2025 年 12 月 17 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 郭磊 S0350525070004 guol02@ghzq.com.cn 证券分析师： 曹泽运 S0350525110001 caozy@ghzq.com.cn [Table_Title] 双靶 GLP-1 进展顺利，看好减重市场发展 ——华东医药（000963）公司点评 最近一年走势 事件: 2025 年 12 月 15 日，华东医药投资者关系微信公众号发布微信文章：公 司全资子公司中美华东研发的创新多肽类人 GLP-1 受体和 GIP 受体的双 靶点长效激动剂 HDM1005 注射液在体重管理适应症中国 II 期临床试验 中取得了积极结果。 投资要点: 相关报告 《华东医药（000963）2025 年三季报点评：业绩 稳定增长，后续管线丰富（买入）*化学制药*郭磊， 曹泽运》——2025-12-08 国海证券研究所 请务必阅读正文后免责条款部分 相对沪深 300 表现 2025/12/16 表现 1M 3M 12M 华东医药 -8.8% -5.4% 11.8% 沪深 300 -2.8% -0.6% 15.0% 市场数据 ...

Group 1 - Dingdang Health (09886) saw a stock price increase of over 5%, reaching a rise of 6.82% to HKD 0.94, with a trading volume of HKD 5.2407 million [1] - Recently, Dingdang Health announced a partnership with Eli Lilly, expanding the availability of Tirzepatide injection (Mounjaro) to pharmacies in Guangzhou and Shenzhen, following its introduction in Beijing [1] - According to Tianfeng Securities, over 2.6 billion people globally were affected by overweight/obesity in 2020, indicating a growing weight loss market, with Eli Lilly being a leading company in this sector [1] Group 2 - Dingdang Health aims to leverage Eli Lilly's innovative drug products and health education capabilities, combined with its own extensive smart pharmacy network, end-to-end intelligent logistics system, and professional healthcare team, to provide a comprehensive health solution for overweight/obese and diabetic populations [1] - The collaboration is expected to enhance medication accessibility and health management levels for targeted demographics [1]

Core Viewpoint - Dingtang Health (09886) has seen a stock price increase of over 5%, currently up 6.82% to HKD 0.94, with a trading volume of HKD 5.24 million, following a partnership announcement with Eli Lilly [1] Group 1: Company Developments - Dingtang Health has officially launched the injection of Tirzepatide (Mufengda) in pharmacies in Guangzhou and Shenzhen, expanding its collaboration with Eli Lilly beyond Beijing [1] - The partnership aims to provide a one-stop health solution for overweight/obese and diabetic populations, enhancing medication accessibility and health management levels [1] Group 2: Market Context - According to Tianfeng Securities, over 2.6 billion people globally were affected by overweight/obesity in 2020, indicating a growing weight loss market [1] - Eli Lilly is recognized as a leading company in the weight loss sector, which aligns with the strategic goals of Dingtang Health [1]

Summary of the Conference Call for 博瑞医药 Company Overview - **Company**: 博瑞医药 (Borui Pharmaceutical) - **Industry**: Pharmaceutical, specifically focusing on innovative drugs and weight loss treatments Key Points and Arguments Clinical Development and Pipeline - **BGM0,504 Injection**: Phase III clinical trials expected to complete in Q1 2026, with potential market launch by the end of 2026 or early 2027. The 15mg dosage group showed a weight loss of 19.78% over 24 weeks, outperforming the 11.96% of tirzepatide [2][3] - **BGM1,812**: A long-acting amylin analog, currently in preclinical stages, showing stronger agonistic effects on Amylin and calcitonin receptors compared to existing drugs, with potential to be a best-in-class treatment [2][3] - **BGM0,504 Oral Tablets**: Received CDE IND acceptance, expected to enter clinical trials within the year, which will gradually reflect in the company's valuation [2][5] Financial Performance - **Revenue Growth**: Steady revenue increase from 2018 to 2024, with a projected fluctuation in Q1 2025 due to high base effects from Q1 2024 and reduced demand for oseltamivir due to lower flu incidence. Anticipated continuous growth as flu normalizes and company transitions [2][6] Market Potential - **Weight Loss Market**: Rapid development expected, with projections indicating the Chinese market could reach 68 billion RMB by 2030. The sales of semaglutide have exceeded 30 billion USD, indicating a vast market that can accommodate multiple major products [2][8] Innovation and Technology - **GLP-1 Field Progress**: Significant advancements in GLP-1 area, with BGM0,504 injection showing excellent data. The oral formulation is also promising, with no existing oral dual-target peptides in development globally as of July 2025 [10] - **Macro Technology Platform**: The company holds a stake in Shenzhen Aoli Bio, which possesses a superior Macro technology platform compared to the SNACK technology used by semaglutide, enhancing drug stability and efficacy [10] Valuation and Investment Potential - **Pipeline Valuation**: The innovative drug pipeline, including BGM0,504 and BGM1,812, has not been fully reflected in the company's market valuation. Peak sales for BGM0,504 are projected to reach 5-10 billion RMB, indicating significant upside potential [4][12] Competitive Landscape - **Generic Drug Business**: Involvement in generic drugs, particularly high-difficulty generics, benefiting from cost-saving policies. The company is focusing on antifungal, antiviral, and immunosuppressive categories, with stable demand in antifungal products [13][14] Technical Platforms - **Multiple Technical Platforms**: The company has several platforms, including chiral drug platforms and non-biological macromolecule platforms, with products like carboxymaltose iron expected to launch by the end of the year, contributing to profits [15] Additional Important Insights - **Leadership**: Chairman 袁建栋 has a strong academic background and leads a capable R&D team, recognized for overcoming significant synthetic challenges [7] - **Market Dynamics**: The GLP-1 market is expected to see significant transactions in the near future, with potential record-breaking deals anticipated as companies catch up in this lucrative sector [11]