Core Viewpoint - The company reported a mid-year performance for 2025, showing a revenue of 0.01 billion and a net profit of -0.88 billion, indicating ongoing challenges in profitability while highlighting potential in its drug pipeline [1] Group 1: Drug Pipeline and Clinical Trials - The oral small molecule GLP-1 agonist ASC30 demonstrated significant weight loss potential, with a relative baseline average weight reduction of 6.5% in the U.S. Phase Ib MAD cohort after placebo calibration [1] - The company’s ASC30 is expected to show global BIC potential, especially in light of disappointing weight loss data from Eli Lilly's oral GLP-1 agonist orforglipron in its Phase III ATTAIN-1 study, where the 72-week weight loss in the 36mg group was only 12.4% compared to 0.9% in the placebo group [1] - The ASC30 subcutaneous injection formulation has completed the first subject enrollment in the U.S. Phase IIa study, with full enrollment expected by the end of the year [2] - The ASC47 THRb subcutaneous injection formulation combined with semaglutide has completed dosing for all subjects in the U.S. clinical trial, with top-line data anticipated within the year [2] - The oral small molecule ASC40 for FASN has shown excellent data in its Phase III clinical trial [2] - The oral small molecule IL-17 inhibitor ASC50 has completed dosing for the first batch of subjects in the U.S. Phase I clinical trial, with top-line data expected within the year [2] Group 2: Financial Projections and Investment Outlook - The company projects revenues of 0.03 billion, 0.7 billion, and 1.4 billion for the years 2025 to 2027, with net profits of -3.0 billion, -2.8 billion, and -2.9 billion respectively [2] - Given the potential for product launches and a robust clinical development pipeline, the company is viewed as having a promising future, leading to an initial investment rating of Buy-A [2] - A target price of 19.02 HKD has been established based on a DCF model for a six-month outlook [2]