Group 1 - US stock indices opened slightly lower, with Dow down 0.13%, S&P 500 down 0.06%, and Nasdaq down 0.04% [1] - Eli Lilly's oral GLP-1 drug orforglipron achieved positive results in Phase 3 clinical trials, leading to plans for a global regulatory submission within the year [4] - South Korea's Korean Air signed a $50 billion procurement agreement with Boeing for 103 new-generation aircraft and engine maintenance services over the next 20 years [5] Group 2 - Beike reported a 11.3% year-on-year increase in revenue for Q2, totaling 26 billion yuan, while NON-GAAP net profit decreased by 32.4% to 1.82 billion yuan [6]

Summary of Key Points from the Conference Call Industry or Company Involved - **Xiaomi Corporation** [5] - **Cochlear Limited** [7] - **Amcor Limited** [8] - **JD Health** [13] - **Bharti Airtel** [14] - **GDS Holdings Ltd** [15] - **Seek Limited** [11] - **oOh!media Ltd** [12] - **DigiCo Infrastructure REIT** [10] Core Insights and Arguments - **Xiaomi Corporation** reported a 2Q revenue growth of 30% YoY, with EBIT and adjusted net profit growing by 54% and 75% respectively. Revenue exceeded expectations by 2% and 1%, while EBIT fell short by 14% due to higher operating expenses. Smartphone gross margin was at 11.5%, below expectations, while EV gross margin was at 26%, exceeding expectations due to higher average selling prices. AIoT segment grew by 45% YoY, indicating strong ecosystem progress [5][5][5] - **Cochlear Limited** is projected to see a 16% compound annual growth in CI volume for FY26E, driven by new implants and updated processors. The company is ahead of conservative guidance, indicating strong long-term profitability potential [7][7][7] - **Amcor Limited** faced a challenging 4Q25 with a 1.7% decline in volumes, particularly in the US market. The company noted that consumer behavior is shifting towards value-seeking, which may delay volume recovery. Guidance appears conservative, reflecting only minor synergies [8][8][8] - **JD Health** exceeded expectations due to a stronger performance in its branded drug business and disciplined investments in O2O and AI. The company experienced notable gross margin expansion and raised its price target to HK$88, maintaining its position as a top pick [13][13][13] - **Bharti Airtel** implemented tariff adjustments aimed at increasing data usage, which could lead to a 4-8% improvement in average revenue per user (ARPU). The company is viewed positively for its focus on subscriber monetization [14][14][14] - **GDS Holdings Ltd** reported a 12.4% revenue growth and an 11.2% EBITDA growth in 2Q25, with strong demand in China. The company is on track to meet its international power commitments ahead of schedule [15][15][15] - **Seek Limited** upgraded to a Buy rating due to expected margin expansion in 2H25 and strong yield growth despite volume declines. The macro environment is stabilizing, and the valuation is considered reasonable [11][11][11] - **oOh!media Ltd** delivered an in-line 1H25 result but had disappointing 3Q pacings. However, expectations for 4Q revenue growth are optimistic, and new contracts are expected to offset losses [12][12][12] - **DigiCo Infrastructure REIT** expressed concerns about the outlook for Australian data centers, highlighting risks of customer churn and sustainability of high interconnection revenue [10][10][10] Other Important but Possibly Overlooked Content - The **India Strategy** indicates a potential GST rate rationalization expected in 4QCY25, with significant savings on GST compensation providing fiscal space for rate adjustments [3][3][3] - **China Economics** suggests that liquidity factors will be crucial for market performance in 3Q25, with a potential shift back to high-dividend stocks if liquidity tightens [4][4][4] - The **US Insights** report indicates resilience in the US economy, with a significant percentage of companies beating earnings expectations, particularly in AI and financial sectors [18][18][18] - The **Indonesia Strategy** outlines a proposed reduction in fiscal deficit and optimistic revenue targets to support government spending, with GDP growth expectations set higher for 2026 [17][17][17]

