每经记者｜徐肖逍 每经编辑｜杨夏 日前，美国减肥药巨头礼来（US LLY）宣布，其GIP/GLP-1药物穆峰达（注：替尔泊肽注射液）获得中国国家药品监督管理局（NMPA）批准，成为首个且 目前唯一用于治疗成人肥胖患者的中度至重度阻塞性睡眠呼吸暂停（OSA）的处方药。 随着GLP-1减肥药赛道竞争日趋激烈，企业间的比拼正从单一的减重疗效，逐步延伸至睡眠呼吸暂停等肥胖相关的并发症上。 Wind数据显示，A股减肥药概念共包含24家企业。每经品牌价值研究院统计发现，其中15家已经发布2024年度ESG相关报告，披露率为62.5%，高于A股46% 的平均水平。同时，每日经济新闻与中央财经大学绿色金融国际研究院（以下简称中财大绿金院）合作开发的"ESG行动派"数据平台显示，A股减肥药概念 股中45.8%的ESG评级处于A级（含A+、A及A-），研发投入头尾部差距较大。 中财大绿金院ESG中心联合主任包婕在接受《每日经济新闻》记者采访时表示，通过ESG评级结果可以发现，在公司治理方面存在风险的企业，往往整体非 财务表现也不佳，有缺陷的公司治理模式导致企业无法在其他维度做到规范。她建议，这类企业需完善内部公司治理架构、机制、 ...

2025 年 7 月 7 日 银河观点集萃 责任编辑 每日晨报 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 OPEC+同意将 8 月份的石油产量提高约 55 万 桶/日 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:官方劳动数据与 ADP 就业为何背离?——美国 6 月劳动数据。偏强数 据下,美股、美元和美债收益率回升,7月降息预期消散:CME 数据显示联邦 基金利率期货交易者预期 2025年在 9 月、10月出现 2 次降息, 累计 50BP, 7 月有 94.8%的概率不降息。资产方面,标普 500、纳斯达克和道琼斯指数均 明显上涨；10年期美债收益率大幅上行 6.3BP 至 4.342%，2 年期升 9.92BP 至 3.880%;美元指数上行至 97.1185;伦敦黄金下跌至 3326.085美元/盎司。 资产方面,我们认为美股短期依靠估值修复反弹后虽然创下新高,但三季度如 果硬数据进一步恶化,持续上行的趋势形成可能要等 ...

整理 | GLP1减重宝典内容团队 随着全球肥胖症和2型糖尿病（T2DM）发病率持续攀升，开发新型高效的治疗药物成为医学研究的重要方向。GLP-1/GIP双受体激动 剂通过同时激活胰高糖素样肽-1（GLP-1）和葡萄糖依赖性促胰岛素释放多肽（GIP）受体，实现控糖和减重的双重效果，在提高治疗 效率的同时降低剂量相关的不良反应。目前，已有十余种此类药物进入临床阶段，仅有一款正式上市，HRS9531的研发进度在全球位 列第二。 在第85届美国糖尿病协会年会（ADA 2025）上，恒瑞医药自主研发的GLP-1/GIP双受体激动剂HRS9531公布了三项最新研究成果：两 项评估注射剂型在超重或肥胖人群中的疗效与安全性，一项探讨口服制剂在健康人群中的药效、代谢动力学及耐受性。本文对这三项研 究内容进行梳理和总结，展示中国在该领域的最新进展。 研究一：HRS9531注射液在中国超重/肥胖人群中的疗效与安全性（Ⅱ期） 研究目的 本项Ⅱ期临床研究旨在评估HRS9531每周一次皮下注射在未合并糖尿病的中国超重或肥胖成人中的体重管理效果及安全性。 安全性 不 良 事 件 发 生 率 为 HRS9531 组 91.8% ， 安 慰 ...

