Summary of the Development of Chinese and International Listed Companies in the Peptide Industry in the First Half of 2026
Summary of the Development of Chinese and International Listed Companies in the Peptide Industry in the First Half of 2026
"In the first half of 2026, the global peptide industry continued the strong growth seen in 2025, driven strongly by GLP-1 drugs. According to industry research institutions, by 2030, the global peptide drug market size is expected to reach 233.8 billion USD, with the domestic market expected to exceed 165 billion RMB. The global peptide CDMO market is expected to reach $11.8 billion by 2030, with about 18.5 billion yuan domestically. The definite growth in the peptide track comes from three aspects: the clinical value of GLP-1 drugs represented by semaglutide in weight loss and cardiovascular benefits has been fully validated, with demand extending from treatment to health management; Peptide drugs have broken through from injection to oral dosage forms, broadening the target population and application scenarios; New peptide mechanism drugs are intensively entering late-stage clinical trials, bringing ongoing service demand to CDMOs."
In the first half of the year, the industry exhibited five core characteristics: explosive demand, capacity expansion, AI empowerment, active BD, and earnings deliveries. Below is a systematic overview from the perspectives of CXO and CDMO companies, innovative drug R&D companies, upstream equipment and supply chain companies, AI pharmaceutical intersections, and key foreign companies.
1. WuXi AppTec: TIDES business continues to lead
WuXi AppTec's peptide and oligonucleotide CRDMO business is currently the company's most growth-oriented segment. For the full year 2025, the company will achieve total revenue of approximately 45.4 billion yuan, with TIDES business contributing about 11.37 billion yuan, a year-on-year increase of about 96%. Peptides have become one of the company's fastest-growing business lines.
In terms of capacity, WuXi AppTec completed Taixing peptide capacity construction ahead of schedule in September 2025. The total volume of the peptide solid-phase synthesis reactor has increased to over 100,000 liters, and the company plans to further expand capacity to 130,000 liters. Currently, three brand-new TIDES workshops are still under construction. The core driver of capacity expansion is the continued growth in customer demand. In the first quarter of 2026, the number of TIDES customers will grow by approximately 28% year-on-year, and the number of service members will increase by about 59% year-on-year.
In terms of customers and orders, as of early 2026, WuXi AppTec is supporting the R&D and production of 24 GLP-1 drugs worldwide, 15 of which have advanced to critical Phase II/III clinical stages. In the first quarter of 2026, the company expects annual TIDES business revenue to grow by about 40%, with annual revenue expected to exceed 15 billion yuan.
In terms of overall performance, in the first quarter of 2026, the company achieved revenue of approximately 12.44 billion yuan, a year-on-year increase of about 28.8%. As of the end of March 2026, the company's ongoing business had orders on hand of approximately 59.77 billion yuan, a year-on-year increase of about 23.6%. The company expects total revenue to reach 51.3 billion to 53 billion yuan by 2026. In June 2026, the company completed a 1 billion yuan A-share buyback.
2. Asymchem: Chemical macromolecule business doubled
In terms of performance, Asymchem's chemical macromolecule CDMO segment is expected to achieve operating revenue of approximately 1.028 billion yuan in 2025, a year-on-year increase of about 124%. The full-year net profit attributable to the parent company for 2025 will be about 1.133 billion yuan, a year-on-year increase of about 19%. In the first quarter of 2026, the company achieved revenue of approximately 1.802 billion yuan, a year-on-year increase of about 17%. The total order backlog was approximately $1.385 billion, a year-on-year increase of about 32%.
In the peptide business, as of the end of March 2026, TIDES-related orders on hand increased by about 128% year-on-year, with overseas orders accounting for about 58%. In 2026, there are expected to be four peptide PPQ projects. In terms of capacity, the total capacity of the peptide solid-phase synthesis reactor has exceeded 45,000 liters, and is expected to expand to about 69,000 liters by the end of 2026, an increase of about 53%.
In April 2026, the integrated CDMO R&D and production project for innovative chemical macromolecule drugs, with a total investment of about 2 billion yuan, officially began construction in the Tianjin Economic-Technological Development Zone, focusing on cutting-edge fields such as peptides and oligonucleotides. In terms of technology, Asymchem's chemical enzymatic combined liquid-phase synthesis process achieves a conversion rate of over 99%.
