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]