智通财经APP讯，歌礼制药-B(01672)发布公告，同类首创的治疗肥胖症的减重不减肌候选药物ASC47与 替尔泊肽联用在饮食诱导肥胖(DIO)小鼠研究中显示出令人鼓舞的疗效结果。 该DIO小鼠研究旨在对比低剂量ASC47(9mg/kg，单次给药)联合替尔泊肽(3nmol/kg，皮下，每日一次)与 替尔泊肽单药疗法(3nmol/kg，皮下，每日一次)的疗效。DIO小鼠的治疗期为14天。结果显示，低剂量 ASC47联合替尔泊肽的疗效优于替尔泊肽单药疗法，联合用药的小鼠平均总体重下降38.1%，替尔泊肽 单药治疗的小鼠则为20.4%，ASC47联合替尔泊肽比替尔泊肽单药疗法多减重87%(表1)。相比之下，在 DIO小鼠研究中，联合司美格鲁肽与司美格鲁肽单药疗法相比多减重55%，即低剂量ASC47联合司美格 鲁肽的疗效弱于联合替尔泊肽的疗效，具有统计学显著性(p=0.006)。 低剂量ASC47与替尔泊肽联用使肥胖小鼠身体成分恢复至健康非肥胖小鼠的水平。治疗结束时，经低剂 量ASC47与替尔泊肽联用治疗的肥胖小鼠的总肌肉量占总体重的百分比(60.4%)与健康非肥胖小鼠 (62.0%)相当，意味着实现健康减重。替尔泊 ...

Ascletis Pharma Inc. 歌禮製藥有限公司 （於開曼群島註冊成立的有限公司） 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的內容概不負責，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所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 | 表1. 低劑量ASC47與替爾泊肽聯用療效勝過與司美格魯肽聯用 | | --- | | | | 總體重 | 聯用與單藥相比， | | --- | --- | --- | --- | | 組別 | 給藥 | 相對基線的變化 | 增加的減重效果 | | 經替爾泊肽治療的 | 替爾泊肽， | | | | 肥胖小鼠 | 3 nmol/kg， | -20.4% | – | | | SQ，QD | | | | 經低劑量ASC47與 | ASC47， | | | | 替爾泊肽聯用治 | 9 mg/kg， | | | | 療的肥胖小鼠 | SQ，單次給藥 | -38.1% | | | | + | （ <0.0001 vs替爾 p | 87% | | | 替爾泊肽， | 泊肽單藥療法） | | | | 3 nmol/kg， ...

Summary of the Conference Call for歌礼制药 Company Overview - **Company**: 歌礼制药 (Galephar Pharmaceuticals) - **Key Products**: ASC30, ASC47, and 地尼法司他 (Dinihufang) Industry Insights - **Market Segment**: GLP-1 market and acne treatment market - **Competitive Landscape**: Intense competition in the GLP-1 sector with notable players like 礼来 (Eli Lilly) and 辉瑞 (Pfizer) Key Points and Arguments ASC30 (GLP-1 Small Molecule Drug) - ASC30 is a small molecule GLP-1 drug with both injection and oral formulations, featuring a half-life of 25 days, which is longer than competitors, enhancing its efficacy and safety [2][6] - Early clinical trials show significant weight loss effects, with a maximum dose group achieving a 6.5% weight reduction in 28 days, indicating strong market competitiveness [2][8] - The drug's pharmacological properties are superior to those of similar products, with better activation of targets at lower concentrations [6] ASC47 (THR Beta Agonist) - ASC47 is the only drug in development globally targeting the THR beta receptor for muscle gain and fat loss, showing promising preclinical results in muscle protection and fat reduction [2][11] - The unique technology applied to ASC47 allows it to target fat cells effectively, which is a significant advantage over existing treatments [11] Dinihufang (Acne Treatment) - Dinihufang has shown a 20% reduction in skin lesions in phase III clinical trials, outperforming current topical treatments [12] - The oral formulation offers convenience and maintains good safety profiles, expected to apply for market approval in 2025, potentially generating substantial revenue [12] Competitive Advantages - The choice to develop small molecule GLP-1 drugs is aimed at differentiation, leveraging advantages such as easier scalability, stable storage, and dual formulation options [7] - ASC30's early clinical data positions it favorably against competitors, with expectations for strong topline data in late 2025 [9] Risks and Considerations - The GLP-1 pipeline faces significant competition, and there is a risk of revenues falling short of expectations, necessitating caution from investors [4][13] - The overall timeline for monetization is lengthy, which may affect long-term investment returns [4][13] Market Outlook - ASC30 is anticipated to become a key player in the market, with its unique design and dual formulation likely to drive significant revenue as clinical trials progress [8] - The combination of GLP-1 weight loss and self-developed oral muscle gain inhibitors is expected to enhance business development prospects [9] Additional Noteworthy Information - The early-stage small molecule oral drug 白芥 17 has attracted attention from multinational companies, indicating its potential in the market [5]