3. ChemPartner: Continuous upgrades of the new modal drug technology platform
ChemPartner continues to strengthen its technological advantages in cutting-edge new modal drugs such as ADC conjugate drugs, peptides, oligonucleotides, and PROTACs. The company has built an integrated service system covering target discovery, preclinical research, and large-scale production, serving thousands of pharmaceutical companies worldwide.
In terms of overseas expansion, overseas business accounts for a high proportion of the company's revenue structure. In June 2026, ChemPartner established a localized new drug R&D platform in southern Jiangxi, expanding its domestic business footprint. On June 23, 2026, the China Association of Listed Companies organized dozens of senior executives from listed companies in the healthcare industry to visit and exchange at ChemPartner's global R&D center.
In terms of financial performance, the company is expected to achieve operating revenue of approximately 1.135 billion yuan in 2025, a year-on-year increase of about 17%; By 2025, net profit is expected to grow by about 106% year-on-year, achieving a turnaround from loss to profit. In the first quarter of 2026, it will achieve operating revenue of about 267 million yuan, but net profit attributable to shareholders will be negative 18.1565 million yuan.
4. ShengNuo Biology: Net profit expected to increase by over 40% in the first half of the year
In terms of performance, ShengNuo Biology expects to achieve a net profit attributable to shareholders of 127 million to 147 million yuan in the first half of 2026, a year-on-year increase of about 43% to 65%; Net profit excluding non-recurring items was between 126 million and 144 million yuan, a year-on-year increase of about 45% to 61%. This profit scale is already approaching the full-year 2025 level.
For the full year 2025, ShengNuo Biology will achieve operating revenue of approximately 741 million yuan, a year-on-year increase of about 63%. In the first quarter of 2026, the company's total operating revenue will grow by about 33% year-on-year to 244 million yuan, and net profit will be about 66.36 million yuan, up about 41% year-on-year.
In peptide APIs, the company owns 25 independently developed peptide API varieties, of which 17 have obtained domestic production approvals, and 11 varieties, including semaglutide and liraglutide, have been registered with the US DMF. The significant growth in GLP-1 API sales was the main driver of the performance improvement.
In terms of capacity planning, the industrialized production base projects for peptide APIs such as semaglutide and tirzepatide began construction at the end of October 2025. Once completed, the project will achieve a total annual production capacity of 10 tons of peptide APIs. The current annual production capacity is about 2.5 tons.
5. Aurisco: TIDES business is experiencing explosive growth
By 2025, Aurisco's TIDES products are expected to achieve operating revenue of approximately 262 million yuan, a year-on-year increase of about 767%. The company has successfully expanded from small molecule drugs to peptide drugs and oligonucleotide drugs.
In terms of capacity construction, Yangzhou Aurisco's 300 kg annual semaglutide API production line has passed completion acceptance and started production, marking the company's large-scale supply capability in the GLP-1 sector.
6. Apeloa Pharmaceuticals: Peptides are the core growth driver for CDMO
Apeloa has clearly positioned peptides as the core growth driver of its CDMO business. The company currently has more than 60 peptide products under development, most of which are in Phase I or Phase II. The company has invested in building a dedicated peptide workshop, strategically upgrading from starting materials plus intermediates to focusing on registered intermediates and active pharmaceutical ingredients. The company expects that by 2028, peptide business will account for about 15% of the total CDMO volume.
In 2025, the company's CDMO business will achieve revenue of approximately 2.198 billion yuan, a year-on-year increase of about 17%. The company has 1,366 ongoing CDMO projects, a year-on-year increase of 28%. In the first quarter of 2026, the company's CDMO segment will achieve revenue of approximately 627 million yuan, a year-on-year increase of about 14%.
7. Sinopep: Solid peptide foundation
By 2025, Sinopep is expected to achieve operating revenue of approximately 1.943 billion yuan, a year-on-year increase of about 20%. In the first quarter of 2026, revenue is expected to reach approximately 553 million yuan. The company focuses on peptide drugs and small molecule chemical drugs, strategically expanding its oligonucleotide business.
