Core Viewpoint - Junsheng Tai Pharmaceutical-B (02511) experienced a nearly 8% increase in stock price, reaching HKD 3.4, with a trading volume of HKD 5.8183 million [1] Financial Performance - The company reported a decrease in other income to RMB 10.542 million, a year-on-year decline of 69.96% [1] - Shareholder loss narrowed to RMB 120 million, a year-on-year reduction of 42.96% [1] - Basic loss per share was RMB 0.27 [1] Product Development - The core product HTD1801 is a globally innovative oral anti-inflammatory and metabolic regulator targeting the gut-liver system [1] - HTD1801 is under global development for treating CKM-related diseases, including Type 2 Diabetes Mellitus (T2DM), Metabolic Associated Fatty Liver Disease (MASH), Chronic Kidney Disease (CKD), Obesity, Primary Sclerosing Cholangitis (PSC), and Severe Hypertriglyceridemia (SHTG) [1]

Core Viewpoint - Junsheng Tai Pharmaceutical-B reported a significant reduction in losses for the first half of 2025, with a loss of 113.9 million yuan compared to a loss of 210.9 million yuan in the same period of 2024 [1] Group 1: Financial Performance - The company recorded a loss of 113.9 million yuan in the first half of 2025, which is a substantial improvement from the 210.9 million yuan loss in the first half of 2024 [1] Group 2: Product Development - The core product HTD1801 is a globally innovative oral anti-inflammatory and metabolic regulator targeting the gut-liver system, currently under development for CKM-related diseases [1] - HTD1801 is being developed for multiple conditions, including Type 2 Diabetes Mellitus (T2DM), Metabolic Associated Fatty Liver Disease (MASH), Chronic Kidney Disease (CKD), Obesity, Primary Sclerosing Cholangitis (PSC), and Severe Hypertriglyceridemia (SHTG) [1] - A new indication for HTD1801 has been added for Chronic Kidney Disease, showing potential in regulating various pathogenic mechanisms related to kidney diseases [1] - HTD1801 demonstrates significant therapeutic potential in the CKD field, with advantages in improving eGFR (estimated Glomerular Filtration Rate) trends compared to competing drugs [1] - The company is preparing for a Phase II clinical study of HTD1801 for the treatment of CKD [1] Group 3: Pipeline Candidates - In addition to HTD1801, the company has developed a strong pipeline of innovative candidate drugs, including HTD4010, HTF1037, HTF1057, HTD1804, HTD1805, and HTD2802, targeting ten potential indications [1]

Core Viewpoint - The company reported a significant reduction in losses for the first half of 2025, with a loss of RMB 113.9 million compared to RMB 210.9 million in the same period of 2024, indicating improved financial performance [1] Group 1: Financial Performance - The company recorded a loss of RMB 113.9 million in the first half of 2025, a substantial decrease from the loss of RMB 210.9 million in the first half of 2024 [1] Group 2: Product Pipeline and Innovation - The company is focusing on the potential of its core product HTD1801, which is being developed globally for treating chronic kidney and metabolic diseases, including Type 2 diabetes, metabolic-associated fatty liver disease, chronic kidney disease, obesity, primary sclerosing cholangitis, and severe hypertriglyceridemia [1] - HTD1801 is a novel molecular entity targeting the gut-liver system, acting as an oral anti-inflammatory and metabolic modulator through a dual mechanism of activating AMPK and inhibiting the NLRP3 inflammasome [2] - The company has developed a strong pipeline of innovative drug candidates, including HTD4010, HTF1037, HTF1057, HTD1804, HTD1805, and HTD2802, targeting ten potential indications [1][2] Group 3: Market Opportunity and Demand - The treatment market for chronic kidney and metabolic diseases (CKM) is substantial, affecting nearly 90% of adults in the U.S. and 80% in China, with approximately 590 million diabetes patients globally, indicating a significant unmet need for innovative therapies [3] - HTD1801's dual mechanism shows exceptional therapeutic potential in addressing CKM-related diseases, with clinical studies confirming its multiple benefits in metabolism, kidney function, obesity, and cardiovascular complications [3] Group 4: Intellectual Property and Commercialization Strategy - The company maintains a robust intellectual property portfolio with over 100 patents and applications globally, providing effective market access barriers and supporting its commercialization goals [4] - As HTD1801 approaches commercialization in 2025, the company aims to capitalize on market opportunities and expand its market presence [4]

