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]
歌礼制药-B（01672）：ASC30完成IIa期患者入组，预计25年Q4读出顶线数据