智通财经APP讯，歌礼制药-B(01672)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入总额 人民币1.04亿元(单位下同)，同比增加111.4%;研发成本1.47亿元，同比增加10.9%;公司权益股东应占亏 损8795.1万元，同比减少32.5%;每股亏损9.14分。 于报告期内及直至本公告日期，本集团在代谢性疾病管线、免疫性疾病管线及拓展性适应症产品管线方 面取得重大进展：ASC30每日一次口服片治疗肥胖症：在美国Ib期研究中，经28天治疗后，经安慰剂校 准后的相对基线的平均体重下降高达6.5%，证明其有望成为治疗肥胖症的同类最佳候选药物。 本集团开展美国IIa 期研究并于仅一月余内迅速完成125名受试者入组;ASC30每月一次或更低频次皮下 注射治疗肥胖症：在美国Ib期研究中，单次皮下注射后在肥胖症患者中表现出36天半衰期，支持每月一 次或更低频次给药。本集团开展美国IIa期临床研究并完成首批受试者给药;ASC47每月一次或更低频次 皮下注射用于不减肌的肥胖症治疗：在肥胖症患者中显示出40天的半衰期。本集团开展ASC47与司美格 鲁肽联合用药的美国研究并完成所有28名肥胖症受试者入组; ...

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [11]. Core Insights - The company is making rapid progress in its clinical trials, particularly with its small molecule GLP-1R agonist ASC30, which has shown promising results in weight loss and safety [6][7]. - ASC30 is positioned to potentially become a "Best in Class" treatment due to its efficacy in weight reduction and low adverse effects [7]. - The company is also developing ASC47, a small molecule THRβ agonist, which is expected to work synergistically with GLP-1 treatments to enhance weight loss while minimizing muscle loss [8]. Clinical Development - The company initiated its first phase IIa clinical trial for ASC30 in early July, successfully enrolling 125 participants within a month [6]. - The expected timeline for top-line data from the ASC30 trial is Q4 2025 [6]. Financial Projections - The report forecasts the company's R&D expenses to increase to 415 million, 487 million, and 540 million RMB for the years 2025 to 2027, respectively [9]. - The projected net profit attributable to the parent company is expected to be -372.9 million, -467.09 million, and -562.67 million RMB for the years 2025 to 2027 [9][13]. - Revenue projections for 2021 to 2023 are not specified, but the report indicates a significant decline in revenue for 2024 [9][13]. Financial Statements Overview - The company's total assets are projected to decrease from 2,491.01 million RMB in 2023 to 571.46 million RMB by 2027 [14][16]. - The report highlights a significant drop in operating income, with a forecast of 1.28 million RMB in 2024 and no revenue expected in 2025 and 2026 [13][16]. - The cash flow statement indicates negative cash flow from operating activities, with projections of -555.17 million RMB in 2025 [15].

Core Viewpoint - The company reported significant revenue growth and advancements in its drug pipeline, particularly in obesity treatment, indicating strong research and development capabilities and a commitment to addressing unmet clinical needs [1][2]. Financial Performance - The company achieved total revenue of RMB 104 million, representing a year-on-year increase of 111.4% [1] - Research and development costs amounted to RMB 147 million, reflecting a year-on-year increase of 10.9% [1] - The loss attributable to equity shareholders was RMB 87.95 million, a decrease of 32.5% year-on-year [1] - The loss per share was 9.14 cents [1] Drug Development Progress - The ASC30 oral tablet for obesity showed a significant average weight reduction of up to 6.5% after 28 days of treatment in a U.S. Phase Ib study, positioning it as a potential best-in-class candidate for obesity treatment [1] - The company rapidly enrolled 125 participants in a U.S. Phase IIa study for ASC30, demonstrating efficient execution in clinical trials [2] - ASC30 also showed a 36-day half-life in a single subcutaneous injection study, supporting less frequent dosing [2] - ASC47, another obesity treatment, demonstrated a 40-day half-life and has completed participant enrollment for a combination study with semaglutide [2] - ASC50, an oral small molecule IL-17 inhibitor, has completed initial dosing in a U.S. Phase I clinical study [2] - The FASN inhibitor, denifasirt, showed statistically significant improvements in all primary and secondary endpoints in a Phase III study for acne treatment, indicating its potential for a major breakthrough in acne therapy [2]

