First for the IPO of Dagang Stock: Challenging Simeglutide? How popular is the weight-loss drug track? Biopharmaceuticals are reshaping the weight loss track

From the R&D team led by a PhD from Nanjing University, to the breakthrough of the world's first candidate drug, and to the heavy holdings of capital such as Tencent, all of these are the reshaping of the weight loss track by biopharmaceutical technology.

1、 The foundation of the doctoral team: from Anjin to independent research and development, the core competitiveness of anchoring metabolic pain points first began with the biopharmaceutical genes of founder Pan Hai.

This alumnus of Kuang Yaming College of Nantah University, who has obtained a doctor's degree in American chemistry, has published papers on the top of the Lancet diabetes and Endocrinology, and has been a chief scientist in Amgen for nearly ten years. 

He has been involved in the mid and late development of blockbuster drugs all the time - this dual background of "academic+industry" has made him aim at the unsatisfied medical demand of "weight loss" since he started his business.

When it landed in Hangzhou in 2017, it first set the direction of "innovative therapies for metabolic diseases".

After surviving the start-up period with 10 million local policy funds, the team quickly built their own technology platform SciwindCore ™， Not just mainstream GLP-1 receptor agonists.

It also extends to oral peptides, small molecule drugs, and amyloid peptide analogues, covering the pipeline to obesity and related complications - this "wide and deep" layout is the key to distinguishing biopharmaceutical companies from ordinary health companies.

2、 Core drug hard data: 15.1% weight loss effect, targeting the world's first support for IPO, which is a solid clinical data. The star product Enoglutide Injection (XW003) has been submitted for a new drug application in China and is expected to be launched in 2026. Once it is launched, it will be the world's first cAMP biased GLP-1 receptor agonist.

Key indicators: Among overweight patients in China, its placebo adjusted weight loss effect reached 15.1% (female average 17.6%), nearly twice as high as the 8.5% effect of semaglutide;

More importantly, with a dose of only 2.4mg, it can catch up with the therapeutic effect of 15mg of tiltrotide - for the biopharmaceutical industry, "low dose+high efficacy" means lower risk of side effects and is also the core confidence to break through the monopoly of overseas drugs.

At present, there are 8 candidate drugs available for biopharmaceutical companies, including 1 near commercialization, 3 in clinical trials, and 4 in preclinical trials. This "pipeline of casualization" is the key to risk resistance for biopharmaceutical companies - ensuring short-term liquidity while leaving sufficient long-term research and development space.

3、 Behind the 2.2 billion financing: Capital is betting on the logic of biomedicine

8 years of financing of 2.2 billion yuan, Tencent IDG、 Meituan's entry into the market is not based on the trend of weight loss, but on the technological potential of biomedicine.

From the Pre-A round of 60 million yuan in 2017 (with a post investment valuation of 200 million yuan) to a valuation of 4.9 billion yuan in 2024 (a more than 24 fold increase), each round of financing corresponds to pipeline progress: the Pre-A round builds a technology platform, and subsequent rounds support clinical trials and international licensing.

For example, in 2025, the cooperation with Verdiva Bio in the UK will authorize the global rights of oral enoglutide (excluding Greater China and South Korea), with a potential transaction of $2.4 billion - this is the international market's recognition of its biopharmaceutical technology and also a transfusion for research and development.

Prior to the IPO, Pan Hai held 28.28% of the shares, while Tencent held 12.83% IDG 9.81%、 Meituan 9.6%, this "founder+industry capital" structure is essentially tied to "technology research and development+commercialization landing", which conforms to the long-term nature of biomedicine. 

4、 Reflection on whether the track is hot or cold: Biopharmaceuticals need to pass the "safety+conversion" barrier first. 

This year's domestic weight loss IPOs are all driven by biopharmaceuticals: Yinnuo Pharmaceutical rose 206% on the first day of listing with GLP-1 drugs, Pegasus Biotech rebounded 300% through pipeline, and Geli Pharmaceutical's stock price rose 10 times with small molecule GLP-1 agonists.

On the other hand, due to the controversy over the gastrointestinal side effects of semaglutide, Novo Nordisk's market value has evaporated by over 350 billion US dollars. 

This precisely highlights the opportunity for domestic pharmaceutical companies: not to follow the trend and become "weight loss miracle drugs", but to use biopharmaceutical technology to fill the gap of "safety+efficacy".

However, the risks are also very specific: biomedical research and development is not "good data is enough". Enoglutide will have to go through commercialization (first to reach the planned obesity drug omni channel, diabetes drug attack hospital), but also continue to verify the safety;

Moreover, drugs are only auxiliary, and without lifestyle interventions, even the most advanced biopharmaceutical technology cannot maintain its effectiveness - this is the bottom line that the industry must guard.