Group 1 - The core viewpoint is that improving patient compliance and high-quality weight loss will become the new direction for the development of next-generation weight loss and diabetes drugs, with Chinese companies leading globally in pipeline quantity and quality in oral, ultra-long-acting, multi-target, and combination therapies [1] - Multinational corporations (MNCs) are accelerating their layout in the weight loss and diabetes market, which is projected to exceed $100 billion, creating a golden opportunity for business development (BD) [1] - GLP-1 receptor agonists (GLP-1RA), represented by semaglutide and tirzepatide, are transforming the treatment paradigm for diabetes and obesity, with global sales expected to exceed $150 billion by 2031 [1] Group 2 - To enhance patient compliance, the focus is on oral GLP-1RA drugs and ultra-long-acting medications, with several promising pipelines in development [2] - Oral pipelines include small molecules and peptide drugs, with notable progress from companies like Eli Lilly and Novo Nordisk, while ultra-long-acting formulations are being developed to reduce dosing frequency and simplify treatment [2] - Current ultra-long-acting weight loss drugs in development include Amgen's MariTide and Metsera's MET-097i and MET-233i, which aim for dosing intervals of every 4 weeks [2] Group 3 - High-quality weight loss drugs are being developed through multi-target approaches and special target combination therapies, which can overcome the limitations of single-target therapies [3] - Multi-target weight loss drugs activate or inhibit multiple metabolic receptors, enhancing weight loss effects, metabolic improvement, and patient compliance [3] - Popular targets for development include GIPR, GCGR, and AMYR, with the potential for combination therapies to set new standards in weight loss by improving metabolic health and preserving lean body mass [3]

Investment Rating - The investment rating for the biopharmaceutical industry is "Positive" (maintained) [2] Core Insights - The GLP-1RA class of drugs, represented by Semaglutide and Tirzepatide, is rapidly expanding, creating a multi-billion dollar market opportunity. By 2031, global sales of GLP-1RA drugs are expected to exceed $150 billion, with significant growth anticipated in the weight loss market post-2025 [6][23] - Major multinational corporations (MNCs) are accelerating their entry into the weight loss and diabetes management market, with frequent high-value business development (BD) transactions. Notable acquisitions include Roche's $3.1 billion purchase of Carmot Therapeutics and Merck's acquisition of Hanmi Pharmaceutical's oral GLP-1 small molecule [25][28] - The development of oral and ultra-long-acting products is expected to enhance patient compliance, with ongoing research into both small molecule and peptide oral drugs. Companies like Eli Lilly and Novo Nordisk are leading in this area, with several domestic firms also showing strong potential for international expansion [30] Summary by Sections 1. MNC Accelerating Layout in Weight Loss and Diabetes Management - GLP-1RA drugs are experiencing rapid growth, with Semaglutide and Tirzepatide leading the market. In 2024, Semaglutide's global sales are projected to be approximately $29.2 billion, a year-on-year increase of about 38%, while Tirzepatide's sales are expected to reach $16.5 billion, growing by approximately 208% [16][17] - The market is currently dominated by Novo Nordisk and Eli Lilly, which together hold nearly 97% market share, indicating a duopoly in the sector [23][24] 2. Enhancing Patient Compliance through Oral and Ultra-Long-Acting Products - The development of oral GLP-1RA drugs is seen as a promising avenue to improve patient adherence, with ongoing research into both small molecule and peptide formulations. Companies like Eli Lilly and Novo Nordisk are at the forefront of this innovation [30] - Ultra-long-acting formulations are also being developed, significantly extending dosing intervals and simplifying treatment regimens, which is expected to further enhance patient compliance [7][30] 3. Multi-Target Drug Development and Combination Therapies - Multi-target weight loss drugs are being developed to overcome the limitations of single-target therapies, aiming to activate or inhibit multiple metabolic receptors for improved efficacy. Key targets include GIPR, GCGR, and AMYR [8][29] - Combination therapies that integrate special targets are anticipated to set new standards in weight loss treatment, focusing on fat reduction while preserving lean body mass [8][29] 4. Investment Recommendations - The report recommends several companies as potential investment opportunities, including Innovent Biologics, East China Pharmaceutical, and Boehringer Ingelheim, which are well-positioned in the weight loss and diabetes management sectors. Beneficiary companies include Heng Rui Medicine, Shijiazhuang Pharmaceutical Group, and others [9]