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].

Group 1: Hong Kong Stocks - Chow Sang Sang (00116) surged over 18%, expecting a mid-term profit attributable to shareholders of approximately HKD 900 million to 920 million [1] - XPeng Motors (09868) rose over 4%, reporting a 125.3% year-on-year revenue growth in Q2, achieving a historical high for a single quarter [1] - Sunny Optical Technology (02382) increased over 6%, with a 52.56% year-on-year rise in mid-term profit attributable to shareholders for the six months ending June 30, 2025 [1] - China Gold International (02099) gained over 3%, reporting a turnaround to profitability in the first half of 2025, supported by a rich resource reserve and stable production [1] - Hansoh Pharmaceutical (03692) fell over 8%, announcing a 6.5% discount on a placement to raise nearly HKD 3.9 billion for innovative drug development [1] - Pop Mart (09992) rose over 6%, with adjusted net profit in the first half of 2025 increasing 3.6 times year-on-year [1] - Kunlun Energy (00135) dropped over 3%, reporting a 4.36% year-on-year decrease in mid-term profit attributable to shareholders for the first half of 2025 [1] Group 2: Other Stocks - Gilead Sciences (01672) fell over 8%, announcing a placement to raise a net amount of HKD 468 million, while its controlling shareholder cashed out nearly HKD 390 million [2] - Yixin Group (02858) rose over 1%, reporting a 28% year-on-year increase in adjusted net profit for the first half of 2025, with financial technology revenue soaring 124% [2] - Lithium stocks declined, with Ganfeng Lithium (01772) and Tianqi Lithium (09696) both dropping nearly 6%, amid inventory pressure in the lithium carbonate spot market [2] Group 3: US Stocks - Palo Alto Networks (PANW.US) rose 3.06%, exceeding expectations in Q4 earnings and providing optimistic guidance for future earnings [3] - BHP Group (BHP.US) increased 0.51%, reporting dividends exceeding expectations despite weak iron ore and coal prices [3] - NIO (NIO.US) rose 4.11%, with its L90 model delivering 6,400 units in 20 days since launch, with the factory operating at full capacity [3] - New Oriental (EDU.US) fell 2.79%, influenced by a drop in Oriental Selection's stock, while denying regulatory investigation rumors [3] - Viking Therapeutics (VKTX.US) plummeted 42.12% after reporting adverse side effects in its experimental obesity drug trials [4] - Arm (ARM.US) dropped 5.00%, as it hired Amazon's AI chip director to advance its chip development plans [4] - Home Depot (HD.US) rose 3.17%, reaching a new high since January, with Q2 net sales meeting market expectations [4] - Best Buy (BBY.US) increased 3.20%, launching a third-party online shopping platform to expand product variety [4] - Nexstar Media Group (NXST.US) rose 0.65%, announcing a $6.2 billion acquisition of Tegna [4] - Aurora Innovation (AUR.US) fell over 8%, closing down 7.14% after a short-seller report questioned its profit potential [5] - Boeing (BA.US) dropped 3.19%, with Airbus A320 deliveries expected to surpass Boeing's soon [5]

Core Viewpoint - The company, Gilead Sciences-B (01672), has experienced a decline of over 6% in its stock price, currently trading at 14.55 HKD, following the announcement of a share placement and recent financial results [1] Group 1: Share Placement - Gilead Sciences plans to place 52.4 million shares at a price of 16.45 HKD per share, representing a discount of approximately 9.9% from the previous closing price [1] - The net proceeds from the placement are expected to be 468 million HKD, with about 90% allocated for clinical trials related to subcutaneous and oral peptide candidates for obesity [1] - The controlling shareholder, Wu Jinzi, will sell 52.4 million shares at the same price before subscribing to 28.82 million new shares, resulting in a cash-out of 388 million HKD [1] - Following the transaction, Wu Jinzi's ownership will decrease from 62.21% to 58.03% [1] Group 2: Financial Performance - Gilead Sciences reported total revenue of 104 million RMB, reflecting a year-on-year increase of 111.4% [1] - The company's loss narrowed to 87.95 million RMB, compared to a loss of 130 million RMB in the same period last year [1] - Dongwu Securities noted that Gilead Sciences' pipeline is progressing smoothly and aligns with expectations, with clearer timelines for future clinical data disclosures [1] - The likelihood of successful product launches in the future has increased, with the potential for revenue contribution from the drug, Denifasita [1]

