文｜财华社 医械企业如何布局减肥赛道？ 在全球生活方式改变、城市化及人口老龄化的驱动下，包括肥胖症、代谢功能障碍相关脂肪性肝炎（MASH）及2型糖尿病（T2DM）在内的代谢性疾病 已成为一项普遍的全球健康挑战，并为医疗器械领域创造了规模最大且增长最快的机遇之一。 成立于2016年的糖吉医疗是一家立足于中国的医疗器械公司，专注于为代谢性疾病的治疗及全周期管理提供创新解决方案，旨在提供有别于药物治疗及侵 入性减重手术的独特治疗方法。 在业务布局上，糖吉医疗形成了"核心产品+关键产品+配套器械+数字健康"的多元化管线：核心产品胃转流支架系统（GBS）已实现商业化；关键产品包 括针对MASH的GBS-SH（获FDA突破性器械认定）、针对2型糖尿病的GBS-DM，以及可降解胃内球囊（DIGB）、可取出收胃内球囊（RIGB）；配套器 械涵盖电子胃镜、内镜回收套件等；数字健康平台Dtx与临床营养食品则完善了全周期管理闭环。 | | FINE | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

Summary of Key Points from the Conference Call Industry Overview - The weight loss sector is expected to diversify by 2026, with multinational pharmaceutical companies accelerating their investments and new technologies rapidly evolving to address the shortcomings of existing GLP-1 drugs, such as adherence, efficacy, and safety issues. Oral, multi-target, and monthly dosing are emerging as significant trends [1][4]. Core Insights and Arguments - **Clinical Trial Results**: - Gilead's oral GLP-1 drug showed a 7.7% weight loss effect in the 60 mg dose group during Phase I trials in the U.S., outperforming Eli Lilly's similar products with better safety [1][5]. - Shodai's Phase II trials indicated an 11.3% weight loss in the 120 mg dose group, although with higher adverse reactions, prompting optimization of the titration scheme [1][5]. - **Strategic Collaborations**: - Pfizer and Fosun Pharma entered a collaboration for an oral GLP-1 receptor agonist, with an upfront payment of $150 million and a total deal value of $2 billion, highlighting China's leading position in this field and attracting international attention [1][6]. - **Market Dynamics**: - GLP-1 drugs like semaglutide and tirzepatide are experiencing significant sales growth, becoming billion-dollar products. Companies like Sody and Beifu have seen stock price surges following data updates [2]. Emerging Trends - **Focus Areas**: - Key focus areas in the weight loss sector include improving adherence (oral products), enhancing efficacy (multi-target combination therapies), and optimizing safety [1][7]. - **Innovative Approaches**: - New generation oral products are expected to offer greater convenience, with dosing frequency shifting towards monthly administration. Innovations are also being explored to enhance efficacy and safety, such as using dual receptor monoclonal antibodies or small nucleic acids to preserve muscle mass and reduce gastrointestinal side effects [4][16]. Notable Companies and Developments - **Gilead and Shodai**: - Gilead's new oral GLP-1 receptor agonist and Shodai's ongoing trials are highlighted as significant opportunities for investment [1][7]. - **Federal Pharmaceuticals**: - The company has licensed UBT251 to Novo Nordisk for $185 million, with overseas clinical trials expected to start in Q1 2026 [2][10]. - **Amy Target Developments**: - Eli Lilly's Elon Limited is set to present Phase II data at Obesity Week, showing promising safety and efficacy results, which could position it as a significant player in the market [11][12]. Future Outlook - **Market Predictions**: - The weight loss sector is anticipated to continue evolving with more significant business development transactions and innovations in drug delivery methods, particularly monthly dosing technologies [4][15]. - **Investment Opportunities**: - Companies like Gilead and Shodai are recommended for their potential breakthroughs in the GLP-1 space, while the multi-target weight loss sector is also gaining traction with promising clinical data [1][7][10]. Additional Insights - **Polypeptide Industry Growth**: - The polypeptide supply chain is rapidly developing, with increasing demand driven by pricing strategies from major players like Novo Nordisk and Eli Lilly, which are expected to enhance market access and approval processes [17].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - Major multinational corporations (MNCs) such as Pfizer, Eli Lilly, and Novo Nordisk are actively expanding their long-acting pipelines and technology platforms, with Pfizer's acquisition of Metsera for approximately $9.2 billion being a significant move [4][14] - The report anticipates that long-acting new therapies will become a key competitive direction in the weight loss and diabetes treatment sectors, with increasing clinical data expected to highlight the value of these long-acting pipelines and technology platforms [14][30] Summary by Sections Long-Acting Revolution in Weight Loss - The long-acting revolution in the weight loss sector is being driven by MNCs, with Pfizer's acquisition of Metsera providing access to core assets like MET-097i and MET-233i, which are long-acting GLP-1 receptor agonists and amylin analogs [4][14] - The HALO platform from Metsera allows for significant extension of drug half-lives, with MET-097i and MET-233i having half-lives of approximately 15.8 days and 19 days, respectively [30][31] Key Technologies for Long-Acting Delivery - The report identifies several key technologies for achieving long-acting drug delivery, including: - **Antibody-Drug Conjugation**: A mature technology exemplified by Amgen's AMG133, which is in Phase III clinical trials [18] - **Fatty Acid End Modification**: Gaining attention following Pfizer's acquisition of Metsera, with platforms like MBX's dual fatty acid chain modification technology also in development [24][33] - **Subcutaneous Reservoir Controlled Release**: Widely applicable technology with strategic partnerships formed by Eli Lilly and Novo Nordisk [5][12] - **Peptide Stapling Technology**: Enhances the stability of short peptides, with companies like Zhongsheng Pharmaceutical and Tonghua Dongbao developing relevant products [6][17] Recommended Companies - The report recommends focusing on innovative drugs and their supply chains, particularly in the context of flu-related investment opportunities. Monthly and weekly recommended stocks include: - Monthly: 3SBio, Innovent Biologics, Baillie Gifford, Frontier Biotechnologies, Haofan Biologics, Aopumai, Shanghai Yizhong, WuXi Biologics, Zai Lab, and Fangsheng Pharmaceutical [7] - Weekly: Yuyuan Pharmaceutical, East China Pharmaceutical, Hotgen Biotech, Yaokang Biotech, Bid Pharmaceutical, Haoyuan Pharmaceutical, and Sunshine Novo [7]