12月19日，歌礼制药-B回购20.00万股股票，每股回购均价12.79港元，共耗资约255.86万港元，本年累 计回购882.60万股，占总股本0.88%。 回购日期回购均价回购股数回购金额本年累计回购股数2025-12-1912.79320.00万255.86万882.60万2025- 12-1812.69320.00万253.86万862.60万2025-12-1713.00620.00万260.12万842.60万2025-12-1613.04920.00万 260.99万822.60万2025-12-1214.57930.00万437.38万802.60万2025-12-0412.925162.00万2093.89万772.60万 2025-12-0312.196130.60万1592.75万610.60万2025-11-059.24010.00万92.40万480.00万2025-10- 319.66320.00万193.27万470.00万2025-10-289.18910.00万91.89万450.00万2025-10-279.70010.00万97.00万 440.00万2025-10-23 ...

回购日期回购均价回购股数回购金额本年累计回购股数2025-12-1812.69320.00万253.86万862.60万2025- 12-1713.00620.00万260.12万842.60万2025-12-1613.04920.00万260.99万822.60万2025-12-1214.57930.00万 437.38万802.60万2025-12-0412.925162.00万2093.89万772.60万2025-12-0312.196130.60万1592.75万610.60 万2025-11-059.24010.00万92.40万480.00万2025-10-319.66320.00万193.27万470.00万2025-10-289.18910.00 万91.89万450.00万2025-10-279.70010.00万97.00万440.00万2025-10-239.01520.00万180.30万430.00万 2025-10-229.26510.00万92.65万410.00万2025-10-179.15210.00万91.53万400.00万2025-10-159.48710.00万 9 ...

Core Insights - The article highlights the transformative journey of Gilead Sciences (1672.HK) in the Chinese biotech industry, showcasing its resilience and strategic decision-making in the face of challenges [2][11] - Gilead's shift towards a differentiated pipeline in weight loss drugs has led to a significant market re-evaluation and recovery in its stock price [4][9] Group 1: Company Development - Gilead Sciences was listed on the Hong Kong Stock Exchange in August 2018 at an initial price of 14 HKD, reaching a market capitalization of 16 billion HKD, but faced a decline due to setbacks in its core hepatitis C drug [3][4] - By August 2024, the company's stock price had plummeted to 0.76 HKD, resulting in a market value reduction of over 95% [3][4] - The founder, Dr. Wu Jinzi, demonstrated strategic foresight by pivoting the company's focus to the metabolic disease sector, particularly the weight loss drug market, starting in 2022 [3][5] Group 2: Strategic Shift and Market Response - Following the strategic shift, Gilead's stock price surged from 0.76 HKD in August 2024 to 18.75 HKD by August 2025, representing an increase of over 20 times and restoring its market capitalization to the billion HKD level [4][9] - The market's positive response reflects recognition of Gilead's research team's capabilities and strategic execution [4][9] Group 3: R&D and Competitive Advantage - Gilead has adopted a differentiated approach in drug development, focusing on oral small molecule GLP-1 receptor agonists and ultra-long-acting formulations, rather than following mainstream peptide drug development paths [5][8] - The core pipeline, ASC30, has shown promising clinical results, with a maximum weight reduction of 6.5% in U.S. Phase Ib trials, and is expected to complete Phase IIa trials by the end of the year [5][6] - Gilead is also developing ASC35 and ASC36, which are expected to provide significant advantages in terms of dosing frequency and efficacy compared to existing treatments [6][7] Group 4: Global Competitiveness and Valuation - Despite the stock price recovery, Gilead's current market capitalization is still considered undervalued compared to global peers, as evidenced by recent acquisition bids for similar companies [9][10] - Gilead's diverse pipeline, including multiple formulations with the potential for monthly and quarterly dosing, positions it favorably in the competitive landscape [9][10] Group 5: Lessons and Implications for the Industry - Gilead's successful transformation underscores the importance of strong R&D leadership and strategic vision in navigating industry challenges [11] - The case of Gilead serves as a valuable reference for other Chinese biotech companies seeking to innovate and compete on a global scale [11]