Investment Rating - The report assigns a "Buy (Initiate)" investment rating to the company, with a target price of HKD 5.78 per share over the next six months [6]. Core Insights - The company's core product, HTD1801, is expected to accelerate its commercialization process, with significant clinical trial milestones achieved in 2025, including the completion of two Phase III trials for Type 2 Diabetes Mellitus (T2DM) patients [2][3]. - HTD1801 is a first-in-class oral anti-inflammatory and metabolic regulator, showing a unique dual mechanism of action that activates AMPK and inhibits NLRP3, making it a potential cornerstone therapy for cardiovascular and kidney metabolic diseases (CKM) [3][4]. - The market for CKM therapies is vast, with unmet clinical needs and a growing demand for multi-functional treatment options, positioning HTD1801 favorably against existing therapies [3][4]. Summary by Sections Company Overview - The company, Junshengtai Pharmaceutical (02511.HK), was founded in November 2011 and focuses on breakthrough multi-functional therapies for metabolic diseases. It successfully listed on the Hong Kong Stock Exchange in December 2023 [30][34]. Product Pipeline and Clinical Trials - The company has developed a robust pipeline with seven patented drug candidates targeting various conditions, including T2DM, metabolic-associated fatty liver disease, chronic kidney disease, and obesity. HTD1801 is currently in Phase III trials for T2DM and has shown significant efficacy in improving blood glucose levels and other metabolic markers [35][67]. - Clinical data indicate that HTD1801 significantly reduces HbA1c levels by 1.1% to 1.3% and improves insulin resistance, with a higher percentage of patients achieving HbA1c<7% compared to standard treatments [4][62]. Financial Projections - The company forecasts revenues of HKD 0 million in 2025, HKD 0 million in 2026, and HKD 253 million in 2027, with a gross margin projected to reach 43% by 2027 [6][8]. - The report anticipates that HTD1801 will be submitted for new drug application by the end of 2025, with a successful launch expected in 2027, contributing significantly to revenue growth [70]. Market Analysis - The global market for metabolic diseases, including T2DM and chronic kidney disease, is projected to grow significantly, with the T2DM drug market expected to reach USD 70.4 billion by 2032, driven by increasing prevalence and demand for innovative therapies [15][21]. - The competitive landscape for CKM therapies is evolving, with a shift towards multi-targeted and multi-functional treatment solutions, which HTD1801 is well-positioned to capitalize on [24][26].

呈交日期: 2025年12月2日 I. 法定/註冊股本變動 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 君圣泰医药（於開曼群島註冊成立的有限公司） FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02511 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | 本月底法定/註冊股本總 ...

Core Viewpoint - Junsheng Tai Pharmaceutical-B (02511) experienced a significant increase of over 6%, currently trading at 3.03 HKD with a transaction volume of 1.1919 million HKD, following positive results from its clinical trial for HTD1801 in Type 2 Diabetes Mellitus (T2DM) patients [1] Group 1 - The clinical trial (HARMONY) for HTD1801 against Dapagliflozin achieved its primary endpoint and showed improvements in several key cardiovascular metabolic indicators compared to Dapagliflozin [1] - HARMONY is the third Phase III trial to report positive results for HTD1801, following the SYMPHONY-1 and SYMPHONY-2 trials, reinforcing its potential as a foundational treatment for cardiorenal metabolic diseases (CKM) [1] - The company plans to initiate a New Drug Application (NDA) for the HTD1801 project within this year [1]

Core Insights - Junsheng Tai Pharmaceutical (2511.HK) announced positive results from the Phase III clinical trial (HARMONY) of HTD1801 in patients with Type 2 Diabetes Mellitus (T2DM), achieving its primary endpoint and outperforming Dapagliflozin in several key cardiovascular metabolic indicators [1][2] Group 1: Clinical Trial Results - HTD1801 demonstrated superior performance compared to SGLT2 inhibitors by simultaneously regulating metabolic and inflammatory pathways, targeting the core pathological mechanisms of T2DM more precisely [2] - HARMONY is the third Phase III trial to yield positive results for HTD1801, following SYMPHONY-1 and SYMPHONY-2, further validating its strong potential as a foundational treatment for cardiorenal metabolic diseases (CKM) [2] Group 2: Future Plans and Statements - Junsheng Tai Pharmaceutical plans to initiate a New Drug Application (NDA) for the HTD1801 project within the year [2] - Dr. Li Ping Liu, the founder, chairman, and CEO of Junsheng Tai Pharmaceutical, stated that the data readout from the HARMONY study marks a key milestone in the global development process of HTD1801, highlighting its innovative "one drug, multiple effects" characteristics and potential to complement or even surpass the treatment boundaries of SGLT2 inhibitors for T2DM patients [2]