[Financial Summary](index=1&type=section&id=%E8%B4%A2%E5%8A%A1%E6%A6%82%E8%A6%81) Provides a concise overview of the company's financial performance for the six months ended June 30, 2025 Financial Summary for the Six Months Ended June 30, 2025 (Unaudited) | Metric | For the Six Months Ended June 30 (Unaudited) | Change (%) | | :--- | :--- | :--- | | | **2025 (RMB thousands)** | **2024 (RMB thousands)** | | | **Total Revenue** | 103,577 | 49,004 | 111.4% | | **R&D Costs** | (146,812) | (132,382) | 10.9% | | **Administrative Expenses** | (43,302) | (41,356) | 4.7% | | **Loss Before Tax** | (87,951) | (130,318) | -32.5% | | **Loss for the Period** | (87,951) | (130,318) | -32.5% | | **Loss Per Share (Basic and Diluted)** | (9.14) cents | (12.82) cents | -28.7% | [Company Overview and Business Progress](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88%E4%B8%8E%E4%B8%9A%E5%8A%A1%E8%BF%9B%E5%B1%95) Details the company's strategic vision, overall business advancements, and pipeline development across key therapeutic areas [Company Profile and Vision](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E4%B8%8E%E6%84%BF%E6%99%AF) Ascletis aims to be a world-class innovative biopharmaceutical company addressing unmet global medical needs in metabolic diseases - Company vision: To be the most innovative world-class biopharmaceutical company, dedicated to addressing unmet global medical needs in metabolic diseases[5](index=5&type=chunk) [Overall Business Overview](index=2&type=section&id=%E6%95%B4%E4%BD%93%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A7%88) The company made significant pipeline progress in metabolic and immune diseases, narrowing its loss for the period despite increased R&D investment - The company achieved significant progress in its R&D pipeline across multiple disease areas, including: - **Obesity treatment**: ASC30 oral tablet showed up to **6.5% weight loss** in a US Ib study; ASC30 subcutaneous formulation had a half-life of 36 days, supporting monthly dosing; muscle-sparing candidate ASC47 completed enrollment for combination study with semaglutide - **Immune diseases**: Oral small molecule IL-17 inhibitor ASC50 initiated Phase I clinical study in the US - **Expanded indications**: FASN inhibitor denifanstat (ASC40) for acne achieved all primary endpoints in Phase III study[6](index=6&type=chunk) Financial Performance and Cash Position | Metric | 2025 H1 | 2024 H1 | Change | | :--- | :--- | :--- | :--- | | **Loss for the Period** | approx. 88.0 million RMB | approx. 130.3 million RMB | -32.5% | | **R&D Costs** | approx. 146.8 million RMB | approx. 132.4 million RMB | +10.9% | | **Cash and Equivalents** | approx. 1,827.9 million RMB | approx. 2,117.2 million RMB | - | - As of June 30, 2025, the Group's cash and equivalents reserves were approximately **1.828 billion RMB**, projected to support R&D and operations until 2029[7](index=7&type=chunk) [R&D Pipeline](index=3&type=section&id=%E7%A0%94%E5%8F%91%E7%AE%A1%E7%BA%BF) The company maintains three core pipelines: metabolic diseases, immune diseases, and expanded indications, with global or Greater China rights for various drug candidates - **Metabolic Disease Pipeline**: Core products for obesity, ASC30 (oral/subcutaneous) and ASC47 (subcutaneous), both with global rights and in clinical Phase IIa or Ib[8](index=8&type=chunk) - **Immune Disease Pipeline**: Core product, oral small molecule IL-17 inhibitor ASC50, for psoriasis and other immune diseases, with global rights, in clinical Phase I[9](index=9&type=chunk) - **Expanded Indication Pipeline**: Core product, oral small molecule FASN inhibitor ASC40, for acne, with Greater China rights, in Phase III[10](index=10&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Provides an in-depth review of the company's operational performance, financial results, and future outlook [Business Review](index=4&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) The company detailed clinical progress and key data for its core pipeline products, with notable advancements in metabolic disease drugs and strategic project adjustments [Metabolic Diseases](index=4&type=section&id=%E4%BB%A3%E8%B0%A2%E6%80%A7%E7%96%BE%E7%97%85) Significant progress in obesity drug pipeline, with ASC30 showing up to 6.5% weight loss and ASC47 demonstrating potential for healthy weight reduction - **ASC30 Oral Tablet**: In a US Phase Ib study, after 4 weeks of treatment, the placebo-adjusted average weight loss was up to **6.5%**, with good tolerability. Its 13-week Phase IIa study has completed enrollment of 125 patients, with top-line data expected in Q4 2025[13](index=13&type=chunk)[14](index=14&type=chunk) - **ASC30 Subcutaneous Injection**: In a US Phase Ib study, an ultra-long-acting