A：In 2025, the company has sufficient cash reserves. As of December 31 of that year, the cash on hand is about 1.9 billion yuan. With the financing of nearly 0.9 billion Hong Kong dollars completed in February, the total cash is far more than 2.8 billion yuan, which is enough to support the research and development of phase III, phase I and phase II. Despite the full-year loss of 0.36 billion RMB, the company was able to maintain sustained development considering cash reserves. The R & D cost is about RMB 0.4 billion, and the company believes that it has done a good job in terms of R & D efficiency and efficient use of costs, which is at the forefront of the industry.

A：The company focused on the weight loss product pipeline and said that the AC50 pipeline is progressing very well. The single airport climbing test has been completed and the multi-airport test is in progress. It is expected that more results will be shared soon. In addition, the company's literal pipeline also has some differentiation and BD prospects, but it is not discussed in detail in this section.

A：A40D is a dermatological drug used to treat acne. In December last year, it submitted a new drug listing application to the China Food and Drug Administration, hoping to be approved and listed as soon as possible. The product is the world's first, safe and effective, oral administration, compared to existing therapies such as sodium isovitamin A, has a faster effect and better safety, but also has unexpected benefits, that is, can reduce liver fat, improve the liver condition of acne patients.

A：Since the beginning of this year, the company has made major breakthroughs in capital management and financing. In February, it successfully completed a round of financing of nearly 0.9 billion Hong Kong dollars, with the world's top biomedical investment institution GIC (Singapore Government Investment) investing 0.1 billion US dollars (about 0.8 billion Hong Kong dollars). This achievement shows that the company is recognized by internationally renowned investors.

A：The company believes that the market for weight-loss drugs is huge. According to the Global Data report, the market size is expected to reach about US $173.5 billion by 2030 or 2032. The European and American markets are particularly large, as there is no generic competition for Meglumin, and generic drugs are not expected to appear until around 2032. In response to this large market, the company has been formulating differentiated research and development strategies since six or seven years ago, and is committed to becoming the top three in the world, with a layout in the fields of small molecules and peptides. On the small molecule side, the company has a leading small molecule research and development pipeline, including A30, which is about to enter Phase III trials, as well as other oral small molecule drugs. In terms of polypeptides, long-acting polypeptide products for monthly subcutaneous injections or quarterly subcutaneous injections have been developed, and progress has been made in the field of oral polypeptides.

A：We declared RND in April this year. The product pipeline includes GOPA30, which is about to enter Phase III trials, as well as oral selective agonists and GIP agonists. In addition, we have also developed a subcutaneous insulin preparation injected once a month, and a compound preparation of amylin plus GOPGIP injected once a month, and the effect is better than that of tierbotai in animal models. In addition, we have weekly subcutaneous infusions, oral insulin polypeptide, and once-a-day or once-a-month oral formulations. In the field of peptides, we have a highly differentiated product line, especially in 2025 we have achieved a series of major breakthroughs.

A：The data of AC30 in the phase II trial are bright. After 13 weeks, the weight loss reached 7.7%, which is better than that of European drugs, and the gastrointestinal adverse reactions are far lower than that of Ogrin fat once a week. We are currently conducting a phase III study and expect further improvement in gastrointestinal side effects with the change from one week titration to four week titration. In addition, we plan to conduct AAC35GOPGIP phase 2 clinical trials.

A：AC47 is a new small molecule for the new target TH beta, used in the field of non-alcoholic steatohepatitis and weight loss, which has significant weight loss effect in animal models and reduced gastrointestinal adverse reactions. At the same time, we are developing selective amylin agonist AAC39 and GIP agonist AC48. Among them, AAC39's efficacy and selectivity in preclinical models are comparable to those of the star product amylin polypeptide. It is expected that the clinical trial application program will be submitted to FDA in the third quarter of this year.

A：As a small molecule injected subcutaneously, A1 can be injected once a quarter to maintain body weight, and only 400 mg can maintain the effect for up to four months. This is the unique quarterly administration of body weight maintenance therapy on the market at present.

A：AAC36 is a long-acting subcutaneous insulin polypeptide with the potential for monthly or quarterly dosing, with a half-life far exceeding that of competing products. In the obese rat experiment, our peptide showed better efficacy. RND is expected to be declared in the second quarter of this year, and phase II clinical trials are expected to begin by the end of this year.

