首日暴涨3倍！今年港股“认购王”银诺医药成为黑马，国产GLP-1能否突围

Core Viewpoint - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming another 18A biopharmaceutical company, with a significant market debut [1][3] Company Overview - Yinnuo Pharmaceutical, established in 2014, focuses on innovative therapies for diabetes and other metabolic diseases, with its core product being the human long-acting GLP-1 receptor agonist, Isu-Paglutide α, aimed at treating T2D, obesity, and other metabolic disorders [3][5] - The company received approval for Isu-Paglutide α for diabetes indications in January 2025, making it the first domestically produced human long-acting GLP-1 drug in Asia [3] IPO Details - The IPO was priced at HKD 18.68 per share, with a total of 36,556,400 H-shares issued, resulting in a market capitalization exceeding HKD 85 billion at the issuance price [1] - On its debut, the stock surged by 296.15%, reaching HKD 74 per share, and the market capitalization quickly surpassed HKD 338 billion [1] Financial Performance - As of May 31, 2025, Yinnuo Pharmaceutical generated revenue of RMB 0.381 billion from sales of Isu-Paglutide α in China [5] - The company's net loss increased from RMB 61.9 million for the five months ending May 31, 2024, to RMB 97.9 million for the five months ending May 31, 2025 [5] Market Strategy - Following the commercial launch in February 2025, Yinnuo Pharmaceutical rapidly penetrated the market through a dual-channel strategy of "hospitals + e-commerce," covering over 300 tertiary hospitals and ranking among the top in endocrine drug sales on platforms like JD and Alibaba [3] - The company is also developing additional indications for obesity and MASH (metabolic dysfunction-associated steatotic liver disease), with the obesity indication expected to complete Phase III clinical trials by Q4 2026 [3]