证券代码：002317 编号：2026-001 广东众生药业股份有限公司投资者关系活动记录表 | | √ □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动 | | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 嘉实基金管理有限公司分析师、基金经理 | | 时间 | 2026 年 1 月 6 日 14:00～15:00 | | 地点 | 众生睿创会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司副总裁 陈小新 | | 接待人员 | 2、公司董事会秘书 杨威 1、公司创新药研发管线的布局。 | | | 答：公司立足自主研发，整合内外部资源，以满足未被满 足的临床需求为目标，前瞻性地开展相关创新药的研究。公司 | | | 创新药研发主要聚焦代谢性疾病、呼吸系统疾病等领域，截至 | | | 目前，已有 2 个创新药项目获批上市，多个创新药项目处于 | | | 临床试验阶段，并探索布局具备差异化优势的早研管线。 | | 交流内容及具体 问答记录 | （1）代谢性 ...

整理 | GLP1减重宝典内容团队 替尔泊肽是一种基于GIP序列改良的分子，它增加了GLP-1的活性，其GIP活性大约是 GLP-1的10倍。这种结合GLP-1和GIP的双靶点 药物，通过两者的互补和协同作用，展现出显著的疗效。 首先，GLP-1可能会引起恶心和呕吐等中枢神经系统的副作用。而GIP在降低食欲的同时，能够减轻这些不适症状，从而在一定程度上 抵消了GLP-1的副作用。 其次，GIP和GLP-1在胰腺的作用也有所不同。GIP不仅能调节糖代谢，还能调节脂代谢，这对于控制血糖和血脂都非常重要。此外， GIP在皮下脂肪组织中的表达量很高，这意味着它在脂肪代谢中扮演着重要角色。GIP有助于促进体内脂肪的再平衡和再分布，提高脂 肪组织的储存能力，同时减少异常脂肪堆积，这是含有GIP的双靶点药物相较于单靶点药物的一个显著优势。 点击关注，追踪最新GLP-1资讯 通过这种创新的分子设计，替尔泊肽不仅提高了治疗效果，还减少了可能的副作用，为糖尿病患者提供了一种新的治疗选择。 在代谢性疾病的研究领域，继GLP-1（胰高糖素样肽-1）单靶点药物之后，GLP-1/GIP（葡萄糖依赖性促胰岛素多肽）双靶点药物因其 在胰腺、 ...

"创新药企业要有更强的竞争力，必须始终以患者为中心，聚焦未被满足的临床需求。"近日，君圣泰医 药创始人刘利平在接受上海证券报记者专访时，谈及她选择创新药赛道的初心。 深耕代谢性疾病领域多年的她，带领团队从传统天然产物中寻找灵感，将中药黄连中的小檗碱和熊胆中 的成分熊去氧胆酸创新结合，研发出新型分子实体HTD1801。这一原创新药开启了"多靶点、多机制"治 疗多种代谢性疾病的探索之路，展现出创新药研发的无限可能。 从天然产物出发探索代谢病药物蓝海 不同于沿着被验证过的路径直接"照猫画虎"、批量生产仿制药，创新药的研发意味着要走出一条自己的 路。这个过程往往是摸黑前进，未知与困难伴行。 2011年，在海外主要研究免疫治疗与代谢性疾病的刘利平，回国创立君圣泰医药，选择深耕代谢性疾病 领域。 "代谢性疾病治疗是一个充满挑战的赛道，也是一个前景非常广阔的赛道。"在刘利平看来，随着人类生 活方式改变和寿命延长，代谢性疾病正日益成为全球性的长期健康问题。 确定赛道后，代谢性疾病领域的"大药"给了刘利平创新研发灵感。在代谢性疾病领域，已有从天然植物 山羊豆里提取关键成分，研发出二甲双胍的先例；在其他疾病领域，也有从金鸡纳树皮 ...

