以下文章来源于肥胖世界ObesityWorld ，作者肥胖世界 《肥胖世界》Obesity World - 同步传真肥胖及代谢国际新学术进展，为医学减重临床、教研人员搭建一座与国际接轨的桥梁，「每医健」旗下内容平台。 在减重药物领域，司美格鲁肽无疑是近年来的"明星选手"。作为胰高血糖素样肽-1受体(GLP-1R)激动剂，它通过刺激胰岛素分泌、调节代谢和 抑制食欲，实现了显著的减重效果，掀起全球减重药物革命。 肠促胰岛素激素家族堪称人类对抗肥胖的宝库。除了GLP-1R，另一位家族成员葡萄糖依赖性促胰岛素多肽受体(GIPR)近年来也成为研究热 点。双靶点减重药物替尔泊肽正是同时激动GIPR和GLP-1R的代表作。 然而，科学家们在研究中发现了一个令人困惑的现象：GIPR这个靶点似乎"任性"得让人难以理解——无论是激活它还是抑制它，竟然都能达 到减重效果！虽然最终结果相似，但中间机制却一直是个谜。 肥胖世界ObesityWorld . 单核RNA测序结果更是令人惊讶：近30万个细胞的分析显示，GIPR拮抗和激动在大脑中诱发的转录反应几乎完全相反。在脑干背侧迷走神经 复合体中，GIPR拮抗剂引起的转录反应与GLP-1 ...

Core Viewpoint - Dongfang Securities predicts that the earnings per share of Gree Pharmaceutical-B (01672) will be -0.32, -0.35, and -0.38 HKD for the years 2025 to 2027, respectively, and estimates the company's fair market value at 18.366 billion HKD, corresponding to a target price of 18.38 HKD, initiating a "Buy" rating [1] Group 1: Weight Loss Market Potential - The prevalence of overweight or obesity is rapidly increasing, expected to affect nearly 3 billion people globally by 2030 [2] - Current weight loss drugs, primarily GLP-1 drugs, have low clinical usage rates, poor adherence, and significant weight rebound after discontinuation, indicating a need for improved options [2] - Real-world research suggests that more accessible, safer, and convenient GLP-1 drugs with longer dosing intervals could enhance usage rates and adherence, with oral, ultra-long-acting, and fat-loss-preserving drugs identified as promising directions [2] Group 2: Competitive Advantages of ASC30 - GLP-1 oral small molecules, such as ASC30, have multiple advantages over peptide-based drugs, with Eli Lilly's Orforglipron being the only oral small molecule to successfully complete Phase III clinical trials [3] - ASC30 is in the second tier of global development, showing stronger agonistic activity and higher exposure levels compared to Orfor, with optimal weight loss data and notable safety advantages in U.S. Phase I and II trials [3] - The increasing demand for business development (BD) opportunities in oral small molecules, especially after Orfor's Phase III results fell short of expectations, enhances ASC30's potential [3] Group 3: ASC47 and New Pipeline Developments - ASC47, a unique THRβ agonist, is part of the fat-loss-preserving pipeline, with the fastest progress seen in Eli Lilly's Bimagrumab, which shows improved weight loss effects when combined with semaglutide [4] - ASC47 demonstrated significantly enhanced weight loss effects in Phase I trials when combined with semaglutide, with a lower incidence of gastrointestinal adverse reactions and improved blood lipid profiles [4] - Since October 2025, the company has accelerated the clinical advancement of four new pipelines, including oral multi-target peptides and monthly subcutaneous injections, aiming to complete mainstream targets and report preliminary clinical data by the end of 2026 [4]

