Analysis of Competitive Advantages and Commercialization Prospects of Salubris Pharma's SAL0150

Based on the collected data, I will conduct a comprehensive analysis of the competitive advantages and commercialization prospects of Salubris Pharma’s SAL0150.

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Salubris Pharmaceuticals (002294.SZ)'s self-developed innovative drug SAL0150 Tablets has had its clinical trial application accepted by the NMPA. The drug has independent intellectual property rights and is positioned as a

drug for the treatment of type 2 diabetes and obesity[1]. This dosing frequency design is significantly superior to traditional injectable formulations, filling the gap in the domestic oral GLP-1 drug market.

SAL0150 as an oral small-molecule GLP-1 receptor agonist, compared to marketed polypeptide injectables (such as semaglutide, dulaglutide, etc.), has the following core advantages:

Feature	SAL0150 (Oral Small Molecule)	Traditional Injectable Formulations
Administration Route	Oral	Subcutaneous Injection
Dosing Frequency	Once Weekly	Once Daily to Once Weekly
Medication Convenience	High, No Injection Required	Injection Required, Poor Patient Compliance
Bioavailability	Relatively High, Less Affected by Diet	Stable but Injection Required
Production Cost	Relatively Low	High Peptide Synthesis Cost

According to patent literature analysis, Salubris’ GLP-1 small-molecule drug achieves high affinity with the GLP-1 receptor through structural optimization, while also having good oral absorption properties[2].

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The GLP-1 drug market is in a stage of explosive growth. In 2024, global sales of GLP-1 drugs exceeded

, with semaglutide contributing approximately USD 25 billion and tirzepatide reaching USD 16 billion[3]. JPMorgan predicts that by 2030, the annual global sales of GLP-1 drugs will reach .

: According to Frost & Sullivan data, the size of China’s weight-loss drug market is expected to jump from RMB 8.7 billion in 2025 to RMB 14.9 billion in 2030, with growth expected to outpace the global average[4].

The current global GLP-1 market presents a

:

Company	Key Products	2024 Sales	Technical Features
Novo Nordisk	Semaglutide (Ozempic/Wegovy)	Approximately USD 29.3 billion	Single-target GLP-1 Receptor Agonist
Eli Lilly	Tirzepatide (Mounjaro/Zepbound)	Approximately USD 16.5 billion	Dual-target GLP-1/GIP Receptor Agonist

[5]:

• Semaglutide
  : Average weight loss of 14%-17% over 72 weeks
• Tirzepatide
  : Average weight loss of approximately 19% over 72 weeks; head-to-head trials show superior weight loss effect compared to semaglutide (20.2% vs 13.7%)

Oral small-molecule GLP-1 drugs are becoming a research and development focus in the industry due to their convenience and cost advantages:

R&D Stage	Representative Product	Company
Launched	Semaglutide Oral Tablets (Rybelsus)	Novo Nordisk
Phase III	Orforglipron	Eli Lilly
Phase II	GSBR-1290	Structure Therapeutics
Phase II	MDR-001	MindRank Biosciences
Phase I/II	SAL0112	Salubris Pharmaceuticals

Salubris’ SAL0112 is already in Phase II clinical trials, and the acceptance of SAL0150’s clinical application marks the company’s further layout in the oral GLP-1 field[6].

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The competitive advantages of SAL0150 are mainly reflected in the following aspects:

• Solves the problem of poor patient compliance with traditional injectable formulations
• Lower dosing frequency compared to once-daily oral drugs (such as metformin)
• Superior dosing regimen compared to Eli Lilly’s Orforglipron (which may require daily administration)

• Has a complete patent protection system
• Small-molecule synthesis cost is significantly lower than that of polypeptide drugs
• Has considerable room for price reduction in the future to cope with market competition

• Covers both type 2 diabetes and obesity/overweight
• Huge patient base for both indications
• Doubles the market space

Salubris has deepened its presence in the cardiovascular and metabolic disease fields for many years, accumulating rich R&D and commercialization experience:

Indicator	Data
2024 R&D Investment	RMB 1.017 billion
R&D Investment as a Percentage of Revenue	25.35%
Number of Pipeline Products in R&D	Over 10
Cumulative R&D Investment (Recent Years)	Over RMB 5 billion

The company has formed a complete product matrix in the hypertension field, with full-chain capabilities from R&D to commercialization, which provides a solid foundation for the subsequent development of SAL0150[7].