formulation showed a half-life of **36 days** in obese patients, supporting monthly or less frequent dosing. Phase IIa study has completed dosing of the first subjects[16](index=16&type=chunk)[17](index=17&type=chunk) - **ASC47 (Muscle-Sparing)**: A single subcutaneous injection in obese patients showed a half-life of **40 days**, supporting monthly to bi-monthly dosing. The combination study with semaglutide has completed enrollment of all 28 subjects[18](index=18&type=chunk)[19](index=19&type=chunk) [Immune Diseases](index=6&type=section&id=%E5%85%8D%E7%96%AB%E7%96%BE%E7%97%85) The company's self-developed novel oral small molecule IL-17 inhibitor ASC50 has initiated a Phase I clinical trial in the US for psoriasis - The novel oral small molecule IL-17 inhibitor **ASC50** has initiated a Phase I clinical trial in the US for psoriasis, with potential to be a best-in-class daily oral drug[21](index=21&type=chunk) - ASC50 is the company's first immunology candidate developed through its structure-based **AI-assisted drug discovery (AISBDD) platform**[22](index=22&type=chunk) [Expanded Indications and Others](index=7&type=section&id=%E6%8B%93%E5%B1%95%E6%80%A7%E9%80%82%E5%BA%94%E7%97%87%E5%8F%8A%E5%85%B6%E4%BB%96) FASN inhibitor denifanstat (ASC40) successfully completed Phase III trials for acne, while the rGBM project was terminated, and out-licensing opportunities are being sought for other assets - **ASC40 for Acne**: Phase III clinical trial achieved success, with all endpoints showing highly statistically significant improvements and good safety. Efficacy was superior to FDA-approved drugs like sarecycline and doxycycline. The company plans to seek commercial partnerships in 2025[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - **Project Termination and Out-licensing**: Based on study results, the company decided to terminate the ASC40 project for recurrent glioblastoma (rGBM). For ASC40 in MASH and ASC61 for solid tumors, the company will seek opportunities to maximize project value, including out-licensing[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) [Preclinical Discovery](index=8&type=section&id=%E4%B8%B4%E5%BA%8A%E5%89%8D%E5%8F%91%E7%8E%B0) The company continues to leverage its AI-assisted drug discovery (AISBDD) and ultra-long-acting drug development (ULAP) platforms to strengthen early-stage R&D - The company continues to strengthen early-stage discovery by leveraging its two core platforms (AISBDD and ULAP) to develop more globally competitive small molecule and peptide pipeline products[31](index=31&type=chunk) [Future and Outlook](index=9&type=section&id=%E6%9C%AA%E6%9D%A5%E5%8F%8A%E5%89%8D%E6%99%AF) The company's H2 2025 strategy focuses on advancing core clinical programs, obtaining key data, strengthening early R&D, and pursuing out-licensing opportunities - Key Outlook for H2 2025: - **Obtain Key Clinical Data**: Expected top-line data from US clinical studies for ASC30 oral tablet (obesity), ASC47 combination therapy (obesity), and ASC50 (psoriasis) - **Advance Clinical Enrollment**: Complete enrollment for all subjects in the US Phase IIa study of ASC30 monthly subcutaneous injection (obesity) - **Strengthen Early R&D**: Accelerate peptide pipeline clinical trials using the ULAP platform - **Seek Out-licensing**: Actively pursue collaboration opportunities with global pharmaceutical companies[35](index=35&type=chunk) [Financial Position Analysis](index=10&type=section&id=%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's total revenue increased significantly, driven by fair value gains and government grants, while R&D expenses rose, and financial ratios improved, indicating a robust financial position [Revenue and Other Income](index=10&type=section&id=%E6%94%B6%E5%85%A5%E4%B8%8E%E6%94%B6%E7%9B%8A) Total revenue increased by 111.4% to 103.6 million RMB, primarily due to higher fair value gains from financial assets and increased government grants - Total revenue (revenue, other income and gains) increased by **111.4%** from **49.0 million RMB** to **103.6 million RMB**, primarily due to an increase in other income and gains[37](index=37&type=chunk) Details of Other Income and Gains (RMB thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Bank interest income | 30,037 | 48,076 | | Government grants | 34,175 | 12,226 | | Net fair value gain/(loss) on financial