Core Viewpoint - Novo Nordisk's GLP-1 drug, semaglutide oral tablets for weight loss, has received FDA approval, marking it as the first oral GLP-1 weight loss medication approved globally. However, it is not yet approved for sale in China [3]. Group 1: Product Details - The initial dosage form approved is a 25mg oral tablet [4]. - Prior to FDA approval, all oral semaglutide was used for diabetes treatment, with significant dosage differences compared to weight loss indications. Non-diabetic users reported poor weight loss results [5][6]. - The approved oral semaglutide for weight loss has a starting dose of 1.5mg, increasing to 4mg after one month, then to 9mg in the third month, and a maintenance dose of 25mg thereafter [6]. Group 2: Clinical Efficacy - Clinical data published in NEJM indicates that the 25mg oral semaglutide can lead to an average weight loss of 16.6% over 64 weeks, with over 34.4% of patients achieving a weight loss of 20% or more, comparable to injection forms [7]. Group 3: Usage Guidelines and Limitations - Experts warn against taking multiple tablets at once to increase dosage, as the absorption rate of oral peptides is low (less than 1%), and exceeding the recommended dose can lead to serious side effects [8][9]. - The oral semaglutide must be taken on an empty stomach with strict dietary restrictions, unlike competitors like Orforglipron, which has higher bioavailability and fewer restrictions [10]. Group 4: Future Developments - Novo Nordisk is increasing its research on next-generation oral weight loss therapies, including a new drug, amycretin, which combines GLP-1 and insulin receptor agonists, showing potential for better clinical applications [10]. - There is currently no clinical registration progress for the oral semaglutide weight loss drug in China, and Novo Nordisk has not clarified its commercialization path in the region [10]. Group 5: Lifestyle Interventions - Experts emphasize that weight loss efficacy varies among individuals, and lifestyle interventions are fundamental to any weight loss strategy. Comprehensive and long-term lifestyle changes are recommended alongside any pharmacological treatments [11].

整理 | GLP1减重宝典内容团队 诺和诺德披露，已向美国食品药品监督管理局递交CagriSema的新药上市申请，标志着其在减重药物领域再次推进关键一步。该疗法计 划与饮食能量控制及运动干预联合使用，面向同时伴有至少一种体重相关并发症的肥胖或超重成人，目标是在实现显著减重的同时，提 高长期体重维持的可能性。 从产品形态看，CagriSema采用固定剂量联合设计，由长效胰淀素类似物cagrilintide与司美格鲁肽组成，均为2.4毫克剂量，给药方式为 每周一次皮下注射。若顺利获批，这将成为全球首个将GLP-1受体激动剂与胰淀素类似物整合于同一注射方案中的减重疗法，被业内视 为对现有单一GLP-1治疗路径的重要拓展。 此次申报的核心依据来自两项关键三期临床研究REDEFINE 1和REDEFINE 2。其中，REDEFINE 1的结果显示，无论患者是否全程坚 持用药，CagriSema在第68周均展现出明显优势。数据显示，治疗组平均体重降幅达到20.4%，而对照组仅为3.0%，差异具有统计学意 义。 在假设所有受试者均持续接受治疗的分析情景下，CagriSema的减重效果进一步放大，第68周体重平均下降22.7 ...

Core Viewpoint - Novo Nordisk's stock price increased by over 2.9% to $46.3 following the announcement of significant efficacy results for its next-generation weight loss and diabetes candidate drug, amycretin, which effectively lowers blood sugar and leads to notable weight loss [1] Group 1: Drug Efficacy - Amycretin demonstrated an average weight loss of 14.5% over 36 weeks with weekly injections, and a 10.1% average weight loss with daily oral administration [1] - The results represent a key achievement in Novo Nordisk's strategy for next-generation metabolic drugs [1] Group 2: Competitive Analysis - Analyst Michael Shah noted that amycretin outperformed Eli Lilly's Zepbound and the next-generation oral drug orforglipron in terms of weight loss effectiveness, although direct comparisons are challenging due to different trial designs [1] - The trial participants in Novo Nordisk's study were generally heavier, which may contribute to a greater initial weight loss [1]

