Core Insights - The meeting held by Junshengtai Pharmaceutical focused on the company's strategic layout in the cardiovascular, kidney, and metabolic (CKM) disease sector and the interpretation of various clinical research data [1] - The appointment of Dr. Filip Surmont as the new Chief Medical Officer is significant, given his extensive experience in the field and the potential of the innovative drug HTD1801 to redefine treatment paradigms in CKM diseases [1][4] Market Potential - CKM diseases are evolving from a clinical concept to a major health challenge, with a significant market opportunity driven by the interconnected nature of these diseases [3] - The global market for major metabolic diseases was approximately $160 billion in 2022 and is projected to reach $458 billion by 2032, with a compound annual growth rate (CAGR) of 11.1% [3] Industry Trends - Traditional pharmaceutical companies often rely on a broad product portfolio targeting individual diseases, while companies like Junshengtai are focusing on developing multi-functional drugs that address multiple issues simultaneously [4] - The industry is shifting from single-target drugs to combination therapies and now to single drugs with multiple targets, aligning with global treatment trends [4] Product Innovation - HTD1801 is a globally innovative oral drug designed to address CKM diseases through a unique dual mechanism that improves metabolic disorders and controls chronic inflammation [6] - The drug combines two natural components, berberine and ursodeoxycholic acid, to form a new molecular entity that targets the root causes of CKM diseases [6] Clinical Efficacy - Clinical trials have demonstrated HTD1801's effectiveness in lowering HbA1c levels by 1.3% in patients with Type 2 Diabetes Mellitus (T2DM) after 24 weeks of treatment, showcasing its long-term blood sugar control capabilities [10] - In patients with mild kidney impairment, HTD1801 showed a significant improvement in estimated glomerular filtration rate (eGFR) by +3.08 mL/min/1.73m², indicating potential disease-modifying effects [11] - HTD1801 also outperformed the traditional drug Dapagliflozin in reducing low-density lipoprotein cholesterol levels, suggesting comprehensive benefits for CKM patients [11] Strategic Positioning - HTD1801 is positioned as a cornerstone therapy in the CKM field, with analysts predicting it will establish a clear differentiation and unique value proposition in a competitive treatment landscape [12] - Junshengtai's approach reflects a broader shift in the pharmaceutical industry towards patient-centered care and holistic treatment strategies [14]

Core Insights - The company is leading a new era in comprehensive treatment for cardiovascular, kidney, and metabolic diseases (CKM) through its "one drug, multiple effects" strategy [1][2] Group 1: Clinical Developments - The company presented breakthrough data from its oral drug HTD1801 in a pivotal Phase III clinical trial (HARMONY study) for type 2 diabetes, showing superiority over the mainstream drug Dapagliflozin in reducing glycated hemoglobin and improving various cardiovascular metabolic indicators [1] - The company also shared data and development potential for chronic kidney disease (CKD) and the Phase IIb clinical results for metabolic-associated fatty liver disease (MASH) [1] Group 2: Leadership and Strategy - The new Chief Medical Officer (CMO) Dr. Filip Surmont made his official debut at the meeting, bringing over 30 years of global experience in cardiovascular, metabolic, and kidney diseases, including 18 years in senior medical leadership roles at multinational pharmaceutical companies like Pfizer and AstraZeneca [1] - Dr. Surmont's experience in leading medical affairs and driving successful clinical development in key global markets is expected to accelerate the company's CKM pipeline's research and implementation worldwide [1]

Group 1 - The company announced the completion of a global multicenter Phase IIb clinical study for HTD1801 in patients with Metabolic Associated Steatotic Liver Disease (MASH) [1] - The CENTRICITY trial (NCT05623189) involved 218 patients and aimed to evaluate the efficacy and safety of HTD1801 compared to a placebo in MASH patients with Type 2 Diabetes Mellitus (T2DM) or prediabetes [1] - Preliminary analysis showed that 48% of patients in the placebo group achieved a reduction of ≥2 points in the Non-Alcoholic Fatty Liver Disease Activity Score (NAS) without fibrosis worsening, significantly higher than previous studies where placebo effects were typically below 20% [1] Group 2 - Following a review by a third-party organization, issues related to patient medication management and adherence were identified, which may have significantly impacted trial results [2] - After excluding these confounding factors, the placebo effect was found to decrease significantly, and HTD1801 showed a trend of therapeutic improvement in several liver histological indicators [2] - The company plans to reassess the clinical development strategy for HTD1801 in MASH based on the overall data, review findings, and post-hoc analysis conclusions, and will communicate with the FDA for further evaluation of the development plan [2]

