🇭🇰 港交所UNITED LABCodex · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 18:49:00时区推断·⟳ 抓取 18:53:17·⚡ 决策 09-04 20:01:11 +1h07m·53.0 天前
联邦制药UBT251肥胖适应症中国III期完成首例给药
事件为一手正面临床进展,但只是III期启动后的首例给药,距离52周终点和商业化仍远,且2025年授权、2026年II期结果已充分建立市场认知;未披露新增里程碑或收入确认,盘后追买缺少足够预期差。
📄 原文UNITED LAB↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 联邦制药(03933.HK)
不做:III期首例给药是正面但偏程序性的研发进展,授权和II期疗效预期已公开,未披露新增里程碑或收入,盘后追买风险收益不够。
不做 诺和诺德(NVO.US)
不做:UBT251海外权益对诺和诺德是管线补充,但单一中国临床首例给药相对其市值和全球肥胖药组合的短线增量太小。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
联邦制药公告确认UBT251肥胖适应症中国III期首例给药,说明核心GLP-1/GIP/GCG三靶点管线继续推进,方向上利好联邦制药。可是UBT251已在2025年与诺和诺德达成最高20亿美元授权、2026年已有肥胖II期积极数据公开,本次只是临床执行节点,尚未产生疗效读数、审批结果或明确付款,短线正期望不足,选择不追。
消息传播链
- 港交所披露易发布联邦制药自愿公告,确认UBT251中国超重/肥胖III期完成首例给药。市场反应:公告发布时港股已收盘,连续交易不可成交。
- 诺和诺德与联邦制药已在2025年宣布UBT251海外独家授权,包含2亿美元首付款、最高18亿美元里程碑及分级销售提成。
- 联邦制药披露UBT251肥胖II期数据已在ADA展示,说明核心疗效预期在本次III期首例给药前已有公开基础。
关键理由
- UBT251已由诺和诺德以2亿美元首付款加最高18亿美元里程碑引入海外权益,本次III期首例给药延续该管线的开发确定性。
- 联邦制药2025年收入约人民币132.11亿元,若未来III期成功并商业化,肥胖适应症潜在市场可观,但当前节点未披露新增收入或里程碑。
- 近期公开行情显示03933.HK在8月下旬至9月初已有较多研发与业绩信息消化,单纯首例给药的即时弹性有限。
主要风险
- III期主要终点需52周治疗后验证,安全性、疗效差异和后续注册审批仍可能证伪管线价值。
- 若次一交易日港股因GLP-1题材高开,盘后明牌公告容易出现高开低走,缺少适合追价的执行结构。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-06-08 · 影响 weakens
公开资料显示II期安全性总体可耐受,但本次首例给药未披露新增里程碑付款、收入确认或III期疗效数据。
检索:UBT251 Phase III first dosing milestone payment disclosed risk adverse events Phase 2 obesity United Laboratories 原文 ↗ - 做多前查反向 · 来源 web · 日期 2025-03-24 · 影响 weakens
授权协议和潜在里程碑是2025年旧事实,本次公告主要是开发进度延续,预期差弱于首次授权或读数。
检索:United Laboratories UBT251 Novo Nordisk license rights China Greater China royalties milestones 原文 ↗ - 做空前查反向 · 来源 web · 影响 none
未发现与本次公告相反的临床暂停、失败或监管叫停信息;事件本身不构成做空催化。
检索:United Laboratories UBT251 Phase III adverse event failure regulatory hold
先例如何影响了这次决策
对本次决策的影响:先例不足使本次不采用条件单追涨,最终改为AVOID而非小仓ENTER。
方向:缺少经工具确认的同市场高相似先例;一般临床首例给药方向偏正面但强度低于疗效读数、NDA受理或批准。
涨幅量级:未取得可用event_study结果,不能用先例校准tp/sl幅度。
形态:未确认足够样本判断是否系统性高开低走;但盘后明牌、程序性临床进展天然存在见光死风险。
工具执行结果 · 成功 4 · 降级 0 · 失败 0 · 取消 0
- web_search 成功 ? · 0 ms
- web_search 成功 ? · 0 ms
- web_search 成功 ? · 0 ms
- web_search 成功 ? · 0 ms
原文全文
展开原文 · 3,925 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.
The United Laboratories International Holdings Limited
聯邦制藥國際控股有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3933)
UBT251 INJECTION COMPLETED FIRST PARTICIPANT DOSING
IN PHASE III CLINICAL STUDY
FOR OVERWEIGHT OR OBESITY IN CHINA
This announcement is made by The United Laboratories International Holdings Limited (the
“Company”) on a voluntary basis.
The board of directors (the “Board”) of the Company is pleased to announce that the first
participant has been dosed in the Phase III clinical trial in China for overweight or obesity (the
“Study”) of UBT251 Injection, a Class 1 innovative drug self-developed by The United
Bio-Technology (Hengqing) Co., Ltd. (“United Biotechnology”), a wholly-owned subsidiary of
the Company.
