值得注意的是，歌礼制药近日公布中期业绩，收入总额1.04亿元人民币，同比增长111.4%；亏损收窄至 8,795.1万元，上年同期亏损1.3亿元。东吴证券指出，歌礼制药2025年上半年各项管线推进顺利，符合 预期。未来临床数据披露时间相对明确。该行认为其未来成功上市可能性再次提高。地尼法司他未来有 望贡献收入。 智通财经APP获悉，歌礼制药-B(01672)再跌超6%，截至发稿，跌6.25%，报14.55港元，成交额6567.09 万港元。 消息面上，歌礼制药近日公告称，拟以先旧后新方式配售5240万股股份，每股16.45港元，较前一日收 盘价折让约9.9%，所得款项净额4.68亿港元，约90%建议用于其皮下注射多肽及口服多肽候选药物有关 的肥胖症临床试验研发。同时，歌礼制药的控股股东、创办人吴劲梓还将以每股16.45港元的价格先出 售5240万股股份，再认购2882万股新股，即控股股东配股套现3.88亿港元。上述交易全部完成后，吴劲 梓的持股比例将由62.21%降至58.03%。 ...

值得注意的是，歌礼制药近日公布中期业绩，收入总额1.04亿元人民币，同比增长111.4%；亏损收窄至 8,795.1万元，上年同期亏损1.3亿元。东吴证券指出，歌礼制药2025年上半年各项管线推进顺利，符合 预期。未来临床数据披露时间相对明确。该行认为其未来成功上市可能性再次提高。地尼法司他未来有 望贡献收入。 消息面上，歌礼制药近日公告称，拟以先旧后新方式配售5240万股股份，每股16.45港元，较前一日收 盘价折让约9.9%，所得款项净额4.68亿港元，约90%建议用于其皮下注射多肽及口服多肽候选药物有关 的肥胖症临床试验研发。同时，歌礼制药的控股股东、创办人吴劲梓还将以每股16.45港元的价格先出 售5240万股股份，再认购2882万股新股，即控股股东配股套现3.88亿港元。上述交易全部完成后，吴劲 梓的持股比例将由62.21%降至58.03%。 歌礼制药-B(01672)再跌超6%，截至发稿，跌6.25%，报14.55港元，成交额6567.09万港元。 ...

歌礼制药(1672.HK)于2025年8月15日发布2025年中期业绩公告，2025年上半年各项管线推进顺利，未来 临床数据披露时间相对明确。东吴证券认为管线成功上市概率提升，据此上调目标价至29.26港元，维 持"买入"评级。 ASC50是少数进入临床阶段的口服小分子IL-17抑制剂，瞄准银屑病口服治疗空白市场（现有司库奇优 单抗等药物均需注射）。其临床前数据已彰显疗效优势，极具竞争"同类最佳"潜力。该管线于2025年6 月在美国启动I期临床，东吴证券预计2025年底揭晓顶线数据。目前全球仅3款银屑病IL-17小分子进入 临床，赛道稀缺性突出。 核心经营数据表现亮眼 2025年上半年，歌礼制药营业收入108万元，主要来源于研发服务收入；研发费用1.46亿元，同比增长 10.9%，通过管线调整与费用优化，在保障核心减重管线快速推进的同时，有效控制了研发费用增幅。 截至2025年上半年末，该公司现金及现金等价物达15.8亿元，同比增长361.9%，主要因定期存款到期， 充足的现金储备为后续管线研发提供了有力支撑。 核心管线进展与催化剂 作为歌礼制药核心小分子GLP-1管线，ASC30具备每日口服与每月注射双剂型 ...

Core Viewpoint - The company has shown strong progress in its core pipelines and financial performance in the first half of 2025, with significant revenue growth and promising clinical data expected in the near future [1][2][3] Financial Performance - The company's main operating revenue for H1 2025 was 1.08 million, primarily from R&D services [1] - R&D expenses for H1 2025 were 146 million, a year-on-year increase of 10.9%, with effective pipeline adjustments and cost optimizations [1] - Cash and cash equivalents at the end of H1 2025 reached 1.58 billion, a year-on-year increase of 361.9%, mainly due to the maturity of time deposits [1] Pipeline Development - ASC30, the company's core small molecule GLP-1 pipeline, demonstrated a 6.5% weight loss in a 4-week Phase I trial in the U.S., outperforming Eli Lilly's small molecule GLP-1 [1] - The company is currently conducting a Phase IIa trial for ASC30, with top-line data expected in Q4 2025 [1] - ASC47, a new THR-β target pipeline, is in Phase I clinical trials in the U.S., with top-line data anticipated in Q4 2025 [2] - ASC50, an oral small molecule for IL-17, is also in Phase I clinical trials, with top-line data expected by the end of 2025 [2] - The oral small molecule FASN inhibitor, Denifasita, is projected to submit a market application in China by 2026 based on excellent Phase III data [2] Profit Forecast and Investment Rating - The company’s pipeline progress aligns with expectations, increasing the likelihood of successful product launches [3] - Revenue forecasts for 2025-2027 have been adjusted to 0.02 billion, 0.64 billion, and 2.03 billion respectively [3] - The target price has been raised to 29.26 HKD, maintaining a "buy" rating based on improved pipeline success rates [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights that the company has made significant progress in its overseas clinical trials, which enhances the probability of success for its long-term pipeline [1] - The revenue forecast for 2025 has been adjusted upwards to 0.02 billion, 0.64 billion, and 2.03 billion for the years 2025, 2026, and 2027 respectively, indicating a positive outlook [1] - The target price has been raised to 29.26 HKD, reflecting increased confidence in the company's pipeline success [1] Financial Performance Summary - Total revenue for 2023 is projected at 56.69 million, with a year-on-year growth of 4.81% [1] - The net profit attributable to the parent company is expected to be negative at (144.72) million for 2023, with a year-on-year increase of 54.04% [1] - The earnings per share (EPS) for 2025 is estimated at (0.43) HKD, with a price-to-earnings (P/E) ratio of (18.70) [1] Pipeline Development - ASC30, the company's core GLP-1 pipeline, is currently in Phase IIa clinical trials in the US, with expected top-line data release in Q4 2025 [1] - ASC47, a new THR-β target pipeline, is also in clinical trials, with data expected in Q4 2025 [1] - ASC50, an oral small molecule for psoriasis, is in Phase I clinical trials, with top-line data anticipated by the end of 2025 [1] - The company has a strong cash position of 1.58 billion at the end of H1 2025, which supports ongoing research and development [1]