Group 1 - The core finding of the global multicenter Phase IIb clinical trial CENTRICITY (NCT05623189) for HTD1801 in patients with Metabolic Associated Steatotic Liver Disease (MASH) indicates that 48% of patients in the placebo group achieved a reduction of ≥2 points in the Non-Alcoholic Fatty Liver Disease Activity Score (NAS) without fibrosis worsening, which is significantly higher than the typical placebo effect observed in similar studies [1] - A meta-analysis published in 2025 covering 127 clinical trials for 78 different investigational drugs indicated that the placebo effect in similar trials usually does not exceed 20% [1] Group 2 - Following a review by a third-party organization, issues related to patient medication management and adherence during the trial were identified, which may have significantly impacted the trial results [2] - After excluding abnormal interference factors such as non-compliance with medication protocols, the placebo effect was found to decrease significantly, showing HTD1801 exhibited a trend of therapeutic improvement in several liver histological indicators [2] - The long-term safety and tolerability of HTD1801 in this study were consistent with previous clinical research results, and the company plans to further evaluate the clinical development strategy for HTD1801 in MASH indications based on the overall data and findings from this study [2]

Group 1 - The core viewpoint of the news is that Junsheng Tai Pharmaceutical-B (02511.HK) has completed a global multicenter Phase IIb clinical study of HTD1801 in patients with Metabolic Associated Steatotic Liver Disease (MASH) [1] - The CENTRICITY trial (NCT05623189) involved 218 patients and aimed to evaluate the efficacy and safety of HTD1801 compared to a placebo in MASH patients with type 2 diabetes (T2DM) or prediabetes [1] - Preliminary analysis showed that 48% of patients in the placebo group achieved a reduction of ≥2 points in the Non-Alcoholic Fatty Liver Disease Activity Score (NAS) without fibrosis worsening, significantly higher than previous studies where placebo effects were typically below 20% [1] Group 2 - Following a review by a third-party organization, issues were identified in the management of concomitant medications and patient compliance during the trial, which may have significantly impacted the results [2] - After excluding abnormal interference factors such as non-compliant medication use, the placebo effect was found to decrease significantly, indicating a treatment improvement trend for HTD1801 in several liver histological indicators [2] - The post-hoc analysis results suggest that the study was influenced by multiple execution and quality management factors, while HTD1801 demonstrated long-term safety and tolerability consistent with previous clinical research findings [2]

HighTide Therapeutics, Inc. （於開曼群島註冊成立的有限公司） （股份代號：2511） 君聖泰醫藥宣佈完成HTD1801治療代謝相關脂肪性肝炎的 IIb期臨床研究 本公告由君聖泰醫藥（「本公司」，連同其附屬公司統稱為「本集團」）自願發佈，以 告知本公司股東及潛在投資者有關本集團的最新業務發展。 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依 賴該等內容而引致的任何損失承擔任何責任。 CENTRICITY(NCT05623189)是一項隨機、雙盲、安慰劑對照的全球多中心IIb期 臨床試驗（N=218），旨在評估HTD1801與安慰劑相比，在合併2型糖尿病(T2DM) 或糖尿病前期的MASH患者中的有效性與安全性。 初步分析結果顯示，本研究中安慰劑組有48%的患者在治療結束後實現非酒精 性脂肪性肝炎活動度評分(NAS)降低≥2分且無纖維化惡化或MASH緩解且無纖維 化惡化。該結果大幅高於既往同類臨床研究中的安慰劑效應。一項發表於2025 年的薈萃分析中涵蓋了78種不同研 ...

Core Viewpoint - Junshengtai Pharmaceutical announced the appointment of Dr. Filip Surmont as Chief Medical Officer, responsible for the company's medical strategy, clinical development, and related medical affairs, aimed at advancing and enhancing the value of its core pipeline in the cardiovascular, kidney, and metabolic (CKM) disease area [1] Group 1 - Dr. Filip Surmont has over 30 years of extensive experience in the medical and pharmaceutical industry, including 18 years in leadership roles at multinational pharmaceutical companies and 16 years of clinical practice experience [1] - He is recognized as a global leader in cardiovascular, metabolic, and kidney diseases, having held senior medical leadership positions at companies such as Wyeth, Pfizer, and AstraZeneca [1] - Dr. Surmont has successfully built high-performance teams and driven multiple clinical practice transformations across various regions, including emerging markets, Latin America, Europe, North America, and China [1]

