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]

格隆汇12月24日丨歌礼制药-B(01672.HK)发布公告，2025年12月24日耗资125.49万港元回购10万股，回 购价格每股12.23-12.72港元。 ...

智通财经APP讯，歌礼制药-B(01672)发布公告，于2025年12月24日，该公司斥资125.49万港元回购10万 股。 ...

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24日 | 1). | 購回股份擬註銷但尚未註銷 | | 150,000 | 0.0151 % | HKD | 6.4567 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年4月3日 | | | | | | 2). | 購回股份擬註銷但尚未註銷 | | 150,000 | 0.0151 % | HKD | 5.0924 | | | 變動日期 | 2025年4月7日 | | | | | | 3). | 購回股份擬註銷但尚未註銷 | | 100,000 | 0.0101 % | HKD | 4.8531 | | | 變動日期 | 2025年4月9日 | | | | | | 4). | 購回股份擬註銷但尚未註銷 | | 100,000 | 0.0101 % | HKD | 4.9125 | | | 變動日期 | 2025年4月10日 | | | ...

相关事件 格隆汇12月23日丨歌礼制药-B(01672.HK)发布公告，2025年12月23日耗资248.37万港元回购20万股，回 购价格每股12.24-12.79港元。 歌礼制药-B(01672.HK)12月23日耗资248.37万港元回购20万股 歌礼制药-B(01672.HK)12月22日耗资249.4 万港元回购20万股 ...

歌礼制药-B(01672)发布公告，于2025年12月23日斥资248.37万港元回购20万股。 ...

智通财经APP讯，歌礼制药-B(01672)发布公告，于2025年12月23日斥资248.37万港元回购20万股。 ...

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23日 第 2 頁 共 8 頁 v 1.3.0 FF305 | 13). | 購回股份擬註銷但尚未註銷 | | 200,000 | 0.0202 % | HKD | 13.0495 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年12月16日 | | | | | | 14). | 購回股份擬註銷但尚未註銷 | | 200,000 | 0.0202 % | HKD | 13.0058 | | | 變動日期 | 2025年12月17日 | | | | | | 15). | 購回股份擬註銷但尚未註銷 | | 200,000 | 0.0202 % | HKD | 12.6932 | | | 變動日期 | 2025年12月18日 | | | | | | 16). | 購回股份擬註銷但尚未註銷 | | 200,000 | 0.0202 % | HKD ...

智通财经APP讯，歌礼制药-B(01672)发布公告，于2025年12月22日，该公司斥资249.37万港元回购20万 股。 ...