Core Viewpoint - Junsheng Tai Pharmaceutical-B (02511) reported a significant decline in other income and a narrowed loss for the six months ending June 30, 2025, indicating challenges in revenue generation but improved loss management [1] Financial Performance - Other income amounted to 10.542 million yuan, representing a year-on-year decrease of 69.96% [1] - Shareholders' loss was 120 million yuan, which is a year-on-year reduction of 42.96% [1] - Basic loss per share was 0.27 yuan [1] Revenue Drivers - The decrease in other income was primarily attributed to a reduction in government subsidies by approximately 19.1 million yuan [1]

公告称，其他收入减少乃主要由于政府补助减少约1910万元。 智通财经APP讯，君圣泰医药-B(02511)发布截至2025年6月30日止六个月的中期业绩，其他收入1054.2 万元(人民币，下同)，同比减少69.96%;股东应占亏损1.2亿元，同比收窄42.96%;每股基本亏损0.27元。 ...

Product Development and Clinical Trials - The core product HTD1801 is a novel molecular entity targeting cardio-renal metabolic diseases, showing significant clinical benefits including improved blood sugar control and reduced body weight[4]. - HTD1801 has demonstrated a unique dual mechanism by activating AMPK and inhibiting NLRP3 inflammasome, addressing unmet clinical needs in cardio-renal metabolic diseases affecting nearly 90% of adults in the US and 80% in China[5]. - The company is developing HTD1801 for multiple indications, including Type 2 Diabetes, Metabolic Associated Fatty Liver Disease, and Chronic Kidney Disease, among others[8]. - Clinical trials for HTD1801 have involved over 2,000 participants, demonstrating high safety and tolerability with primarily mild to moderate gastrointestinal adverse events[7]. - HTD1801 has shown potential in improving key inflammatory markers and restoring kidney function, indicating its broad therapeutic benefits[7]. - The Phase III clinical trial (SYMPHONY 1) demonstrated a significant reduction in HbA1c by -1.3% after 24 weeks of treatment, with 42% of patients achieving HbA1c < 7%[16]. - HTD1801 shows a dose-dependent improvement in multiple liver and cardiovascular metabolic indicators in T2DM patients with suspected MASLD[16]. - HTD1801 treatment significantly improved key glycemic and lipid metabolic markers in T2DM patients, with more pronounced effects in those with severe disease[18]. - In a Phase IIa study, HTD1801 significantly reduced liver fat content in MASH patients compared to placebo, achieving the primary endpoint[19]. - HTD1801 treatment resulted in a twofold increase in patients achieving liver histological improvement compared to the placebo group in MASH patients at risk of progression[19]. - HTD1801 demonstrated greater improvements in liver injury and inflammation markers compared to GLP-1RAs in MASH patients with T2DM[20]. - The ongoing Phase IIb study for MASH has completed patient enrollment and is expected to read out data in the second half of 2025[20]. - HTD1801 exhibited good safety and tolerability, supporting its potential as a unique oral treatment for T2DM and its complications[16]. - The company is conducting multiple Phase III studies for T2DM in China, with data readouts expected in mid-2025[17]. - HTD1801 has received two Fast Track designations and one Orphan Drug designation from the FDA, supporting its global development plan towards commercialization[15]. - The company is focused on expanding the indications for HTD1801 to maximize its therapeutic potential in addressing metabolic diseases and related comorbidities[8]. Market Opportunities and Financial Projections - The global market for metabolic diseases is projected to reach $458 billion by 2032, presenting substantial growth opportunities for the company[8]. - The company aims to commercialize HTD1801 by 2025, actively pursuing market opportunities in the US, China, Canada, and Australia[9]. - The NDA submission for HTD1801 targeting T2DM is expected by the end of 2025, following positive clinical trial data[17]. - The company plans to initiate a Phase II clinical study for HTD1801 in combination with GLP-1RA for obesity treatment, leveraging its synergistic weight loss effects[25]. - Approximately 