Group 1 - The global prevalence of diabetes is rising, with China's adult diabetes rate reaching 11.9%, primarily consisting of type 2 diabetes patients, many of whom are also overweight or obese [1] - Weight loss of over 10% significantly increases the remission rate of type 2 diabetes, but traditional methods like diet and exercise often yield limited long-term results for these patients [1] - The 2024 expert consensus on weight management for diabetes patients emphasizes the importance of using weight-beneficial glucose-lowering medications, particularly recommending GLP-1 receptor agonists with strong weight loss effects [1] Group 2 - Eli Lilly's ATTAIN-2 clinical trial results show that the oral small molecule drug orforglipron leads to significant weight loss (average of 10.5% or 10.4 kg) and a reduction in A1C levels by 1.8% among overweight or obese participants with type 2 diabetes [2] - 75% of participants achieved A1C levels ≤6.5%, indicating a substantial health benefit, including reduced cardiovascular risk, while maintaining safety comparable to existing GLP-1 drugs [2] - The convenience of orforglipron, which does not require dietary restrictions, represents a breakthrough in weight management for patients, aligning with China's health planning goals [2] Group 3 - Eli Lilly expresses confidence that orforglipron will enhance accessibility to obesity treatment globally and reshape the treatment landscape [3] - The drug is the first oral small molecule non-peptide GLP-1 receptor agonist, offering a flexible alternative to current injectable treatments, which is expected to meet diverse patient needs [3] - Eli Lilly plans to submit a market application for obesity treatment to global regulatory authorities, aiming to integrate effective weight management into national health strategies [3]

Group 1 - Eli Lilly announced that its oral weight loss therapy orforglipron achieved primary goals in Phase 3 trials and will proceed with global registration [1] - In the ATTAIN-2 trial, orforglipron demonstrated an average weight loss of 22.9 pounds (10.5%) over 72 weeks at the highest dose, with an intention-to-treat analysis showing a 9.6% weight loss at the 36mg dose [1] - The international study involved over 1,600 adults with obesity or overweight and type 2 diabetes, achieving all primary and key secondary endpoints, including a reduction in A1C levels by 1.3% to 1.8% from a baseline of 8.1% [1] Group 2 - The safety profile of orforglipron is consistent with other GLP-1 receptor agonists, but treatment discontinuation rates due to adverse events ranged from 6.1% to 10.6% across three dosage levels, compared to 4.6% in the placebo group [2] - The overall treatment discontinuation rates for the 6mg, 12mg, and 36mg groups were 19.1%, 22.3%, and 20.5%, respectively, while the placebo group had a rate of 20% [2] - Eli Lilly has completed the clinical data package necessary for the global registration submission of orforglipron, with full study results to be presented at future medical conferences [2]

Drug Overview & Clinical Trial Data - Eli Lilly's oral obesity pill (oral orforglipron) shows patients with obesity and diabetes losing approximately 105% of their body weight [1] - The Attain 2 trial results, focusing on patients with both obesity and diabetes, align with expectations [5] - Three phase three results reported: Achieve 1 (pure diabetics, positive), Attain 1 (pure obese, fell short), and Attain 2 (obese and diabetics, in line) [4][5] Competitive Landscape - Nova Nordisk is a main competitor with an oral version of their GLP-1 called oral semaglutide [6] - Eli Lilly's oral drug has an advantage over Nova Nordisk's due to the absence of food restrictions [7] - Injectable products (Mounjaro and Zepbound) are likely to remain the workhorse products due to better efficacy and established brand [7][9] Market Dynamics & Future Trends - Patient preference will dictate market share, with some preferring the convenience of a pill [9][10] - A plausible scenario involves initial weight loss with injectables followed by maintenance with orals [11] - Geographic variation exists, with oral medications potentially more popular outside the US due to needle phobia [8][9]

Core Viewpoint - Eli Lilly's oral GLP-1 drug Orforglipron has shown positive results in Phase 3 trials, which will lead to a submission for global regulatory approval within this year [1] Company Summary - Eli Lilly's stock surged over 2% in pre-market trading following the announcement of the positive trial results for Orforglipron [1] - The drug is aimed at treating obesity, indicating a strategic focus on expanding the company's portfolio in the obesity treatment market [1] Industry Summary - The successful Phase 3 trial results for Orforglipron highlight the growing interest and investment in obesity treatment solutions within the pharmaceutical industry [1] - The anticipated regulatory submission reflects the industry's trend towards developing innovative therapies for chronic conditions like obesity [1]

Eli Lilly’s experimental obesity pill helped patients lose 9.6% of their body weight in a trial that moves the company one step closer to a potential approval https://t.co/Iaujssmvki ...

