Core Insights - Novo Nordisk's long-acting GLP-1 drug, semaglutide, gained significant market attention after its launch four years ago, leading to the company surpassing LVMH to become the highest-valued listed company in Europe in 2023 [1] - However, with Eli Lilly's introduction of the more effective GLP-1/GIP dual-target weight loss drug, tirzepatide, Novo Nordisk has seen its market value decline by over 60% since July of last year [2] - A price war has erupted among major internet platforms for weight loss drugs, significantly impacting market dynamics [3][5] Pricing Dynamics - The price of tirzepatide on Meituan has dropped to 450 yuan for the 10mg specification, undercutting prices on Alibaba and JD.com by several tens of yuan [4][9] - The price drop is attributed to tirzepatide's recent inclusion in the medical insurance directory, which has disrupted the pricing structure in the outpatient market [5][16] - The entry of tirzepatide into the insurance system has established a price anchor, leading to competitive pricing strategies among e-commerce platforms [18] Competitive Landscape - Domestic GLP-1 drug manufacturers, such as Innovent Biologics with its dual-target drug, mazhitide, are facing increased pressure as their prices remain significantly higher than tirzepatide [6][23] - The market is becoming increasingly saturated, with at least 10 companies pursuing semaglutide listings and around 10 more in clinical trials for similar drugs [6] - The competitive environment is expected to intensify, with predictions of a "price avalanche" for single-target GLP-1 drugs in the next two years [24] Market Trends - The price of semaglutide has already dropped below 200 yuan, with some listings as low as 175 yuan, marking a drastic reduction from its initial price [25] - The expiration of semaglutide's core compound patent in 2026 is expected to further increase competition, with numerous companies preparing to launch their versions [25] - Eli Lilly is advancing its GLP-1/GCG/GIP tri-target weight loss drug, Retatrutide, which is anticipated to be the first of its kind approved by 2026 [26] Future Outlook - The future of domestic GLP-1 drugs is uncertain, particularly for mazhitide, which has not undergone head-to-head trials against tirzepatide [23] - Market analysts suggest that Innovent may need to adopt flexible pricing strategies to remain competitive [23] - The ongoing competition and the introduction of new products may limit the viability of existing players in the GLP-1 market [28]