Recently, according to Hong Kong Stock Exchange disclosures, Hangzhou XianWeida Biotechnology Co., Ltd.-B (hereinafter referred to as "XianWeida Biology") has officially submitted its listing application to the Hong Kong Stock Exchange main board, with Morgan Stanley and China International Capital Corporation serving as joint sponsors.

XianWeida Biology is a biopharmaceutical company on the verge of commercialization, focusing on the development of innovative therapies in the weight management field. Since its establishment in 2017, the company has completed multiple financing rounds with cumulative funding of approximately 2.2 billion yuan. The Series D financing completed in December 2024 reached 467.5 million yuan, raising the post-money valuation to 4.8675 billion yuan, attracting participation from numerous renowned institutions including IDG Capital, Tencent Investment, Meituan Strategic Investment, Zhauling Capital, Zhengxingu Capital, Legend Capital, Shiyu Capital, and Lilly Asia Fund.

In recent years, GLP-1 drugs have become one of the most watched tracks in the global pharmaceutical sector, with related concept companies also receiving significant attention in capital markets. Against this backdrop, while XianWeida Biology demonstrates significant technical advantages and clinical potential in its core products, it still faces the high investment and long-cycle R&D risks common to innovative pharmaceutical companies. Additionally, as a company that has not yet experienced a complete product commercialization cycle, the company still lacks mature experience in large-scale production, market access, and sales channel development, bringing uncertainty to its future market expansion and profitability.

**Cumulative Losses Exceed 1.2 Billion Yuan, Core Product is World's First**

XianWeida Biology is a biopharmaceutical company approaching commercialization stage, focusing on R&D of innovative weight management therapies for obesity and related diseases. The company is committed to transforming cutting-edge proprietary technologies into safe, effective, and comprehensive solutions to achieve lasting, high-quality weight loss effects, optimize treatment of various complications, and extend beyond overweight/obesity treatment to further address cardiovascular metabolic risks and potentially provide organ protection.

From a financial performance perspective, as no products have entered commercialization stage yet, XianWeida Biology remains in a loss-making state. In 2023, 2024, and the first half of 2025, the company's operating revenues were 0 yuan, 0 yuan, and 91.067 million yuan respectively; net losses were 620 million yuan, 486 million yuan, and 108 million yuan respectively. Notably, R&D expenses during the same periods were 456 million yuan, 284 million yuan, and 65 million yuan respectively, accounting for 73.55%, 58.44%, and 60.19% of total losses, showing the company's continuous focus on investing funds in R&D activities. As of June 30, 2025, the company's cash and cash equivalents were 780 million yuan, providing funding support for subsequent R&D and product commercialization.

XianWeida Biology's core product, Enogrutide Injection (XW003), is expected to become the world's first cAMP-biased GLP-1 receptor agonist for treating overweight/obesity and type 2 diabetes. The company submitted a new drug application to the National Medical Products Administration in 2024, with expected approval and commercial launch in China in the first half of 2026.

The product shows positive clinical data: According to published trial results, Enogrutide Injection (XW003) achieved a 15.1% placebo-adjusted weight loss effect in Chinese overweight/obese patients (with female patients averaging 17.6% weight loss), superior to semaglutide (8.5%), and achieved tirzepatide's efficacy at a lower dose (2.4mg vs 15mg). To further validate its efficacy and advantages, the company launched a Phase II comparative study of XW003 versus semaglutide injection (SLIMMERUP-SWITCH study) in July 2025, expected to complete by 2027.

In terms of international expansion, XianWeida Biology is also making steady progress. In April 2024, the company reached a licensing agreement with South Korea's inno.N, involving the development and commercialization of Enogrutide Injection for obesity, Type II diabetes, and MASH indications in South Korea; In October 2024, it reached licensing cooperation with Verdiva for a GLP-1 and Amylin receptor agonist product portfolio including oral Enogrutide (XW004), subcutaneous Amylin receptor agonist (XW015), and oral Amylin receptor agonist (XW016) in regions outside Greater China and South Korea.

In its R&D pipeline, XianWeida Biology has formed a product portfolio centered on GLP-1 receptor agonists, covering oral peptides and small molecule drugs, Amylin peptide analogs, and other innovative drugs in the weight management field, spanning both injection and oral formulations. However, except for Enogrutide Injection, most of the company's other products are still in early clinical stages, requiring time before commercial launch.

