Core Viewpoint - Federal Pharmaceutical (03933) shares increased by nearly 3%, currently up 2.7% at HKD 12.17, with a trading volume of HKD 54.12 million [1] Group 1: Company Developments - Federal Pharmaceutical announced that its wholly-owned subsidiary, Federal Biotech (Zhuhai Hengqin) Co., Ltd., received implied approval from the National Medical Products Administration of China for clinical trials of its self-developed innovative drug UBT251 injection for the indication of moderate to severe obstructive sleep apnea (OSA) [1] - UBT251 is the first chemical-synthesized GLP-1/GIP/GCG tri-target receptor agonist new drug in China, positioning the company significantly in the research field of this type of medication [1] - The company aims to continue focusing on new product development, enhancing its competitiveness and creativity in the biopharmaceutical industry, which is expected to generate greater returns for the company and its shareholders [1]

Core Viewpoint - Federal Pharmaceutical (03933) shares increased by nearly 3%, currently trading at HKD 12.17 with a transaction volume of HKD 54.12 million, following the announcement of a significant regulatory milestone for its innovative drug UBT251 [1] Group 1: Company Developments - Federal Pharmaceutical announced that its wholly-owned subsidiary, Federal Biotech (Zhuhai Hengqin) Co., Ltd., received implied clinical trial approval from the National Medical Products Administration of China for UBT251 injection, targeting moderate to severe obstructive sleep apnea (OSA) associated with obesity, effective February 2, 2026 [1] - UBT251 is recognized as China's first chemically synthesized GLP-1/GIP/GCG tri-target receptor agonist new drug, positioning the company prominently in the research field of this category of drugs [1] - The company aims to continue its focus on new product development, enhancing its competitiveness and creativity in the biopharmaceutical industry, which is expected to generate greater returns for the company and its shareholders [1]

Investment Rating - The report does not explicitly state an investment rating for the biopharmaceutical industry or Semaglutide specifically. Core Insights - The report analyzes the market dynamics and sales performance of Semaglutide in China for the first quarter of 2025, highlighting the competitive landscape and emerging trends in the biopharmaceutical sector [3][10]. Summary by Sections Research Purpose and Hot News - The report focuses on the Semaglutide drug market in China, reviewing market trends and sales performance in Q1 2025 to analyze the current state and future market directions [3][4]. Key Findings - Dual-target and multi-target drugs are becoming research hotspots in the weight loss medication field, with drugs like Eli Lilly's Tirzepatide showing stronger weight loss effects [5]. - The patent for Semaglutide is set to expire in March 2026, prompting several domestic companies to prepare for market entry with generic versions [7]. - Import pharmaceutical companies are proactively reducing prices to maintain market share against upcoming generics, with significant price cuts reported for Novo Nordisk's and Eli Lilly's products [7]. - Oral weight loss medications are emerging as a new trend, with Novo Nordisk's oral Semaglutide (Wegovy) receiving FDA approval and set to launch in January 2026 [7]. Sales Analysis - In Q1 2025, Semaglutide's sales in China showed fluctuations, with January sales reaching 33,700.7 million yuan, driven by strong brand reputation and the launch of the oral formulation [46][48]. - February saw a significant drop in sales due to competitive pressure from the launch of Tirzepatide and a negative incident affecting patient adherence [48]. - March sales rebounded, indicating a stabilization in the market after initial fluctuations [48]. Regional Insights - There are significant regional disparities in Semaglutide sales across China, with Beijing leading in per capita sales at 5.9 yuan, while Chongqing lagged at 0.6 yuan [53]. Drug Applications and Approvals - Semaglutide received FDA approval for chronic kidney disease (CKD) indications, with a corresponding application accepted in China, which could expand its market potential significantly [23][24][25]. - The report notes that the first domestic application for Semaglutide has not yet been approved, indicating challenges in the regulatory landscape [26][28]. Competitive Landscape - The launch of Eli Lilly's Tirzepatide in China is expected to intensify competition in the GLP-1 market, prompting Semaglutide to accelerate its innovation and market strategies [34][38]. - Novo Nordisk's introduction of the first oral GLP-1RA in China represents a significant advancement in drug delivery methods, enhancing patient compliance and expanding market reach [38]. Conclusion - The report emphasizes the evolving landscape of the biopharmaceutical market in China, particularly for weight loss and diabetes medications, highlighting the need for companies to adapt to competitive pressures and regulatory challenges to maintain market share and drive growth [10][25].

