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]