Core Viewpoint - The stock of Gilead Sciences-B (01672) has dropped over 6% following the announcement of a share placement and recent financial results, indicating market concerns about the company's capital raising strategy and performance outlook [1] Group 1: Share Placement - Gilead Sciences plans to place 52.4 million shares at HKD 16.45 each, representing a discount of approximately 9.9% from the previous closing price [1] - The net proceeds from the placement are expected to be HKD 468 million, with about 90% allocated for clinical trials related to subcutaneous and oral peptide candidates for obesity [1] - The controlling shareholder, Wu Jinzi, will sell 52.4 million shares and subsequently subscribe to 28.82 million new shares, resulting in a cash-out of HKD 388 million and a reduction in his ownership from 62.21% to 58.03% [1] Group 2: Financial Performance - Gilead Sciences reported total revenue of RMB 104 million, a year-on-year increase of 111.4% [1] - The company's loss narrowed to RMB 87.95 million, compared to a loss of RMB 130 million in the same period last year [1] - Dongwu Securities noted that Gilead Sciences' pipeline is progressing smoothly, with clear timelines for future clinical data disclosures, potentially increasing the likelihood of successful product launches [1]

Major Events - CSPC Pharmaceutical Group (01093) received clinical trial approval for Dupilumab injection in China [1] - Rongchang Biopharmaceutical (09995) was granted breakthrough therapy designation for RC148 for non-small cell lung cancer by the National Medical Products Administration [1] - China Biologic Products (01177) included LM-302 "CLDN18.2 ADC" in the breakthrough therapy program [1] - Sunshine Oilsands (02012) plans to acquire 51% stake in Noble Technology Limited for HKD 50.91945 million [1] - Galenica Pharmaceutical-B (01672) plans to issue shares at a discount of approximately 9.9%, raising HKD 468 million [1] Financial Performance - Xiaomi Group-W (01810) reported record high revenue and profit for Q2, with attributable profit of HKD 11.904 billion, up 133.51% year-on-year [1] - Pop Mart (09992) announced a mid-term profit of HKD 4.574 billion, a year-on-year increase of 396.5% [1] - Fuyao Glass (03606) reported a half-year net profit of approximately HKD 4.805 billion, up 37.33% year-on-year [1] - China Resources Beer (00291) announced a mid-term profit of HKD 5.789 billion, an increase of 23.04% year-on-year [1] - Kunlun Energy (00135) reported a mid-term profit of HKD 3.161 billion, down 4.36% year-on-year, with a dividend of HKD 0.166 per share [1] - WuXi Biologics (02269) reported a mid-term profit of approximately HKD 2.339 billion, up 56% year-on-year [1] - Sunny Optical Technology (02382) announced a mid-term profit of HKD 1.646 billion, an increase of 52.56% year-on-year [1] - Yixin Group (02858) reported an adjusted net profit of HKD 648 million, up 28% year-on-year [1] - Kangchen Pharmaceutical (01681) reported a mid-term profit of HKD 498 million, up 24.6% year-on-year, maintaining market leadership with its flagship product [1] - Ping An Good Doctor (01833) reported a mid-term profit of HKD 134 million, a year-on-year increase of 136.84% [1] - China Communication Services (02342) reported a mid-term profit of HKD 61.781 million, returning to profitability [1] - XPeng Motors-W (09868) achieved record levels in core business and financial metrics for Q2, with a net loss of HKD 480 million, narrowing by 62.8% year-on-year [1] - Guochuang Tongqiao (02190) reported a mid-term profit of HKD 121 million, up 76% year-on-year [1] - Yanda Pharmaceutical (00512) reported record revenue of HKD 6.107 billion [1] - Jinli Permanent Magnet (06680) reported a mid-term profit of approximately HKD 305 million, up 154.81% year-on-year [1] - Zhaogang Group-W (06676) issued a profit warning, expecting a mid-term profit of approximately HKD 140 million to HKD 180 million, returning to profitability [1] - Longyuan Power (00916) reported a mid-term profit of HKD 3.519 billion, down 14.4% year-on-year [1] - Yancoal Australia (03668) reported a mid-term profit of AUD 16.3 million, down 61.19% year-on-year [1] - SF Holding (06936) reported total revenue of HKD 24.847 billion for July in logistics, supply chain, and international business, up 9.95% year-on-year [1] - Chow Sang Sang (00116) expects a mid-term profit from continuing operations of approximately HKD 900 million to HKD 920 million [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company focuses on innovative drug development, particularly in metabolic products, and has a strong cash position to support its R&D activities until 2029 [1] - ASC30, a potential best-in-class GLP-1 small molecule weight loss drug, shows promising clinical data with an average weight reduction of 6.5% after 28 days of oral administration [2] - ASC47, another drug in development, demonstrates the potential for fat loss without muscle loss when used in combination with GLP-1 peptides, with ongoing clinical trials expected to yield data this year [3] Financial Performance and Forecast - The company reported a revenue of 0.01 billion RMB and a net profit of -0.88 billion RMB for the first half of 2025 [1] - The revenue forecast for 2025 is expected to remain at 0.01 billion RMB, with a projected net profit of -4.21 billion RMB, an improvement from previous estimates [4][9] - The estimated earnings per share (EPS) for 2025 is projected at -0.43 RMB [4][9]