Core Viewpoint - Novo Nordisk's stock price increased by over 2.9% to $46.3, driven by positive results from its next-generation weight loss and diabetes candidate drug, amycretin, which shows significant efficacy in lowering blood sugar and promoting weight loss [1] Company Summary - Novo Nordisk reported that amycretin demonstrated a substantial average weight loss of 14.5% over 36 weeks with weekly injections, and a 10.1% average weight loss with daily oral administration [1] - The company highlighted this as a key achievement in its strategy for next-generation metabolic drugs, especially in a competitive weight loss market [1] Industry Comparison - Analyst Michael Shah noted that amycretin outperformed Eli Lilly's Zepbound and the next-generation oral drug orforglipron in terms of weight loss effectiveness, although direct comparisons are challenging due to different trial designs [1] - The trial participants in Novo Nordisk's study were generally heavier, which may contribute to more significant weight loss in the initial stages [1]

整理 | GLP1减重宝典内容团队 减肥药"司美格鲁肽"已在中国正式上市。随着其广泛进入医疗机构，相关的减重门诊和内分泌门诊的咨询量也逐渐增加。 高糖食物 高糖食品，如酱汁食物、烘焙食品、冷冻即食食品、糖果、苏打水、奶茶、果汁、甜点等，可能与药物的效果相冲突，尤其 对糖尿病患者来说，过量糖分的摄入会导致血糖剧烈波动。服用司美格鲁肽期间，应严格控制甜食的摄入。 此前在采访中，上海市第六人民医院减重代谢外科的韩晓东医生就曾指出，诺和盈有严格的适应症，建议有减重需求的肥胖症患者到 正规医疗机构进行专业评估和诊断，以制定科学的减重治疗方案。 减重药物的使用需要规范化管理，光靠药物'躺瘦'很难，单靠药物 很难实现有效减重。生活方式的改变同样至关重要，用药也需调整饮食。 韩晓东强调，减重药物应在有专业资质的医生指导下使用， 确保其合理且有效。因此，大家应理性看待减重药物的效果，避免过度依赖。 ▍用药期间的饮食建议 在服用司美格鲁肽期间，保持膳食营养均衡至关重要。建议减少精制碳水化合物（如白米饭、面食和饼干）和含糖饮料的摄入，食盐 摄入量最好控制在每日5克以内。特别是在晚餐时，应避免油腻和甜食，选择清淡易消化的食物，以免胃 ...

Core Viewpoint - Novo Nordisk's innovative drug amycretin shows significant weight loss results in clinical trials, indicating a promising new treatment option for obesity and type 2 diabetes patients [6][7][9]. Group 1: Clinical Trial Results - The clinical trial results for amycretin were presented at the 85th American Diabetes Association (ADA) Scientific Sessions, highlighting its effectiveness in weight reduction among overweight or obese individuals [6][7]. - In a 36-week treatment period, the 60 mg dose group experienced an average weight loss of 24.3%, compared to a 1.1% increase in the placebo group [7]. - The 20 mg dose group achieved a 22.0% weight loss, while the 5 mg and 1.25 mg groups showed weight reductions of 16.2% and 9.7%, respectively, with all groups demonstrating no plateau in weight loss by the end of the treatment [7]. Group 2: Safety and Tolerability - Amycretin exhibited excellent tolerability at the 60 mg dose, with safety profiles consistent with existing GLP-1 and incretin receptor agonists [7]. - Adverse reactions were primarily gastrointestinal and showed a dose-dependent increase, but most were mild to moderate and resolved by the end of the trial [7][8]. - The oral formulation of amycretin also demonstrated significant weight loss, with participants losing 10.4% and 13.1% of their body weight in different dosing regimens, compared to a mere 1.2% in the placebo group [8]. Group 3: Development and Future Prospects - Amycretin is a long-acting single-molecule formulation that activates both GLP-1 and incretin receptors, providing a synergistic effect on appetite regulation [9]. - Novo Nordisk is accelerating the development of both subcutaneous and oral forms of amycretin, with ongoing phase 3 clinical trials to evaluate its potential as a next-generation weight management solution [9].

