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].

ASC47：联用GLP-1 多肽类药物体现减脂不减肌潜质。 ASC47 是脂肪靶向药物，可以每月一次或更低 频率皮下注射用来治疗肥胖患者，Ib 期试验中展现长半衰期（健康受试者26 天，肥胖患者40 天），单 次皮下注射90mg 后，肥胖患者第50 天峰值减重达 1.7%，且未出现肌肉流失。临床前动物试验表明， ASC47联合司美格鲁肽展现出优于司美格鲁肽单药的减重效果，且肌肉占体重比例与健康小鼠相近，具 备减重不减肌潜质。公司正在开展ASC47 联合司美格鲁肽治疗肥胖的美国临床，预计今年取得顶线数 据。 盈利预测、估值与评级：公司在代谢性疾病治疗产品加大临床投入，考虑到公司控制研发费用投入，25 年上半年研发费用投入低于我们此前预期，上调25 年归母净利润预测为-4.21 亿元（前值为-4.93 亿 元），基本维持26-27 年归母净利润预测为-4.14/-3.44 亿元,维持"买入"评级。 风险提示：药物研发失败，港股市场流动性萎缩。 机构：光大证券 研究员：叶思奥/王明瑞 事件：公司发布2025 年半年报，实现营业收入 0.01 亿元（不含其他收入和收益），实现归母净利 润-0.88 亿元。公司全面转型 ...

(责任编辑：宋政 HN002) | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 02410 | 同淵康医药-B ● | 14.700 | -21.97% | | 01672 | 歌礼制药-B | 13.850 | -10.76% | | 09969 | 诺诚健华 | 18.230 | -8.21% | | 03692 | 翰森制药 | 35.780 | -7.83% | | 02157 | 乐普生物-B | 8.870 | -7.70% | | 09926 | 康方生物 | 160.200 | -6.86% | | 02162 | 康诺亚-B | 70.200 | -6.09% | | ૦૯૭૨૨ | 博安生物 | 15.100 | -5.98% | | 06990 | 科伦博泰生物-B | 431.400 | -5.39% | | 01477 | 欧康维视生物-B | 11.350 | -5.02% | | 02196 | 复是医药 | 20.500 | -4.92% | | 00460 | 四环医药 | 1.420 | -4.70% | 盘面上， ...

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]

值得注意的是，歌礼制药近日公布中期业绩，收入总额1.04亿元人民币，同比增长111.4%；亏损收窄至 8,795.1万元，上年同期亏损1.3亿元。东吴证券指出，歌礼制药2025年上半年各项管线推进顺利，符合 预期。未来临床数据披露时间相对明确。该行认为其未来成功上市可能性再次提高。地尼法司他未来有 望贡献收入。 智通财经APP获悉，歌礼制药-B(01672)再跌超6%，截至发稿，跌6.25%，报14.55港元，成交额6567.09 万港元。 消息面上，歌礼制药近日公告称，拟以先旧后新方式配售5240万股股份，每股16.45港元，较前一日收 盘价折让约9.9%，所得款项净额4.68亿港元，约90%建议用于其皮下注射多肽及口服多肽候选药物有关 的肥胖症临床试验研发。同时，歌礼制药的控股股东、创办人吴劲梓还将以每股16.45港元的价格先出 售5240万股股份，再认购2882万股新股，即控股股东配股套现3.88亿港元。上述交易全部完成后，吴劲 梓的持股比例将由62.21%降至58.03%。 ...

值得注意的是，歌礼制药近日公布中期业绩，收入总额1.04亿元人民币，同比增长111.4%；亏损收窄至 8,795.1万元，上年同期亏损1.3亿元。东吴证券指出，歌礼制药2025年上半年各项管线推进顺利，符合 预期。未来临床数据披露时间相对明确。该行认为其未来成功上市可能性再次提高。地尼法司他未来有 望贡献收入。 消息面上，歌礼制药近日公告称，拟以先旧后新方式配售5240万股股份，每股16.45港元，较前一日收 盘价折让约9.9%，所得款项净额4.68亿港元，约90%建议用于其皮下注射多肽及口服多肽候选药物有关 的肥胖症临床试验研发。同时，歌礼制药的控股股东、创办人吴劲梓还将以每股16.45港元的价格先出 售5240万股股份，再认购2882万股新股，即控股股东配股套现3.88亿港元。上述交易全部完成后，吴劲 梓的持股比例将由62.21%降至58.03%。 歌礼制药-B(01672)再跌超6%，截至发稿，跌6.25%，报14.55港元，成交额6567.09万港元。 ...

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]

Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]