Core Insights - The clinical trial HARMONY for HTD1801 in Type 2 Diabetes Mellitus (T2DM) patients has shown positive results, achieving its primary endpoint and outperforming Dapagliflozin in several key cardiovascular metabolic indicators [1][2] - HTD1801 targets the root causes of T2DM, providing comprehensive cardiovascular and metabolic benefits [1] Group 1: Clinical Trial Details - HARMONY is a randomized, double-blind, positive drug-controlled Phase III clinical study involving 369 participants, assessing the efficacy and safety of HTD1801 compared to Dapagliflozin in adults with T2DM who have inadequate blood sugar control after Metformin treatment [1] - The primary endpoint was the change in HbA1c from baseline after 24 weeks of treatment, with a non-inferiority margin of 0.4% [1] - HTD1801 achieved a least squares (LS) mean change in HbA1c of -1.12%, while the Dapagliflozin group had a change of -0.93%, showing a significant difference of -0.20% (95% CI: -0.37 to -0.03; P < 0.001) [1] Group 2: Secondary Endpoints and Safety - HTD1801 demonstrated superior results compared to Dapagliflozin in lowering LDL-C and non-HDL-C, with a significantly lower proportion of patients requiring additional or intensified statin therapy [2] - HTD1801 also showed a higher percentage of patients achieving the HbA1c < 7.0% control target and a greater reduction in Lp(a) levels [2] - The safety profile of HTD1801 is favorable, with a serious adverse event rate of 3.8% compared to 4.4% in the Dapagliflozin group, and the most common adverse events were mild to moderate gastrointestinal issues, with no severe hypoglycemic events reported [2] Group 3: Future Prospects - HTD1801's ability to simultaneously regulate metabolic and inflammatory pathways allows for a more precise targeting of the core pathological mechanisms of T2DM, potentially offering comprehensive clinical benefits for patients [2] - Following the positive results from the SYMPHONY-1 and SYMPHONY-2 trials, HARMONY marks the third successful Phase III trial for HTD1801, reinforcing its strong potential as a foundational treatment for cardiorenal metabolic diseases [2] - The company plans to initiate a New Drug Application (NDA) for HTD1801 within this year [2]

Core Insights - The clinical trial HARMONY for HTD1801 in Type 2 Diabetes Mellitus (T2DM) patients has shown positive results, achieving its primary endpoint and outperforming Dapagliflozin in several key cardiovascular metabolic indicators [1][2] - HTD1801 targets the root causes of T2DM, providing comprehensive cardiovascular metabolic benefits [1] Summary by Sections Clinical Trial Results - HARMONY is a randomized, double-blind, positive drug-controlled Phase III clinical study involving 369 participants, assessing the efficacy and safety of HTD1801 compared to Dapagliflozin in adults with T2DM who have inadequate blood sugar control after Metformin treatment [1] - The primary endpoint was the change in HbA1c from baseline after 24 weeks of treatment, with HTD1801 showing a least squares (LS) mean change of -1.12% compared to -0.93% for Dapagliflozin (LS mean difference: -0.20%; 95% CI: -0.37 to -0.03; P < 0.001) [1] - HTD1801 also achieved multiple secondary endpoints, demonstrating superior reductions in LDL-C and non-HDL-C compared to Dapagliflozin, with a significantly lower proportion of patients requiring additional or intensified statin therapy [1] Safety and Tolerability - HTD1801 exhibited good safety and tolerability, with a serious adverse event rate of 3.8% (compared to 4.4% in the Dapagliflozin group) [2] - The most common adverse events in the HTD1801 group were mild to moderate gastrointestinal issues, with no severe hypoglycemic events reported [2] Future Prospects - HTD1801's ability to simultaneously regulate metabolic and inflammatory pathways positions it as a promising foundational treatment for chronic kidney and metabolic diseases (CKM) [2] - Following the positive outcomes of the SYMPHONY-1 and SYMPHONY-2 trials, HARMONY marks the third successful Phase III trial for HTD1801, reinforcing its potential [2] - The company plans to initiate a New Drug Application (NDA) for HTD1801 within the year [2]