The Study adopts a randomized, double-blind, parallel, placebo-controlled trial design and is
planned to enroll 600 participants with obesity (BMI≥28.0 kg/m²) or overweight (24.0 kg/m²≤
BMI< 28.0 kg/m²) accompanied by at least one weight-related comorbidity. The Study is
intended to evaluate the efficacy and safety of UBT251 Injection in participants with overweight
or obesity. The primary endpoints are the percentage change in body weight from baseline and
the proportion of participants achieving a weight reduction ≥5% from baseline after 52 weeks of
treatment.
ABOUT UBT251
UBT251 is a long-acting triple-target receptor agonist of GLP-1 (glucagon-like peptide-1)/GIP
(glucose-dependent insulinotropic polypeptide)/GCG (glucagon). To date, the Company has
been approved to conduct clinical trials in China and/or the United States for multiple
indications including type 2 diabetes in adults, overweight or obesity, chronic kidney disease
(“CKD”), metabolic dysfunction-associated steatohepatitis (“MASH”) and moderate-to-severe
obstructive sleep apnea (“OSA”) with obesity. The Company is the first enterprise in China and
the second globally to be approved for clinical trials of a long-acting triple agonist of
GLP-1R/GIPR/GCGR prepared by chemical synthesis of polypeptide.
In March 2025, United Biotechnology and the Company entered an exclusive license agreement
with Novo Nordisk A/S for UBT251.
-1-
By Order of the Board
The United Laboratories International Holdings Limited
Tsoi Hoi Shan
Chairman
Hong Kong, 4 September 2026
As at the date of this announcement, the Board comprises Mr. Tsoi Hoi Shan, Mr. Leung Wing
Hon, Ms. Choy Siu Chit and Ms. Zou Xian Hong as executive directors; and Mr. Chong Peng
Oon, Prof. Song Ming and Dr. Fu Qiushi as independent non-executive directors.
-2-
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準
確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產
生或因依賴該等內容而引致的任何損失承擔任何責任。
The United Laboratories International Holdings Limited
聯邦制藥國際控股有限公司
(於開曼群島成立之有限公司)
(股份代號: 3933)
UBT251 注射液完成中國超重/肥胖 III 期臨床研究
首例試驗參與者給藥
本公告乃由聯邦制藥國際控股有限公司(「本公司」)自願發出。
本公司董事會(「董事會」)欣然公佈,本公司全資附屬公司聯邦生物科技(珠海橫琴)
有限公司(「聯邦生物科技」)自主研發的 1 類創新藥 UBT251 注射液已完成中國超重/
肥胖 III 期臨床研究(「本研究」)首例試驗參與者給藥。
本研究採用隨機、雙盲、平行、安慰劑對照的試驗設計,計劃納入 600 例肥胖(BMI≥28.0
kg/m2)或伴有至少一種體重相關合併症的超重(24.0 kg/m2≤BMI<28.0 kg/m2)試驗參與
者,旨在評估 UBT251 注射液在超重/肥胖試驗參與者中有效性和安全性。本研究的主要
評價終點為給藥 52 周試驗參與者體重較基線變化百分比及體重較基線降低≥5%的試驗參
與者比例。
關於 UBT251
UBT251 是一款長效 GLP-1(胰高血糖素樣肽-1)/GIP(葡萄糖依賴性促胰島素多肽)/GCG
(胰高血糖素)三靶點受體激動劑。截至目前,已獲准在中國及/或美國開展成人 2 型糖
尿病、超重/肥胖、慢性腎臟病、代謝相關脂肪性肝炎、合併肥胖的中重度阻塞性睡眠呼
吸暫停多個適應症的臨床研究。本公司是中國首家、全球第二家以化學合成多肽法製備的
長效 GLP-1R/GIPR/GCGR 三靶點激動劑獲批臨床的企業。
於二零二五年三月,聯邦生物科技及本公司與 Novo Nordisk A/S(「諾和諾德」)已訂立
關於 UBT251 的獨家許可協議。
承董事會命
聯邦制藥國際控股有限公司
主席
蔡海山
香港,二零二六年九月四日
於本公告日期,董事會成員包括:執行董事蔡海山先生、梁永康先生、蔡紹哲女士及鄒鮮
紅女士;以及獨立非執行董事張品文先生、宋敏教授及傅秋實博士。
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.
The United Laboratories International Holdings Limited
聯邦制藥國際控股有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3933)
UBT251 INJECTION COMPLETED FIRST PARTICIPANT DOSING
IN PHASE III CLINICAL STUDY
FOR OVERWEIGHT OR OBESITY IN CHINA
This announcement is made by The United Laboratories International Holdings Limited (the
“Company”) on a voluntary basis.
