中国制造的抗肥胖药物管线值得关注，我们寻找下一个美国赢家

Roger Song, MD, CFA * IEquity Analyst(617) 342-7955 Irsong@jefferies.comCui Cui, CFA ^ IEquity Analyst+852 37671228 Icui.cui@jefferies.comFiona Jia, Ph.D. * IEquity Associate+1 (617) 342-7942I fjia@jefferies.comChu Wang ^ IEquity Analyst+852 37671229 Ichu.wang@jefferies.comLiang Cheng, Ph.D. * I Equity Associate+1 (617) 342-7896 Ilcheng1@jefferies.comCha Cha Yang, MS, MBA * IEquity Associate+1 (857) 330-5772Icyang2@jefferies.comNabeel Nissar * I Equity Associate+1 (617) 345-8677 Innissar@jfferies.com JefferiesWe screened large cap obesity exposure,past deals and interest levels.We continue to see highlevels of interest from LLY, NVO, ROG, AZN, AMGN, PFE, Bl, and growing interests from MRK, REGNand ABBV Chart 9. Also, we summarized SMID with obesity programs Chart 10.Chart 1 - Recent China/US Obesity DealsLicensorLicenseeBIOAJiKangREGNHansohNVOUnited LabsVerdivaSciwindCorxelVincentageMRKHansohLLYLaeknaKaileraHengruiAZNEccogeneLLYInnoventurce: Company reportChart 2 - Small Molecule Obesity Programs (China) and CatalystGLP-1GSBR-1290GPCRGLP-1AZDS5004GLP-1AsdletiGUP-1CX11(VCT220)HDM1002GLP-1SYH2067Chart 3 - GLP-1 Peptide Programs (China) and CatalystsPEG-LoxenatideenaglutidePharmaceuticalPB-119PegBioEcnoglutideSciwind BioscienceGZR18Gan & LeeZT002QL BiopharmaEfsubaglutide AlfaInnogen PharmaVRB101 (Oralecnoglutide)TE-8109Exd39120ZT006Beijing ZhitaiSPN009Chart 4 - GIP or GCG Single Target Programs (China) and CatalystsDrugSciwindPlease see important disclosure information on pages 6 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. SeeFull ReportforDetailsonKeyChinaPipeline.Drug/ progranTargetModalityROADeal Value (total)ApelineAPJnanobodyoral and subqNA6/3/2025HS-20094GLP-1/GIPpeptidesubq$1.93B6/2/2025UBT251triple Gpeptidesubq$2B3/24/2025XW004GLP-1peptideoral$2.4Boral and subq1/10/2025amylinamylinpeptideVCT220GLP-1small moleculeoralNA12/23/2024HS-10535GLP-1$2B12/18/2024LAE102ActRIIAAntibodyIV orSubQNA11/20/2024KAI-9531GLP-1/GIPpeptidesubqKAI-7535GLP-1small moleculeoralNAMay2024KAI-4729triple GpeptidesubqAZD5004GLP-1small moleculeoral$2BNov2023MazdutideGLP-1/GCGpeptidesubqNAAug’2019DanuQDPh3 (China)besityYE25Small moleculeorfoOralQDPh2b (US)ObesityPh2b topline data40.25orfoOralQDPh2b (U5)besityorfeorarQD(sn) e24dObe sityep25/4Q25QMPh1/2Obesity1H26besityOralObeslty2025mid259CatalysApproved (China)NAGLP-1peptidebqnseApproved (Chin:NANAGLP-1peptideCubaQWBLA (China)NANAGLP-1QWPh3 (China)potential China approval2026Ph3 (China)Ph3 topline datamid26GLP-1微中Q2WPh2 (US)al data formPh2 headearly 2026-headwith tirzepatidePh1 (China)Ph1 data, iglobal Ph1 startQ2WorQ4wGLP-1peptidesubQQWorQ2WPh2 (China)Ph2 topline d ata2025EGLP-1QWPh1 (Australia)data update and Ph star2025SubqNAPh (China)NANAGLP-peptideSubqNAPh1 (China)NANAGLP-1pe ptideSubqNAPh1 (China)NANAIND (ChinaNANAROAStageCatalyst JefferiesChart 5 -GLP-1/GIP Combo Programs (China) and CatalystsVKTXVK2735RAY1225THDBH120: Company rChart 6 - GLP-1/GCG Combo Programs (China) and CatalystsPB-718PeBio CoTB001Sreentech Bharmaceutical ResearchChart 7 - Triple G or Triple Agent Programs (China) and CatalystsChart 8 - Selective Non-incretin Programs (China) and CatalystsVRB-103XW016Hangzhou Jiuyuan GeneticASC41AscletisASC47AscletisHP515Hinova Pharmaceuticals202317767A1iheal BicANPA-0073/JiKang TherapeuticsAPJ Dn Peplib BiotechIMC-003ImmuneOncoLAE123LaeknaLAE103LaeknaSPIMC-010XNA-16UKxNA BiotechnologYPlease see important disclosure information on pages 6 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesChart 9 - Large Cap Current Obesity Pipeline, Deal History and Interest LevelROGAZD5004,AZD623peptidABBVDACRAREGNGLP-1/GlIP peptideGILDJNIBayerAGBMYVRTXKGaA)and JefChart 10 - SMID Obesity Programs and CatalystsCompanyACCG-2267VKTXGLP-1/GIPVK2735ALTpemvidutideGLP-1/GCGKAl-9531[HRS9531)GLP-1/GIPKailera/HengruiKA1-7535HR5755]KA1-4729(HRS-4729triple GZEALPetrlintideDACRADapiglutideGLP-1/GLP-2MET-097L60-L3WMET-233EZ-1EWMET-067MTERNSTERN-601CX11(VCT220)VTX3232VIX3232ARWRARO-INHBEARO-ALK7ALK7(lolexis TherapeutiBLX-7006GUB014295Verdiva/SciwindOral ecnoglutideWVEINHBESIRNAMTVADA-1726GLP-1/GCAntag TherapeuticsAT-7687antagorE-10PTGXPlease see important disclosure information on pages 6 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesGPCR continues to lead the small molecule GLP-1 space in the US, particularly among orfo-basedstructure, despite rising China data. KA/-7535 (HRS-7535) acquired from Hengrui by Kailera as partof a bundle deal and debut of the Co, currently in China Ph3 studies for OW/OB and T2D with datatargeting mid'26/YE25, while US plans TBD. Recent China Ph2 26W data at ADA showed modest, upto (180mg dose) 6.87% pbo-adj WL at 26W and 8% at 36W. ASC30 oral closest in dev stage with '1290(US Ph2a 13W topline in 4Q25)/ similar orfo scaffold (although might be in patent di