🇭🇰 港交所UNITED LABQwen · 实盘不做把握 7/10不做原因:无增量信息
北京时间·🕒 发布 18:49:00时区推断·⟳ 抓取 18:53:17·⚡ 决策 09-04 18:56:47 +3m30s·53.0 天前
联邦制药UBT251注射液中国超重/肥胖III期临床完成首例受试者给药
Phase III首例给药是程序性进展确认，不提供疗效/安全性数据，不改变成功概率或近期盈利预期。诺和诺德20亿美元交易已于2025年3月完成资产验证并大幅重定价。当前股价下行由传统业务疲软驱动，此公告无法逆转。距数据读出至少1.5年，无短线可交易edge。
📄 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）
Phase III首例给药为程序性里程碑，无新疗效/安全性数据，不改变成功概率或近期盈利；诺和诺德交易已在2025年3月完成资产验证；股价下行由传统业务驱动，此公告无短线可交易edge；距数据读出至少1.5年
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UBT251（GLP-1/GIP/GCG三靶点）中国肥胖III期首例给药。该药2025年3月已与诺和诺德达成2亿美元首付+18亿美元里程碑的独家许可，资产价值已获MNC验证。首例给药仅是试验启动确认，无新数据、不改变成功概率，距52周终点读出至少1.5年。股价当前距52周高下跌52%，由抗生素等传统业务周期下行驱动，此程序性公告无法提供短线交易edge。
🔎 新鲜度:最早出现 2026-09-04 · 扩散 low · price-in 风险 low ↗
反向证据
- 做多前查反向 · 来源 kb_search · 日期 2026-03-31 · 影响 weakens
2025年收入132.1亿元同比-4%，净利20.9亿元同比-21.6%，传统抗生素业务周期下行是股价持续走弱主因；创新药BD收入（14.4亿元）部分对冲但不足以逆转趋势
检索:联邦制药 股价 下行 传统业务 抗生素 业绩
先例如何影响了这次决策
对本次决策的影响:先例不足不改变AVOID结论：事件本身为程序性里程碑，缺乏增量信息是核心AVOID理由，与先例幅度无关
方向:无法建立有效先例面板
涨幅量级:无
形态:无
工具执行结果 · 成功 5 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 764 ms
{"result": "search_processed_events:agent query=`3933 ubt251 glp-1 三靶点 | united laboratories ubt251 phase iii obesity | 联邦制药 ubt251 iii期临床 | 联邦制药 超重肥胖 首例给药`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 72.0/72 小时、7359 条本臂决策(完整)，返回 1 条候选。\n• 09-03 14:05 UTC(CST 22:05) [ticker] 不做 03933.HK (hkex) — Hong Kong Exchanges an - fetch_decision_experience 成功 stock_tools HTTP · 321 ms
{ - stock_quote 成功 stock_tools HTTP · 1,742 ms
{ - kb_search 成功 stock_tools HTTP · 3,095 ms
{ - search_case_library 成功 stock_tools HTTP · 558 ms
{"result": "search_case_library「03933.HK」无历史决策命中(我们过去没在这些标的上决策过,或历史尚未回填)。\n◆ 03933.HK：相关历史决策 7 条 · 其中该标的 ENTER 2 条(28.6%) · 已结算 2 笔 · 胜率 50% · 中位 -0.34% · 均值 -0.34% ⚠️只有 2 笔,样本太薄,只能当线索不能当规律\n↑ 胜率/收益口径:ENTER 当日之后 T+1 开盘入场、次日开盘出场,做空腿已按方向取反(所以正数=这个方向做对了)。统计的只有★那只票自己的腿。"}
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。
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