At the mid-term performance reporting meeting in 2025, the pharmaceutical company emphasized its ample cash reserves (1.83 billion RMB) and the significant narrowing of losses in the first half of the year (a 32.5% decrease year-on-year, with a net loss of 0.88 billion RMB). The meeting focused on sharing efficient research and development and operational strategies, as well as the positive progress of the clinical product pipeline, demonstrating the company's confidence in future development.

The layout of A30 oral tablets in the field of obesity treatment was discussed, emphasizing its independently developed GLPE mechanism and significant weight loss effects demonstrated in the 28-day EBT study completed in the United States. By comparing with existing drugs, it is predicted that A30 oral tablets may achieve a weight loss of 15.4% to 16.4% after 72 weeks of treatment, surpassing current competitors in the market. At the same time, the safety and efficacy data of A30 oral tablets in Phase II clinical trials were shared, pointing out its good safety and tolerability. Detailed results are expected to be announced in the fourth quarter of this year, demonstrating the enormous potential of A30 oral tablets in the field of obesity treatment.

The dialogue detailed the clinical progress of two long-acting weight loss drugs, A30 and AC47. A30 is administered via monthly subcutaneous injection with a half-life of 36 days, and phase two clinical trials have been initiated. AC47, as a fat-targeted weight loss drug, is used in combination with semaglutide, with animal experiments showing a 55% increase in weight loss. When combined with tirbutide, the effect is even better. It is expected to show similar enhanced effects in obese patients, with the first confirmatory experiment being conducted in the United States. Topline data is expected to be obtained in the first quarter of 2026.

The conversation focuses on the clinical progress of the self-developed AC50 oral small molecule in the field of autoimmune diseases, emphasizing its PK advantages, and it is expected to announce single-dose escalation data in the fourth quarter of this year. At the same time, the phase III clinical results of the AC40 small molecule in the treatment of acne are excellent, with significantly better efficacy than existing therapies, and we are looking forward to the NDA application.

The importance of communication with regulatory agencies before applying for new drug approval was discussed, and the preclinical advantages of the combination therapy of self-developed dual-target peptide AC31 and AAC47 were introduced, including significantly better weight loss effects compared to the control group. Emphasis was placed on the pharmacokinetic advantages of AC31 and its differentiation from existing therapies. It was mentioned that 2-3 new drug clinical applications will be submitted to the FDA within the next 6-9 months, involving dual-target and triple-target peptide therapy for obesity. Additionally, it was mentioned that the Phase II clinical progress of the AC30 oral tablet is progressing smoothly, and efficacy data is expected to be released in the fourth quarter, as well as discussions with a chemical company on licensing matters, with expectations for BD cooperation to be finalized in the first half of next year.

The conversation centered around the company's differentiated strategy for the development of peptide drugs, detailing the development direction of subcutaneous injection peptides and oral peptides, emphasizing the development of ultra-long-acting drugs platform with a half-life of over 30 days, as well as once-a-week oral peptide products, showcasing the company's unique positioning and confidence in the future pharmaceutical market.

The questioner first inquired about the advantages of small molecule drugs compared to biologics in terms of bioavailability and side effects, as well as how to determine if long-term use will encounter a weight loss plateau issue. Following that, the questioner discussed whether multinational companies in the BD process are more inclined towards a combination licensing strategy or a single pipeline licensing strategy.

Discussed the significant advantages of IS30 oral tablets over competitors in pharmacokinetics, as well as the safety and tolerability demonstrated in clinical trials. Estimated the potential weight loss percentage in future phase III clinical data and mentioned the BD collaboration strategy with global pharmaceutical giants.

In the second phase of the ASC30 clinical trial, two different tablet formulations are used to optimize the peak-to-trough concentration ratio, improve the safety and tolerability of the drug. Both formulations achieve high exposure levels, with formulation two further reducing the peak-to-trough ratio to 1.5:1 through proprietary technology, potentially demonstrating better safety and tolerability while maintaining efficacy.

Discussed the differences between two drug formulations in terms of AUC, peak-trough concentration ratio, and their impact on predicting weight loss. Emphasized the value of thorough exploration in the second phase of the experiment, and mentioned the reasonableness of predicting a weight loss rate of 15.4%-16.4% based on the model, as well as its consistency with reputable analysis reports.

The weight loss drug AAC47's fat-reducing trend in the human body was discussed, as well as its potential as a maintenance therapy or combination therapy, including its combination use with AC30 and semaglutide, with the goal of achieving weight loss without fat reduction. The company plans to share clinical data on the combination use of AAC47 in the fourth quarter to verify its safety and tolerability.