Core Viewpoint - Jiangsu Lianhuan Pharmaceutical Co., Ltd. is advancing its innovative drug LH-1801, which is expected to enter the market in 2026 if clinical trials proceed smoothly [1][2]. Company Summary - LH-1801 is a sodium-glucose co-transporter 2 (SGLT-2) inhibitor designed to lower blood sugar by preventing glucose reabsorption in the kidneys, thus reducing the risk of hypoglycemia [1]. - The drug has successfully completed Phase I clinical trials and has been granted exemption from Phase II trials, moving directly to Phase III due to its favorable pharmacokinetic properties and safety profile [2]. - The Phase III clinical study is being conducted across over 70 top hospitals in China, led by a prominent endocrinology expert, ensuring scientific rigor [2]. Industry Summary - Diabetes has become a significant health threat, with a large and growing patient base in China [3]. - The Chinese type 2 diabetes pharmaceutical market is projected to grow at a compound annual growth rate (CAGR) of 10.18% from 2025 to 2030, reaching a market size of 151.8 billion yuan by 2025 and potentially expanding to 259.2 billion yuan by 2030 [3]. - SGLT-2 inhibitors represent a shift in diabetes treatment from merely controlling blood sugar to providing comprehensive cardiovascular and renal protection, making them a core recommendation in global treatment guidelines [3].

Group 1 - The company is actively expanding its international market presence, particularly in the U.S. insulin market through strategic partnerships and ongoing clinical trials for three types of insulin [1] - The company has achieved sales of approximately 200,000 units of liraglutide injection in Q1 2025, with a strong foundation for annual sales growth due to successful procurement results [2] - The company is focusing on the sales of insulin analog products and expanding its market presence for GLP-1 receptor agonists and SGLT-2 inhibitors to meet diverse patient needs [2] Group 2 - The company has received approvals for insulin products in several developing countries, including Nicaragua and Uzbekistan, and is working on expanding registrations for insulin products in these markets [1] - The company is advancing its clinical trials for new products, including THDBH120 for weight loss, which has completed its Phase II clinical trial [2][3] - The company is not currently developing oral insulin products due to technical challenges but will monitor industry advancements for potential future adjustments in R&D strategy [3] Group 3 - The company’s parent group, Dongbao Group, is working to reduce its share pledge ratio, which is currently high due to long project cycles and financial pressures [3] - The long-term outlook for Dongbao Group is positive, with ongoing projects and products expected to enter a recovery phase, improving operational capabilities [4]