**GLP-1 Track Competition Intensifying**

With the continuous strengthening of public health awareness, "weight management" is increasingly becoming a social focus and gradually developing into an independently expanding market. Weight abnormalities, especially overweight and obesity, have been confirmed as major risk factors for chronic diseases such as cardiovascular disease, diabetes, and certain cancers. According to Frost & Sullivan analysis, the diagnostic and treatment needs for weight management and obesity-related complications have become one of the fastest-growing medical needs globally.

The global weight management drug market is large and growing steadily, expected to increase from $112.8 billion in 2024 to $165.9 billion in 2029. In China, obesity issues are equally becoming increasingly severe. The "Expert Consensus on Obesity Prevention and Treatment for Chinese Residents" indicates that currently over 50% of adults and about 20% of school-age children nationwide are overweight or obese, with some cities showing childhood and adolescent overweight and obesity rates reaching 40%. Over the past twenty years, China's overweight rate, obesity rate, and related chronic disease prevalence have all shown rapid upward trends.

In recent years, with the global popularity of GLP-1 drugs, China's GLP-1 drug market has also experienced explosive growth, becoming an important glucose-lowering treatment category second only to insulin. According to Moshang Pharmaceutical sales database statistics, China's GLP-1 drug market has achieved high-speed growth over the past five years, with market size jumping from 1.249 billion yuan in 2019 to 8.738 billion yuan in 2023, representing a compound annual growth rate of 63%, demonstrating strong development potential. Moshang Consulting further predicts that by 2030, China's GLP-1 drug market size could exceed 33 billion yuan.

Currently, the domestic GLP-1 drug market is mainly dominated by two multinational pharmaceutical companies, Novo Nordisk and Eli Lilly. In 2024, Novo Nordisk's three semaglutide products achieved revenue of 201.849 billion Danish kroner (approximately $29.3 billion); Eli Lilly's GLP-1 drugs also showed significant growth momentum, with tirzepatide (weight loss and glucose-lowering versions) driving 28% growth in related revenue in 2024 to $9.35 billion, with total revenue expected to exceed $40 billion in 2025.

However, as multiple domestic and international pharmaceutical companies increase their R&D and deployment in the weight loss drug field, GLP-1 track competition is intensifying. Data from early 2025 shows that globally, there are already 179 GLP-1-related pipelines in clinical trial stages, with over 50 GLP-1 new drugs applying for clinical trials in China.

Among domestic companies, several enterprises' GLP-1 drugs demonstrate differentiated characteristics. For example, Innovent Biologics' Xinermei® (mazdutide injection) is the world's first GCG/GLP-1 dual receptor agonist approved for overweight and obesity indications. Through structural modification, the drug's half-life is extended to 10 days, showing significant innovation. Meanwhile, from a commercialization capability perspective, companies like Innovent Biologics that already have mature oncology drug sales teams have natural advantages in channel synergy, potentially occupying favorable positions in subsequent market competition.

XianWeida Biology's core product - Enogrutide Injection (XW003), as the world's first cAMP-biased GLP-1 receptor agonist to enter clinical development, has demonstrated excellent data results in clinical trials, showing strong R&D capabilities and commercialization prospects. The drug's Phase III clinical trial data shows that after 48 weeks of treatment in Chinese obese populations, subjects achieved an average 15.4% weight reduction, with 92.8% of patients reaching clinically significant weight loss standards (≥5%), setting a new record for Phase III clinical trials in similar populations.

Beyond significant weight loss effects, Enogrutide can comprehensively improve multiple metabolic indicators: patients' blood glucose, blood lipids, blood pressure, and fatty liver conditions all showed significant improvement. For example, patients with concurrent hepatic fat accumulation could reduce liver fat content by up to 53.1% after treatment.

Notably, as XianWeida Biology's first commercial candidate drug, the company still lacks mature experience in large-scale production and market promotion, which may become one of the key challenges it needs to face in future development.

Overall, as a biopharmaceutical company approaching commercialization, XianWeida Biology has demonstrated clear growth trajectory and differentiated competitive advantages. Its core product Enogrutide Injection (XW003), with excellent clinical data, has the potential to become a best-in-class drug; the company has also built a diversified pipeline covering injection and oral formulations around the GLP-1 target, laying a foundation for long-term development.

However, the company currently has cumulative losses exceeding 1.2 billion yuan, and future commercialization processes will require continued funding support. After listing, the company will directly face multiple challenges including intensifying industry competition, medical insurance access negotiations, patient payment capacity, and its own commercialization execution efficiency. Successfully entering the capital market is just the starting point; how to transform technical advantages into sustainable commercial results remains a long-term challenge that XianWeida Biology needs to address steadily.