Core Viewpoint - Tirzepatide, a dual-target drug combining GLP-1 and GIP, shows significant efficacy in weight loss and metabolic control, outperforming single-target drugs like semaglutide [2][6][10]. Group 1: Mechanism and Efficacy - Tirzepatide enhances GLP-1 activity and has GIP activity approximately 10 times that of GLP-1, leading to complementary effects in reducing appetite and improving metabolic functions [2][4]. - GIP plays a crucial role in fat metabolism, helping to rebalance and redistribute body fat, which is a notable advantage over single-target drugs [4][6]. - Clinical trials demonstrate that tirzepatide leads to an average weight loss of 22.5% in patients after treatment, making it the first drug in phase 3 trials to achieve over 20% weight loss [10]. Group 2: Comparative Efficacy - In the SURMOUNT-3 trial, patients treated with tirzepatide lost an average of 26.6% of their body weight, setting a new record for weight loss efficacy [10]. - When comparing tirzepatide to semaglutide, tirzepatide showed superior weight loss results: 15.7% for diabetic patients versus 9.6% for semaglutide, and 22.5% for non-diabetic obese patients versus 15% for semaglutide [10][11]. Group 3: Safety and Tolerability - Both tirzepatide and semaglutide share common side effects, primarily gastrointestinal issues, but tirzepatide's dual action may lead to better tolerability [13]. - Approximately 80% of tirzepatide users report at least one side effect, with 33% experiencing nausea compared to 44% for semaglutide, indicating a potentially lower incidence of adverse effects [13].

Core Insights - The acquisition of Akero Therapeutics by Novo Nordisk for $5.2 billion marks a significant move into the FGF21 space, indicating the growing importance of metabolic disease treatments, particularly for metabolic dysfunction-associated steatotic liver disease (MASH) [2][12] - FGF21 is rapidly becoming a key target in the treatment of metabolic diseases, with major pharmaceutical companies like GSK and Roche also making substantial investments in similar assets, reflecting a competitive landscape reminiscent of the GLP-1 market boom [3][19] - The market for MASH is projected to reach $32.2 billion by 2030, driven by the increasing prevalence of obesity and type 2 diabetes, highlighting the commercial potential of FGF21 therapies [13][19] Company Strategies - Novo Nordisk's acquisition of Akero Therapeutics is part of a broader strategy to enhance its portfolio in the metabolic disease sector, especially after facing competitive pressures [16][18] - GSK's acquisition of Boston Pharmaceuticals' FGF21 asset aims to fill gaps in its MASH treatment offerings and is expected to complement its existing therapies [15][18] - Roche's acquisition of 89bio's FGF21 drug pegozafermin is intended to strengthen its position in cardiovascular and metabolic disease markets, showcasing a trend of major companies consolidating their portfolios through strategic acquisitions [16][18] Market Dynamics - The FGF21 target is emerging as a lucrative opportunity, with the potential to replicate the success seen with GLP-1 drugs, which have transformed into leading treatments for metabolic disorders [19][23] - The unique ability of FGF21 therapies to address late-stage liver disease (F4) provides a competitive edge over existing treatments, which are limited to earlier disease stages [13][19] - The ongoing trend of mergers and acquisitions in the FGF21 space is expected to intensify, driven by the substantial market size and the need for innovative therapies in metabolic diseases [22][23] Clinical Developments - Akero's Efruxifermin has shown promising clinical results, with nearly 50% improvement in liver fibrosis for F2-F3 MASH patients after 96 weeks of treatment, indicating its potential as a leading therapy in this area [11][19] - The advancements in protein engineering have allowed FGF21 drugs to overcome previous limitations, such as short half-lives, enabling less frequent dosing and enhancing their commercial viability [9][19] - Chinese pharmaceutical companies are also making strides in the FGF21 space, focusing on multi-target agents that could provide synergistic effects in treating metabolic disorders [20][21]

