本文源自：格隆汇 格隆汇12月30日丨歌礼制药-B(01672.HK)发布公告，2025年12月30日耗资115.3万港元回购10万股，回 购价格每股11.41-11.64港元。 ...

Group 1 - The company, Gilead Sciences-B (01672), announced a share buyback plan, intending to repurchase 100,000 shares at a cost of HKD 1.1529 million [1] - The buyback is scheduled to be executed by December 30, 2025 [1] - This move indicates the company's strategy to enhance shareholder value through capital return initiatives [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 歌禮製藥有限公司 呈交日期： 2025年12月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01672 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前 ...

Core Viewpoint - The oral weight loss drug sector is entering a critical commercialization phase, with significant regulatory approvals and partnerships indicating strong market potential and demand for innovative treatments [4][5][6]. Group 1: Recent Developments in Oral Weight Loss Drugs - On December 23, 2025, the FDA approved Novo Nordisk's oral semaglutide for chronic weight management, marking a significant milestone for oral GLP-1 peptides [4]. - Eli Lilly's management anticipates that the oral small molecule weight loss drug orforglipron will likely receive approval by March 2026, potentially becoming the second approved oral weight loss medication [4]. - Recent data releases include Structure's report on aleniglipron, which showed a 11.3% weight loss in the 120mg dose group and 15.3% in the 240mg dose group after 36 weeks [4]. Group 2: Industry Partnerships and Strategic Moves - On December 9, 2025, Pfizer announced an exclusive collaboration with YaoPharma for the oral small molecule GLP-1R agonist YP05002, involving a $150 million upfront payment and up to $1.935 billion in milestones, indicating strong interest from multinational pharmaceutical companies in oral weight loss products [5]. - Shijiazhuang Pharmaceutical Innovation announced the establishment of a joint venture focused on innovative metabolic drug development, highlighting the recognition of the significant value in GLP-1 related metabolic disease medications [6]. Group 3: Market Trends and Valuation Recovery - The pharmaceutical and biotechnology sector has seen a recovery in valuation, with the PE ratio stabilizing and increasing since Q1 2025, driven by macroeconomic conditions and supportive policies for innovative drugs [7]. - The global trend of returning to a rate-cutting environment, alongside increasing healthcare spending due to aging populations, is expected to expand the global demand for pharmaceuticals, particularly benefiting China's pharmaceutical industry [8]. Group 4: Investment Themes in Innovation - The investment focus is categorized into three phases: "0→1" for breakthrough technologies in innovative drugs, "1→10" for clinical validation of high-quality domestic innovative drugs, and "10→100" for leveraging China's efficiency in the pharmaceutical supply chain [9]. - The acceleration of business development (BD) for innovative drugs and the rise of high-end medical devices and consumables are seen as promising investment opportunities [9].

格隆汇12月29日丨歌礼制药-B(01672.HK)发布公告，2025年12月29日耗资248.3万港元回购20万股，回 购价格每股12.17-12.66港元。 ...

Core Viewpoint - The company, Gilead Sciences-B (01672), announced a share buyback program, indicating confidence in its financial position and future prospects [1] Group 1: Share Buyback Details - The company plans to repurchase 200,000 shares at a total cost of HKD 2.4829 million [1] - The buyback price per share ranges from HKD 12.17 to HKD 12.66 [1]

智通财经APP讯，歌礼制药-B(01672)发布公告，于2025年12月29日，该公司斥资248.29万港元回购20万 股股份，每股回购价格为12.17-12.66港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 歌禮製藥有限公司 呈交日期： 2025年12月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01672 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事 ...

