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]

Group 1 - The company believes its current stock price is undervalued and has decided to increase the share buyback fund from a maximum of HKD 300 million to HKD 500 million as of December 15, 2025 [1] - The increase in buyback funds is attributed to significant achievements, including a 13-week Phase II study in the US showing a weight reduction of up to 7.7% for the oral small molecule GLP-1 agonist ASC30 in overweight or obese subjects, with better gastrointestinal tolerance [1] - The selective small molecule agonist ASC47, targeting thyroid receptor β (THRβ), showed a weight reduction improvement of up to 56.2% when combined with semaglutide compared to semaglutide alone in obese subjects [1] Group 2 - The company’s financial position is stable, and the board believes the current trading price does not reflect its intrinsic value [2] - The updated share buyback proposal is expected to enhance the value of the shares and increase shareholder returns, reflecting the company's confidence in its long-term business prospects and growth potential [2] - As of October 2, 2025, the company has utilized approximately HKD 54.28 million (excluding expenses) to repurchase 4.586 million ordinary shares under the buyback authorization [2]

Core Viewpoint - The stock of Gilead Pharmaceuticals (01672) has risen over 5%, marking a five-day consecutive increase, with a total weekly gain exceeding 30% [1] Group 1: Stock Performance - As of the report, Gilead Pharmaceuticals' stock is up 5.55%, trading at HKD 12.56, with a trading volume of HKD 18.19 million [1] Group 2: Clinical Development - Gilead Pharmaceuticals announced that its next-generation amylin receptor agonist ASC36 and next-generation GLP-1R/GIPR dual-target agonist ASC35 combination formulation have entered clinical development [1] - The company plans to submit a new drug clinical trial application for ASC36 and ASC35 for obesity treatment to the US FDA in the second quarter of 2026 [1] Group 3: Product Characteristics - ASC36 and ASC35 are proprietary ultra-long-acting combination formulations with superior physicochemical stability, showing no aggregation or precipitation at neutral pH levels [1] - Gilead aims to position ASC36 as a cornerstone for monthly therapy targeting cardiac metabolic diseases, including obesity [1] - ASC36 is expected to achieve better efficacy and tolerability compared to GLP-1 therapies and is an ideal candidate for both monotherapy and combination formulations with other long-acting agents like ASC35 or THRβ agonist ASC47 [1]

Core Viewpoint - The stock of Gilead Sciences (01672) has risen over 5%, marking five consecutive days of gains, with a cumulative increase of over 30% this week, currently trading at 12.56 HKD with a transaction volume of 18.19 million HKD [1] Group 1: Clinical Development - Gilead announced that its next-generation amylin receptor agonist ASC36 and next-generation GLP-1R/GIPR dual-target agonist ASC35 combination formulation have entered clinical development [1] - The company expects to submit a new drug clinical trial application for ASC36 and ASC35 for the treatment of obesity to the US FDA in the second quarter of 2026 [1] Group 2: Drug Characteristics - ASC36 and ASC35 are proprietary ultra-long-acting combination formulations with superior physicochemical stability, showing no aggregation or precipitation due to fibrosis at neutral pH [1] - Gilead aims to position ASC36 as a cornerstone for monthly therapies targeting cardiovascular metabolic diseases, including obesity [1] - ASC36 is anticipated to achieve better efficacy and tolerability compared to GLP-1 therapies, making it an ideal candidate for both monotherapy and combination formulations with other long-acting agents like ASC35 or THRβ agonist ASC47 [1]

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]

Group 1 - Company repurchased 100,000 shares at a cost of HKD 924,000 on November 5 [1] - The repurchase is part of the company's strategy to manage its capital and enhance shareholder value [1] - The company is preparing for the complete analysis of the ASC30 oral tablet Phase Ib study at the 2025 ObesityWeek® [1] Group 2 - The company is also conducting Phase Ib studies for ASC30 injection and preclinical studies for ASC31 and ASC47 combination therapy [1]

Core Insights - Company announced multiple reports at the 2025 ObesityWeek in Atlanta, Georgia, showcasing the efficacy and safety of its obesity treatment pipeline, including ASC30, ASC31, and ASC47 [1] Group 1: Clinical Research - The complete analysis of the ASC30 oral tablet in Phase Ib trials was presented [1] - A Phase Ib study of ASC30 as a monthly injection was also reported [1] - Preclinical studies on the combination of ASC31 and ASC47 were highlighted [1] Group 2: Technology and Development - The reports emphasize the promising efficacy and safety characteristics of the company's small molecules and peptides for obesity treatment [1] - The proprietary AI-assisted drug discovery platform (AISBDD) and ultra-long-acting drug development platform (ULAP) were validated through these studies [1] Group 3: Strategic Focus - The company is committed to advancing the clinical development of ASC30, ASC31, and ASC47 while engaging closely with strategic partners [1] - The goal is to better meet the treatment needs of obesity patients globally [1]

Core Insights - The announcement highlights multiple reports presented at the 2025 ObesityWeek in Atlanta, Georgia, focusing on the efficacy and safety of the company's obesity treatment pipeline [1] - The reports include a complete analysis of the ASC30 oral tablet Phase Ib study, the ASC30 monthly injection Phase Ib study, and preclinical studies of ASC31 and ASC47 combination therapy [1] - The company's proprietary technologies, including AI-assisted drug discovery and ultra-long-acting drug development platforms, are emphasized as key components of their research [1] - The CEO expresses a commitment to advancing clinical development while engaging closely with strategic partners to meet global obesity treatment needs [1]

Core Viewpoint - The announcement highlights the promising efficacy and safety characteristics of the diverse obesity pipeline of the company, showcasing its proprietary AI-assisted drug discovery and ultra-long-acting drug development platforms [1] Group 1: Clinical Research Updates - The company presented multiple reports at the 2025 ObesityWeek in Atlanta, Georgia, including a complete analysis of the ASC30 oral tablet Phase Ib study and the ASC30 monthly injection Phase Ib study [1] - Additionally, the company reported on preclinical studies involving ASC31 and ASC47 combination therapy [1] Group 2: Strategic Focus - The CEO emphasized the ongoing clinical development of ASC30, ASC31, and ASC47 while maintaining close consultations with strategic partners to better meet the treatment needs of global obesity patients [1]