In large-scale peptide production, the company has successfully overcome the bottleneck of large-scale production of long-chain peptide drugs through its solid-liquid fusion technology platform, becoming a rare enterprise in the industry with single-batch output exceeding 10 kilograms.
8. Jiuzhou Pharmaceutical: Peptide CDMO orders are strong
Jiuzhou Pharmaceutical's TIDES business has steadily grown, with 57 peptide and oligonucleotide orders on hand, including 17 in clinical stage, 6 in commercialization, and 3 peptide orders above ten million units, covering multiple peptide fields such as GLP-1, oncology, and anti-infectives.
In 2026, the company will advance the construction of peptide production lines at its Suzhou and Taizhou bases, focusing on process development and commercial production of long-chain peptides, complex-modified peptides, and peptide formulations.
9. Sichuan Shuangma: Cross-industry acquisition of peptide CDMO
In November 2024, Sichuan Shuangma acquired about 92% equity of Shenzhen Jianyuan with about 1.596 billion yuan of its own funds and M&A loans, entering the GLP-1 peptide pharmaceutical sector.
In terms of capacity layout, the annual production capacity of Jianxiang Peptide API at Hubei's API production base has exceeded 4 tons, with GLP-1 API capacity reaching 2 tons per year, and the total API capacity is expected to reach 10 tons by mid-2026. Due to the premium acquisition, Sichuan Shuangma has generated goodwill of about 882 million yuan on paper.
10. Hybio: Semaglutide Injection NDA Accepted
In terms of overseas sales of peptide APIs, in the first quarter of 2026, the company signed GLP-1 API sales orders worth approximately 180 million yuan. On May 18, 2026, the company signed a framework agreement with the partner for the sales cooperation of peptide APIs, with a proposed sales amount of no less than 327 million yuan.
In terms of registration and certification, the company holds 20 US DMFs, 4 EU DMFs, and 6 EU CEPs. In 2026, the company's two core APIs will successively receive domestic marketing approval.
Regarding semaglutide injection, on July 3, 2026, the registration and marketing authorization application for domestically produced drugs for the weight loss indication of semaglutide injection, jointly developed with Sansheng Mandi, was accepted by the National Medical Products Administration, involving a total of five acceptance numbers. In May 2026, the company's generic semaglutide has completed Phase III clinical trials for two major indications: blood sugar reduction and weight loss. Regarding tirzepatide, on June 30, 2026, the company received FDA acceptance for its tirzepatide ANDA.
11. BrightGene: NDA for BGM0504 weight loss indication accepted
On June 12, 2026, BrightGene's independently developed new drug application for the GLP-1/GIP bireceptor agonist BGM0504 injection for weight loss was accepted by the National Medical Products Administration. Phase III clinical data show that the high-dose group experienced an average weight loss of about 19.3% after 52 consecutive weeks of continuous treatment.
In terms of pipeline layout, the company is also developing multiple differentiated candidate drugs in the metabolic track. In terms of commercial cooperation, the company has reached a strategic partnership with Huarun Sanjiu for the Chinese mainland region.
12. CSPC Pharmaceutical Group: Continued Fulfillment of Major Cooperation with AstraZeneca
On January 30, 2026, CSPC Pharmaceutical Group and AstraZeneca reached a strategic R&D cooperation and licensing agreement, with a cooperation scale reaching as high as 18.5 billion USD. The two parties will leverage CSPC Pharmaceutical Group's proprietary sustained-release drug delivery technology platform and peptide drug AI discovery platform to jointly develop an innovative long-acting peptide drug matrix covering eight core projects.
On May 29, 2026, CSPC Pharmaceutical Group received the down payment under this agreement. On July 10, 2026, the company received $25 million in R&D milestone payments from AstraZeneca. Jushi Biotech, a subsidiary of New Norway Holdings under the group, also received a $420 million upfront payment from AstraZeneca on May 29, 2026.