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Financial Indicator	2024 Data	Year-over-Year Change
Operating Revenue	RMB 4.012 billion	+19.22%
Net Profit Attributable to Parent Company	RMB 602 million	+3.71%
Non-GAAP Net Profit	RMB 570 million	+8.43%
Operating Cash Flow	RMB 1.186 billion	+41.32%

[8]:

• Early 2025: RMB 31.05
• Early 2026: RMB 54.66
• Annual Increase:
  76.04%
• Current P/E Ratio: 62.70x

:

(1)

• The GLP-1 track enjoys a high valuation premium; Eli Lilly’s market capitalization has approached USD 600 billion
• Novo Nordisk has become the highest market capitalization company in Europe due to its GLP-1 drugs
• Salubris’ layout of SAL0150 is expected to gain a track valuation upgrade

(2)

• It is expected that an innovative drug will be launched every year in the next three years
• Launched in 2024: Enarodustat, SAL0107, Salicetin
• Pipeline Products in R&D: S086 (Hypertension/Heart Failure), SAL003 (PCSK9 Monoclonal Antibody), etc.
• SAL0150 enriches the metabolic disease pipeline and enhances the company’s innovative drug valuation logic

(3)

• China has over 140 million diabetic patients
• China has over 360 million overweight/obese people
• Assuming SAL0150 can capture 1%-2% of the market share after launch
• Potential annual sales can reach RMB 1-2 billion

:

(1)

• Clinical trials require Phase I/II/III, which usually takes 5-7 years
• There is a risk of R&D failure
• Competitors’ R&D progress may be faster

(2)

• There are already over 100 GLP-1 R&D projects in China
• After semaglutide’s patent expires in 2026, generic drug competition will intensify
• Dual-target drugs such as tirzepatide have better efficacy

(3)

• Medical insurance negotiations may lead to significant price reductions
• Centralized procurement pressure persists

Scenario	Assumptions	Valuation Impact
Optimistic Scenario	SAL0150 is approved for marketing before 2028, with better weight loss efficacy than competitors	P/E ratio rises to 70-80x, stock price is expected to exceed RMB 80
Neutral Scenario	SAL0150 progresses as planned, approved around 2029	P/E ratio remains at 60-70x, stock price ranges from RMB 55 to 70
Conservative Scenario	Clinical trials are delayed or efficacy is lower than expected	P/E ratio drops to 50-55x, stock price comes under pressure

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1. Strategic Value of SAL0150
   • Fills the gap in domestic once-weekly oral GLP-1 drugs
   • Forms differentiated competition with existing injectable formulations
   • Aligns with the industry development trend of “long-acting, oral” GLP-1 drugs

2. Valuation Upgrade Logic
   • Salubris’ transformation from generic drugs to innovative drugs has entered the harvest period
   • The high-growth, high-valuation characteristics of the GLP-1 track are expected to improve the company’s overall valuation level
   • The echelon of innovative drug pipelines provides the company with sustainable growth momentum

3. Catalyst Events
   • Approval of SAL0150’s clinical trials
   • Release of key clinical data
   • Pipeline progress of SAL0112 and other products
   • Results of medical insurance negotiations

Risk Type	Specific Content	Impact Level
R&D Risk	Clinical trial failure or delay	High
Market Risk	Intensified competition leads to lower-than-expected market share	Medium-High
Policy Risk	Medical insurance price reduction exceeds expectations	Medium
Valuation Risk	Market sentiment leads to valuation fluctuations	Medium

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As a once-weekly oral GLP-1 drug with independent intellectual property rights, Salubris’ SAL0150 has significant competitive advantages in the diabetes and weight-loss drug markets. Its commercialization prospects depend on clinical trial progress, efficacy data, and post-launch marketing strategies. From a valuation perspective, the layout of SAL0150 improves the company’s metabolic disease pipeline, and it is expected to obtain a valuation premium against the backdrop of high growth in the GLP-1 track. Considering Salubris’ rich echelon of innovative drug pipelines and continuously growing performance, it is recommended that investors pay close attention to the clinical progress of SAL0150 and related catalyst events.

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[1] Sina Finance - Salubris Pharmaceuticals: Clinical Trial Application for Self-Developed Innovative Drug SAL0150 Tablets Accepted (https://finance.sina.com.cn/7x24/2026-01-09/doc-inhftipm5751436.shtml)

[2] Minsheng Securities Research Institute - Research Progress Report on Oral GLP-1 Drugs

[3] 21st Century Business Herald - New Battlefield for GLP-1 Drugs: WHO to Release Guidelines Soon (https://www.21jingji.com/article/20250722/herald/87534d8df9513ec312740e9d4cc58b46.html)

[4] Pharmcube - In-Depth Analysis of GLP-1 Weight-Loss Track Opportunities at 2025 ADA Conference (https://bydrug.pharmcube.com/news/detail/d13ae7ae09b415c4b5f21daa4bb79794)

[5] Pharmcube - Semaglutide vs. Tirzepatide: Who is the King of Weight-Loss Drugs? (https://bydrug.pharmcube.com/news/detail/9f6e75689b8f0fc13727b97a53555374)

[6] Eastmoney Securities Research Report - Salubris Pharmaceuticals (002294): Innovative Drug Pipeline Continues to Expand

[7] China Post Securities Research Institute - Salubris Pharmaceuticals (002294): Innovative Drug Pipeline Continues to Expand, Outstanding Advantages in Hypertension Field

[8] Jinling API Market Data - Historical Stock Price Data of Salubris Pharmaceuticals (002294.SZ) (January 2, 2025 to January 9, 2026)