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🇭🇰 港交所ASCLETIS-BDoubao · 实盘不做把握 7/10不做原因:风险收益比不佳
北京时间·🕒 发布 08:00:00时区推断·⟳ 抓取 08:00:47·⚡ 决策 10-20 08:04:23 +3m36s·7.3 天前

歌礼制药公布每周一次口服减重多肽临床前积极数据,ASC36o美国I期已启动

消息方向正面且为港交所一手披露,但本质是早期平台/临床前数据更新:ASC36o美国I期启动已于9月披露,新增的是动物PK、复方设计和年底IND计划,尚未给出人体疗效、注册批准、商业收入或交易金额;公司近期连续发布减重管线信息且股价高波动后仍处下行通道,开盘追多的胜率和赔率不足。

📄 原文ASCLETIS-B↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 歌礼制药有限公司(01672.HK)
临床前动物数据虽正面,但核心I期启动已披露、人体PK要到2026年底且无收入或授权金额;公司近期连续进行减重管线沟通,股价高波动且近一个月大幅回落,盘前追多缺少可验证的预期差和可执行赔率。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

歌礼制药的每周一次口服多肽平台在动物实验中显示长半衰期和较高生物利用度,技术叙事正面;但资产仍处临床前/I期,关键人体PK和IND尚未兑现,难以量化业绩增量,且核心I期启动并非首次披露。结论为不做短线追多。

🔎 新鲜度:最早出现 2026-10-20 · 扩散 low · price-in 风险 medium ↗ ↗

消息传播链

  1. 2026-10-20首发HKEXnews一手源原文 ↗
    歌礼制药在港交所发布自愿公告,披露每周一次口服多肽管线临床前数据;PDF落款为2026年10月20日,公开渠道仅能确认日期,不能确认精确分钟。判定时港股盘前未开盘,尚无本公告后的正式市场反应。

关键理由

  • POTENT平台若在人体中复现,每周一次口服多肽及多靶点FDC具备差异化平台价值。
  • ASC36o已进入美国I期且四条新增管线计划年底提交IND,是较纯临床前故事更进一步的里程碑。

主要风险

  • NHP 6%至8%生物利用度、约7天半衰期及大鼠减重数据不能保证在人体中复现,I期失败或PK不及预期将削弱平台叙事。
  • 公司近期已多次披露ASC36、ASC36_35FDC和ASC30等减重管线进展,市场可能把本次自愿公告视为连续宣传而非重大增量。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-09-08 · 影响 weakens
    核心ASC36口服片进入美国I期并非新事件,本次主要是动物PK与FDC组合数据,增量低于首次IND/I期启动。
    检索:Ascletis ASC36 Phase I obesity prior announcement September 2026 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-09-18 · 影响 weakens
    9月情绪脉冲后股价显著回落;行情工具显示截至10月16日近20日累计下跌28.18%、近5日下跌15.95%,13周路径末段明显下行。
    检索:歌礼制药 1672 ASC36 美国I期 涨超10% 后续走势 原文 ↗
  • 做多前查反向 · 来源 kb_search · 影响 none
    内部KB检索服务连接失败,未取得额外研报或专家纪要;该失败不作为AVOID理由,结论基于HKEX原文、公司既有公告和行情证据。
    检索:歌礼制药 Ascletis 口服多肽 减重 ASC36 POTENT 临床前 临床一期

先例如何影响了这次决策

对本次决策的影响:先例质量不足叠加临床前阶段,最终选择AVOID,而不是根据标题中的first-in-class和positive data给出追多仓位。

方向:检索到公司9月8日ASC36口服片I期启动、10月2日ASC36_35FDC临床前数据等相近事件,但它们分别对应I期启动和会议数据,且公开首发多只能确认日期而非精确时刻;不足以构成可校准本次开盘涨幅的干净aligned面板。

涨幅量级:9月18日媒体扩散时股票曾盘中涨超10%,但其后从8.73港元附近回落至10月16日5.85港元,说明减重管线早期消息具备情绪弹性,却也容易高开后回落;不能把该滞后媒体反应当作可靠的事件日涨幅中位数。

