Core Viewpoint - The article discusses the recent developments in the GLP-1 drug market, particularly focusing on the approval and clinical trials of semaglutide for weight loss and diabetes management by Four Rings Pharmaceutical and its subsidiary Huisheng Biotech [2][4]. Company Overview - Four Rings Pharmaceutical is a comprehensive pharmaceutical company involved in research, production, sales, and medical aesthetics, evolving through four stages to establish a dual-engine model of "pharmaceuticals + medical aesthetics" [6]. - The company has a history of significant growth, with a compound annual growth rate (CAGR) that has outpaced the industry from 2001 to 2010, and has expanded its operations through acquisitions and upgrades [6]. - As of now, Four Rings has over 600 research personnel and more than 120 new drugs in development, with over 300 patents granted [7]. Product Development - Semaglutide, a new long-acting GLP-1 receptor agonist, has shown dual effects in lowering blood sugar and controlling weight by promoting insulin secretion and suppressing appetite [4]. - The "weight loss version" of semaglutide has completed its Phase III clinical trial enrollment and is now in the follow-up stage [2]. - The core component patent for semaglutide in China will expire in March 2026, with seven companies having their related applications accepted, focusing primarily on Type 2 diabetes treatments [5]. Market Competition - Novo Nordisk has been an early player in this market, with its diabetes injection product, Ozempic, approved in April 2021, followed by oral and weight loss versions in 2024 [5]. - The competitive landscape includes various companies pursuing different registration classifications and technical routes for semaglutide-related products [5].

Group 1 - The core viewpoint of the articles highlights Novo Nordisk's strong financial performance in Q1 2025, with significant sales growth driven by its diabetes and obesity treatment products, particularly in the Greater China region [1] - In Q1 2025, Novo Nordisk's sales increased by 19% in Danish kroner and 18% at constant exchange rates (CER), reaching 78.1 billion Danish kroner, while operating profit grew by 22% in Danish kroner and 20% at CER, totaling 38.8 billion Danish kroner [1] - Sales in the Greater China region saw a remarkable increase of 25% in Danish kroner and 22% at CER, primarily driven by the growth in obesity and diabetes treatment products [1] Group 2 - The sales of GLP-1 products for type 2 diabetes in mainland China grew by 28% in Danish kroner and 26% at CER, reflecting strong performance of the product NovoTide® [1] - Novo Nordisk holds a leading position in the GLP-1 market for diabetes treatment in China, with a market share of 80.9% [1] - The sales in the rare disease segment in the Greater China region surged by 157% at CER, mainly due to growth in the rare blood disease sector [1] Group 3 - For the full year 2025, the company projects a sales growth rate of 13-21% at CER and an operating profit growth rate of 16-24% [1] - The company anticipates that the growth rates in Danish kroner will be 3 and 5 percentage points lower than those at CER, respectively [1] Group 4 - In the U.S. market, the penetration of branded GLP-1 drugs has been lower than expected, prompting Novo Nordisk to combat illegal drug compounding and expand product accessibility [2] - There are approximately 1 billion individuals with obesity globally, yet only a few million are receiving treatment, indicating a significant market opportunity for Novo Nordisk as it continues to pursue the global launch of Wegovy® [2]