Huatai Securities believes that GLP-1 has shown great market potential, and currently only Novo Nordisk and Eli Lilly are the leading MNCs in sales overseas, but they have not yet formed a complete product matrix. Other MNC products are still in the clinical stage, the competition landscape has not yet been finalized, and there is a large gap in products. Since 2004, there have been frequent overseas transactions of domestic GLP-1. We believe that the competitiveness of domestic GLP-1 products is not inferior to that of overseas products. Among them, there are many high-quality assets with leading clinical progress in targets such as GLP-1 oral small molecules, GLP-1/GIP, GLP-1/GIP/GCGR, GLP-1/GCGR/FGF21, and ActRII, which are expected to enter the global market with the help of BD in the future.