assets | 39,151 | (10,735) | | Gain on dilution of interest in an associate | – | 21,147 | | Loss on remeasurement of interest in an associate | – | (24,546) | | **Total** | **102,496** | **49,004** | [Costs and Expenses](index=11&type=section&id=%E6%88%90%E6%9C%AC%E4%B8%8E%E5%BC%80%E6%94%AF) R&D expenses increased by 10.9% to 146.8 million RMB, mainly due to increased investment in the metabolic disease pipeline, while administrative expenses slightly rose - R&D expenses increased by **10.9%** to **146.8 million RMB**, primarily due to increased investment in the metabolic disease product pipeline[43](index=43&type=chunk)[44](index=44&type=chunk) R&D Costs by Product Pipeline (RMB thousands) | Product Pipeline | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Metabolic Diseases | 42,640 | 27,037 | | Expanded Indications - Acne | 43,970 | 47,182 | | Expanded Indications - Oncology | 15,259 | 15,807 | | Preclinical | 38,023 | 14,486 | | **Total** | **146,812** | **132,382** | - Administrative expenses increased by **4.7%** to **43.3 million RMB**, primarily due to higher staff costs and benefits[41](index=41&type=chunk)[42](index=42&type=chunk) [Key Balance Sheet Items](index=13&type=section&id=%E5%85%B3%E9%94%AE%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E9%A1%B9%E7%9B%AE) Inventories, trade receivables, and financial assets increased, with non-current financial assets significantly rising due to fair value gains on listed equity securities, while other payables decreased - Non-current financial assets at fair value through profit or loss increased from **53.5 million RMB** to **79.3 million RMB**, primarily due to an increase in the fair value of investments in NASDAQ-listed equity securities[59](index=59&type=chunk) - Total other payables and accrued expenses decreased from **145.2 million RMB** to **119.9 million RMB**, with provisions reduced by **11.2 million RMB** due to arbitration settlement[64](index=64&type=chunk)[66](index=66&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E4%B8%8E%E8%B5%84%E6%9C%AC%E8%B5%84%E6%BA%90) The company held 1.828 billion RMB in cash and equivalents, with net cash outflow from operating activities and net inflow from investing activities, primarily from maturing time deposits Condensed Consolidated Cash Flow Statement Summary (RMB thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Net cash flow (used in) operating activities | (172,990) | (203,415) | | Net cash flow from investing activities | 904,605 | 261,633 | | Net cash flow (used in) financing activities | (14,485) | (45,455) | | **Net increase in cash and cash equivalents** | **717,130** | **12,763** | - Net cash inflow from investing activities was primarily due to a decrease of approximately **864 million RMB** in time deposits with original maturity over three months[71](index=71&type=chunk) - Net cash outflow from financing activities was primarily due to share repurchases totaling approximately **12.8 million RMB**[72](index=72&type=chunk) [Key Financial Ratios](index=22&type=section&id=%E5%85%B3%E9%94%AE%E8%B4%A2%E5%8A%A1%E6%AF%94%E7%8E%87) The company's liquidity improved, with current and quick ratios increasing, and the debt-to-asset ratio decreasing, indicating a more robust financial structure Key Financial Ratios | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 14.6 | 12.9 | | Quick Ratio | 14.5 | 12.8 | | Debt-to-Asset Ratio | 6.5% | 7.5% | - The increase in current and quick ratios and the decrease in the debt-to-asset ratio were primarily due to a **reduction in current liabilities**[82](index=82&type=chunk) [Other Information](index=21&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) The company disclosed litigation updates with Viking Therapeutics, including provisions for ITC fines, and detailed its employee structure and compensation policy [Litigation and Contingent Liabilities](index=21&type=section&id=%E8%AF%89%E8%AE%BC%E4%B8%8E%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) The company disclosed litigation with Viking Therapeutics, making provisions for an ITC fine of approximately $567,000 while actively defending the ongoing USDC lawsuit - Regarding the litigation with Viking Therapeutics, the ITC's recommended judgment imposed a fine of approximately **$567,000**, for which the company has made provisions[76](index=76&type=chunk) - The