Core Viewpoint - The article discusses the significant advancements in GLP-1 receptor agonists over the past two decades, marking a transformative era in the treatment of metabolic diseases, particularly diabetes and obesity. It highlights the drug's evolution from a laboratory discovery to a cornerstone in clinical therapy, emphasizing its multifaceted benefits beyond glucose control, including cardiovascular protection and weight management [4][5][6]. Group 1: Development and Mechanism - GLP-1 receptor agonists have transitioned from a niche laboratory target to a central therapeutic option in clinical settings, driven by early discoveries of GLP-1's glucose-dependent insulin secretion properties [5][9]. - The scientific foundation of GLP-1 receptor agonists dates back to the 1960s, with key discoveries revealing the biological mechanisms of GLP-1 and its interaction with GLP-1 receptors on pancreatic beta cells [8][9]. - Recent studies, such as the SELECT trial, demonstrated that semaglutide significantly reduces the risk of major cardiovascular events by 20%, independent of weight loss effects, highlighting its direct cardiovascular protective mechanisms [9][10]. Group 2: Clinical Applications and Benefits - Modern GLP-1 receptor agonists have evolved to include long-acting and oral formulations, expanding their therapeutic applications from blood glucose control to cardiovascular protection and weight management [5][6]. - The unique "organ protective" characteristics of GLP-1 receptor agonists position them as foundational drugs in managing metabolic syndrome, showcasing their comprehensive benefits beyond mere glucose regulation [5][6]. - The ongoing research is focused on multi-target collaboration and personalized treatment approaches, with new generation GLP-1 receptor agonists showing promise in treating neurodegenerative diseases and non-alcoholic fatty liver disease [6][12]. Group 3: Safety and Future Directions - Despite their efficacy, GLP-1 receptor agonists are associated with potential adverse effects, including gastrointestinal discomfort and serious complications like kidney damage and intestinal obstruction [10][11]. - Long-term safety and efficacy of GLP-1 receptor agonists require further validation through extended follow-up studies, with future research aimed at optimizing individualized dosing regimens and managing adverse reactions [11][12]. - The exploration of GLP-1's role in metabolic regulation continues to reveal new therapeutic targets, emphasizing the need for deeper understanding of its physiological and pathological mechanisms [12][14].

Core Viewpoint - The article discusses the discovery of Lac-Phe, a metabolite produced during intense exercise, which suppresses appetite and aids in weight loss without adverse side effects [2][3][10]. Group 1: Research Findings - Lac-Phe is identified as the most significantly increased metabolite in the blood after intense exercise, observed in mice, humans, and racehorses [6]. - The recent study published in Nature Metabolism reveals that Lac-Phe inhibits AgRP neurons, which are responsible for stimulating hunger, thereby reducing food intake [3][10]. - The mechanism by which Lac-Phe suppresses appetite involves the activation of ATP-sensitive potassium channels (K ATP) on AgRP neurons, leading to hyperpolarization and reduced activity of these neurons [11]. Group 2: Implications for Weight Management - The findings provide insights into how exercise naturally lowers appetite and improves metabolism, suggesting potential new targets for obesity treatment [12]. - The research indicates that both metformin and exercise may utilize the same pathway through Lac-Phe to achieve appetite suppression and weight loss [8].

Core Viewpoint - The global obesity crisis is escalating, with the World Health Organization predicting that the number of obese individuals will exceed 1 billion by 2024 and potentially reach 4 billion by 2035. This public health challenge is driving innovation in the development of weight-loss treatments, particularly amylin analogs, which may reshape the market for metabolic disease therapies worth billions of dollars [4]. Group 1: Discovery and Mechanism of Amylin - Amylin was discovered in 1987 by a research team at the University of Auckland, which identified a unique substance in pancreatic tissues of diabetic patients, leading to its naming as Islet Amyloid Polypeptide (IAPP) and later as Amylin. This discovery opened new avenues for understanding and treating metabolic diseases [6]. - Amylin, a neuroendocrine hormone composed of 37 amino acids, works alongside insulin to regulate various metabolic processes, including suppressing glucagon secretion, enhancing insulin sensitivity, and reducing appetite through central nervous system mechanisms. It also delays gastric emptying and promotes energy expenditure, contributing to weight loss [7]. Group 2: Development of Amylin Analog Drugs - The evolution of amylin analogs has progressed from short-acting to long-acting formulations. Pramlintide, the first synthetic amylin analog approved in 2005, faced limitations in clinical use due to side effects and inadequate efficacy, leading to early treatment discontinuation in about half of patients [8]. - Recent advancements include the long-acting amylin analogs, Cagrilintide and the combination product CagriSema, which have shown significant weight loss effects in clinical trials. Cagrilintide demonstrated a dose-dependent weight loss of 6% to 10.8%, outperforming placebo and showing comparable safety profiles to existing treatments [9]. Group 3: Innovations in Delivery Methods - The development of Amycretin, the first GLP-1/amylin dual receptor agonist, represents a breakthrough in drug delivery methods, utilizing an oral administration system that enhances intestinal absorption and bioavailability. Early clinical trials indicated an average weight loss of 13.1% in treated patients, highlighting its potential as a leading candidate in metabolic disease therapy [10]. - The trajectory of amylin analogs from short-acting to long-acting therapies and now to oral formulations illustrates significant progress in the treatment of metabolic diseases, offering patients more effective and convenient treatment options [11].