Core Viewpoint - Eli Lilly's daily weight loss pill, orforglipron, has shown significant efficacy in helping patients with obesity and Type 2 diabetes lose weight in a late-stage trial, paving the way for global approval filings [1][5]. Group 1: Drug Efficacy and Trial Results - The highest dose of orforglipron resulted in an average weight loss of 10.5%, or 22.9 pounds, over 72 weeks, compared to a 2.2% weight loss in the placebo group [3]. - The drug also effectively lowered hemoglobin A1c levels, with most patients no longer meeting the criteria for Type 2 diabetes by the end of the study [4]. - The overall weight loss across all patients was 9.6%, regardless of discontinuations [3]. Group 2: Market Position and Competitive Advantage - Orforglipron is positioned as a needle-free alternative in the lucrative GLP-1 market, potentially increasing accessibility compared to existing weekly injections [2]. - The pill does not impose dietary restrictions, unlike a similar oral treatment from Novo Nordisk, enhancing its appeal [2]. Group 3: Side Effects and Patient Experience - The side effects were primarily gastrointestinal, with 23.1% experiencing vomiting and 36.4% and 27.4% reporting nausea and diarrhea, respectively [9]. - Approximately 20% of patients discontinued the pill for various reasons, similar to the placebo group, indicating a mix of factors beyond side effects [10]. Group 4: Future Outlook and Market Potential - Eli Lilly expects to launch the pill globally around this time next year, having gathered the necessary clinical trial data for regulatory approvals [5]. - The potential market is substantial, with over 100 million adults in the U.S. affected by obesity, highlighting the opportunity for orforglipron [11]. - Analysts suggest that the pill's easier manufacturing process and lack of dietary restrictions could make it a viable competitor in the obesity treatment space [15].

Core Insights - Eli Lilly announced positive topline results from the Phase 3 ATTAIN-2 trial for orforglipron, an investigational oral GLP-1 receptor agonist, showing significant weight loss and A1C reductions in adults with obesity or overweight and type 2 diabetes [1][2][4] Efficacy Results - Orforglipron 36 mg led to an average weight loss of 22.9 lbs (10.5%) and a reduction in A1C by 1.8% after 72 weeks, compared to 5.1 lbs (2.2%) weight loss and 0.1% A1C reduction in the placebo group [1][2] - In the trial, 75% of participants on the highest dose achieved an A1C ≤6.5%, meeting the American Diabetes Association's definition of diabetes [2][4] - The trial demonstrated that orforglipron met all primary and key secondary endpoints, including significant improvements in cardiometabolic risk factors [1][4] Safety Profile - The safety profile of orforglipron was consistent with established GLP-1 receptor agonists, with the most common adverse events being gastrointestinal-related, such as nausea (20.1% to 36.4%), vomiting (12.8% to 23.1%), and diarrhea (21.3% to 27.4%) across different doses [4][8] - Treatment discontinuation rates due to adverse events were 6.1% for 6 mg, 10.6% for 12 mg, and 10.6% for 36 mg, compared to 4.6% for placebo, indicating a balanced overall treatment discontinuation rate [4][8] Regulatory Pathway - With the completion of the ATTAIN-2 trial, Eli Lilly is prepared to initiate global regulatory submissions for orforglipron, aiming to provide a convenient, once-daily oral treatment option for obesity and type 2 diabetes [1][4][6] Clinical Trial Details - The ATTAIN-2 trial was a 72-week, randomized, double-blind, placebo-controlled study involving over 1,600 participants across multiple countries, focusing on the efficacy and safety of orforglipron [7][8]

Group 1 - Trump announced a significant reduction in drug prices, claiming a potential decrease of 1400% to 1500%, and plans to impose higher tariffs on imported drugs, indicating a strong stance on pharmaceutical pricing [1] - Major pharmaceutical companies, including Eli Lilly, Novo Nordisk, and Pfizer, received letters from Trump urging them to lower drug prices within 60 days, with threats of using all means to protect American families from drug pricing abuses [1] - The proposed tariffs on imported drugs could reach as high as 250%, marking the most severe plan to date, aimed at encouraging pharmaceutical manufacturers to bring production back to the U.S. [1] Group 2 - Industry experts expressed concerns that the proposed tariffs could increase costs, disrupt the drug supply chain, and pose risks to patients, with the Pharmaceutical Research and Manufacturers of America (PhRMA) stating that drugs have historically been exempt from tariffs due to cost implications [2] - Trump's dismissal of Federal Reserve Governor Lisa Cook is seen as an escalation of his attacks on the central bank, with implications for future monetary policy and potential shifts towards more dovish members [3][4] - Powell's recent remarks at the Jackson Hole conference suggested a potential for interest rate cuts in September, indicating a shift in monetary policy that could be influenced by the ongoing power struggle within the Federal Reserve [4]