形态:可观察到同一平台近期连续公告、短线脉冲后回落的模式,但缺少足够首发时刻可核验的日线先例,不能据此设定精确止盈止损。

工具执行结果 · 成功 9 · 降级 0 · 失败 1 · 取消 0
  1. search_processed_events 成功 stock_tools HTTP · 15 ms
    {"result": "search_processed_events:agent query=`ascletis asc36_37o asc36_35o fdc amylin glp-1 ind | ascletis 歌禮製藥 once-weekly oral peptide asc36o obesity preclinical | 歌礼制药 1672 口服多肽 减重 asc36 potent 临床前数据`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选,不能据此证明
  2. fetch_decision_experience 成功 stock_tools_inprocess · 2 ms
    {
  3. stock_quote 成功 stock_tools HTTP · 1,351 ms
    {
  4. search_case_library 成功 stock_tools HTTP · 16 ms
    {"result": "search_case_library「1672.HK」—— 与这些标的相关的自家决策案例(本页 7 条,该标的全历史相关记录共 7 条;ENTER 只按该标的自己的腿统计):\n◆ 1672.HK:相关历史决策 7 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\n【最近 7 条其它决策(多为「不做」,用来看这票最近在被什么消息刷屏)】\n• 2026-09-08 UTC 不做 · 事件:Ascletis宣布ASC36口服片在获得
  5. web_search 成功 doubao_search · 1,338 ms
    豆包搜索结果(原始查询:Ascletis once-weekly oral peptide ASC36o preclinical obesity October 20 2026;API SearchType:web)
  6. kb_search 失败 stock_tools HTTP · 56 ms
    kb_search 服务暂不可用;这不是一条知识库命中。
  7. web_search 成功 doubao_search · 628 ms
    web_search「site:ascletis.com "most comprehensive once-weekly oral peptide pipeline" ASC36o」无结果。
  8. web_search 成功 doubao_search · 1,213 ms
    豆包搜索结果(原始查询:歌礼制药 1672 ASC36o 每周一次 口服多肽 临床前 2026 10 20;API SearchType:web)
  9. web_search 成功 doubao_search · 1,351 ms
    豆包搜索结果(原始查询:Ascletis ASC36 Phase I obesity announcement September 2026 stock 1672;API SearchType:web)
  10. direct_instrument_candidates 成功 stock_tools HTTP · 13 ms
    {

原文全文

展开原文 · 8,067 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.

Ascletis Pharma Inc.
歌禮製藥有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 1672)

VOLUNTARY ANNOUNCEMENT
ASCLETIS ANNOUNCES POSITIVE PRECLINICAL DATA FOR THE MOST
COMPREHENSIVE ONCE-WEEKLY ORAL PEPTIDE PIPELINE FOR THE
TREATMENT OF OBESITY
–

Ascletis ’ industry-leading once-weekly oral peptide pipeline covers all four validated targets,
with multiple first-in-class fixed-dose combinations.

–

ASC36o, a once-weekly oral amylin receptor peptide agonist, is the most advanced drug
candidate of Ascletis ’ once-weekly oral peptide pipeline and its Phase I study has started in
the U.S.

–

ASC36o demonstrated a half-life of approximately 7 days and oral bioavailability of 6% to
8% in non-human primates (NHPs), supporting once-weekly oral administration.

–

Using ASC36o as a cornerstone, Ascletis has developed two first-in-class once-weekly oral
peptide fixed-dose combinations (FDCs), ASC36_37o FDC (amylin/GLP-1/GIP/GCG) and
ASC36_35o FDC (amylin/GLP-1/GIP).

–

Ascletis ’ once-weekly oral peptide pipeline was developed by its Peptide Oral Transport
ENhancement Technology (POTENT) that increased oral bioavailability through both gastric
and intestinal absorption and reduced within-subject and between-subject variability.

This announcement is made by Ascletis Pharma Inc. (the “Company” or “Ascletis”, together with
its subsidiaries, the “Group”) on a voluntary basis for the purpose of keeping the shareholders of
the Company and potential investors abreast of the latest business development of the Group.
The board (the “ Board ” ) of directors (the “ Directors ” ) of the Company announced positive
preclinical data demonstrating the long half-lives and superior bioavailability of its industry-leading
once-weekly oral peptide pipeline.

1

The industry’s most comprehensive once-weekly oral peptide pipeline
The foundation of Ascletis ’ industry-leading once-weekly oral peptide pipeline (Table 1) for
the treatment of obesity and other metabolic diseases is a first-in-class once-weekly oral amylin
receptor peptide agonist ASC36o (tablet) which is currently in a Phase I study in the U.S. The
topline human pharmacokinetic (PK) data of ASC36o are expected by the end of 2026. At steady
state in non-human primates (NHPs), ASC36o tablets reached a half-life of up to 167 hours
(approximately 7 days) and oral bioavailability of 6% to 8%. In a head-to-head diet-induced
obesity (DIO) rat study comparing ASC36 to eloralintide and petrelintide, ASC36 demonstrated
32% and 91%, respectively, greater body weight reduction.
Table 1. Ascletis’ once-weekly oral peptide pipeline covers all four validated targets, alone
and in combination:
Program

Amylin R
✓

GLP-1R

ASC36_37o FDC

✓

✓

✓

ASC36_35o FDC

✓

✓

✓

ASC37o

✓

✓

ASC35o

✓

✓

ASC36o

GIPR

GCGR

Status
U.S. Phase I

✓

FDA IND submission expected 4Q2026
FDA IND submission expected 4Q2026

✓

FDA IND submission expected 4Q2026
FDA IND submission expected 4Q2026

Notes:
FDC: fixed-dose combination; R: receptor; GLP-1R: glucagon-like peptide 1 receptor; GIPR: gastric inhibitory
polypeptide receptor; GCGR: glucagon receptor; FDA: the U.S. Food and Drug Administration; IND: Investigational
New Drug.