lawsuit filed with the USDC is ongoing, and the company will actively defend it, with no provisions made as of the end of the reporting period[77](index=77&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=%E9%9B%87%E5%91%98%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 208 employees, with 65.9% in R&D, reflecting its research-centric strategy, and total employee costs increased Number of Employees by Function (as of June 30, 2025) | Function | Number of Employees | % of Total | | :--- | :--- | :--- | | Management | 4 | 1.9% | | R&D | 137 | 65.9% | | Manufacturing | 29 | 13.9% | | Operations | 38 | 18.3% | | **Total** | **208** | **100.0%** | - For the six months ended June 30, 2025, total employee costs were approximately **82.1 million RMB**, compared to **76.8 million RMB** in the prior period[84](index=84&type=chunk) [Consolidated Financial Statements](index=24&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Presents the company's consolidated financial performance and position, including the income statement and balance sheet [Consolidated Statement of Profit or Loss](index=24&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company reported revenue of 1.08 million RMB and a loss of 87.95 million RMB, a 32.5% reduction from the prior year Summary of Consolidated Statement of Profit or Loss (RMB thousands) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Revenue | 1,081 | – | | Other income and gains | 102,496 | 49,004 | | R&D costs | (146,812) | (132,382) | | Administrative expenses | (43,302) | (41,356) | | **Loss before tax** | **(87,951)** | **(130,318)** | | **Loss for the period** | **(87,951)** | **(130,318)** | [Consolidated Statement of Financial Position](index=26&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, the company reported total assets of 1.997 billion RMB, total liabilities of 129.0 million RMB, and net assets of 1.868 billion RMB, indicating strong liquidity Summary of Consolidated Statement of Financial Position (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total non-current assets** | 173,899 | 153,790 | | **Total current assets** | 1,822,936 | 1,970,782 | | **Total assets** | **1,996,835** | **2,124,572** | | **Total current liabilities** | 125,125 | 153,053 | | **Total non-current liabilities** | 3,873 | 5,357 | | **Total liabilities** | **129,000** | **158,410** | | **Net assets** | **1,867,837** | **1,966,162** | [Notes to Interim Financial Report](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E9%99%84%E6%B3%A8) Provides detailed explanations and disclosures supporting the interim financial statements, covering accounting policies, revenue, capital, and dividends [Company Information and Basis of Preparation](index=28&type=section&id=%E5%85%AC%E5%8F%B8%E8%B5%84%E6%96%99%E4%B8%8E%E7%BC%96%E8%A3%BD%E5%9F%BA%E5%87%86) This unaudited interim financial report, reviewed by KPMG, details the company's primary engagement in drug R&D and its listing on the HKEX - This interim financial report is unaudited but has been reviewed by **KPMG** in accordance with Hong Kong Standard on Review Engagements 2410[96](index=96&type=chunk) - The company is an investment holding company, with subsidiaries primarily engaged in drug R&D. Its shares were listed on the Main Board of the Stock Exchange of Hong Kong on August 1, 2018[93](index=93&type=chunk)[94](index=94&type=chunk) [Revenue and Segment Reporting](index=29&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E6%8A%A5%E5%91%8A) Revenue for the period was 1.08 million RMB, primarily from R&D services, with the company managed as a single operating segment and revenue mainly from Hong Kong - Revenue for the reporting period was **1,081 thousand RMB**, primarily from providing R&D services (**1,054 thousand RMB**)[100](index=100&type=chunk) - The company operates as a **single operating segment**, thus no segment information is presented[102](index=102&type=chunk) [Capital, Reserves and Dividends](index=33&type=section&id=%E8%B5%84%E6%9C%AC%E3%80%81%E5%82%A8%E5%A4%87%E5%8F%8A%E8%82%A1%E6%81%AF) The board did not recommend an interim dividend, while the company repurchased 3.44 million shares and issued new shares from option exercises, also canceling repurchased shares - The Board does not recommend the payment of any dividend for the six months ended June 30, 2025[113](index=113&type=chunk) - During