银诺医药正式登陆港交所：开盘上涨超285%，要做「中国GLP-1创新药龙头」

Core Viewpoint - Yinnuo Pharmaceutical's drug Isupatide α is expected to become a "superior alternative" to imported GLP-1 medications, with significant market potential in China for diabetes and metabolic disease treatments [2][5]. Company Overview - Yinnuo Pharmaceutical was officially listed on the Hong Kong Stock Exchange on August 15, 2025, under the stock code "2591" [2]. - The company issued a total of 36,556,400 H-shares, with a subscription rate of 5,341.66 times for public offerings and 10.67 times for international offerings [2]. - The stock opened over 285% higher, reaching HKD 55.90 per share, a 199.25% increase from the issue price, resulting in a market capitalization of HKD 25.536 billion [2]. Product Pipeline - The core product Isupatide α has been approved for treating Type 2 Diabetes (T2D) in China and was commercialized in February 2025 [4]. - Isupatide α is currently undergoing clinical trials for obesity and metabolic dysfunction-related fatty liver disease (MASH), with a Phase IIb/III trial starting in March 2025 and a global Phase IIa trial planned for 2026 [4]. Competitive Advantages - Isupatide α has four main advantages: 1. Strong glycemic control and leading efficacy 2. "Fat loss while preserving muscle" for healthy weight loss 3. Ultra-long half-life for convenient dosing 4. Gradual onset and high safety profile [4][5]. Market Potential - The GLP-1 diabetes drug market in China is still in its emerging stage, with a low penetration rate and significant growth potential. The market size has grown from RMB 700 million in 2018 to RMB 10.1 billion in 2024, with an expected compound annual growth rate (CAGR) of 44.1%, reaching RMB 43.7 billion by 2028 [5]. Investment and Support - Yinnuo Pharmaceutical has received investments from notable firms including Guokai Jiahe and Dachan Capital, indicating strong confidence in its innovative capabilities in the GLP-1 sector [6][7].