一、小核酸减重1/2a期数据亮相，打开"高质量减重"新范式 Arrowhead Pharmaceuticals围绕其两款减重siRNA项目——ARO-INHBE与ARO-ALK7的1/2a期临床试验中期数据，召开KOL与投资者交流会，系统 回应了市场高度关注的减重效果、脂肪分布改善及未来治疗路径问题。从已披露的数据看，小核酸减重的价值并不局限于"体重下降"，而是首次在临床中清 晰展示了以内脏脂肪为核心的"高质量减重"潜力。 （数据来源：wind） 【小核酸"高质量减重"数据超预期，重塑减重治疗逻辑】 1月7日，医药板块中创新药方向领涨。在海外小核酸减重领域重磅临床数据催化下，上证科创板创新药指数显著走强，科创创新药ETF（589720）单日 上涨4.06%。 （风险提示：提及海外公司及相关技术仅用于行业趋势分析，不构成任何个股推荐）） 【后市展望】 这意味着，小核酸在减重领域并非单纯"追赶GLP-1"，而是提供了不同于传统路径的生物学解法。（风险提示：海外公司及相关项目仅用于行业趋势分 析，不构成个股推荐） 二、"高质量减重"的核心意义：内脏脂肪才是代谢疾病的关键变量 Arrowhead强调，减重治疗的终极目 ...

今天分享的是：2025年GLP_1行业深度：最新进展、市场空间、未来趋势、产业链及相关公司深度梳理 报告共计：26页 GLP-1赛道再燃新火：百亿市场争夺战背后的中国药企崛起 近年来，GLP-1（胰高血糖素样肽-1）类药物正从单纯的降糖药，蜕变为席卷全球代谢治疗领域的明星。它不仅在控制血糖方面 表现卓越，更在减重、心血管获益乃至脂肪肝等领域展现出令人瞩目的潜力。随着国内外药企密集布局，这一赛道的竞争日趋 白热化，一场关于技术迭代与市场渗透的较量正在上演。 多靶点与长效化引领迭代浪潮，疗效边界不断拓展 当前GLP-1药物的研发已告别单一靶点时代，步入"多靶点协同"的新阶段。以礼来的替尔泊肽为代表的GLP-1/GIP双靶点药物， 以及信达生物的玛仕度肽为代表的GLP-1/GCG双靶点药物已相继获批上市。它们通过作用于不同通路，在强力降糖和减重的同 时，实现了血脂、血压、肝脏脂肪等多重代谢指标的综合改善。更进一步，GLP-1/GIP/GCG三靶点激动剂的研发也已提速，旨 在提供更全面的代谢调控。与此同时，从每日注射到每周注射，再到口服制剂的出现，给药方式的持续优化显著提升了患者依 从性，为市场扩容打下基础。诺和诺德 ...

Core Insights - Eli Lilly has withdrawn its Phase IIb clinical trial for bimagrumab combined with tirzepatide for treating type 2 diabetes due to "strategic business reasons" [1] - The company is shifting focus to more promising obesity indications, with a Phase II trial for non-diabetic obese adults still ongoing [1][2] - The decision reflects a prioritization of resources towards areas with higher potential for approval and market success [2][3] Clinical Trial Details - The original trial aimed to enroll 180 participants with obesity and diabetes, monitoring weight loss and body composition over 70 weeks, scheduled from October 21, 2024, to January 2027 [1] - The ongoing obesity trial is expected to yield results by 2026, a year earlier than the diabetes trial [3] - The complexity of diabetes evaluation and established efficacy of GLP-1 drugs may have influenced the decision to halt the diabetes trial [3] Market Reaction - Following the news of the trial cancellation, the stock price of Lai Kai Pharmaceutical surged over 15%, indicating reduced competition and highlighting the value of its collaboration with Eli Lilly on the LAE102 pipeline [4] LAE102 Development - LAE102, developed by Lai Kai, is an ActRIIA monoclonal antibody that aims to provide high-quality weight loss by preserving lean body mass while reducing fat [6][9] - Lai Kai plans to announce preliminary results from its multi-dose study in China and Phase I trials in the U.S. in the second half of 2025 [5][6] Industry Trends - The market for muscle-protecting weight loss drugs is projected to reach hundreds of billions by 2035, with various companies exploring combinations of GLP-1 drugs and muscle-regulating factors [9] - The shift in Eli Lilly's focus towards obesity treatments may signal a broader industry trend towards prioritizing high-quality weight loss solutions that minimize muscle loss [9]

Core Insights - The market is anticipating significant business development (BD) transactions at the upcoming ADA (American Diabetes Association) conference in late June 2025, particularly in the obesity treatment sector [9][11] - Regeneron and Hansoh Pharmaceutical have announced a major licensing deal for Hansoh's GLP-1/GIP dual receptor agonist HS-20094, indicating a strategic shift towards high-quality weight loss solutions [1][2] Group 1: Company Developments - Regeneron has committed to enhancing obesity treatment quality, focusing on sustainable weight loss and muscle preservation, as highlighted by their management during the Q1 2025 earnings call [2][3] - The licensing agreement for HS-20094 includes an upfront payment of $80 million and potential milestone payments totaling up to $1.93 billion, emphasizing the financial stakes involved in this partnership [1] - HS-20094 has shown promising results in Phase II trials, demonstrating significant weight loss comparable to existing treatments while currently undergoing Phase III and Phase IIb trials in China [1][3] Group 2: Industry Trends - The obesity treatment industry is transitioning from a focus on mere weight loss to a more nuanced approach that emphasizes fat loss without muscle loss, termed "weight loss 2.0" [4][5] - There is a growing emphasis on developing "muscle-friendly" weight loss drugs that not only reduce fat but also preserve or enhance muscle mass, addressing a significant unmet need in the market [4][6] - Multiple pharmaceutical companies are exploring various pathways to achieve muscle preservation during weight loss, with several candidates currently in development [5][7] Group 3: Future Outlook - The ADA 2025 conference is expected to showcase important research findings in weight management, potentially catalyzing further collaborations and transactions in the industry [9][10] - The trend of "conference-driven transactions" is anticipated to continue, with the ADA conference serving as a pivotal moment for innovation in obesity treatments [10][11] - The expansion of high-quality weight loss medications could broaden the market's reach, appealing to diverse patient populations, including the elderly and those with sarcopenic obesity [8][7]