Summary of Menohua's Conference Call Company Overview - **Company**: Menohua - **Industry**: Biotechnology, specifically focusing on probiotics and health products Key Points and Arguments G389 Project Development - Menohua has innovatively utilized genetically edited probiotics (such as lactic acid bacteria) to efficiently express GLP-1 analog G389, which is expected to be used for glucose reduction and fat loss [2][5] - The G389 project has completed animal testing and is collaborating with an Italian probiotic company for European registration, with a patent application submitted [2][6] - The commercialization plan for G389 includes two paths: registering it as a non-drug product with the Italian partner, expected to launch in 2026, and using it as a food additive across various products [2][9] Market Potential and Strategy - Menohua aims to cover 10% of the rebound population from GLP-1 drug usage, targeting approximately 750,000 individuals, with a potential market size of 5 billion RMB [3][15] - The company is cautiously optimistic about the market potential, focusing on technology and registration [3][15] - In the U.S. market, Menohua plans to register G389 as a formula and then as a new food ingredient, with a strategy to ensure compliance by registering it as a genetically modified food [13][14] Collaboration with Italian Partner - The Italian partner is a well-established probiotic company with annual sales of around 200 million euros, providing Menohua with necessary expertise and market access [11][10] - The collaboration includes technical exchanges, production process optimization, and market promotion strategies [10][11] Competitive Advantages - Menohua's core competitive barriers include patent protection and technical design, making it difficult for competitors to enter the market [19] - The unique expression of sufficient and effective GLP-1 analogs through probiotics presents a significant challenge for potential competitors [19] Financial Performance and Future Outlook - In the first half of 2025, Menohua reported good overall performance despite a 20% year-on-year decline in API prices, with significant growth in new products and contract manufacturing [23] - The company expects to achieve a net profit margin of 8%-10% and good revenue growth for the year [23] - Menohua anticipates a dual growth in revenue and profit in 2025, with a breakthrough phase starting in 2026 [27][28] Future Product Development - Besides G389, Menohua plans to develop new products such as hangover relief probiotics and anti-inflammatory targets, aiming for differentiation in the market [21][28] - The company is exploring new directions in health and innovative drugs to achieve rapid returns for shareholders [28] Regulatory and Market Entry Strategies - Menohua is considering entering the domestic market through cross-border e-commerce, with plans for compliance and registration in the future [26] - The strategy for non-drug product launches focuses on technical development and finding partners for commercialization [26] Conclusion - Menohua is positioned to leverage its innovative G389 project and strategic partnerships to capture market opportunities in the probiotic and health product sectors, with a focus on compliance, safety, and effective commercialization strategies [2][3][11][27]

Core Viewpoint - Hanyu Pharmaceutical's subsidiary has received approval for liraglutide active pharmaceutical ingredient from the Korean Ministry of Food and Drug Safety, which is expected to enhance the company's competitiveness and positively impact future performance and industry position [1] Company Summary - Hanyu Pharmaceutical's subsidiary, Hanyu Pharmaceutical (Wuhan) Co., Ltd., has had its liraglutide active pharmaceutical ingredient approved by the Korean Food and Drug Safety [1] - Liraglutide is a GLP-1 analog with multiple physiological functions, including promoting insulin secretion in a glucose-dependent manner, protecting pancreatic beta cells, and delaying gastric emptying to reduce appetite [1] Industry Summary - The approval of liraglutide is anticipated to boost the company's competitive edge within the industry, potentially leading to growth in future performance and an improved industry standing [1]