Group 1 - The core viewpoint of the article is that the Chinese innovative pharmaceutical sector is experiencing a resurgence, with the reopening of the IPO window on the Sci-Tech Innovation Board (STAR Market) leading to increased activity and optimism among investors [1][3][11] - The STAR Market's fifth set of listing standards was reactivated in June 2023, allowing unprofitable biotech companies to pursue IPOs, which had been stalled for two years [3][4] - Several companies, including He Yuan Bio and Bei Xin Life, have successfully passed IPO approvals under the new standards, indicating a growing pipeline of innovative drug companies ready to enter the market [4][5] Group 2 - The Hong Kong stock market has also seen significant gains in the healthcare sector, with the medical and healthcare index rising over 45% in the first half of 2025, outperforming other sectors [8][9] - Notable companies like Song Li Pharmaceutical and Deqi Pharmaceutical have achieved remarkable stock price increases, with some stocks rising tenfold, reflecting a strong recovery in the market [8][9] - The successful IPO of Ying En Bio in April 2023, which saw a first-day surge of over 116%, exemplifies the renewed investor interest and the potential for high returns in the biotech sector [10] Group 3 - The article highlights a shift in investor sentiment towards the pharmaceutical sector, with many previously cautious investors now recognizing the long-term potential of innovative drug companies [11][12] - There has been a notable increase in business development (BD) transactions involving Chinese pharmaceutical assets, indicating growing international recognition of Chinese innovation in drug development [12] - The article suggests that the next 5-10 years could be a favorable period for investment in Chinese innovative pharmaceuticals, as the industry is expected to continue its recovery and growth [12][13]

Core Viewpoint - The article highlights the resurgence of the Chinese biopharmaceutical industry, particularly focusing on the recent openings for IPOs on the STAR Market, signaling a potential recovery and growth phase for innovative drug companies in China [3][5][12]. Group 1: IPO Developments - The STAR Market has reopened its doors for innovative drug companies, with the first successful IPOs occurring after a long hiatus, including companies like He Yuan Bio and Bei Xin Life [5][6]. - Biotech company Bibet has received approval for its IPO after three years of waiting, marking a significant milestone for the company and the industry [3][6]. - The approval of the fifth set of listing standards for unprofitable companies on the STAR Market has revitalized the IPO landscape for the biopharmaceutical sector [5][12]. Group 2: Market Performance - The Hong Kong stock market has seen a remarkable performance in the healthcare sector, with the healthcare index rising over 45% in the first half of 2025, outperforming other industries [9][10]. - Notable stocks like Gilead Sciences and others have experienced significant price increases, with some companies achieving tenfold returns, indicating a strong recovery in investor sentiment [9][10]. - The successful IPO of companies like Ying En Bio, which saw a first-day surge of over 116%, reflects the growing investor interest and confidence in the biopharmaceutical sector [11]. Group 3: Investment Trends - There is a notable shift in investment focus back to the biopharmaceutical sector, with many investors previously hesitant now recognizing the potential for growth and returns [12]. - The article mentions that international investors are increasingly aware of the value of Chinese innovative drug companies, with many regretting missed opportunities in the Hong Kong market [10][12]. - The trend of mergers and acquisitions in the biopharmaceutical space is on the rise, with significant deals indicating a growing recognition of the quality of Chinese assets [12][13].

