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） 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的內容概不負責，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所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 | 表1. 低劑量ASC47與替爾泊肽聯用療效勝過與司美格魯肽聯用 | | --- | | | | 總體重 | 聯用與單藥相比， | | --- | --- | --- | --- | | 組別 | 給藥 | 相對基線的變化 | 增加的減重效果 | | 經替爾泊肽治療的 | 替爾泊肽， | | | | 肥胖小鼠 | 3 nmol/kg， | -20.4% | – | | | SQ，QD | | | | 經低劑量ASC47與 | ASC47， | | | | 替爾泊肽聯用治 | 9 mg/kg， | | | | 療的肥胖小鼠 | SQ，單次給藥 | -38.1% | | | | + | （ <0.0001 vs替爾 p | 87% | | | 替爾泊肽， | 泊肽單藥療法） | | | | 3 nmol/kg， ...

Summary of the Conference Call for歌礼制药 Company Overview - **Company**: 歌礼制药 (Galephar Pharmaceuticals) - **Key Products**: ASC30, ASC47, and 地尼法司他 (Dinihufang) Industry Insights - **Market Segment**: GLP-1 market and acne treatment market - **Competitive Landscape**: Intense competition in the GLP-1 sector with notable players like 礼来 (Eli Lilly) and 辉瑞 (Pfizer) Key Points and Arguments ASC30 (GLP-1 Small Molecule Drug) - ASC30 is a small molecule GLP-1 drug with both injection and oral formulations, featuring a half-life of 25 days, which is longer than competitors, enhancing its efficacy and safety [2][6] - Early clinical trials show significant weight loss effects, with a maximum dose group achieving a 6.5% weight reduction in 28 days, indicating strong market competitiveness [2][8] - The drug's pharmacological properties are superior to those of similar products, with better activation of targets at lower concentrations [6] ASC47 (THR Beta Agonist) - ASC47 is the only drug in development globally targeting the THR beta receptor for muscle gain and fat loss, showing promising preclinical results in muscle protection and fat reduction [2][11] - The unique technology applied to ASC47 allows it to target fat cells effectively, which is a significant advantage over existing treatments [11] Dinihufang (Acne Treatment) - Dinihufang has shown a 20% reduction in skin lesions in phase III clinical trials, outperforming current topical treatments [12] - The oral formulation offers convenience and maintains good safety profiles, expected to apply for market approval in 2025, potentially generating substantial revenue [12] Competitive Advantages - The choice to develop small molecule GLP-1 drugs is aimed at differentiation, leveraging advantages such as easier scalability, stable storage, and dual formulation options [7] - ASC30's early clinical data positions it favorably against competitors, with expectations for strong topline data in late 2025 [9] Risks and Considerations - The GLP-1 pipeline faces significant competition, and there is a risk of revenues falling short of expectations, necessitating caution from investors [4][13] - The overall timeline for monetization is lengthy, which may affect long-term investment returns [4][13] Market Outlook - ASC30 is anticipated to become a key player in the market, with its unique design and dual formulation likely to drive significant revenue as clinical trials progress [8] - The combination of GLP-1 weight loss and self-developed oral muscle gain inhibitors is expected to enhance business development prospects [9] Additional Noteworthy Information - The early-stage small molecule oral drug 白芥 17 has attracted attention from multinational companies, indicating its potential in the market [5]

Group 1 - The Hang Seng Index fell by 0.66%, down 165 points, closing at 24,916 points, while the Hang Seng Tech Index dropped by 0.99% [1] - The early trading volume in Hong Kong stocks reached HKD 112.6 billion [1] - President Trump signed an executive order allowing alternative assets like private equity, real estate, and cryptocurrencies to enter 401K retirement savings plans, potentially opening up about USD 12.5 trillion in retirement account funds [1] Group 2 - Cryptocurrency-related stocks surged, with notable increases in prices: 嘉实以太币 (03179) up 6.48%, 博时以太币 (03009) up 6.24%, 华夏以太币 (03046) up 6.13%, and 博雅互动 (00434) up 6.46% [1] - 阜博集团 (03738) saw a significant rise of over 16%, with its stock price increasing by over 50% this week as the company expands into content industry RWA business [1] - 歌礼制药-B (01672) increased by 7.65% as ASC30 completed patient enrollment in Phase IIa, with strong business development expectations [1] - 君实生物 (01877) rose by 6.5% due to improved market conditions in the PD-(L)1/VEGF sector [1] Group 3 - RAFFLESINTERIOR (01376) resumed trading with an 80% surge after a change in controlling interest and a 43.1% discount on a full acquisition offer [2] - 老铺黄金 (06181) increased by 2.96% after being included in the MSCI China Index, with changes effective at the end of the month [2] Group 4 - 北海康成-B (01228) rose by over 30%, with a cumulative increase of nearly 9 times since early June, driven by the potential of the drug维拉苷酶β for significant business development opportunities [3] - 东风集团股份 (00489) saw an early morning increase of over 8%, despite a more than 90% year-on-year decline in net profit for the first half, managing to turn a profit compared to the previous quarter [4] - 和黄医药 (00013) dropped over 15% in early trading, with a 9.2% year-on-year decline in mid-term revenue, although selling joint venture equity led to a more than 16-fold increase in net profit [4]

