Core Viewpoint - The recent Phase II clinical trial results of HDM1002, an oral GLP-1 receptor agonist developed by the company, demonstrate significant weight loss and metabolic improvement, with good safety and tolerability, providing a strong basis for further clinical research [2][5]. Group 1: Clinical Trial Results - The Phase II clinical trial involved 185 participants and lasted 16 weeks, assessing the safety and efficacy of HDM1002 in overweight or obese individuals without diabetes [2]. - After 12 weeks of treatment, the percentage change in body weight from baseline for the HDM1002 100 mg BID, 200 mg BID, 400 mg QD, and placebo groups were -4.63%, -6.08%, -6.83%, and -2.88% respectively, with the 200 mg BID and 400 mg QD groups showing statistically significant differences compared to the placebo [3]. - The proportion of participants in the 200 mg BID and 400 mg QD groups who experienced a weight loss of ≥5% was 63.0% and 56.5%, respectively, both significantly higher than the placebo group [3]. Group 2: Safety and Tolerability - Most treatment-emergent adverse events (TEAEs) and treatment-related adverse events (TRAEs) were mild, with no severe adverse events reported [5]. - The most common TEAEs in the HDM1002 groups were gastrointestinal events, including nausea, vomiting, and diarrhea, all of which were mild to moderate in severity [5]. Group 3: Future Development and Product Pipeline - The successful results of the Phase II trial mark an important milestone in the development of HDM1002, which is now progressing to Phase III clinical research [5]. - The company has established a comprehensive and differentiated product pipeline around the GLP-1 target, including both oral tablets and injectables, with ongoing clinical trials for various innovative drugs [5].

Core Insights - East China Pharmaceutical's innovative drug HDM1002 has shown excellent results in Phase II clinical trials for weight loss, demonstrating good efficacy and safety [1][2][3] Group 1: Clinical Trial Results - HDM1002 was tested in a 16-week Phase II clinical trial involving 185 participants, focusing on its safety and efficacy in overweight or obese individuals without diabetes [1] - After 12 weeks of treatment, the percentage change in weight from baseline for the HDM1002 100mg BID, 200mg BID, 400mg QD groups, and placebo group were -4.63%, -6.08%, -6.83%, and -2.88% respectively, with the 200mg BID and 400mg QD groups showing statistically significant differences compared to the placebo [2] - Sensitivity analysis confirmed similar results, with weight reductions of -5.39%, -7.01%, -8.46%, and -2.87% for the respective groups, and 63.0% and 56.5% of participants in the 200mg BID and 400mg QD groups losing ≥5% of their baseline weight, significantly higher than the placebo group [2] Group 2: Safety Profile - Most treatment-emergent adverse events (TEAEs) and treatment-related adverse events (TRAEs) were mild, with no severe adverse events reported; the most common TEAEs were gastrointestinal issues such as nausea, vomiting, and diarrhea [3] - No trends of elevated liver enzymes were observed across the HDM1002 dosage groups [3] Group 3: Future Developments - The successful Phase II trial results mark a significant milestone in the development of HDM1002, leading to the approval for Phase III clinical research by the Center for Drug Evaluation (CDE) [3] - East China Pharmaceutical has developed a comprehensive product pipeline targeting GLP-1, including oral tablets and injectables, with ongoing clinical trials for other innovative drugs such as HDM1005 and DR10624 [3]

Core Insights - The company reported a stable growth trend in Q1 2025, with revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit of 915 million yuan, up 6.06% [1] - The pharmaceutical industrial sector continues to be a key growth driver, with core subsidiary China East Pharmaceutical achieving revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [2] - The company is focusing on innovation, with over 80 projects in its pipeline, and has significantly increased R&D investment by 49.60% to 880 million yuan in Q1 2025 [4] Business Segments - The innovative drug sales in the pharmaceutical industrial sector are gaining momentum, particularly with the expansion of reimbursement indications for the Bai Ling series products [2] - The CAR-T product, Zewokaiolun, has shown strong sales performance, with over 200 certified medical institutions and 154 effective orders placed by the partner company [3] - The company’s self-developed GLP-1 receptor agonist, HDM1002, has entered the final stages of clinical trials, indicating a robust pipeline in the endocrine field [5][6] Medical Aesthetics - The medical aesthetics segment is showing resilience, with the subsidiary Sinclair achieving approximately 238 million yuan in revenue, a 24.37% increase from the previous quarter [9] - The company has a portfolio of 40 high-end medical aesthetic products, with 26 already launched globally, indicating a strong market presence [9] - New products in the medical aesthetics field, including injectable products, are expected to drive further growth in 2025 [10] Future Outlook - The company aims to leverage its innovative capabilities and product differentiation to expand its market share in the medical aesthetics sector, which is projected to grow steadily [12] - The pharmaceutical industrial sector is expected to maintain a strong growth trajectory, supported by ongoing market expansion and product pipeline development [12] - The overall performance in Q1 2025 reflects the company's commitment to innovation and growth, positioning it for future success in the pharmaceutical and medical aesthetics industries [12]