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]

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical and biotechnology industry, but it indicates a positive outlook on the innovation drug sector, particularly regarding the international expansion of domestic innovative drugs [3][4]. Core Insights - The report highlights the continuous rise in the enthusiasm for innovative drugs going overseas, with significant collaborations such as the $9 billion partnership between Bristol-Myers Squibb and BioNTech for the development of a PD-L1/VEGF dual antibody [3][4]. - It notes that the domestic innovative drug pipeline is becoming increasingly competitive on a global scale, with a long-term positive outlook for the internationalization of innovative drugs [3][4]. - The report also discusses the recent peak of COVID-19 cases in China, with a positivity rate of 23.8% reported at the end of May, indicating a need for continued monitoring [3][4]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 1.13% from June 3 to June 6, underperforming compared to the Wind All A index, which increased by 1.61% [9][10]. - Among sub-sectors, raw materials and blood products both saw a rise of 2.89%, while in vitro diagnostics increased by 2% [10]. - Notable stock performances included Yiming Pharmaceutical with a 33.1% increase, while *ST Longjin experienced a significant decline of 36.3% [12]. Industry News and Key Company Announcements - Significant events include the presentation of clinical data for IBI363 by Innovent Biologics at the ASCO conference, showing promising efficacy in treating advanced non-small cell lung cancer [12][13]. - Stone Pharmaceutical received approval for its adenosylcobalamin capsules, expanding its product line in the blood and nervous system treatment areas [13]. - CanSino Biologics announced the approval of a new indication for its PD-1/CTLA-4 inhibitor, filling a gap in the treatment of cervical cancer in China [13]. - The report also mentions various other approvals and collaborations among companies, indicating a vibrant and active industry landscape [13][14].

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical and biotechnology industry, but it indicates a positive outlook on the global competitiveness of domestic innovative drugs and the trend of innovative drugs going abroad [3][4]. Core Viewpoints - The innovative drug sector is experiencing a surge in overseas collaboration, highlighted by the partnership between Bristol-Myers Squibb and BioNTech to jointly develop a PD-L1/VEGF dual antibody with a total package worth $9 billion [3][4]. - The report notes that the recent ASCO conference showcased significant advancements in dual antibodies and ADCs, indicating a differentiated layout in early clinical stages for domestic innovative drugs [3][4]. - The report mentions a peak in the current COVID-19 wave, with a positivity rate of 23.8% reported at the end of May, which is higher than the entire year of 2024, although it has started to decline slightly [3][4]. Weekly Market Review - The pharmaceutical and biotechnology sector rose by 1.13% from June 3 to June 6, underperforming the Wind All A index, which increased by 1.61% [9][10]. - Among sub-sectors, raw materials and blood products both increased by 2.89%, while in vitro diagnostics rose by 2% [9][10]. - Notable stock performances included Yiming Pharmaceutical with a rise of 33.1%, Wanbangde at 32.6%, and Anglikang at 30.3%, while *ST Longjin fell by 36.3%, Huason Pharmaceutical by 12.4%, and Maipu Medical by 9.3% [12][10]. Industry News and Key Company Announcements - On June 4, Innovent Biologics reported promising Phase I clinical data for IBI363 in treating advanced non-small cell lung cancer at the ASCO annual meeting [12][13]. - On June 6, CSPC announced that its adenosylcobalamin capsules received drug registration approval from the National Medical Products Administration [13][14]. - On June 5, CanSino Biologics announced the approval of a new indication for its PD-1/CTLA-4 inhibitor in first-line treatment for cervical cancer [13][14]. - On June 2, Bristol-Myers Squibb and BioNTech announced a collaboration to develop the PD-L1/VEGF dual antibody BNT327, with a significant financial commitment involved [13][14].

智通财经APP讯，歌礼制药-B(01672)发布公告，同类首创(first-in-class)、每日一次口服小分子脂肪酸合成酶(FASN)抑制剂地尼法司他(ASC40)治疗中重度寻 常性痤疮的 III期临床试验(NCT06192264)达到所有主要、关键次要及次要终点。 主要、关键次要及次要终点可见表2。主要终点包括治疗成功百分比(治疗成功的定义为在第12周时，研究者总体评估(Investigator's Global Assessment，IGA) 评分较基线下降至少2分，且IGA分级为0分(光洁)或1分(几乎光洁))、总皮损计数相对基线百分比下降，以及炎性皮损计数相对基线百分比下降。第12周时， 地尼法司他治疗组治疗成功百分比为33.2%，而安慰剂组为14.6%，p <0.0001;地尼法司他治疗组总皮损计数相对基线百分比下降是57.4%，而安慰剂组为 35.4%，p <0.0001;以及，地尼法司他治疗组炎性皮损计数相对基线百分比下降是63.5%，而安慰剂组为43.2%，p <0.0001。第12周时，非炎性皮损计数相对 基线百分比下降(关键次要终点)，地尼法司他治疗组为51.9%，而安慰剂组为28.9 ...