每经AI快讯，联邦制药(03933.HK)发布公告，于2026年2月2日，本公司全资附属公司联邦生物科技(珠 海横琴)有限公司(联邦生物科技)自主研发的1类创新药UBT251注射液关于合并肥胖的中重度阻塞性睡眠 呼吸暂停(OSA)适应症获得中国国家药品监督管理局临床试验默示许可，受理号为CXHL2501306。 ...

此外，UBT251注射液的超重或肥胖、2型糖尿病、代谢相关脂肪性肝炎及慢性肾脏病适应症已于中国开 展II期临床研究。 作为中国首个化学合成GLP-1/GIP/GCG三靶点受体激动剂新药，UBT251助力公司于该类药物研究领域 占据重要地位。未来，公司将持续致力于新产品研发，并重点提升在生物医药行业的竞争力及创造力， 预期将为公司及其股东创造更大收益。 格隆汇2月3日丨联邦制药(03933.HK)公告，于2026年2月2日，公司全资附属公司联邦生物科技(珠海横 琴)有限公司("联邦生物科技")自主研发的1类创新药UBT251注射液关于合并肥胖的中重度阻塞性睡眠呼 吸暂停(OSA)适应症获得中国国家药品监督管理局临床试验默示许可，受理号为CXHL2501306。 UBT251注射液是联邦生物科技自主研发的多靶点多肽类受体激动剂，可通过作用于胰高血糖素样 肽-1(GLP-1)受体、葡萄糖依赖性促胰岛素多肽(GIP)受体和胰高血糖素(GCG)受体降低血糖，抑制体重 增加。以GLP-1类为代表的减重药物，有望填补OSA治疗领域大量未被满足的临床需求。 ...

联邦制药(03933)发布公告，于2026年2月2日，本公司全资附属公司联邦生物科技(珠海横琴)有限公司 (联邦生物科技)自主研发的1类创新药UBT251注射液关于合并肥胖的中重度阻塞性睡眠呼吸暂停(OSA) 适应症获得中国国家药品监督管理局临床试验默示许可，受理号为CXHL2501306。 此外，UBT251注射液的超重或肥胖、2型糖尿病、代谢相关脂肪性肝炎及慢性肾脏病适应症已于中国开 展II期临床研究。 作为中国首个化学合成GLP-1/GIP/GCG三靶点受体激动剂新药，UBT251助力本公司于该类药物研究领 域占据重要地位。未来，本公司将持续致力于新产品研发，并重点提升在生物医药行业的竞争力及创造 力，预期将为本公司及其股东创造更大收益。 UBT251注射液是联邦生物科技自主研发的多靶点多肽类受体激动剂，可通过作用于胰高血糖素样 肽-1(GLP-1)受体、葡萄糖依赖性促胰岛素多肽(GIP)受体和胰高血糖素(GCG)受体降低血糖，抑制体重 增加。以GLP-1类为代表的减重药物，有望填补OSA治疗领域大量未被满足的临床需求。 ...

此外，UBT251 注射液的超重或肥胖、2 型糖尿病、代谢相关脂肪性肝炎及慢性肾脏病适应症已于中国 开展II期临床研究。 作为中国首个化学合成GLP-1/GIP/GCG三靶点受体激动剂新药，UBT251助力本公司于该类药物研究领 域占据重要地位。未来，本公司将持续致力于新产品研发，并重点提升在生物医药行业的竞争力及创造 力，预期将为本公司及其股东创造更大收益。 智通财经APP讯，联邦制药(03933)发布公告，于2026年2月2日，本公司全资附属公司联邦生物科技(珠 海横琴)有限公司(联邦生物科技)自主研发的1类创新药UBT251注射液关于合并肥胖的中重度阻塞性睡眠 呼吸暂停(OSA)适应症获得中国国家药品监督管理局临床试验默示许可，受理号为CXHL2501306。 UBT251 注射液是联邦生物科技自主研发的多靶点多肽类受体激动剂，可通过作用于胰高血糖素样 肽-1(GLP-1)受体、葡萄糖依赖性促胰岛素多肽(GIP)受体和胰高血糖素(GCG)受体降低血糖，抑制体重 增加。以GLP-1类为代表的减重药物，有望填补OSA治疗领域大量未被满足的临床需求。 ...

