Group 1: Company Overview - Company is a global biopharmaceutical technology firm focusing on metabolic and oncology diseases, recognized as a rising player in the domestic fat reduction and muscle gain sector [1] - Company’s LAE102 is a monoclonal antibody targeting ActRIIA, showing potential for muscle regeneration and fat reduction, with ongoing Phase I clinical studies in China and the US [4] Group 2: Market Insights - The global market for GLP-1 receptor agonists (GLP-1RA) is rapidly expanding, projected to reach $14.7 billion in 2024, accounting for 86.6% of the global obesity and overweight drug market, with an expected increase to 93.9% by 2034, reaching $54.1 billion [2] - Concerns regarding muscle loss associated with GLP-1RA weight loss drugs have emerged, highlighting the clinical need for targeted solutions like ActRII to achieve quality weight loss [3] Group 3: Clinical Development and Potential Catalysts - LAE102's multi-dose escalation study data is anticipated to be released, with overseas clinical data also expected to provide significant insights [4] - Company has signed an agreement with Eli Lilly to advance clinical trials for obesity in the US, with preliminary data from multi-dose escalation trials expected by September 2025 [4]
中金：首予来凯医药-B(02105)跑赢行业评级 目标价27.02港元