新股消息 | 银诺医药二次递表港交所 新一代降糖减重药依苏帕格鲁肽α进入商业化

Core Viewpoint - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and CICC as joint sponsors [1] Company Overview - Since its establishment in 2014, Yinnuo Pharmaceutical has developed a pipeline of candidate drugs targeting diabetes and other metabolic diseases, including the core product, Isu-Paglutide α, which is in development for obesity and metabolic dysfunction-related fatty liver disease (MASH) [3] - The company successfully obtained regulatory approval for Isu-Paglutide α for the treatment of type 2 diabetes (T2D) in China in January 2025 [3] - Isu-Paglutide α is the first domestically approved human-derived long-acting GLP-1 receptor agonist in China, with its BLA accepted by NMPA in September 2023 [3] Market Potential - The global GLP-1 drug market for obesity or overweight treatment is expected to grow from $14.7 billion in 2024 to $33.8 billion in 2028, with a compound annual growth rate (CAGR) of 23.2% [4] - In China, the GLP-1 drug market for obesity or overweight treatment is projected to increase from RMB 400 million in 2024 to RMB 20.7 billion in 2028, with a CAGR of 171.2% [4] Financial Performance - For the fiscal years 2023 and 2024, Yinnuo Pharmaceutical's R&D expenses are approximately RMB 492 million and RMB 103 million, respectively, while the company reported losses of RMB 733 million and RMB 175 million for the same periods [4][6] - The company is entering a new phase of commercial operation with its first product starting in 2025 [4]