Group 1: Pharmaceutical Industry - The domestic raw material pharmaceutical industry is at the bottom of the cycle, with some companies actively transitioning to innovative drug development, which may lead to a harvest period [1] - The raw material drug sector has experienced a four-year downward cycle, with prices of various products, including sartans and heparins, reaching historical lows, resulting in some leading companies operating at a loss [1] - Companies like Huahai Pharmaceutical and Borui Pharmaceutical are focusing on innovative drugs in oncology and autoimmune fields, with several products in various clinical trial stages [2] Group 2: Vaccine and Blood Products Sector - The vaccine industry is facing a continuous decline in performance due to a decrease in newborn numbers and changes in the competitive landscape, although some companies are gradually adopting new technologies and products [3] - The blood products sector is also at the bottom of the cycle, with revenue and net profit expected to decline in 2025 due to inventory levels and demand suppression from medical insurance [3] - The consolidation of leading companies in the blood products industry is expected to increase industry concentration and stabilize pricing [3] Group 3: Medical Services Sector - The medical services sector is experiencing a decline in performance due to DRGs and the consumption environment, with a shift towards utilizing AI technology to enhance the capabilities of primary doctors [4] - The core competitiveness of the medical services industry lies in acquiring and training quality doctors and hospital management, with AI expected to improve patient coverage and diagnostic capabilities [4]

Core Insights - The company reported a revenue of 7.519 billion RMB for the first half of the year, representing a year-on-year increase of 4.8% [1] - The profit attributable to shareholders was 1.894 billion RMB, a year-on-year increase of 27%, with a basic earnings per share of 1.0426 RMB [1] - The company plans to distribute an interim dividend of 0.16 RMB per share, with a payout ratio of 15.3% [1] Group 1: Strategic Developments - The company made significant progress in globalizing its innovative drug portfolio, particularly through a licensing agreement with Novo Nordisk for UBT251, a triple agonist for GLP-1, GIP, and GCG receptors [1] - The agreement includes a 200 million USD upfront payment, potential milestone payments of up to 1.8 billion USD, and tiered sales royalties based on annual net sales in the region [1] - This collaboration marks a key milestone in the company's strategic shift towards innovation and global expansion [1] Group 2: Product Development and R&D - The company has secured procurement contracts for its insulin products with the Brazilian Ministry of Health, achieving record export volumes for similar products from China [2] - The company invested 551 million RMB in drug research and development, with R&D expenses increasing by 14.9% year-on-year [2] - A total of 43 new human drug products are in development, including 22 first-class new drugs focusing on endocrine, metabolism, autoimmune, ophthalmology, and anti-infection areas [2] Group 3: Clinical Trials and Approvals - The company received implied permission from the National Medical Products Administration for the Phase II clinical trial application of UBT251 for chronic kidney disease [3] - The company’s semaglutide injection registration application was accepted by the National Medical Products Administration, and polyethylene glycol eye drops passed the approval process [3] - The company’s liraglutide injection was approved for market release, targeting adult patients with type 2 diabetes [3] Group 4: Future Outlook - The company aims to adhere to an innovation-driven development strategy, enhancing R&D and technological upgrades [4] - Plans include consolidating and expanding core industry advantages through vertical integration and improving operational efficiency [4] - The company will accelerate overseas product registrations and continue to expand its global business footprint while fostering innovation and sustainable development [4]

Core Viewpoint - UBT251, the first high-value licensed three-target weight loss drug in China, is expected to achieve significant clinical progress and market potential in the coming years [2] Group 1: UBT251 Development and Market Potential - UBT251 has initiated four clinical trials in China, with key advancements anticipated for overweight/obesity indications by the second half of 2025 and potential market approval by 2028 [2] - The competitive landscape for three-target drugs is favorable, with UBT251 being the second in clinical progress domestically [2] - Clinical data shows UBT251 demonstrating superior weight loss effects compared to Eli Lilly's Retatrutide, with a 15.1% average weight reduction at the highest dose after 12 weeks [2] - The global market for GLP-1 drugs is projected to reach approximately $51.8 billion in 2024, indicating a growing opportunity for UBT251 [2] - UBT251 is expected to achieve a conservative domestic sales peak of 7.7 billion yuan and an overseas peak of $6 billion, with risk-adjusted sales estimates of 3.8 billion yuan and $3 billion respectively [2] Group 2: Antibiotics and Insulin Business - The company has a comprehensive supply chain in antibiotics, from upstream intermediates to finished products, positioning it as a leading global player in penicillin [3] - The demand for penicillin formulations is expected to drive steady growth in the upstream intermediate/raw material market, benefiting leading manufacturers [3] - In the insulin sector, the company has secured A-class selections in the second round of insulin procurement, with a 52.5% year-on-year increase in procurement volume [4] - The company has a full product line in the diabetes and weight loss sectors, including various generations of insulin and GLP-1 receptor agonists, enhancing its market position [4] Group 3: Investment Outlook - The company is rated as a "Buy-A" with a target price of 20.71 HKD, reflecting confidence in its innovative drug pipeline and expected revenue growth [4] - Projected revenue growth rates for 2025 to 2027 are 0.89%, -3.65%, and 7.25% respectively, with net profit estimates of 2.86 billion, 2.32 billion, and 2.48 billion yuan [4]