A Trial to Evaluate the Efficacy, Safety, PK, and PD of HP515 in Non - Alcoholic Fatty Liver Disease ( NASH/MASH )

Inclusion Criteria: 1. Participants must voluntarily sign the informed consent form before the trial and fully understand the trial content, process, and possible adverse reactions. 2. Participants must be aged between 18 and 65 years old, including those at the borderline age. 3. At the screening stage, the liver fat fraction must be ≥ 10% 4. Female participants must not donate eggs from the start of the screening until the end of the study and within 28 days after discontinuing the study drug; male participants must not donate sperm from the start of the screening until the end of the study and within 28 days after discontinuing the study drug. 5. Participants must agree to use contraception during the study period and for the next 6 months after the last administration of the study drug, and must agree to continuously use effective contraceptive measures. Exclusion Criteria: 1. The participants have known or suspected allergic reactions 2. Liver biopsy indicates cirrhosis or the participant has been clinically diagnosed with cirrhosis 3. Type 1 diabetic patients or those with poorly controlled type 2 diabetes (HbA1c ≥ 8.0%); 4. Suspected other liver and gallbladder diseases through medical history and laboratory tests, which, based on the investigator's judgment, may affect safety or efficacy evaluation 5. Any abnormality in thyroid function tests with clinical significance or a previous history of thyroid disease 6. Within the previous 1 year, had myocardial infarction, unstable angina pectoris, coronary artery bypass surgery, cerebral infarction, cerebral hemorrhage, subarachnoid hemorrhage or transient ischemic attack, or other cardiovascular and cerebrovascular events that led to hospitalization; 7. History of liver transplantation or planning to undergo liver transplantation; 8. Had significant changes in diet or exercise habits in the past 2 months or a weight change of more than 5%; 9. Participants who used drugs that changed the activity of CYP2C8 of liver enzymes within 4 weeks or 5 half-lives (whichever is longer), including strong inhibitors and inducers of liver metabolic enzymes; 10. Pregnant or lactating women; 11. Participants with contraindications to MRI scans; 12. Participants judged by the investigator to be unsuitable for participation in the study.