Orient Securities has released a research report stating that the ADA 2026 Congress recently announced its titles, with over 50 studies from more than 20 domestic companies set to present data. Among these, 20 studies have been selected for key presentations. Domestic drug pipelines are increasingly demonstrating international competitiveness, showing significant advantages particularly in cutting-edge areas such as small nucleic acids, oral medications, and ultra-long-acting formulations. The future may see a shift from rapid follow-up in crowded MNC fields to pioneering research and development based on unmet clinical needs. The main views of Orient Securities are as follows:

The ADA (American Diabetes Association) Congress is one of the most important and advanced international conferences in the fields of diabetes and weight management globally. The ADA 2026 Congress recently announced its titles, with abstracts to be released on May 29. The official conference will be held from June 5 to 8 in New Orleans, USA.

**Domestic Pipelines: Oral Drugs as the Focus, Significant Advantages in Cutting-Edge Fields** According to incomplete statistics, this congress will feature data disclosures from over 50 studies by more than 20 domestic companies, with 20 studies selected for key presentations (oral presentations and late-breaking posters). In terms of drug forms, the studies selected for key presentations are predominantly oral medications. Additionally, the congress will also feature disclosures of preclinical research data for globally scarce pipelines, including small nucleic acid drugs, oral AMYR drugs, and once-weekly oral medications. The report suggests that domestic pipelines are gradually showcasing international competitiveness, with notable strengths particularly in frontier areas like small nucleic acids, oral drugs, and ultra-long-acting formulations. The future may involve a transition from quickly following trends in areas crowded with multinational corporations (MNCs) to leading research and development grounded in addressing unmet clinical needs.

**MNCs: Multiple Key Studies to be Presented, Competition Enters Critical Phase** The global GLP-1 drug market is dominated by semaglutide and tirzepatide. Major players like Eli Lilly, Novo Nordisk, and other multinational pharmaceutical companies are all developing next-generation potential blockbuster products with competitive edges, covering areas such as multi-target molecules, oral small molecules, and ultra-long-acting formulations. At this ADA congress, MNCs will unveil detailed data from key studies of several important products expected to compete in the market in the future. These include retatrutide, orforglipron, CagriSema, AZD5004, MET-097i, CT-388, and petrelintide, among others. Competition among MNCs has entered a critical phase: whether Eli Lilly and Novo Nordisk can maintain their leading positions with new products like retatrutide and CagriSema, and whether other MNC pipelines possess sufficient competitiveness to capture market share, will be partially revealed at the ADA 2026 Congress.

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**Risk Warnings** Risks associated with innovative drug R&D failure; risks of intensified market competition; risks related to the commercialization of innovative drugs, etc.