Core Viewpoint - The company reported a significant increase in losses and a drastic decline in revenue, while highlighting advancements in its metabolic disease pipeline, particularly in obesity treatment [1][2] Financial Performance - The company reported a revenue of RMB 128.3 million, a decrease of 97.73% year-on-year [1] - Shareholder losses amounted to RMB 301 million, an increase of 107.95% compared to the previous year [1] - Earnings per share were reported at a loss of 30.05 cents [1] Research and Development Progress - The company made significant progress in its metabolic disease pipeline, particularly in obesity treatments: - ASC30 oral tablets showed potential as a best-in-class treatment, with an average weight loss of up to 6.3% relative to baseline after 28 days of treatment [1] - ASC30, a once-monthly or less frequent subcutaneous injection, is positioned as a first-in-class small molecule GLP-1R agonist for obesity treatment, with interim data expected by the end of March 2025 [1] - ASC47, another once-monthly or less frequent subcutaneous injection, is a novel small molecule thyroid hormone receptor β (THRβ) agonist aimed at weight loss without muscle loss, demonstrating a half-life of up to 40 days in obese patients [1] Strategic Outlook - The company emphasized its strong R&D capabilities and commitment to developing globally competitive differentiated pipeline products [2] - The increase in losses was primarily attributed to rising R&D expenses for obesity and other metabolic diseases [2] - The company has sufficient funding to support its innovative R&D efforts over the next five years [2]