图：礼来股价长期表现；资料来源：wind，36氪 作者 | 黄绎达 编辑 | 郑怀舟 诺和诺德司美格鲁肽是近年来的一款"网红药物"，在介入减肥领域后，凭借其优秀的药效和名人的示范效应，一时风头无两。礼来的同类型药物替尔泊肽 作为后起之秀，在近两年的表现亦颇为亮眼，曝光度不次于司美格鲁肽。 体现在销售数据上，礼来财报显示，替尔泊肽凭借降糖（Mounjaro）和减重（Zepbound）两项适应症，在2025Q1合计实现收入50亿美元，约占同期公司 收入的39%，同比增速更是超过了100%。 在替尔泊肽如此炸裂的销售业绩驱动下，礼来的股价亦是水涨船高。尽管礼来的股价在今年有所调整，但长期表现依然相当优异，自替尔泊肽在2022年5 月获批上市，礼来股价从彼时至今的涨幅高达180%。 那么，替尔泊肽凭借什么实现了销售额的长期高增长？替尔泊肽在未来将面临哪些挑战呢？ 01 替尔泊肽业绩持续高增都有哪些原因？ 替尔泊肽在2022年在美国获批上市后，处方量持续快速增长，而且增速水平远超同期的司美格鲁肽，由此驱动替尔泊肽的市占率快速提升。IQVIA数据显 示，截至2025Q1，礼来（包含替尔泊肽、度拉糖肽等相关产品）在美国肠促 ...

China (PRC) | Healthcare Equity Research China Force in ADA 2025 All eyes on ADA'25 with key presentations during this weekend, e.g.LLY's Orfo and Bima. China biotechs will also have a presence with notable data to watch: 1) Ascletis's ASC30 (orfo-structure oral GLP-1) in Ph1, 2) Laekna's LAE102 (muscle preserving) in Ph1 and 3) Innovent's Mazdutide (GLP-1/ GCG) Ph3 data in T2D. We don't anticipate major surprises from China in ADA'25 though given oral GLP-1 and amylin candidates in early stages and no key ...

21世纪经济报道记者季媛媛上海报道 芝加哥McCormick会展中心，第85届美国糖尿病协会科学年会(ADA)正在这里举行。诺和诺德、礼来两 大巨头的专题研讨会现场人头攒动，会议现场的技术交锋，也预示GLP-1(胰高血糖素样肽-1)类药物市 场的战争才刚刚升级。 今年ADA科学年会上，诺和诺德公布了针对不伴糖尿病的肥胖症患者的STEP UP3b期临床试验结果。 STEP UP试验表明，在第72周时，接受更高剂量的Wegovy(司美格鲁肽7.2mg)治疗的受试者相较于安慰 剂组实现平均21%的体重降幅，其中三分之一的受试者体重降幅达25%或以上。 礼来公布了3期临床研究ACHIEVE-1的详细结果。在所有剂量组中，在研药物orforglipron每日一次口服 实现2型糖尿病成人患者A1C平均降低1.3%至1.6%，且用药四周就可观察到改善。ACHIEVE-1研究的关 键次要终点显示，orforglipron最高剂量组在第40周时实现平均体重减轻7.3kg(7.9%)，且Orforglipron的安 全性与GLP-1RA类药物一致。 有券商医药行业分析师对21世纪经济报道记者指出，随着肥胖症在全球范围内的发病率不 ...

Core Viewpoint - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. has submitted a second listing application to the Hong Kong Stock Exchange after its previous application expired, with a focus on innovative therapies for diabetes and metabolic diseases [1][2] Company Overview - Yinnuo Pharmaceutical was established in 2014 and is dedicated to researching and developing innovative therapies for diabetes and other metabolic diseases [1] - The company has multiple research pipelines targeting diabetes, obesity, and non-alcoholic fatty liver disease [1] Product Pipeline - The core product, Isupatide α (brand name: Yinuo Qing), is set to be approved for treating type 2 diabetes in January 2025 and has entered the commercialization phase [1] - The product for obesity treatment has completed Phase IIa clinical trials and has initiated Phase IIb/III trials in March 2024 [1] - Other pipelines are still in the pre-clinical stage, with the fatty liver disease treatment expected to start Phase IIa trials in 2026 [1] Market Competition - The domestic GLP-1 product market is highly competitive, with around 40 companies developing GLP-1 drugs for weight loss, resulting in a total of 206 pipelines [2][3] - Yinnuo's reliance on Isupatide α raises concerns about its commercial prospects due to intense competition and the presence of multiple established products in the market [2][3] Financial Performance - Yinnuo Pharmaceutical has faced continuous losses, with losses of 301 million, 733 million, and 175 million yuan from 2022 to 2024, totaling 1.5 billion yuan [5] - The company has significantly reduced its R&D spending from 492 million yuan in 2023 to 103 million yuan in 2024, contributing to a narrower loss in 2024 [5] Investment and Valuation - The company has completed four rounds of financing, raising a total of 1.514 billion yuan, with a valuation of 4.65 billion yuan as of January 2024, a significant increase from previous valuations [5] - Prior to the IPO application, some investors transferred their shares at a discount, indicating potential concerns about the company's valuation [6]

