伯恩斯坦：2026年中国GLP-1：ADA更新巩固850亿元总可市场容量（英文版）

AtADA, newer GLP-1 entrants like BrightGene (not covered) hover at the 16% weight loss bar and do not differentiate in weight loss efficacy from China leaders Innovent, Hengrui, and Hansoh. We still see these three as the only serious contenders so far. Hengrui’s partner Kailera (not covered) reported the first ex-China clinical data for HRS-9531 (ribupatide) injection. 5.1% placebo-adjusted weight loss at 4 weeks was a positive and supportive result of the earlier China-based data and helped