Core Viewpoint - Cathay Securities has released a research report on Goliath Pharmaceuticals (1672.HK), highlighting the global competitiveness and scarcity of the company's core pipeline. Key clinical data is expected to be released in 2025 and the first quarter of 2026, with certainty in overseas licensing collaborations. The target price has been raised to RMB 25.40 per share (equivalent to HKD 27.91), maintaining a "Buy" rating [1]. Group 1: Core Drug Competitiveness - Goliath Pharmaceuticals' ASC30 oral formulation has completed patient enrollment as of August 2025, with top-line data expected in Q4 2025. The U.S. Phase Ib study shows a significant average weight loss of 6.5% after 4 weeks of treatment, with good overall tolerability and no vomiting incidents [1]. - The ASC30 monthly injection formulation demonstrates competitive advantages in the long-acting weight loss drug sector, with all subjects expected to be enrolled in the U.S. 12-week Phase IIa clinical study for obesity treatment by 2025, and top-line data anticipated in Q1 2026 [1]. Group 2: Research and Development Progress - Other important pipelines of Goliath Pharmaceuticals are progressing smoothly: the oral small molecule IL-17 inhibitor ASC50 for psoriasis is expected to yield top-line data from the U.S. Phase I SAD study in 2025 [3]. - The drug dinutuximab (ASC40) for moderate to severe acne has shown significant efficacy and good safety in Phase III trials, with plans to seek commercialization partnerships in 2025 [3]. - The oral small molecule PD-L1 inhibitor ASC61 for solid tumors has successfully completed the U.S. Phase I study, with plans to seek external licensing opportunities in 2025 to fully realize the project's value [3]. Group 3: ASC47 Development - ASC47, a fat-targeting, long-acting subcutaneous THRβ selective small molecule agonist, supports administration every month to every two months. Positive top-line results were achieved in the Australian Phase Ib study, with an average weight loss of 1.7% (day 50, peak) after placebo adjustment, showing potential for weight loss without muscle loss [2]. - Top-line data from the U.S. clinical study combining ASC47 with semaglutide for obesity treatment is expected in 2025 [2].

智通财经APP讯，歌礼制药-B(01672)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入总额 人民币1.04亿元(单位下同)，同比增加111.4%;研发成本1.47亿元，同比增加10.9%;公司权益股东应占亏 损8795.1万元，同比减少32.5%;每股亏损9.14分。 于报告期内及直至本公告日期，本集团在代谢性疾病管线、免疫性疾病管线及拓展性适应症产品管线方 面取得重大进展：ASC30每日一次口服片治疗肥胖症：在美国Ib期研究中，经28天治疗后，经安慰剂校 准后的相对基线的平均体重下降高达6.5%，证明其有望成为治疗肥胖症的同类最佳候选药物。 本集团开展美国IIa 期研究并于仅一月余内迅速完成125名受试者入组;ASC30每月一次或更低频次皮下 注射治疗肥胖症：在美国Ib期研究中，单次皮下注射后在肥胖症患者中表现出36天半衰期，支持每月一 次或更低频次给药。本集团开展美国IIa期临床研究并完成首批受试者给药;ASC47每月一次或更低频次 皮下注射用于不减肌的肥胖症治疗：在肥胖症患者中显示出40天的半衰期。本集团开展ASC47与司美格 鲁肽联合用药的美国研究并完成所有28名肥胖症受试者入组; ...

Core Viewpoint - The company reported significant revenue growth and advancements in its drug pipeline, particularly in obesity treatment, indicating strong research and development capabilities and a commitment to addressing unmet clinical needs [1][2]. Financial Performance - The company achieved total revenue of RMB 104 million, representing a year-on-year increase of 111.4% [1] - Research and development costs amounted to RMB 147 million, reflecting a year-on-year increase of 10.9% [1] - The loss attributable to equity shareholders was RMB 87.95 million, a decrease of 32.5% year-on-year [1] - The loss per share was 9.14 cents [1] Drug Development Progress - The ASC30 oral tablet for obesity showed a significant average weight reduction of up to 6.5% after 28 days of treatment in a U.S. Phase Ib study, positioning it as a potential best-in-class candidate for obesity treatment [1] - The company rapidly enrolled 125 participants in a U.S. Phase IIa study for ASC30, demonstrating efficient execution in clinical trials [2] - ASC30 also showed a 36-day half-life in a single subcutaneous injection study, supporting less frequent dosing [2] - ASC47, another obesity treatment, demonstrated a 40-day half-life and has completed participant enrollment for a combination study with semaglutide [2] - ASC50, an oral small molecule IL-17 inhibitor, has completed initial dosing in a U.S. Phase I clinical study [2] - The FASN inhibitor, denifasirt, showed statistically significant improvements in all primary and secondary endpoints in a Phase III study for acne treatment, indicating its potential for a major breakthrough in acne therapy [2]

金十数据整理：每日港股市场要闻速递（6月4日 周三） 1. 腾讯控股(00700.HK)在晶泰控股(02228.HK)的持股比例从6.47%降至5.93%。 3. 瑞银集团于5月28日减持美的集团(00300.HK)股份，持股比例从5.05%降至4.95%。 4. 红星美凯龙(01528.HK)：《红星美凯龙控股集团有限公司重整计划（草案）》表决获得通过。 2. 高盛：上调理想汽车(02015.HK)目标价至138港元，上调2025至27年盈测。 7. 蔚来汽车(09866.HK)2025年Q1营收120.35亿元，去年同期99.1亿元；Q1净亏损68.9亿元，去年同期净 亏损52.58亿元；预计第二季度交付数量将在7.2万至7.5万辆之间。 5. 歌礼制药(01672.HK)：同类首创、每日一次口服FASN抑制剂地尼法司他(ASC40) 痤疮III期试验达到 所有终点。 6. 药师帮(09885.HK)：与越疆科技签订战略合作与业务部署协议，共同探索协作机器人及相关AI产品在 药品研发等领域的应用。 ...

歌礼制药公告，同类首创、每日一次口服FASN抑制剂地尼法司他(ASC40)治疗中重度寻常性痤疮的III 期临床试验达到所有主要、关键次要及次要终点。与安慰剂相比，地尼法司他在主要、关键次要及次要 终点上均实现了高度具有统计学意义且临床意义显著的改善。地尼法司他显示出良好的安全性和耐受性 特征。就经安慰剂校准后的治疗成功百分比而言，地尼法司他(18.6%)的疗效比美国食品药品监督管理 局(FDA)批准的沙瑞环素(9.4%)和多西环素(6.7%)分别高98%和178%，比FDA批准的柯拉特龙 (clascoterone)乳膏(11.6%)高60%。 ...