&D expenditures for obesity and other metabolic diseases[19]. - Other income and gains decreased by 35.1% from approximately RMB 184.7 million for the year ended December 31, 2023, to approximately RMB 119.8 million for the year ended December 31, 2024[58]. - The total revenue decreased from approximately RMB 566 million for the year ended December 31, 2023, to RMB 1.3 million for the year ended December 31, 2024, due to strategic adjustments in response to the easing of the COVID-19 pandemic[55]. Research and Development - Research and development costs increased to RMB 302,394 thousand in 2024, up from RMB 216,781 thousand in 2023, indicating a strong focus on innovation[15]. - R&D expenses increased by 39.5% from approximately RMB 216.8 million for the year ended December 31, 2023, to approximately RMB 302.4 million for the year ending December 31, 2024[19]. - R&D costs for metabolic diseases surged to RMB 99,237 thousand in 2024 from RMB 12,290 thousand in 2023, reflecting a significant focus on this area[66]. - The company plans to initiate a 13-week IIa phase clinical study for ASC30 in the U.S. in 2025[28]. - The company expects to announce topline results from the Ib phase clinical study of ASC30 in the U.S. in 2025[32]. - The ASC30 subcutaneous injection, administered monthly or less frequently, is expected to show promising results as a first-in-class treatment for obesity, with interim data anticipated by March 2025[10]. - The ASC47 subcutaneous injection, also targeting obesity, demonstrated a half-life of up to 40 days in patients, indicating potential for effective weight loss without muscle loss[10]. - The ASC30 is a new chemical entity (NCE) with patent protection in the U.S. and globally until 2044, showing strong competitive potential for obesity treatment[27]. - The ASC47 single-agent Ib phase study in Australia showed positive topline results, with an average weight loss of 1.7% at peak after a single injection[33]. Strategic Decisions and Initiatives - The company has made strategic decisions to terminate multiple plans and optimize R&D resources to focus on globally competitive pipeline products[11]. - The company remains committed to sustainability initiatives aimed at reducing its carbon footprint while enhancing operational efficiency[11]. - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 30% by 2025[1]. - The company is exploring partnerships with leading universities to accelerate drug development processes[1]. - The company has decided to terminate the ASC22 project for chronic hepatitis B functional cure based on strategic planning and resource optimization[37]. Cash and Financial Position - As of December 31, 2024, the group's cash and cash equivalents are approximately RMB 1,980.8 million, down from RMB 2,299.4 million as of December 31, 2023, sufficient to support R&D activities until 2029[19]. - Cash and cash equivalents increased to approximately RMB 864.3 million as of December 31, 2024, from RMB 330.1 million as of December 31, 2023, reflecting a net increase of RMB 533.8 million[97]. - Net cash used in operating activities for the year ended December 31, 2024, was approximately RMB 341.6 million, primarily due to an operating loss of approximately RMB 355.4 million before changes in working capital[99]. - Net cash generated from investing activities for the year ended December 31, 2024, was approximately RMB 978.9 million, mainly due to a decrease in time deposits of approximately RMB 866.0 million[100]. - Net cash used in financing activities for the year ended December 31, 2024, was approximately RMB 103.5 million, primarily attributed to the repurchase of shares at a total cost of approximately RMB 98.5 million[101]. Employee and Operational Insights - The total employee cost for the year ending December 31, 2024, was approximately RMB 136.1 million, down from RMB 144.0 million for the year ending December 31, 2023[116]. - The company has 231 employees as of December 31, 2024, with 69.7% in R&D and over 81.3% holding a bachelor's degree or higher[116]. - The company recognizes the importance of attracting and retaining quality employees and provides regular training programs, including onboarding, technical, professional, and safety training[146]. Shareholder and Equity Information - As of December 31, 2024, the total number of issued shares was 1,012,758,000, including treasury shares[168]. - Dr. Wu holds 514,393,664 shares through JJW12 Limited, representing 50.79% of the company's equity[162]. - The company repurchased a total of 41,692,000 shares as treasury shares, authorized by shareholders at the annual general meeting on May 23, 2024[168]. - The company has decided to reallocate 30.8% of the unutilized proceeds to support the development of metabolic disease candidates such as ASC47 and ASC30[188]. - The board of directors did not recommend the payment of any final dividend for the year ending December 31, 2024[177]. Compliance and Risk Management - The company has established compliance procedures to ensure adherence to applicable laws and regulations that significantly impact its operations[144]. - The company has identified key risks, including regulatory approval for drugs in development and the ability to attract and retain senior management and key research staff[149]. - The company has received confirmation from its controlling shareholder regarding compliance with non-competition commitments during the reporting period[157].

港股创新药板块走强，歌礼制药(01672.HK)涨超20%，荣昌生物(09995.HK)、石药集团(01093.HK)涨超 6%，百济神州(06160.HK)、信达生物(01801.HK)跟涨。 ...

港股创新药板块盘初大涨，歌礼制药-B涨超20%，荣昌生物、石药集团涨超6%，百济神州、信达生物 涨超3%。 ...