‣ Age 18-75 years (inclusive) at screening; sex unrestricted.

‣ Subjects with centrally confirmed MASH (metabolic dysfunction-associated steatohepatitis) based on liver histopathology must meet all the following criteria:

⁃ NAS (Appendix 1) ≥ 4 （with at least 1 point each for lobular inflammation and ballooning degeneration）;

⁃ CRN fibrosis stage (see Appendix 2) of F2 or F3 (a liver biopsy obtained ≤ 6 months before screening is acceptable if it meets the above criteria).

• Magnetic Resonance Imaging-Proton Density Fat Fraction (MRI-PDFF) ≥ 8 % at screening (MRI-PDFF results obtained within 2 months prior to screening at the trial site are acceptable).

• Subjects must have \<5% body weight fluctuation during the 6 weeks prior to randomization (based on self-reported data), calculated as: \[(Highest weight - Lowest weight) / Highest weight\] × 100%. For subjects using historical liver biopsy, documented weight change from biopsy to randomization must also be \< 5 %.

• At least one cardiometabolic risk factor at screening:

⁃ Body mass index (BMI) ≥ 24.0 kg/m², or waist circumference ≥90 cm for males or ≥85 cm for females;

⁃ Blood pressure ≥ 130/85 mmHg, or on antihypertensive therapy;

⁃ Fasting triglycerides ≥ 1.70 mmol/L and \< 5.6 mmol/L, or on lipid-lowering therapy;

⁃ Fasting HDL-C ≤ 1.0 mmol/L for males or ≤ 1.3 mmol/L for females; or on lipid-lowering therapy;

⁃ Fasting glucose ≥ 6.1 mmol/L or glycated hemoglobin (HbA1c) ≥ 5.7 %, or documented history of type 2 diabetes mellitus (T2DM), or Homeostatic Model Assessment of Insulin Resistance index ≥ 2.5.

• Subjects with type 2 diabetes mellitus (T2DM) must meet glycated hemoglobin (HbA1c) ≤ 9.0 % at screening (local result obtained ≤ 2 weeks before randomization accepted), and stable glycemic control regimen for at least 3 months prior to screening: subjects must be on diet and exercise control alone, or in combination with stable-dose glucose-lowering medications, with the following requirements::

⁃ Diet and exercise alone;

⁃ Stable-dose use of metformin, sulfonylureas, sodium-glucose cotransporter-2 (SGLT2) inhibitors, or insulin, stable insulin dose defined as ≤35% variation in total daily insulin dose; 7. Subjects (including partners) must have no pregnancy plans from screening through 6 months post-trial and must practice contraception during the study, with no plans to donate sperm/oocytes for 6 months after trial completion.

‣ 8\. Subjects must provide informed consent prior to trial participation and voluntarily sign the written informed consent form.

• Voluntarily comply with all trial follow-up requirements, demonstrate good protocol adherence, and be willing and able to undergo protocol-specified liver biopsies.