当下正值港股半年报披露期，不妨借此机会深入探讨来凯医药受资本青睐背后的底层逻辑，以及长期增长潜力究竟何 在? 1、增肌减脂领跑ActRII赛道 透过财报，来凯医药在代谢及癌症治疗两大核心领域的突破性进展清晰可见，其创新研发实力正通过具体管线的推进 得到充分释放。 2025年以来，港股创新药板块迎来强势反弹，累计涨幅达近100%，超30家药企股价翻倍，成为资本市场焦点。对此， 交银国际研报指出，价值重估是本轮港股创新药行情的核心驱动力，板块估值仍具吸引力。 在这样的背景下，来凯医药表现尤为抢眼，近一年股价涨幅超300%，获多家投行看好，目标价普遍在27港元以上。 先看代谢领域，公司以ActRII通路为核心构建起全面的产品组合，并且正将这些候选药物逐步推向临床研究，探索其 在肌肉类及其他疾病适应症中的治疗潜力。 以ActRIIA为例，作为一种调节肌肉生长与脂肪减少的关键因子，针对其开发的单抗药物具有明确的治疗价值。此前 礼来在6月ADA年会上公布的Bimagrumab(ActRIIA/B单抗)数据惊艳：单药减掉的体重100%来自于脂肪，肌肉不掉反而 增加2.5%;与司美格鲁肽联用，72周减重22.1%，92.8% ...

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]