Investment Rating - The report maintains an investment rating of "Leading the Market - A" [7] Core Insights - The 85th American Diabetes Association (ADA) conference revealed excellent weight loss data for several domestic GLP-1 products from companies such as HengRui Medicine, GeLi Pharmaceutical, and others [2][20] - Notable weight loss results include HengRui's HRS9531 showing an average weight reduction of 17.97% at week 32, and BoRui's BGM0504 showing a 19.78% reduction at week 24 [2][20] - The report highlights a significant increase in new drug applications, with 4 new drugs approved and 5 new drug applications accepted this week [4][24] Summary by Sections New Drug Market Review - From June 16 to June 20, 2025, the top five companies in the new drug sector by stock price increase were: - Ascentage Pharma-B (15.88%) - WuXi AppTec-B (14.67%) - Eucure Biopharma-B (6.60%) - Genscript Biotech-B (1.91%) - Beihai Kangcheng-B (1.54%) - The top five companies by stock price decrease were: - Kedi-B (-22.68%) - Deqi Pharma-B (-19.69%) - Zai Lab (-16.44%) - Tsinghua Tongfang-B (-16.18%) - Nocera Health (-15.34%) [1][16] Key Analysis of New Drug Industry - The ADA conference showcased multiple domestic companies disclosing their GLP-1 products' weight loss data, with significant results from HengRui, GeLi, and others [2][20] - In the GLP-1/GIP dual-target peptide category, HengRui's HRS9531 achieved a 17.97% weight reduction, while BoRui's BGM0504 reached 19.78% [2][20] New Drug Approval & Acceptance - This week, 4 new drug applications were approved, including: - Quadrivalent influenza virus split vaccine - Rituximab injection - 13-valent pneumococcal conjugate vaccine - Daridorexant tablets - Additionally, 5 new drug applications were accepted, including: - Ranibizumab injection - Insulin degludec injection - Paclitaxel oral solution - Masitinib dispersible tablets - Pirtobrutinib tablets [4][24][25] Clinical Application Approval & Acceptance - A total of 45 new drug clinical applications were approved, and 29 new drug clinical applications were accepted this week [5][27]