Core Viewpoint - The company is undergoing a full transformation towards innovative drug research and development, with a focus on obesity treatment through GLP-1 related drugs, while facing financial losses in the short term [1][2] Financial Performance - In the first half of 2025, the company reported an operating revenue of 0.01 billion RMB and a net loss attributable to shareholders of 0.88 billion RMB [1] - The company's cash and cash equivalents, along with other financial instruments, amount to approximately 18.28 billion RMB, which is expected to support R&D activities and operations until 2029 [1] Product Development - ASC30, a potential leading GLP-1 small molecule weight loss drug, showed a 6.5% average weight reduction in obese patients after 28 days of once-daily oral administration in the U.S. Phase Ib clinical trial [1] - ASC30 has a half-life of 36 days in obese patients with a single subcutaneous injection, indicating the potential for monthly or less frequent dosing [1] - ASC47, a fat-targeting drug, demonstrated a peak weight loss of 1.7% in obese patients after a single 90mg injection, with no muscle loss observed [2] - The company is conducting U.S. clinical trials for ASC47 in combination with semaglutide, with top-line data expected this year [2] Market Context - The recent data from Eli Lilly's oral GLP-1 small molecule weight loss drug, Orforglipron, showed a 12.4% weight reduction in patients, which was below market expectations, potentially increasing the overseas business development prospects and value of ASC30 [1]
歌礼制药-B(1672.HK)：持续聚焦代谢产品 打造差异化管线