the interim period, the company repurchased shares on the Stock Exchange of Hong Kong for a total consideration of **13.81 million HKD** (equivalent to **12.76 million RMB**)[115](index=115&type=chunk) - During the reporting period, the company cancelled **44,896,790 shares**[117](index=117&type=chunk) [Other Disclosure Information](index=35&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BF%A1%E6%81%AF) Covers corporate governance practices, details of securities transactions including share repurchases, and the review process for interim results [Corporate Governance](index=35&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) The company adheres to the Corporate Governance Code, with the only deviation being Dr. Wu holding both Chairman and CEO roles for efficient leadership - The company has complied with the Corporate Governance Code during the reporting period, except that the roles of Chairman and Chief Executive Officer are not separate, both held by Dr. Wu. The Board believes this arrangement provides more efficient leadership[120](index=120&type=chunk) [Securities Transactions and Share Repurchases](index=35&type=section&id=%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E4%B8%8E%E8%82%A1%E4%BB%BD%E5%9B%9E%E8%B4%AD) The company repurchased 3.44 million shares for 13.559 million HKD to enhance shareholder value and holds treasury shares for its share award scheme Details of Share Repurchases During the Reporting Period | Month of Transaction | Number of Shares Repurchased | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2025 | 2,640,000 | 4.13 | 2.94 | 9,301,470.00 | | April 2025 | 800,000 | 6.74 | 4.57 | 4,257,980.00 | - As of June 30, 2025, the company held **5,784,210 treasury shares** for its 2025 share award scheme[123](index=123&type=chunk) [Review of Interim Results](index=36&type=section&id=%E4%B8%AD%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%AE%A1%E9%98%85) KPMG, the independent auditor, reviewed the interim financial information, and the Audit Committee confirmed its compliance with accounting standards and regulations - The company's independent auditor, **KPMG**, has reviewed the interim financial information[125](index=125&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the interim results and found them to be in compliance with applicable accounting standards and regulations[125](index=125&type=chunk)

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the chemical pharmaceutical industry [1]. Core Insights - The oral GLP-1 small molecule receptor agonists are positioned as effective treatments for type 2 diabetes and obesity, with advantages such as no dietary restrictions and low chemical synthesis supply difficulties. The oral small molecule GLP-1 RA Orforglipron has reached phase III clinical endpoints and is set to apply for market approval [1][2]. - The potential BIC pipeline from Geely Pharmaceutical shows promising weight loss potential in the U.S. clinical trials, demonstrating superior half-life, drug exposure, and activity compared to Orforglipron [1][3]. - In clinical trials, Orforglipron has shown significant reductions in A1C levels and weight loss, with 65% of patients achieving A1C values ≤6.5% and a weight reduction of -7.9% after 40 weeks of treatment [2]. - In a separate obesity trial, Orforglipron demonstrated a weight loss of -12.4% after 72 weeks, with 59.6% of patients losing ≥10% of their body weight [3]. - ASC30, another oral GLP-1 RA, has shown superior pharmacokinetic and pharmacodynamic characteristics, with a drug exposure 2.2 times higher than Orforglipron and a faster dose titration, which may enhance long-term efficacy [3]. Summary by Sections Market Performance - The chemical pharmaceutical industry has shown a strong market performance over the past year, particularly in the area of innovative drugs [1]. Drug Evaluation - The report highlights the successful clinical outcomes of Orforglipron and ASC30, emphasizing their potential in treating type 2 diabetes and obesity, with favorable safety profiles and tolerability [1][2][3]. Clinical Trial Results - Orforglipron's phase III trials have demonstrated significant efficacy in reducing A1C levels and body weight, while ASC30's early clinical results indicate its potential for superior performance compared to existing treatments [2][3].