A：We expect to submit our Meeting Request to the FDA in April or early May, followed by a Meeting Package approximately 20 days later. It takes about 70 to 75 days from Meeting Request to FDA feedback. Once consensus is reached, we expect to initiate Phase 3 clinical trials in 3Q20.

A：Regarding the M fraction, our previously published preclinical data showed a very strong activity and specific bias. As for the oral GIP receptor agonist, this is a very novel molecule. I will provide further information on the current progress of this product and the application prospects of small molecules in the future.

A：As a subcutaneous peptide company, Novo Nordisk is expected to be 1/3 occupied by oral drugs in the global weight loss drug market by 2030, which shows that even subcutaneous peptide companies like Novo Nordisk recognize the importance and market potential of oral drugs. Our AC30 is about to enter phase III clinical trials, GLP-1 oral small molecules are also very attractive. In addition, our company's oral small molecule inhibitors are selective and will file for US IND approval in the third quarter of this year.

A：At present, in the field of oral small molecule one electricity, in addition to our company, there are two companies published patents, respectively, Dishudi and Novo Nordisk. Novo Nordisk, while focusing on subcutaneous injections of peptides, is also emphasizing the importance of oral medications. Therefore, in the competitive landscape of oral small molecule-one electricity, our three companies are all competing. Among them, Shuodi may be in a leading position, and our AC39 is selective and will apply for US IND approval in the third quarter of this year. As for the specific situation of other competitors, due to lack of public information, it is temporarily impossible to elaborate.

A：At present, oral GIP agonists are still in their early stages, and our company's drugs are being declared for US IND, which is expected to be in the fourth quarter of this year. Pfizer has a small molecule antagonist of GIP in Phase II clinical trials. The company claims to be in the discovery stage of GIP agonists, but there are no clinical data yet. We believe that GIP agonists are more promising than antagonists, and our AC38 should be the world's leading.

A：These oral small molecules can be used as monotherapy or in combination with other drugs such as A30. For example, a small GIP molecule may be advantageous in combination with an insulin compounding formulation. In the future, small molecules like GIP may be more considered in combination with other drugs to achieve better efficacy. Oral small molecule GIP agonist as a single drug treatment has certain challenges, more suitable for A30 and other drugs into a compound preparation. The existing tablet size and technology can support the GIP agonist, insulin small molecule, etc. into a suitable compound preparation, and the bioavailability is good.

A：In the next few years, the industry trend will pay more attention to the balance between weight loss and gastrointestinal adverse reactions. Both are equally important and even gastrointestinal adverse reactions are more critical. Oral administration of small molecule single-target drugs such as GIP agonists can achieve a weight loss effect of about 15% with a single drug, and there is no need to excessively pursue a weight loss of more than 20%. After 2026, investors and the industry should pay more attention to the long-term effects of gastrointestinal tolerance and weight management. Diversified needs will promote the emergence of multiple types of oral drugs in the market, including single drugs and compound preparations in different doses. To meet the needs of different populations.

A：There is a need to change the molecular architecture to improve activity and ensure that the new architecture can achieve better tolerance in the human body. For example, if a new drug can achieve an effect in humans with only 4 mg per day instead of 40 mg, it may be possible to give it once a week while maintaining a relatively good tolerance.

A：That new architecture may just be an improvement of Lee's architecture when it was published, done once a day, but not necessarily once a week and well tolerated. There are no examples of once-a-week dosing that can be achieved and well tolerated.

A：Regarding the positioning of the M0 target in terms of weight reduction, the company believes that it has potential. Regarding the combination treatment of M0 and GLP-1, although some research results did not meet expectations, considering the situation of multiple competitors, it still needs further observation and discussion. The company has two oral products under research. Their positioning in weight loss is to achieve a different distinction from existing drugs, especially in terms of efficacy and tolerance, such as achieving better weight loss through unique design and better gastrointestinal adverse reactions.

A：Based on its diversified platform technology, the company can optimize highly active peptide drugs into oral forms once a day or once a week. At the same time, considering the long half-life and long-lasting effect in vivo, as well as good activity and patent protection, the company chose to develop oral peptide and small molecule insulin products at the same time.

A：Despite the decline in GLP-1 drug prices in the United States, total sales will increase as the number of people taking drugs increases due to the large size of the market and the not yet saturated competitive landscape. In the next three years, the difficulty of patient enrollment is not expected to increase significantly, because the completion time and success rate of clinical trials are highly guaranteed.