Core Insights - The GLP-1 class of drugs has evolved from a diabetes treatment tool to a strategic asset reshaping the global pharmaceutical landscape, with Novo Nordisk's semaglutide and Eli Lilly's tirzepatide achieving significant sales figures of $29.3 billion and $16.5 billion respectively in 2024 [1] - The Chinese market is experiencing a shift as domestic innovation breaks through, exemplified by the launch of the first domestically produced human-derived long-acting GLP-1 receptor agonist, Isupatide α, by the biotech company Yino Pharma [1][8] - The metabolic disease sector is becoming a critical focus due to its large patient base and treatment needs, with diabetes, obesity, and metabolic dysfunction-related non-alcoholic steatohepatitis (MASH) accounting for 65% of the market share in China and 82.3% globally [3][5] Market Dynamics - The global market for metabolic disease drugs is projected to grow from $145.4 billion in 2024 to $191.6 billion by 2028, with a compound annual growth rate (CAGR) of 7.1% [6] - The Chinese market for metabolic disease drugs is expected to increase from $16.4 billion to $24.5 billion during the same period, with a CAGR of 10.6% [6] - Long-acting GLP-1 therapies are anticipated to dominate the market, with their share rising from 1.2% in 2018 to 86.9% in 2024, and projected to reach 98.7% by 2034 [6] Company Overview - Yino Pharma is positioned as a leader in the industry with its first-mover advantage in the domestic market, aiming to disrupt the existing import monopoly with Isupatide α [10][21] - The company has a robust pipeline with five additional clinical candidates targeting major diseases, including diabetes, obesity, MASH, and Alzheimer's disease, all with global commercial rights [11] - Isupatide α has been approved for treating Type 2 diabetes (T2D) and has already generated revenue of approximately 38.14 million RMB within four months of its launch [17][19] Financial Performance - Yino Pharma has demonstrated a unique advantage by achieving commercialization with its core product while maintaining stable other income streams, with revenues recorded at 16.84 million RMB and 20.06 million RMB in 2023 and 2024 respectively [19] - The company's research and development (R&D) expenditures have significantly decreased from 492.1 million RMB in 2023 to 102.5 million RMB in 2024, reflecting the transition of Isupatide α to the commercialization phase [18] - As of May 31, 2025, Yino Pharma had over 600 million RMB in cash and cash equivalents, providing a solid financial foundation for future pipeline development and market expansion [20][22]

Core Viewpoint - Silver诺医药-B (02591) has successfully listed, with an initial share price of HKD 18.68, raising approximately HKD 634.7 million from the issuance of 36.5564 million shares, and has seen a significant increase of 285.44% to HKD 72 per share at the time of reporting [1] Company Overview - Silver诺医药 focuses on providing high-quality pharmaceuticals for patients with metabolic diseases [1] - The company's pipeline includes the core product, Isupatide α, which is under development for treating obesity and metabolic dysfunction-related fatty liver disease (MASH), along with five other candidates in preclinical stages [1] Product Development - The first pipeline product, Isupatide α (formerly known as Supatide, brand name: Yinuo Qing), is expected to receive approval from the National Medical Products Administration of China in January 2025, making it the first domestically developed humanized long-acting GLP-1 receptor agonist in China [1] - The company is also developing Isupatide α for indications related to weight loss and metabolic dysfunction-related fatty liver disease, addressing significant unmet treatment needs in these areas [1]