80.0% of the remaining funds will be allocated to ongoing clinical research and development activities for HTD1801, amounting to HKD 155.2 million[69]. - The company plans to utilize the remaining unutilized funds based on actual business needs and future business development[69]. Financial Performance and Expenses - Other income decreased by 70.1%, from RMB 35.1 million to RMB 10.5 million, primarily due to a reduction in government subsidies by approximately RMB 19.1 million[40]. - The company recorded a loss of RMB 113.9 million for the six months ended June 30, 2025, an improvement from a loss of RMB 210.9 million for the same period in 2024[45]. - The adjusted net loss for the six months ended June 30, 2025, was RMB 100.735 million, compared to RMB 156.909 million for the same period in 2024, representing a 35.8% improvement[60]. - R&D expenses decreased by 47.3% from RMB 202.0 million for the six months ended June 30, 2024, to RMB 106.4 million for the six months ended June 30, 2025[42]. - Administrative expenses fell by 53.0% from RMB 46.1 million for the six months ended June 30, 2024, to RMB 21.6 million for the six months ended June 30, 2025[44]. - Total employee benefit expenses for the six months ended June 30, 2025, amounted to RMB 34.9 million, a decrease from RMB 82.9 million for the same period in 2024, indicating a reduction of 57.9%[62]. - The company had a total of 57 employees as of June 30, 2025, down from 68 employees as of June 30, 2024, reflecting a decrease of 16.2%[62]. - The company has reduced equity-settled share option expenses from RMB 54.036 million in 2024 to RMB 13.122 million in 2025, a decrease of 75.7%[60]. Regulatory and Compliance - The company has maintained compliance with the corporate governance code and has confirmed adherence to the standards for securities trading by directors during the reporting period[64][65]. - There were no significant litigations or arbitrations that could adversely affect the company's financial condition or operating performance during the reporting period[67]. - The company operates primarily in the biopharmaceutical R&D sector, with no revenue generated from major customers during the reporting periods[86][88]. - The company has adopted share incentive plans on January 22, 2020, May 24, 2023, and June 27, 2025, to enhance employee motivation and retention[63]. Taxation and Liabilities - The effective tax rate for subsidiaries in Hong Kong remains at 8.25%, consistent with the previous year[93]. - The total income tax expense for the six months ended June 30, 2025, was RMB 6,000, compared to RMB 538,000 for the same period in 2024[97]. - The group did not recognize any deferred tax liabilities in mainland China due to the subsidiaries being in a loss position and having no estimated taxable profits[94]. - The subsidiary in Maryland, USA, is required to pay federal corporate income tax at a rate of 21% and state income tax rates ranging from 5.5% to 8.84% depending on the state[96]. - The company currently has no significant contingent liabilities as of June 30, 2025[55]. Investments and Assets - The company made investments of USD 12.5 million in each of Apollo Multi-Asset Growth Fund and Chaince Capital Fund LP during the reporting period[52]. - The net asset value decreased to RMB 367,813,000 from RMB 424,168,000, reflecting a decline of 13.3%[78]. - Cash and bank balances decreased to RMB 215.506 million from RMB 310.750 million at the end of December 2024[77]. - The company had outstanding interest-bearing bank loans of approximately RMB 80.3 million as of June 30, 2025, up from RMB 56.9 million as of December 31, 2024[48]. - The debt-to-equity ratio increased to 21.8% as of June 30, 2025, compared to 13.4% as of December 31, 2024[50].

君圣泰医药-B(2511.HK)今日盘中一度大涨10%至3.39港元，年内累涨1.67倍。 君圣泰医药昨日晚间公告，集团的全资附属公司深圳君圣泰生物技术有限公司与中国医学科学院医药生物技术研究所("药生所")共同开展课题合作，评估集 团核心产品HTD1801对糖尿病伴慢性肾病(CKDwithT2DM)的治疗潜力。双方围绕异喹啉类新药共同开展药效与机制研究，并推进临床评估，以拓展其在糖 尿病相关肾病领域的临床应用。 公告称，此次合作将加快本集团核心项目的临床进展，拓展研发布局，进一步丰富产品管线，为公司在代谢疾病治疗领域的持续创新与长期发展提供有力支 撑。(格隆汇) ...

