36氪精选：5300倍认购、超越「雪王」，减肥药概念股上市暴涨200%

Core Viewpoint - The article discusses the strong market performance and potential of GLP-1 (glucagon-like peptide-1) drugs, particularly focusing on the recent IPO of Silverno Pharmaceuticals, which has seen significant stock price increases and market interest due to its innovative drug offerings [5][6]. Group 1: Company Overview - Silverno Pharmaceuticals recently went public on the Hong Kong Stock Exchange, with its stock price increasing by 200% on the first day, reaching a market capitalization of 26 billion [5]. - The company has successfully launched its self-developed GLP-1 drug, Isupaglutide α, for the treatment of type 2 diabetes, generating nearly 40 million in sales by the end of May [5][12]. - The drug Isupaglutide α has a half-life of 204 hours, which is longer than its competitors, potentially allowing for less frequent dosing [7]. Group 2: Market Dynamics - The global and Chinese long-acting GLP-1 market shares are projected to reach 96.5% and 86.9% respectively by 2024, indicating a shift towards long-acting formulations [7]. - The competitive landscape for weight loss drugs is intensifying, with major multinational pharmaceutical companies dominating the market, posing challenges for domestic players like Silverno Pharmaceuticals [10]. - The company has established a 15-member sales team with an average of 20 years of experience in metabolic diseases, and its sales expenses have increased to 37.54 million in the first five months of 2025 [11]. Group 3: Clinical Development and Efficacy - In clinical trials, Isupaglutide α demonstrated an average weight loss of 8.13% after four weeks of treatment, compared to 0.79% in the placebo group [8]. - The drug also showed promising results in preserving muscle mass during weight loss, which is crucial for maintaining metabolic rates [9]. - The company is currently conducting a Phase IIb/III clinical trial for Isupaglutide α, expected to conclude by the end of next year [8]. Group 4: Sales Strategy and Market Positioning - Silverno Pharmaceuticals is focusing on online sales channels and internet hospitals to expand its market reach, especially for its diabetes treatment [11]. - The company achieved notable rankings during the "618" shopping festival, placing 7th in endocrine medications and 3rd in GLP-1 drugs on major e-commerce platforms [11]. - The overall GLP-1 market remains strong, with significant sales reported for leading products, but there are concerns about market saturation and competition as more products enter the market [13][14].