Core Viewpoint - Cathay Securities has released a research report on Goliath Pharmaceuticals (1672.HK), highlighting the global competitiveness and scarcity of the company's core pipeline. Key clinical data is expected to be released in 2025 and the first quarter of 2026, with certainty in overseas licensing collaborations. The target price has been raised to RMB 25.40 per share (equivalent to HKD 27.91), maintaining a "Buy" rating [1]. Group 1: Core Drug Competitiveness - Goliath Pharmaceuticals' ASC30 oral formulation has completed patient enrollment as of August 2025, with top-line data expected in Q4 2025. The U.S. Phase Ib study shows a significant average weight loss of 6.5% after 4 weeks of treatment, with good overall tolerability and no vomiting incidents [1]. - The ASC30 monthly injection formulation demonstrates competitive advantages in the long-acting weight loss drug sector, with all subjects expected to be enrolled in the U.S. 12-week Phase IIa clinical study for obesity treatment by 2025, and top-line data anticipated in Q1 2026 [1]. Group 2: Research and Development Progress - Other important pipelines of Goliath Pharmaceuticals are progressing smoothly: the oral small molecule IL-17 inhibitor ASC50 for psoriasis is expected to yield top-line data from the U.S. Phase I SAD study in 2025 [3]. - The drug dinutuximab (ASC40) for moderate to severe acne has shown significant efficacy and good safety in Phase III trials, with plans to seek commercialization partnerships in 2025 [3]. - The oral small molecule PD-L1 inhibitor ASC61 for solid tumors has successfully completed the U.S. Phase I study, with plans to seek external licensing opportunities in 2025 to fully realize the project's value [3]. Group 3: ASC47 Development - ASC47, a fat-targeting, long-acting subcutaneous THRβ selective small molecule agonist, supports administration every month to every two months. Positive top-line results were achieved in the Australian Phase Ib study, with an average weight loss of 1.7% (day 50, peak) after placebo adjustment, showing potential for weight loss without muscle loss [2]. - Top-line data from the U.S. clinical study combining ASC47 with semaglutide for obesity treatment is expected in 2025 [2].

Core Viewpoint - Novo Nordisk's innovative drug amycretin shows significant weight loss results in clinical trials, indicating a promising new treatment option for obesity and type 2 diabetes patients [6][7][9]. Group 1: Clinical Trial Results - The clinical trial results for amycretin were presented at the 85th American Diabetes Association (ADA) Scientific Sessions, highlighting its effectiveness in weight reduction among overweight or obese individuals [6][7]. - In a 36-week treatment period, the 60 mg dose group experienced an average weight loss of 24.3%, compared to a 1.1% increase in the placebo group [7]. - The 20 mg dose group achieved a 22.0% weight loss, while the 5 mg and 1.25 mg groups showed weight reductions of 16.2% and 9.7%, respectively, with all groups outperforming the placebo [7]. Group 2: Safety and Tolerability - Amycretin demonstrated excellent tolerability, with adverse reactions primarily related to the gastrointestinal system, consistent with other GLP-1 and incretin receptor agonists [7][8]. - Most adverse events were mild to moderate and resolved by the end of the trial, indicating a favorable safety profile [7]. Group 3: Oral Administration Results - The oral formulation of amycretin also showed promising results, with participants experiencing weight reductions of 10.4% and 13.1% after 12 weeks for the once-daily and twice-daily dosing regimens, respectively [8]. - The oral administration maintained a good safety profile, with adverse events aligning with expected outcomes for GLP-1 and incretin receptor mechanisms [8]. Group 4: Future Development - Novo Nordisk is accelerating the development of both the injectable and oral forms of amycretin, with ongoing phase 3 clinical trials to evaluate its potential as a next-generation weight management solution [9].