Jiangsu Hengrui Pharmaceuticals and U.S.–backed Kailera Therapeutics said their once-weekly injectable HRS9531 achieved both primary endpoints in a 567-patient Phase III obesity trial in China, delivering mean weight loss of up to 17.7%, or 16.3% after placebo adjustment, over 48 weeks. Nearly 88% of participants receiving the dual GLP-1/GIP agonist shed at least 5% of baseline body weight and 44% lost 20% or more. Reported side effects were mainly mild-to-moderate gastrointestinal events, a safety profile comparable with other incretin-based therapies. Hengrui plans to file for marketing approval in China, while Kailera will lead global late-stage studies that explore higher doses and longer treatment durations. If approved, HRS9531 would become the first China-originated challenger to Eli Lilly’s Zepbound, which induces 20–22% weight loss but is not yet cleared in the Chinese market. The results highlight growing competition in the booming GLP-1 sector, where Chinese assets accounted for roughly one-third of global licensing spend in the first half of 2025, according to Jefferies. Analysts view domestic entrants such as HRS9531 as potential pressure points on the pricing and market share of incumbent products from Lilly and Novo Nordisk.