16 June 2025 | 3:19PM HKT Hengrui Medicine (600276.SS): ADA 2025: Encouraging data sets from GLP-1 portfolio; Expect initial launch in 2026 On June 13, abstracts from the American Diabetes Association's 85th Scientific Sessions (ADA 2025, June 20-23) have been released. Among China players with data updated for GLP-1 related assets, we highlighted Hengrui with fresh data points for both oral tablet and injection formulation of HRS9531 (GLP-1/GIP), for which the ex-China rights have been licensed-out to a Ne ...

以下文章来源于体重管理三年行动 ，作者体重管理三年行动 体重管理三年行动 . 响应国家"健康中国2030"战略，落实"体重管理年"三年行动，本账号发布权威资讯 ▍肥胖药物治疗需科学规范 肥胖已发展为全球突出的公共健康难题，我国超重及肥胖人数已逾6亿。《减肥药物临床实践医药专家共识》围绕药物疗效、安全性及个体化方 案，首次全面梳理并发布24条专业建议，为临床从药物选择到特殊人群管理提供全方位路径。共识指出，药物治疗应基于生活方式调整，构 建"生活干预+药物"为支撑的综合管理体系。 ▍药物治疗与生活方式干预的协同 1. 科学设定药物减重目标 疗效显著：临床证据显示，规范应用减重药物可带来5%-15%的体重下降，GLP-1类药物（如司美格鲁肽、替尔泊肽）在III期研究中帮助肥胖 患者减重15%-20.9%，同时改善血糖、血脂等多项代谢指标（见推荐1、13）。 减重目标全面升级：不仅关注体重下降数值，更强调长期体重维持、并发症缓解（如心血管事件风险降低20%）及生活质量提升，部分药物 （如替尔泊肽）更被证实可逆转非酒精性脂肪性肝炎（见推荐4、10）。 2. 生活方式干预为减重基石： 共识指出，饮食调整（如低碳水饮食） ...

Core Viewpoint - Heng Rui Pharmaceutical's listing on the Hong Kong Stock Exchange has ignited market interest, raising HKD 9.89 billion with an initial offering price of HKD 44.05 and a current market value exceeding HKD 380 billion [1][2]. Group 1: Listing and Market Performance - Heng Rui's stock opened at HKD 57 and is currently trading at HKD 58.6, reflecting a market capitalization surpassing HKD 380 billion [1][2]. - The company has a significant trading volume of 46.83 million shares, indicating strong market activity [2]. Group 2: Internationalization Strategy - The listing is part of Heng Rui's ambition for internationalization, aiming to diversify funding sources and enhance its global presence [4]. - Despite being a leader in the pharmaceutical industry, Heng Rui's international sales have not met expectations, with overseas revenue accounting for less than 5% of total income over the past three years [4][5]. - The company has been adjusting its international strategy, moving from direct clinical trials abroad to partnerships with larger firms to commercialize innovative drugs [5][6]. Group 3: Business Development (BD) and Revenue Growth - Heng Rui's recent partnerships have led to significant upfront payments, with the company receiving approximately EUR 160 million and USD 100 million in 2024, translating to around RMB 2 billion [6]. - The company has engaged in 13 licensing deals since 2018, with potential total transaction values around USD 14 billion [5][6]. Group 4: Product Pipeline and Future Prospects - Heng Rui has several promising products in its pipeline, including weight loss drugs and cardiovascular treatments, which are expected to generate substantial revenue [7][9]. - The company is focusing on ADC (Antibody-Drug Conjugate) drugs, which are anticipated to contribute significantly to overseas income [9][10]. - Heng Rui has over 90 innovative products in clinical development, with more than 30 in critical stages, indicating a robust pipeline for future growth [11]. Group 5: Long-term Strategy and Infrastructure Development - The funds raised from the Hong Kong listing will be used to build new production and research facilities both in China and internationally [14]. - Heng Rui aims to enhance its production capacity and ensure compliance with international quality standards, which will support its long-term internationalization goals [14][15]. - The company is also expanding into high-end medical devices, further diversifying its product offerings and market reach [15].