Group 1 - Kangji Medical (09997) resumed trading with a nearly 1% increase, announcing a privatization agreement with Knight Bidco Limited, which will make Kangji a wholly-owned subsidiary and delist from the Hong Kong Stock Exchange after completion [1] - Tencent Music (01698) opened high with over a 15% increase, reporting a 30% year-on-year increase in adjusted net profit for Q2 ending June 30, 2025, driven by high-quality growth in its online music business [1] - Mingyuan Cloud (00909) opened over 2% higher, announcing a cash acquisition of 100% equity in ASIOT Co., Ltd. for 700 million yen by its subsidiary MytePro Japan [1] Group 2 - Yuedu Group (00772) surged over 15%, reporting a 68.5% year-on-year increase in net profit for the first half of the year, with strong performance in IP for premium films and animations, and significant growth in the emerging short drama sector [2] - Minmetals Resources (01208) rose over 9%, with net profit increasing 15 times year-on-year, attributed to higher copper production and rising prices of copper, gold, silver, and zinc [2] - Beihai Kangcheng-B (01228) increased over 31%, announcing a strategic cooperation agreement with Baiyang Pharmaceutical for exclusive commercial services in promoting several products in mainland China, Hong Kong, and Macau [2] Group 3 - Zhonghui Biotech-B (02627) surged over 25%, as its vaccine product was included in the preliminary review list of the national commercial health insurance innovative drug catalog [2] - Gilead Sciences-B (01672) rose over 5%, announcing promising efficacy results for its candidate drug ASC47 in combination with teriparatide for obesity treatment in diet-induced obesity mouse studies [3] - Dongying Travel (06882) fell over 9%, issuing a profit warning with expected net profit of approximately 6 million HKD for the first half of 2025, down about 82% from 34 million HKD in the same period last year [3] Group 4 - Kodak (KODK.US) dropped 19.91% after reporting a shift from profit to loss in Q2, raising concerns about its ability to execute critical financing measures [4] - Niu Technologies (NIU.US) rose 11.69%, reporting a turnaround to profitability in Q2 and projecting Q3 revenue between 1.433 billion to 1.638 billion CNY, a year-on-year increase of 40% to 60% [4] - Huya (HUYA.US) increased by 4.53%, preparing to release its financial report, with a strong growth trajectory in gaming-related services [4] Group 5 - ON Running (ONON.US) rose 8.95%, reporting a 32% year-on-year increase in Q2 sales and projecting annual net sales of at least 2.91 billion Swiss francs, exceeding previous expectations [6] - Micron Technology (MU.US) increased by 3.26%, significantly raising its Q4 fiscal year 2025 revenue guidance to between 11.1 billion to 11.3 billion USD, with gross margin guidance improved to 44% to 45% [6]

ASC47是一款由歌礼自主研发的、脂肪靶向、每月一次皮下注射的甲状腺激素受体β(THRβ)选择性小分 子激动剂。ASC47具有独特的差异化特性，能够靶向脂肪，从而在脂肪组织中产生剂量依赖性的高药物 浓度。 该DIO小鼠研究旨在对比低剂量ASC47(9mg/kg，单次给药)联合替尔泊肽(3nmol/kg，皮下，每日一次)与 替尔泊肽单药疗法(3nmol/kg，皮下，每日一次)的疗效。DIO小鼠的治疗期为14天。结果显示，低剂量 ASC47联合替尔泊肽的疗效优于替尔泊肽单药疗法，联合用药的小鼠平均总体重下降38.1%，替尔泊肽 单药治疗的小鼠则为20.4%，ASC47联合替尔泊肽比替尔泊肽单药疗法多减重87%(表1)。相比之下，在 DIO小鼠研究中，联合司美格鲁肽与司美格鲁肽单药疗法相比多减重55%，即低剂量ASC47联合司美格 鲁肽的疗效弱于联合替尔泊肽的疗效，具有统计学显著性(p=0.006)。 歌礼制药-B(01672)发布公告，同类首创的治疗肥胖症的减重不减肌候选药物ASC47与替尔泊肽联用在 饮食诱导肥胖(DIO)小鼠研究中显示出令人鼓舞的疗效结果。 低剂量ASC47与替尔泊肽联用使肥胖小鼠身体成分恢复 ...