东吴证券指出，ASC30作为歌礼制药的核心管线，此前在美国开展的口服剂型Ia期临床读出了优秀的疗 效数据，4周最高减重6.5%，而与礼来同赛道的口服小分子GLP-1管线Orforglipron的4周最高减重3.4%相 比效果更佳，具有较高的全球BIC潜力。该行指出，歌礼制药对于ASC30的临床推进速度很快，整体效 率更高，且临床在美国开展，数据更受海外MNC认可。综合以上优势，认为该管线具有很强的BD预 期，随着25年Q4的临床数据读出，BD预计有望推进加快。 本文源自：智通财经网 智通财经获悉，歌礼制药-B(01672)再涨超7%，截至发稿，涨7.14%，报12.76港元，成交额1.28亿港 元。 消息面上，8月5日，歌礼制药宣布，其小分子GLP-1管线ASC30在美国进行的每日口服剂型减重适应症 13周IIa期研究已经完成入组，总计125名患者，预计将在2025年Q4读出顶线数据。ASC30拥有美国和全 球化合物专利保护，专利保护期至2044年。 ...

东吴证券指出，ASC30作为歌礼制药的核心管线，此前在美国开展的口服剂型Ia期临床读出了优秀的疗 效数据，4周最高减重6.5%，而与礼来同赛道的口服小分子GLP-1管线Orforglipron的4周最高减重3.4%相 比效果更佳，具有较高的全球BIC潜力。该行指出，歌礼制药对于ASC30的临床推进速度很快，整体效 率更高，且临床在美国开展，数据更受海外MNC认可。综合以上优势，认为该管线具有很强的BD预 期，随着25年Q4的临床数据读出，BD预计有望推进加快。 消息面上，8月5日，歌礼制药宣布，其小分子GLP-1管线ASC30在美国进行的每日口服剂型减重适应症 13周IIa期研究已经完成入组，总计125名患者，预计将在2025年Q4读出顶线数据。ASC30拥有美国和全 球化合物专利保护，专利保护期至2044年。 歌礼制药-B(01672)再涨超7%，截至发稿，涨7.14%，报12.76港元，成交额1.28亿港元。 ...

Core Viewpoint - The company is advancing its clinical pipeline, particularly ASC30, which has shown promising results in weight loss and is expected to generate top-line data by Q4 2025 [1][2]. Group 1: ASC30 Clinical Trials - The ASC30 oral formulation has completed enrollment in a 13-week Phase IIa study with 125 patients, aiming to read out top-line data in Q4 2025 [1]. - ASC30 has U.S. and global compound patent protection until 2044, excluding any patent extensions [1]. - The Phase IIa study is randomized, double-blind, placebo-controlled, and multi-center, targeting overweight individuals with at least one weight-related comorbidity [1]. Group 2: Efficacy and Comparison - In a previous Phase I trial in the U.S., ASC30 demonstrated excellent pharmacokinetics and efficacy, achieving a maximum weight loss of 6.5% over four weeks, outperforming Eli Lilly's Orforglipron, which achieved 3.4% [2]. - The ASC30 subcutaneous injection formulation has also commenced its first patient dosing in the U.S. Phase IIa trial, showing a half-life of up to 36 days, which is advantageous compared to Amgen's AMG133 [2]. Group 3: Additional Pipeline Potential - The company has several other promising pipelines, including ASC47, which targets THR-β for fat reduction and muscle gain, and ASC50, an oral IL-17 small molecule for psoriasis treatment [3]. - ASC47's unique mechanism may enhance weight loss effects while mitigating muscle loss side effects when used in conjunction with GLP-1 drugs [3]. - ASC50 is one of the few oral IL-17 small molecules in clinical stages, potentially offering a competitive edge in the psoriasis market [3]. Group 4: Financial Outlook - The company maintains its revenue forecasts for 2025-2027 at 0, 0.4, and 1 billion RMB, respectively [3]. - The target price has been raised to 14.02 RMB based on the FCFF valuation model, with a "buy" rating maintained [3].