Market Overview - The Hong Kong stock index experienced a "V" shaped movement, with the Hang Seng Index rising by 0.2% to 26,830.23 points, while the Hang Seng Tech Index fell by 1.32% to 5,453.46 points [1] - Major technology stocks declined, with Alibaba down 1.78%, Tencent down 3.09%, and JD Group down 0.45% [1] - Commercial aerospace stocks saw significant gains, with Asia Pacific Satellite rising over 9% [1] - Chinese brokerage stocks weakened, with CICC falling over 2% [1] - Gold and silver stocks rebounded, with WanGuo Gold rising over 6% and Luoyang Molybdenum up over 4% [1] Company News - Cloud Factory (02512.HK) secured a contract for the second phase of an AI industrial base project valued at RMB 520 million [2] - ZTE Corporation (00763.HK) plans to invest RMB 117 million in the Jianxing Zhanlu Fund to support innovation businesses and related industries [2] - XPeng Motors (09868.HK) delivered 20,011 new vehicles in January [3] - Laijin Entertainment (08172.HK) received authorization from Ant Group to become an official service provider for "Ant Treasure Box" [4] - Jun Dong Holdings (08277.HK) signed a timber harvesting and sales agreement with Jinda Forestry [5] - Universal Medical (02666.HK) plans to issue corporate bonds totaling up to RMB 1 billion [6] - Blue River Holdings (00498.HK) entered into a cooperation framework agreement with Energy Storage Investment Company [7] - China Merchants Jinling (00978.HK) reported a contract sales total of approximately RMB 32.308 billion for 2025, a year-on-year decrease of 23.91% [8] - Junsheng Tai Pharmaceutical (02511.HK) appointed Dr. Filip Surmont as Chief Medical Officer to strengthen its focus on cardiovascular and metabolic diseases [8] Institutional Insights - Huatai Securities noted a significant pullback in A-shares and Hong Kong stocks, driven by the "Wall Street" trading sentiment, leading to liquidity pressure [9] - The adjustment is seen as more technical and emotional, with a positive medium-term outlook for Chinese assets [9] - Galaxy Securities highlighted ongoing geopolitical risks and a decrease in expectations for Fed rate cuts, predicting continued volatility in Hong Kong stocks [9] - Recommended sectors include technology, energy, precious metals, and consumer stocks, which are expected to rebound as consumption policies increase ahead of the Spring Festival [9] - Huatai Securities indicated that the sentiment index has shifted from panic to optimism, suggesting that current volatility may persist but is more likely to be a pullback rather than a reversal [10]

Company News - China Merchants Jinling (00978.HK) reported a total contract sales of approximately 32.308 billion yuan for 2025, representing a year-on-year decrease of 23.91% [2] - ZTE Corporation (00763.HK) plans to invest 117 million yuan to subscribe to shares of Jianxing Zhanlu Fund, which aims to support a broader range of innovative businesses and upstream and downstream industry chain enterprises [2] - Cloud Factory (02512.HK) announced that its subsidiary won a bid for the second phase of the artificial intelligence industry base project, with a contract value of 520 million yuan [2] - XPeng Motors-W (09868.HK) delivered 20,011 new vehicles in January [3] - La Jiao Network Entertainment (08172.HK) announced that its subsidiary, La Jiao Zhongbo, received authorization from Ant Group to become the "official service provider" for "Ant Treasure Box" [3] - Jun Dong Holdings (08277.HK) signed a timber harvesting and sales agreement with Jinda Forestry through its subsidiary Hebei Linmu [3] - Global Medical (02666.HK) plans to issue corporate bonds with a total principal amount not exceeding 1 billion yuan [3] - Junsheng Tai Pharmaceutical-B (02511.HK) appointed Dr. Filip Surmont as Chief Medical Officer to strengthen its layout in chronic kidney and metabolic diseases (CKM) [3] - Blue River Holdings (00498.HK) entered into a cooperation framework agreement with Energy Storage Investment Company [3] Financing and Buyback Activities - Junda Co., Ltd. (02865.HK) completed a placement of 18.682 million shares, raising approximately 398 million HKD [4] - Xiaomi Group-W (01810.HK) repurchased 6 million shares for a total of 209 million HKD, with repurchase prices ranging from 34.54 to 35.00 HKD [4] - Country Garden Services (06098.HK) repurchased 1.8 million shares for a total of 11.346 million HKD, with repurchase prices between 6.26 and 6.35 HKD [5] - Vitasoy International (00345.HK) repurchased 1.682 million shares for a total of 11.7363 million HKD, with repurchase prices between 6.89 and 7 HKD [6] - Aikang Medical (01789.HK) plans to use up to 150 million HKD for share buybacks [7]

Group 1 - The company announced the appointment of Dr. Filip Surmont as Chief Medical Officer [1] - Dr. Surmont will be responsible for the company's medical strategy, clinical development, and related medical affairs [1] - The appointment aims to support the development and value enhancement of the company's core pipeline in the cardiovascular, kidney, and metabolic diseases (CKM) sector [1]