HYBIO(SZ:300199) GLP1减重宝典·2026-01-17 14:20Core Viewpoint - The article highlights the significant commercial potential of GLP-1 drugs, particularly in the context of a recent sales order by Hanyu Pharmaceutical, which marks a turning point for the company after years of losses [6][9]. Group 1: Company Developments - Hanyu Pharmaceutical has signed a sales order for GLP-1 raw materials worth approximately 180 million RMB, representing about 30% of the company's projected revenue for 2024 [6]. - The order is notable as it is a concrete commercial agreement with clear delivery and payment schedules, contrasting with typical framework collaborations or forward agreements [6]. - The company has transitioned from a domestic focus to becoming a global supply chain node, with over 70% of its revenue now coming from overseas markets, reflecting a significant shift in its business model [9]. Group 2: Market Dynamics - The global GLP-1 market is dominated by major products such as semaglutide and liraglutide, which rely heavily on stable and high-purity GLP-1 raw material supplies [7]. - There is an anticipated surge in demand for GLP-1 raw materials in China, with over ten biosimilar products expected to be approved in the next one to two years [7]. - Hanyu Pharmaceutical's production capacity for GLP-1 raw materials is approximately 5 to 8 tons annually, which accounts for over 30% of the domestic market, with plans to expand to around 10 tons [8]. Group 3: Competitive Advantages - Hanyu Pharmaceutical has achieved a production cost of approximately $3,000 per gram for GLP-1 raw materials, which is about 40% lower than similar companies in Europe and the U.S. [8]. - The company maintains a purity level of 99.9%, significantly exceeding pharmacopoeial standards, which positions it favorably in the global market for raw materials [8]. - The order from Hanyu Pharmaceutical is estimated to support the production of tens of millions of injection formulations, indicating a strong demand pull for raw materials [9].