The board of directors (the “Board”) of the Company is pleased to announce that the first
participant has been dosed in the Phase III clinical trial in China for overweight or obesity (the
“Study”) of UBT251 Injection, a Class 1 innovative drug self-developed by The United
Bio-Technology (Hengqing) Co., Ltd. (“United Biotechnology”), a wholly-owned subsidiary of
the Company.
The Study adopts a randomized, double-blind, parallel, placebo-controlled trial design and is
planned to enroll 600 participants with obesity (BMI≥28.0 kg/m²) or overweight (24.0 kg/m²≤
BMI< 28.0 kg/m²) accompanied by at least one weight-related comorbidity. The Study is
intended to evaluate the efficacy and safety of UBT251 Injection in participants with overweight
or obesity. The primary endpoints are the percentage change in body weight from baseline and
the proportion of participants achieving a weight reduction ≥5% from baseline after 52 weeks of
treatment.
ABOUT UBT251
UBT251 is a long-acting triple-target receptor agonist of GLP-1 (glucagon-like peptide-1)/GIP
(glucose-dependent insulinotropic polypeptide)/GCG (glucagon). To date, the Company has
been approved to conduct clinical trials in China and/or the United States for multiple
indications including type 2 diabetes in adults, overweight or obesity, chronic kidney disease
(“CKD”), metabolic dysfunction-associated steatohepatitis (“MASH”) and moderate-to-severe
obstructive sleep apnea (“OSA”) with obesity. The Company is the first enterprise in China and
the second globally to be approved for clinical trials of a long-acting triple agonist of
GLP-1R/GIPR/GCGR prepared by chemical synthesis of polypeptide.
In March 2025, United Biotechnology and the Company entered an exclusive license agreement
with Novo Nordisk A/S for UBT251.
-1-
By Order of the Board
The United Laboratories International Holdings Limited
Tsoi Hoi Shan
Chairman
Hong Kong, 4 September 2026
As at the date of this announcement, the Board comprises Mr. Tsoi Hoi Shan, Mr. Leung Wing
Hon, Ms. Choy Siu Chit and Ms. Zou Xian Hong as executive directors; and Mr. Chong Peng
Oon, Prof. Song Ming and Dr. Fu Qiushi as independent non-executive directors.
-2-
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準
確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產
生或因依賴該等內容而引致的任何損失承擔任何責任。
The United Laboratories International Holdings Limited
聯邦制藥國際控股有限公司
(於開曼群島成立之有限公司)
(股份代號: 3933)
UBT251 注射液完成中國超重/肥胖 III 期臨床研究
首例試驗參與者給藥
本公告乃由聯邦制藥國際控股有限公司(「本公司」)自願發出。
本公司董事會(「董事會」)欣然公佈,本公司全資附屬公司聯邦生物科技(珠海橫琴)
有限公司(「聯邦生物科技」)自主研發的 1 類創新藥 UBT251 注射液已完成中國超重/
肥胖 III 期臨床研究(「本研究」)首例試驗參與者給藥。
本研究採用隨機、雙盲、平行、安慰劑對照的試驗設計,計劃納入 600 例肥胖(BMI≥28.0
kg/m2)或伴有至少一種體重相關合併症的超重(24.0 kg/m2≤BMI<28.0 kg/m2)試驗參與
者,旨在評估 UBT251 注射液在超重/肥胖試驗參與者中有效性和安全性。本研究的主要
評價終點為給藥 52 周試驗參與者體重較基線變化百分比及體重較基線降低≥5%的試驗參
與者比例。
關於 UBT251
UBT251 是一款長效 GLP-1(胰高血糖素樣肽-1)/GIP(葡萄糖依賴性促胰島素多肽)/GCG
(胰高血糖素)三靶點受體激動劑。截至目前,已獲准在中國及/或美國開展成人 2 型糖
尿病、超重/肥胖、慢性腎臟病、代謝相關脂肪性肝炎、合併肥胖的中重度阻塞性睡眠呼
吸暫停多個適應症的臨床研究。本公司是中國首家、全球第二家以化學合成多肽法製備的
長效 GLP-1R/GIPR/GCGR 三靶點激動劑獲批臨床的企業。
於二零二五年三月,聯邦生物科技及本公司與 Novo Nordisk A/S(「諾和諾德」)已訂立
關於 UBT251 的獨家許可協議。
承董事會命
聯邦制藥國際控股有限公司
主席
蔡海山
香港,二零二六年九月四日
於本公告日期,董事會成員包括:執行董事蔡海山先生、梁永康先生、蔡紹哲女士及鄒鮮
紅女士;以及獨立非執行董事張品文先生、宋敏教授及傅秋實博士。
决策记录链 · 只追加
每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。
这条决策早于决策账本(2026-10-08 起逐条追加),没有追加记录。