Core Insights - Junsheng Tai Pharmaceutical-B (02511) announced a collaboration with the Institute of Medicinal Biotechnology of the Chinese Academy of Medical Sciences to evaluate the treatment potential of its core product HTD1801 for chronic kidney disease associated with type 2 diabetes (CKD with T2DM) [1] - The project has received approval from the Chinese Academy of Medical Sciences, focusing on innovative drug mechanisms and clinical research for diabetes and chronic kidney disease [1] - This collaboration aims to leverage the resources of the Institute and the company's expertise in metabolic diseases to accelerate clinical development and enhance product application value [1] Product Development - HTD1801 is the core product of Junsheng Tai Pharmaceutical and the main focus of this collaboration, acting as an oral anti-inflammatory and metabolic regulator targeting the gut-liver system [2] - It features a unique dual mechanism that activates AMPK and inhibits the NLRP3 inflammasome, demonstrating potential in improving multiple health indicators such as blood sugar, blood lipids, kidney function, weight, liver function, and cardiovascular health [2] - Over ten global clinical trials have shown HTD1801's potential for treating comorbidities associated with type 2 diabetes, chronic kidney disease, obesity, dyslipidemia, and fatty liver [2]

Core Insights - The collaboration between Junsheng Tai Pharmaceutical and the Chinese Academy of Medical Sciences aims to evaluate the therapeutic potential of the core product HTD1801 for treating chronic kidney disease associated with type 2 diabetes [1][2] - The project has received approval from the Chinese Academy of Medical Sciences, focusing on innovative drug mechanisms and clinical research for diabetes and chronic kidney disease [1] - The partnership leverages the research advantages of the Academy and the company's expertise in metabolic diseases to accelerate clinical progress and enhance product value [1] Product Details - HTD1801 is the core product of Junsheng Tai Pharmaceutical, designed as an oral anti-inflammatory and metabolic regulator targeting the gut-liver system [2] - It features a unique dual mechanism that activates AMPK and inhibits the NLRP3 inflammasome, showcasing its potential in treating multiple comorbidities such as type 2 diabetes, chronic kidney disease, obesity, dyslipidemia, and fatty liver [2] - Over a dozen global clinical trials have demonstrated that HTD1801 can simultaneously improve various health indicators, including blood sugar, blood lipids, kidney function, weight, liver function, and cardiovascular health [2]

HTD1801是君圣泰医药核心产品，也是本次合作开发主要产品。它是一种靶向肠－肝系统的口服抗炎 及代谢调节剂，具有全球首创的激活AMPK并抑制NLRP3炎症小体的独特双机制。全球开展的十余项临 床试验显示，HTD1801可同步改善血糖、血脂、肾功能、体重、肝功能、心血管、炎症等指标，展现 出对2型糖尿病、慢性肾病、肥胖、血脂异常、脂肪肝等多个适应症的共病治疗潜力。 中国医学科学院成立于1956年，是我国最高医学研究机构和领衔医学教育机构。以引领我国医学科技与 教育发展和维护人民健康为己任，医疗领衔行业，为我国现代科学医学体系的建立和发展做出了重要贡 献。 医药生物技术研究所(药生所)是中国医学科学院的直属研究所，其重点领域是微生物药物、抗感染药 物、与生物技术药物研究，在国内一直保持相关学科和领域的研究优势。药生所具备综合的新药研究体 系，在抗感染、抗代谢综合徵、及抗癌等领域的新药研发方面均取得重要进展，已成为不可替代的国家 战略科技力量。 格隆汇8月12日丨君圣泰医药-B(02511.HK)公告，集团的全资附属公司深圳君圣泰生物技术有限公司与 中国医学科学院医药生物技术研究所("药生所")共同开展课题合作， ...