Market Overview - The US stock market experienced a decline, with the Chinese concept index dropping by 0.94%. The Hang Seng Index fell by 110.27 points, a decrease of 0.41%, closing at 26,724.50 points, while the Hang Seng Tech Index dropped by 120.19 points, down 2.20%, reaching a new low since mid-July 2025 [1] - Technology stocks, particularly those considered riskier, continued to decline, with Tencent falling nearly 4% after restrictions on its "Yuanbao Red Packet" link by WeChat. Other major players like Baidu, Meituan, and Xiaomi also saw declines of over 2%, while Bilibili dropped nearly 5% [1] - Chip stocks faced significant losses, with Shanghai Fudan down nearly 9%, Huahong Semiconductor down over 5%, and SMIC down nearly 3% [1] - The coal sector showed strength, with Feishang No Smoke Coal rising over 33%. Real estate stocks also performed well, with Sunac China up over 7% and China Resources Land up nearly 4% [1] Corporate Developments - In the technology sector, InnoCare successfully completed a significant design integration for AI hardware with Google, establishing a solid foundation in the AI hardware market [1] - Enoch Intelligent received a milestone payment of HKD 39 million from Menarini, marking a significant step in its pharmaceutical technology research [1] - Capital investment firm Shumeng Capital signed a contract worth USD 3 million with a Macau distributor, expanding its business footprint [1] Pharmaceutical Industry Highlights - Youzhiyou Biotech's M701 received FDA IND approval for a novel therapy targeting malignant pleural effusion, marking a new phase in international clinical development [2] - Xiansheng Pharmaceutical received a milestone payment of USD 40 million from AbbVie for the overseas licensing option agreement for SIM0500, highlighting its competitiveness in the international pharmaceutical market [2] - Kangfang Biotech granted exclusive commercialization rights for Yixinning® to Jichuan Pharmaceutical, resulting in significant licensing fees and milestone payments [2] - Federal Pharmaceuticals' UBT251 injection received implied clinical trial approval for a new indication, providing new treatment options for patients [2] Food Industry Performance - Nissin Foods reported strong performance in its China business segment, with revenue reaching JPY 54.948 billion, a year-on-year increase of 2.7%, and core operating profit of JPY 5.859 billion, up 9.3% [2] Capital Market Insights - Guotai Junan International noted a market shift from "liquidity-driven" to "profit-driven" dynamics, suggesting a focus on fundamental analysis rather than speculative trading [4] - CITIC Securities observed significant adjustments in Hong Kong stock earnings expectations, predicting a continuation of the spring market rally with large-cap stocks outperforming [4] - Huatai Securities indicated that the current market sentiment has shifted to optimism, suggesting a focus on companies with earnings certainty and potential for growth in technology and cyclical sectors [5] - Guoyuan International highlighted that Hong Kong stocks may continue to outperform US stocks due to favorable conditions for non-US assets and the potential recovery of domestic demand [5]

Major Events - InnoCare Pharma (09926) granted exclusive commercialization rights of Yixineng® to Jichuan Pharmaceutical [1] - Ying Si Intelligent (03696) received a milestone payment of HKD 39 million from Menarini, with the MEN2501 project completing its first patient dosing [1] - Xiansheng Pharmaceutical (02096) received a recent milestone payment related to the overseas licensing option agreement for SIM0500 with AbbVie [1] - Innovent Biologics (02577) completed significant design integration for related products on Google's AI hardware platform and signed a compliant supply agreement [1] - Federal Pharmaceutical (03933) obtained implied approval for clinical trials of UBT251 injection for OSA indications [1] - Kanghong Pharmaceutical (00867) received clinical trial approval for the innovative drug CMS-D017 capsule for complement-mediated kidney disease indications [1] - First Capital Holdings (00697) announced the successful IPO and listing of Shimon Holdings on the Shenzhen Stock Exchange [1] Operating Performance - Country Garden (02007) achieved a contract sales amount of approximately CNY 2.21 billion attributable to shareholders by January 2026 [1] - Nissin Foods (01475) reported an operating profit of JPY 5.672 billion from its China business segment for the first three quarters, representing a year-on-year increase of 99.8% [1] - Natural Beauty (00157) issued a profit warning, expecting an annual net profit of approximately HKD 8 million to HKD 10 million, marking a turnaround from losses [1]

Core Viewpoint - Federal Pharmaceutical (03933.HK) announced that its wholly-owned subsidiary, Federal Biotech (Zhuhai Hengqin) Co., Ltd., has received clinical trial approval from the National Medical Products Administration of China for its innovative drug UBT251 injection, targeting moderate to severe obstructive sleep apnea (OSA) [1] Group 1 - The drug UBT251 is classified as a Class 1 innovative drug [1] - The clinical trial approval was granted on February 2, 2026, with acceptance number CXHL2501306 [1]