Core Viewpoint - The article highlights the successful IPO of Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. on the Hong Kong Stock Exchange, marking a significant moment in the booming biopharmaceutical sector, particularly in vaccine development [5][9]. Company Overview - Zhonghui Yuantong, founded by An Youcai, focuses on innovative vaccine development, with its first product, a quadrivalent influenza subunit vaccine, being the first of its kind approved in China [7][8]. - The company has expanded its product pipeline to include over ten vaccines, such as rabies and shingles vaccines, and has developed into a comprehensive enterprise with various facilities [8][11]. Financial Performance - The company has experienced significant revenue growth, with projected revenues for 2024 expected to increase by 397.65% compared to 2023, reaching approximately 260 million RMB [11]. - Despite the revenue growth, Zhonghui Yuantong is currently in a "burning cash" phase, with net losses projected at 425 million RMB for 2023 and 259 million RMB for 2024 [11][12]. Market Context - The biopharmaceutical sector in Hong Kong has seen a surge in interest, with the Hang Seng Biotechnology Index rising nearly 90% this year, indicating a broader recovery and enthusiasm for innovative drug companies [5][16]. - The article notes that the market has witnessed a significant number of IPOs and high levels of oversubscription, with Zhonghui Yuantong achieving approximately 40,000 times oversubscription during its IPO [16]. Regional Insights - The city of Taizhou, where Zhonghui Yuantong is based, has emerged as a hub for pharmaceutical innovation, housing numerous successful biotech firms and attracting significant investment [13][14]. - Taizhou's pharmaceutical high-tech zone has become a focal point for both domestic and international pharmaceutical companies, contributing to the region's economic growth and innovation in the healthcare sector [14].

Summary of Conference Call Records Industry Overview - The innovative drug sector is experiencing a short-term correction, but it is not affected by Trump's tariffs, providing a buying opportunity [1] - The GLP-1 market is thriving, with Novo Nordisk and Eli Lilly's weight loss drug sales exceeding $30 billion in the first half of the year, expected to reach $60-65 billion for the full year [1][4] - The global innovative drug market is projected to reach $1.5 trillion by 2030, with China expected to account for 30%, corresponding to a market value of approximately $6 trillion, indicating significant growth potential from the current $2.6 trillion [1][5] Key Companies and Performance - Novo Nordisk's semaglutide sales reached $5.458 billion in the first half of the year, a 78% year-on-year increase, but the company lowered its full-year guidance due to market competition and the impact of Eli Lilly's tirzepatide [1][9] - Eli Lilly's tirzepatide sales reached $5.69 billion in the first half, a 223% year-on-year increase, and the company raised its full-year revenue guidance [1][9] - The oral GLP-1 drug development trend is shifting towards multi-target iterations, but development remains challenging [3][10] Market Dynamics - The A-share pharmaceutical index fell by 0.8% this week but has risen by 21.2% since the beginning of the year, outperforming the CSI 300 by 26.9% [2] - The performance of various sectors within the pharmaceutical industry shows mixed results, with medical devices up by 3% and traditional Chinese medicine down by 1.9% [2] Investment Opportunities - The innovative drug export logic is shifting from domestic to overseas markets, with leading companies like BeiGene expected to see significant revenue growth, projected to reach $5 billion by 2025 [5] - The market share of Chinese innovative drugs in the global market is expected to increase from 5% to 30% through business development (BD) strategies [5] - Recommended companies with high growth potential include Innovent, 3SBio, and BeiGene, with a focus on companies like Boryung Pharmaceutical, which could reach a market value of $200 billion if successful in overseas expansion [8][11] Additional Insights - The current market share of A-shares and H-shares in the innovative sector is low at 1.7% and 1.8%, respectively, compared to 3.5% in the US market, indicating substantial growth potential [6] - The oral GLP-1 drug delivery methods are evolving, with Boryung's technology achieving over 8% bioavailability, positioning it as a leader in the industry [10]

Group 1 - The meeting between Trump and Putin on August 15 in Alaska may involve "territorial exchanges" related to the Ukraine peace agreement [12] - Netanyahu stated that the next phase of military action by Israel will focus on two locations still controlled by Hamas [12] - The U.S. Treasury Secretary expects trade issues to be resolved by the end of October [12] Group 2 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.47%, S&P 500 up 0.78%, and Nasdaq up 0.98%, marking a historical closing high for Nasdaq [4] - Apple shares rose over 4%, with a weekly gain of 13%, the best performance since July 2020 [4] - Tesla and Google also saw gains of 2.29% and 2.44% respectively [4] Group 3 - European major stock indices showed mixed results, with Germany's DAX30 down 0.12% and the UK FTSE 100 down 0.06% [5] - The Hong Kong Hang Seng Index fell 0.89%, closing at 24,858.82 points, with a trading volume of 2,067.2 million HKD [5] - Semiconductor stocks led the decline in Hong Kong, while gold stocks rose [5] Group 4 - The A-share market experienced narrow fluctuations, with the Shanghai Composite Index down 0.12% and the Shenzhen Component down 0.26% [6] - The railway equipment sector led the gains, while the Huawei Euler concept stocks fell significantly [6] Group 5 - Bitcoin briefly surpassed $119,000, marking its highest level since July 29, while Ethereum reached $4,300, the highest since the end of 2021 [7]