Core Viewpoint - Dongfang Securities predicts that the earnings per share of Gree Pharmaceutical-B (01672) will be -0.32, -0.35, and -0.38 HKD for the years 2025 to 2027, respectively, and estimates the company's fair market value at 18.366 billion HKD, corresponding to a target price of 18.38 HKD, initiating a "Buy" rating [1] Group 1: Weight Loss Market Potential - The prevalence of overweight or obesity is rapidly increasing, expected to affect nearly 3 billion people globally by 2030 [2] - Current weight loss drugs, primarily GLP-1 drugs, have low clinical usage rates, poor adherence, and significant weight rebound after discontinuation, indicating a need for improved options [2] - Real-world research suggests that more accessible, safer, and convenient GLP-1 drugs with longer dosing intervals could enhance usage rates and adherence, with oral, ultra-long-acting, and fat-loss-preserving drugs identified as promising directions [2] Group 2: Competitive Advantages of ASC30 - GLP-1 oral small molecules, such as ASC30, have multiple advantages over peptide-based drugs, with Eli Lilly's Orforglipron being the only oral small molecule to successfully complete Phase III clinical trials [3] - ASC30 is in the second tier of global development, showing stronger agonistic activity and higher exposure levels compared to Orfor, with optimal weight loss data and notable safety advantages in U.S. Phase I and II trials [3] - The increasing demand for business development (BD) opportunities in oral small molecules, especially after Orfor's Phase III results fell short of expectations, enhances ASC30's potential [3] Group 3: ASC47 and New Pipeline Developments - ASC47, a unique THRβ agonist, is part of the fat-loss-preserving pipeline, with the fastest progress seen in Eli Lilly's Bimagrumab, which shows improved weight loss effects when combined with semaglutide [4] - ASC47 demonstrated significantly enhanced weight loss effects in Phase I trials when combined with semaglutide, with a lower incidence of gastrointestinal adverse reactions and improved blood lipid profiles [4] - Since October 2025, the company has accelerated the clinical advancement of four new pipelines, including oral multi-target peptides and monthly subcutaneous injections, aiming to complete mainstream targets and report preliminary clinical data by the end of 2026 [4]

Core Viewpoint - The report from Dongfang Securities predicts that the earnings per share for Gree Pharmaceutical-B (01672) will be -0.32, -0.35, and -0.38 HKD for the years 2025 to 2027, respectively, and estimates the company's fair market value at 18.366 billion HKD, leading to a target price of 18.38 HKD, with an initial "Buy" rating assigned [1] Group 1: Weight Loss Market Potential - The prevalence of overweight and obesity is rapidly increasing, expected to affect nearly 3 billion people globally by 2030 [1] - Current weight loss drugs, primarily GLP-1 medications, have low clinical usage rates, poor adherence, and significant weight rebound after discontinuation [1] - Real-world research indicates that more accessible, safer, and more convenient GLP-1 drugs with longer dosing intervals could enhance usage rates and adherence, with oral, ultra-long-acting, and fat-loss-preserving medications identified as promising directions [1] Group 2: Competitive Advantages of ASC30 - The oral small molecule GLP-1, Orforglipron (Orfor) from Eli Lilly, is currently the only oral small molecule to have successfully completed Phase III clinical trials [2] - ASC30, developed by the company, is in the second tier of global development and shows stronger agonistic activity and higher exposure levels compared to Orfor, with superior weight loss data and safety in U.S. Phase I and II trials [2] - The increasing demand for business development (BD) opportunities in oral small molecules is noted, especially after Orfor's Phase III results fell short of expectations, enhancing ASC30's potential [2] Group 3: ASC47 for Fat Loss and Muscle Preservation - The pipeline for fat loss and muscle preservation includes Bimagrumab (Bima) from Eli Lilly, which shows the fastest progress, while ASC47 is the only THRβ agonist [3] - Phase II clinical results indicate that Bima combined with semaglutide (Semag) improves weight loss outcomes but has safety concerns such as muscle cramps [3] - ASC47 has demonstrated significantly improved weight loss effects when combined with Semag in Phase I trials, with a lower incidence of gastrointestinal adverse reactions and improved blood lipid profiles, positioning it as a safer fat loss and muscle preservation drug [3]