Core Viewpoint - Federal Pharmaceutical's subsidiary, Federal Biotech (Zhuhai Hengqin) Co., Ltd., has received clinical trial approval for its innovative drug UBT251 injection for the treatment of moderate to severe obstructive sleep apnea (OSA) in China, indicating a significant advancement in addressing unmet clinical needs in this area [1] Group 1 - UBT251 injection is a multi-target peptide receptor agonist that acts on GLP-1, GIP, and GCG receptors to lower blood sugar and inhibit weight gain, positioning the company favorably in the obesity treatment market [1] - The drug is expected to fill a substantial gap in the treatment of OSA, which has a high unmet clinical demand [1] - UBT251 is also undergoing Phase II clinical trials in China for indications including overweight or obesity, type 2 diabetes, metabolic-associated fatty liver disease, and chronic kidney disease [1] Group 2 - As the first chemically synthesized GLP-1/GIP/GCG tri-target receptor agonist in China, UBT251 enhances the company's position in the research and development of this class of drugs [1] - The company aims to continue its focus on new product development to strengthen its competitiveness and creativity in the biopharmaceutical industry, which is expected to generate greater returns for the company and its shareholders [1]

Core Viewpoint - Federal Pharmaceutical (03933) announced that its wholly-owned subsidiary, Federal Biotech (Zhuhai Hengqin) Co., Ltd., received clinical trial approval from the National Medical Products Administration of China for its innovative drug UBT251 injection, targeting moderate to severe obstructive sleep apnea (OSA) associated with obesity [1] Group 1: Product Development - UBT251 injection is a multi-target peptide receptor agonist developed by Federal Biotech, which acts on GLP-1, GIP, and GCG receptors to lower blood sugar and inhibit weight gain [1] - The drug is expected to address significant unmet clinical needs in the OSA treatment field, particularly for weight management [1] - UBT251 injection has also initiated Phase II clinical studies in China for indications including overweight or obesity, type 2 diabetes, metabolic-associated fatty liver disease, and chronic kidney disease [1] Group 2: Market Position and Future Plans - As the first chemically synthesized GLP-1/GIP/GCG tri-target receptor agonist new drug in China, UBT251 positions the company prominently in the research field of such medications [1] - The company aims to continue its focus on new product development to enhance its competitiveness and creativity in the biopharmaceutical industry, which is expected to generate greater returns for the company and its shareholders [1]

Core Viewpoint - Federal Pharmaceutical's wholly-owned subsidiary, Federal Biotechnology (Zhuhai Hengqin) Co., Ltd., has received clinical trial approval for its innovative drug UBT251 injection for the treatment of moderate to severe obstructive sleep apnea (OSA) in China [1] Group 1: Drug Development - UBT251 injection is a multi-target peptide receptor agonist developed independently by Federal Biotechnology, which acts on GLP-1, GIP, and GCG receptors to lower blood sugar and inhibit weight gain [1] - The drug is expected to address significant unmet clinical needs in the OSA treatment field, similar to GLP-1 class weight loss medications [1] Group 2: Clinical Trials and Research - UBT251 injection is currently undergoing Phase II clinical trials in China for indications including overweight or obesity, type 2 diabetes, metabolic-associated fatty liver disease, and chronic kidney disease [1] - As the first chemically synthesized GLP-1/GIP/GCG tri-target receptor agonist new drug in China, UBT251 positions the company prominently in this research area [1] Group 3: Future Outlook - The company aims to continue its commitment to new product development, enhancing its competitiveness and creativity in the biopharmaceutical industry, which is expected to generate greater returns for the company and its shareholders [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 承董事會命 聯邦制藥國際控股有限公司 主席 蔡海山 The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 ( 於開曼群島成立之有限公司 ) (股份代號: 3933) UBT251 注射液 OSA 適應症獲臨床試驗默示許可 本公告乃由聯邦制藥國際控股有限公司（「本公司」）自願發出。 本公司董事會欣然公佈，於二零二六年二月二日，本公司全資附屬公司聯邦生物科技 （珠海橫琴）有限公司（「聯邦生物科技」）自主研發的 1 類創新藥 UBT251 注射液關 於合併肥胖的中重度阻塞性睡眠呼吸暫停（OSA）適應症獲得中國國家藥品監督管理 局臨床試驗默示許可，受理號為 CXHL2501306。 UBT251 注射液是联邦生物科技自主研發的多靶點多肽類受體激動劑，可通過作用於 胰高血糖素樣肽-1（GLP-1）受體、葡萄糖依賴性促胰島素多肽（GI ...