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights the promising opportunities in the domestic oral weight-loss drug market, particularly recommending companies such as Borui Pharmaceutical and Gilead Sciences as key players [1][2] - The GLP-1 drug market is expected to see significant growth, with projections indicating a market size exceeding $150 billion by 2030, driven by increasing demand and new product approvals [6][12] - The report emphasizes the strong performance of innovative drugs, particularly GLP-1 and PD-1/VEGF dual antibodies, and suggests a focus on companies like Borui Pharmaceutical, Gilead Sciences, and others for investment [2][12] Summary by Sections Industry Performance - The A-share pharmaceutical index has shown a year-to-date increase of 21.3%, while the Hang Seng Biotechnology Index has surged by 87.2% [6][11] - Recent stock performance indicates a mixed trend, with notable gains in companies like Nanmo Biotechnology (+42%) and Haichen Pharmaceutical (+41%), while others like Nanxin Pharmaceutical (-19%) and Qizheng Tibetan Medicine (-16%) faced declines [11] Sub-industry Recommendations - The report ranks preferred sub-industries as follows: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [2][12] - Specific stock recommendations include: - From the GLP-1 perspective: Borui Pharmaceutical, Gilead Sciences, and others [2][12] - From the PD-1/VEGF dual antibody perspective: Kangfang Biotech, Shenzhou Cell, and others [2][12] - From a low valuation perspective: Zoli Pharmaceutical, Dong'e Ejiao, and others [2][12] Market Dynamics - The report notes that the GLP-1 drug market is significantly underestimated, with companies like Borui Pharmaceutical and Gilead Sciences expected to emerge as major players with potential market capitalizations in the hundreds of billions [6][12] - The report also discusses the competitive landscape, highlighting the rapid growth of drugs like Eli Lilly's Mounjaro and Novo Nordisk's Wegovy, which have seen substantial sales increases [17][22] Financial Performance - Novo Nordisk reported a revenue of approximately $22.9 billion for the first half of 2025, reflecting an 18% year-on-year growth, driven by strong sales of its GLP-1 products [17][22] - Eli Lilly's revenue for the same period reached $28.3 billion, marking a 41% increase, with Mounjaro and Zepbound leading the sales growth [22][23]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [1] Core Insights - The global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with total upfront payments soaring to $11.8 billion, up 136% year-on-year, and total transaction value hitting $130.4 billion, a 58% increase year-on-year. Chinese companies contributed nearly 50% of the total transaction value and over 30% of the transaction volume, indicating a growing recognition of their value in global innovative drugs [3] - The report highlights a strategic opportunity for Chinese companies in the weight loss sector, with significant clinical data and collaborations emerging. For instance, the oral GLP-1 molecule Orforglipron showed a weight reduction of 11% compared to the placebo group, providing a competitive edge for domestic firms [4] - Chinese innovative drug companies are leading breakthroughs in CAR-T technology, with significant sales figures reported. For example, the collaboration between Legend Biotech and Johnson & Johnson for Carvykti is expected to exceed $2 billion in annual sales [5] - The CXO industry is anticipated to gradually recover, with a notable increase in license-out transactions and funding for biotech companies, indicating a positive trend in order recovery [6] - The report emphasizes the continuous iteration and updates in TCE technology, with promising clinical data emerging from various trials, showcasing the potential for significant advancements in the field [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 2.07 percentage points in the last week, ranking 31st among 31 primary industry indices [19] - In the past month, the pharmaceutical industry outperformed the CSI 300 index by 8.23 percentage points, ranking 3rd among the primary industry indices [25] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical and biotechnology sector's index has a current PE (TTM) of 38.77, above the 5-year historical average of 31.9 [45] 3. Recent Research Achievements - The report includes various deep-dive studies on the pharmaceutical industry, highlighting trends in supply and demand, as well as the growth of specific sectors such as blood products and inhalation formulations [51] 4. Recent Industry Policies and News - Recent policies from the National Healthcare Security Administration aim to support the high-quality development of innovative drugs, including increased funding and support for clinical applications [54] - Notable industry news includes the approval of innovative treatments by major pharmaceutical companies, indicating a robust pipeline and ongoing advancements in the sector [56]