Core Viewpoint - The stock of Gilead Sciences-B (01672) rose over 6%, reaching 15.46 HKD, following the announcement of promising results from a study on its obesity treatment candidate ASC47 combined with teriparatide [1] Group 1: Drug Development - ASC47 is a novel, fat-targeting, once-monthly subcutaneous thyroid hormone receptor β (THRβ) selective small molecule agonist developed by the company [1] - The study involved DIO mice and compared the efficacy of low-dose ASC47 (9 mg/kg, single dose) combined with teriparatide (3 nmol/kg, subcutaneous, daily) against teriparatide monotherapy [1] - Results showed that the combination therapy led to an average weight loss of 38.1% in mice, compared to 20.4% for the teriparatide monotherapy, indicating an 87% greater weight reduction with the combination [1] Group 2: Comparative Efficacy - In comparison, the combination of low-dose ASC47 with semaglutide resulted in a weight loss that was 55% greater than semaglutide monotherapy, indicating that the efficacy of ASC47 combined with teriparatide is superior [2] - The statistical significance of the difference in efficacy between ASC47 combined with semaglutide and teriparatide was noted (p=0.006) [2]

Core Viewpoint - The announcement by the company regarding the promising efficacy results of ASC47 in combination with Tirzepatide for obesity treatment in diet-induced obesity (DIO) mouse models highlights a significant advancement in obesity therapeutics [1] Group 1: Drug Efficacy - The combination of low-dose ASC47 with Tirzepatide resulted in an 87% greater weight reduction compared to Tirzepatide alone in DIO mouse models [1] - ASC47 combined with Semaglutide showed a 55% greater weight reduction compared to Semaglutide alone, indicating that ASC47 enhances the efficacy of existing obesity treatments [1] - The treatment with low-dose ASC47 and Tirzepatide restored the body composition of obese mice to levels comparable to healthy non-obese mice [1] Group 2: Muscle Mass Preservation - At the end of the treatment, the total muscle mass percentage of obese mice treated with low-dose ASC47 and Tirzepatide (60.4%) was similar to that of healthy non-obese mice (62.0%), suggesting that the treatment preserves muscle mass while promoting weight loss [1]

智通财经APP讯，歌礼制药-B(01672)发布公告，同类首创的治疗肥胖症的减重不减肌候选药物ASC47与 替尔泊肽联用在饮食诱导肥胖(DIO)小鼠研究中显示出令人鼓舞的疗效结果。 该DIO小鼠研究旨在对比低剂量ASC47(9mg/kg，单次给药)联合替尔泊肽(3nmol/kg，皮下，每日一次)与 替尔泊肽单药疗法(3nmol/kg，皮下，每日一次)的疗效。DIO小鼠的治疗期为14天。结果显示，低剂量 ASC47联合替尔泊肽的疗效优于替尔泊肽单药疗法，联合用药的小鼠平均总体重下降38.1%，替尔泊肽 单药治疗的小鼠则为20.4%，ASC47联合替尔泊肽比替尔泊肽单药疗法多减重87%(表1)。相比之下，在 DIO小鼠研究中，联合司美格鲁肽与司美格鲁肽单药疗法相比多减重55%，即低剂量ASC47联合司美格 鲁肽的疗效弱于联合替尔泊肽的疗效，具有统计学显著性(p=0.006)。 低剂量ASC47与替尔泊肽联用使肥胖小鼠身体成分恢复至健康非肥胖小鼠的水平。治疗结束时，经低剂 量ASC47与替尔泊肽联用治疗的肥胖小鼠的总肌肉量占总体重的百分比(60.4%)与健康非肥胖小鼠 (62.0%)相当，意味着实现健康减重。替尔泊 ...