Core Insights - Junsheng Tai Pharmaceutical-B (02511.HK) announced positive results from the Phase III clinical trial (HARMONY) of HTD1801 in patients with Type 2 Diabetes Mellitus (T2DM), achieving the primary endpoint and outperforming Dapagliflozin in several key cardiovascular metabolic indicators [1][2] Group 1: Clinical Trial Results - HARMONY (NCT06415773) is a randomized, double-blind, positive drug-controlled Phase III clinical study involving 369 participants, aimed at evaluating the efficacy and safety of HTD1801 compared to Dapagliflozin in adult T2DM patients with inadequate blood sugar control after Metformin treatment [1] - The primary endpoint was the change in HbA1c from baseline after 24 weeks of treatment, with HTD1801 showing a least squares (LS) mean change of -1.12% compared to -0.93% for Dapagliflozin, resulting in a LS mean difference of -0.20% (95% CI: -0.37 to -0.03; P < 0.001) [1][2] Group 2: Secondary Endpoints and Safety - HTD1801 significantly outperformed Dapagliflozin in reducing LDL-C and non-HDL-C, with a lower proportion of patients requiring additional or intensified statin therapy compared to the Dapagliflozin group [2] - HTD1801 also showed superior improvement in multiple cardiovascular metabolic indicators, including a higher percentage of patients achieving the HbA1c < 7.0% control target and a greater reduction in Lp(a) levels [2] - The safety profile of HTD1801 was favorable, with a serious adverse event rate of 3.8% (compared to 4.4% for Dapagliflozin), and the most common adverse events were mild to moderate gastrointestinal issues, with no severe hypoglycemic events reported [2] Group 3: Future Prospects - Overall, HTD1801 targets the core pathological mechanisms of T2DM more precisely by simultaneously regulating metabolic and inflammatory pathways, potentially offering comprehensive clinical benefits for T2DM patients [2] - Following the positive results from the SYMPHONY-1 and SYMPHONY-2 trials, HARMONY marks the third successful Phase III trial for HTD1801, reinforcing its strong potential as a foundational treatment for cardiorenal metabolic diseases (CKM) [2] - Junsheng Tai Pharmaceutical plans to initiate a New Drug Application (NDA) for the HTD1801 project within this year [2]

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。 HighTide Therapeutics, Inc. （ 於開曼群島註冊成立的有限公司 ） （股份代號：2511） 君聖泰醫藥公佈HTD1801與達格列淨的頭對頭III期臨床研究結果 展現控糖優勢及心血管代謝優效獲益 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。 本公司董事會（「董事會」）宣佈，HTD1801在2型糖尿病(T2DM)患者中開展的與達 格列淨頭對頭的臨床III期試驗(HARMONY)取得了積極的結果，試驗達到主要終 點，並在多項關鍵心血管代謝指標的改善上優於達格列淨。 試驗數據再次驗證，HTD1801靶向2型糖尿病發生及發展的根源性問題，實現更 全面的心血管代謝綜合獲益。 1 君聖泰醫藥（股票代碼：2511.HK）是一家專注於代謝性慢病的創新生物醫藥公 司，旨在開發多功能、多靶點的創新療法，重點聚焦於解 ...

Core Viewpoint - The raw sugar market is currently experiencing a rebound as it tests upper resistance levels, while domestic spot prices are in a weak adjustment phase, leading to low overall transaction activity [1] Group 1: Market Dynamics - The raw sugar market is on a rebound trajectory, testing upper resistance levels to repair weekly indicators [1] - Domestic spot prices are under weak adjustment, resulting in low transaction activity, with both buyers and sellers adopting a cautious stance [1] - In the Liuzhou market, the 26013 order contract is slowly rebounding above the 5390 support level, returning to the 5400 mark [1] Group 2: Price Levels and Trading Behavior - The market is observing the performance of the 5430 resistance level, which is crucial for determining future price movements [1] - The 2601 sugar contract is showing a reduction in positions while approaching the heavy resistance zone of 5420-5436 [1] - There is a potential for a price pullback after reaching resistance levels, indicating that buyers should be prepared for profit protection [1]

Core Insights - The article highlights significant capital inflows into commodity futures, particularly in precious metals and certain industrial metals, indicating a bullish sentiment in these sectors [1] Group 1: Capital Inflows - Major inflows were observed in silver (1.461 billion), gold (1.088 billion), tin (0.324 billion), lithium carbonate (0.295 billion), and copper (0.268 billion) [1] - The non-ferrous metals and financial sectors showed a net inflow, with a focus on silver, gold, tin, lithium carbonate, and copper [1] Group 2: Capital Outflows - Significant outflows were noted in rebar (0.291 billion), apples (0.269 billion), coking coal (0.178 billion), glass (0.166 billion), and vegetable oil (0.158 billion) [1] - The chemical, black, and agricultural products sectors experienced net outflows, particularly in rebar, apples, coking coal, glass, and vegetable oil [1] Group 3: Sector Analysis - The overall commodity futures market showed a substantial inflow, with a particular emphasis on the non-ferrous metals sector [1] - Attention is drawn to the outflow of alumina, which is contrary to the trend in other non-ferrous metals [1] - The financial sector is highlighted for its focus on the Shanghai 50 stock index futures and 10-year government bond futures [1]