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, providing insights into supply-demand rebalancing: the long depression in the late 19th century in Europe and America, the 1929 Great Depression, and Japan's capacity reduction in the 1970s and 1990s [1][11] - Key conclusions include that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if uncontrolled, and government intervention is more effective than non-intervention in addressing capacity imbalances [1][11] - Effective supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][11] Fixed Income - The report discusses the micro-guided convertible bond, which has a total issuance scale of 1.17 billion yuan, with net proceeds used for the construction of an intelligent factory for semiconductor thin film deposition equipment [2][12] - The expected listing price range for the convertible bond is between 128.84 and 143.03 yuan, with a predicted subscription rate of 0.0036% [2][12] - The company, Micro-Guided Nano, has shown steady revenue growth with a compound annual growth rate of 71.44% from 2020 to 2024, achieving 2.7 billion yuan in revenue in 2024, a year-on-year increase of 60.74% [2][12] Industry Analysis - The report on Chuanfeng Power highlights the company's leading position in the all-terrain vehicle and motorcycle markets, with three major business segments experiencing rapid growth [3][14] - The investment recommendation maintains a "buy" rating for Chuanfeng Power, anticipating higher valuations due to its significant market position and growth potential across its business segments [3][14] - Jiuhua Tourism is positioned to leverage its unique cultural and natural resources, with projected net profits of 220 million, 240 million, and 270 million yuan from 2025 to 2027, corresponding to price-earnings ratios of 18, 16, and 15 times [4][14] Company-Specific Insights - Crystal Technology has secured a significant contract for drug discovery, with potential payments exceeding 5.89 billion USD, indicating strong future growth prospects [5][16] - The company is expected to achieve revenues of 552 million, 924 million, and 1.503 billion yuan from 2025 to 2027, with a forecasted return to profitability by 2027 [5][16] - Zhongchong Co., a leader in the pet food industry, reported a 42.6% year-on-year increase in net profit for the first half of 2025, driven by strong growth in its proprietary brands [17][18]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The ASC30 pipeline has successfully completed patient enrollment for the Phase IIa trial, with top-line data expected in Q4 2025. This compound has patent protection in the U.S. and globally until 2044 [7] - ASC30 has shown superior efficacy in previous trials, achieving a maximum weight loss of 6.5% over four weeks, outperforming a competitor's product [7] - The company has multiple promising pipelines, including ASC47 and ASC50, which are expected to have strong business development potential [7] - Revenue forecasts for 2025-2027 are projected at 0, 0.4, and 1 billion RMB respectively, with an updated target price of 14.02 RMB [7] Financial Summary - Total revenue for 2023 is projected at 566.9 million RMB, with a significant decline expected in 2024 [1] - The company is expected to incur net losses, with a projected net profit of -300.94 million RMB in 2024 and -454.44 million RMB in 2025 [1] - The price-to-earnings ratio is forecasted to improve from -49.48 in 2023 to -15.76 in 2025 [1][8]

Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]

两种制剂均已在ASC30口服Ia期单剂量递增(SAD)研究(NCT06680440)中进行了评估。制剂2相较制剂1 显示出更平缓的药代动力学特征。由歌礼自主研发的ASC30是首款也是唯一一款既可每日一次口服也可 每月一次皮下注射的用于治疗肥胖症的在研小分子GLP-1R偏向激动剂。 ASC30是一款正在临床研究中的小分子GLP-1R偏向激动剂，具有独特和差异化性质，使得同一小分子 同时适用于口服片剂和皮下注射给药成为可能。ASC30是一种新化学实体(NCE)，拥有美国和全球化合 物专利保护，专利保护期至2044年(不含专利延期)。 格隆汇8月5日丨歌礼制药-B(01672.HK)公告，董事会宣布，评估小分子口服GLP-1受体(GLP-1R)激动剂 ASC30治疗肥胖症的美国13周IIa期研究(NCT07002905)已完成入组。125例受试者均为肥胖人群或伴有 至少一种体重相关合并症的超重人群。 "公司很高兴宣布这一重要里程碑，这标志着ASC30在有望成为治疗肥胖症的独特差异化疗法的道路上 又迈进一步。"歌礼创始人、董事会主席兼首席执行官吴劲梓表示，"完成125名受试者入组仅用时一个 多月，凸显了肥胖症市场迫切 ...