First-in-class once-weekly oral fixed-dose combination (FDC) peptides
Ascletis’ two FDC oral peptides combine its amylin receptor agonist with incretin agonists in a
single once-weekly pill:
•

ASC36_37o FDC (tablet), a once-weekly oral quadruple peptide agonist (amylin receptor +
GLP-1R/GIPR/GCGR)

•

ASC36_35o FDC (tablet), a once-weekly oral triple peptide agonist (amylin receptor +
GLP-1R/GIPR)

In NHPs, combining the peptides extended the half-lives beyond that observed with the single
agent. The half-life of ASC36o increased from approximately 7 days as monotherapy to
approximately 8.8 days in an FDC of ASC36_35o, and approximately 8.3 days in an FDC of
ASC36_37o. ASC36o oral bioavailability also rose, from 6% to 8% alone to ≥10% in both FDCs
(Table 2).
Furthermore, the Company’s pipeline includes a once-weekly oral GLP-1/GIP/GCG triple peptide
agonist, ASC37o, and a once-weekly oral GLP-1/GIP dual peptide agonist, ASC35o (Table 1).
This pipeline gives Ascletis a unique competitive position to significantly expand the population
that can be treated with oral agents.

2

Industry-leading oral bioavailability across our once-weekly oral peptide pipeline
All five of Ascletis’ once-weekly oral peptides/fixed-dose combinations utilize Ascletis proprietary
Peptide Oral Transport Enhancement Technology (POTENT). In both dogs and NHPs, POTENT
increases oral bioavailability through absorption in both the stomach and the intestines. POTENT
also significantly reduces within-subject and between-subject variability after oral dosing. This
technology allowed for oral bioavailability of Ascletis’ once-weekly oral peptides of up to > 10%
at the steady state, with half-lives up to approximately 8.8 days in NHPs (Table 2). These high
rates of oral bioavailability combined with extremely long half-lives allows for commercially
viable once-weekly dosing of its oral peptides.
Table 2. Half-life and bioavailability of oral peptide pipeline at steady state in NHPs
Tablet

Half-life

Oral bioavailability

ASC36o

Up to 167 hours (approx. 7 days)

6% to 8%

ASC36_37o FDC

ASC36: up to 200 hours (approx. 8.3 days)
ASC37: up to 96 hours (4 days)

ASC36: >10%
ASC37: ≥9.1%

ASC36_35o FDC

ASC36: up to 212 hours (approx. 8.8 days)
ASC35: up to 158 hours (approx. 6.6 days)

ASC36: ≥10%
ASC35: ≥9.3%

ASC37o

Up to 79 hours (approx. 3.3 days)

3.5% to 7.9%

ASC35o

Up to 83 hours (approx. 3.5 days)

Similar to ASC37o

Notes:
NHPs: non-human primates; FDC: fixed-dose combination; approx.: approximately.

“With the start of our U.S. Phase I study, our once-weekly oral peptide platform has crossed
another milestone. ” said Jinzi Jason Wu, Ph.D., Founder, Chairman of the Board and chief
executive officer of Ascletis, “Our two FDC tablets are, to our knowledge, the first once-weekly
oral fixed-dose combinations of peptides. Together with ASC37o and ASC35o, they give Ascletis
what we believe is the most comprehensive once-weekly oral peptide pipeline in the industry,
covering all four validated targets: amylin, GLP-1, GIP and GCG receptors. Our POTENT
platform increased absorption in both the stomach and the intestine and reduced variability within
and between animal subjects, and our unique combinations improved both even further. We look
forward to the topline human PK data of ASC36o (tablet) and the submission of Investigational
New Drug applications (INDs) for our four additional once-weekly oral peptide programs by
year-end.”
About POTENT
Peptide Oral Transport ENhancement Technology (POTENT) is Ascletis’ proprietary oral peptide
delivery platform. It is designed to increase oral bioavailability and reduce within-subject and
between-subject PK variability, so that peptides can be dosed orally once weekly. In NHPs and
dogs, POTENT increased peptide absorption at both gastric and intestinal sites.

3

Cautionary Statement required by Rule 18A.05 of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited: We cannot guarantee that we will
be able to ultimately develop, manufacture and/or commercialize ASC36o, ASC36_37o FDC,
ASC36_35o FDC, ASC37o and/or ASC35o successfully.
By order of the Board
Ascletis Pharma Inc.
歌禮製藥有限公司
Jinzi Jason WU
Chairman
Hong Kong
October 20, 2026

As at the date of this announcement, the Board comprises Dr. Jinzi Jason WU and Mrs. Judy
Hejingdao WU, as executive Directors; and Dr. Yizhen WEI, Mr. Jiong GU and Ms. Lin HUA, as
independent non-executive Directors.

4

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  1. 307f7dcf81 · 2026-10-20 08:04 · doubao / doubao-seed-evolving-latest-version · 策略包 658c0c1e2ba5当前