13. Mai Medical Pharma: The first Hong Kong peptide innovative drug company to successfully go public
On June 24, 2026, Shaanxi Maike Aote Pharmaceutical Technology Co., Ltd. was listed on the main board of the Hong Kong Stock Exchange, becoming the first listed peptide innovative drug stock on the Hong Kong Stock Exchange. The issue price was set at HKD 18.20, with total proceeds of approximately HKD 1.0566 billion. The Hong Kong public offering was oversubscribed by approximately 1,181 times.
The core product, MT1013, is a dual-target peptide drug that simultaneously targets both calcium-sensitive receptors and osteogenic growth peptide receptors, mainly used to treat hyperparathyroidism caused by chronic kidney disease, and is expected to be commercialized in early 2028. In 2026, the company and Genting Xinyao will reach an exclusive commercialization agreement for MT1013, with upfront payments and milestone amounts reaching up to 1.24 billion yuan.
14. Hansoh Pharmaceuticals: NDA for olapapotide injection accepted
On June 4, 2026, Hansoh Pharmaceutical announced that the marketing authorization application for olapapotide injection had been accepted by the National Medical Products Administration. Olezepotide is a once-weekly GLP-1/GIP bireceptor agonist independently developed by the company. Phase III clinical data show good efficacy.
15. Jiuzhitang: Significant contribution from peptide mergers and acquisitions
In the first quarter of 2026, Jiuzhitang achieved operating revenue of approximately 973 million yuan, a year-on-year increase of about 21%, and net profit attributable to shareholders of about 165 million yuan, up about 42% year-on-year. On July 10, 2026, the company released its semi-annual performance forecast, expecting net profit attributable to shareholders to reach 241 million to 264 million yuan, representing a year-on-year increase of about 68% to 84%.
One of the main reasons for the significant growth is the inclusion of the peptide company Jixianglong, acquired in October 2025, into the consolidated financial statements.
16. Sunshine Nuohe: AI peptide platform accelerates implementation
Sunshine Novo and Huawei Cloud jointly developed an AI peptide molecule discovery platform. In May 2026, the company's AI-driven innovative drug STC009 injection IND application was accepted, intended for the treatment of secondary hyperparathyroidism.
In March 2026, the company reached a cooperation agreement with Silitai for the itch indication of its peptide injection STC007, with the company receiving a total upfront payment and R&D milestone fund not exceeding 125 million yuan. In May 2026, the company plans to increase capital in its wholly-owned subsidiary Novo Peptide by 70 million yuan to accelerate the construction of an AI peptide drug R&D platform.
17. Onrica: Transitioning to innovative drugs
Onrican's R&D strategy is gradually shifting from distinctive generics to innovative drugs. In the first quarter of 2026, it will achieve operating revenue of about 340 million yuan and net profit attributable to the parent company of about 17.65 million yuan. Orders on hand exceed 1.8 billion yuan. The company plans to raise 1.11 billion yuan, all of which will be invested in the domestic clinical development of its core innovative drug ALK-N001.
18. Duorui Medicine: Dual-track layout
Duorui Medicine is focusing on developing a dual-track layout for chemical intermediates and peptide APIs. Currently, the total designed production capacity for peptide APIs is 700 kilograms, and by 2026, total capacity will increase to 2 tons. Core products include Aibovirtade, semaglutide, Lanruotide acetate, and Teriparatide.
19. East China Medicine: DR10624 clinical advancement
The trispecific agonist independently developed by Huadong Medicine's subsidiary Doer Biotech targeting FGF21R/GCGR/GLP-1R has completed the enrollment of all patients in the Phase II clinical study for the treatment of metabolic steatoliver disease and metabolic steatohepatitis DR10624.
20. Chutian Technology: Released a full-chain peptide solution
In April 2026, Chutian Technology launched a brand-new full-chain comprehensive peptide drug solution, covering one-stop peptide production solutions including synthesis, lysis, purification, concentration, and freeze-drying. The company's 3000L automated peptide solid-phase synthesis system is equipped with AGV intelligent feeding equipment, offering a single-day production capacity comparable to a traditional week's manual workload.
In June 2026, its subsidiary Chutian Huatong delivered nearly a hundred high-end process storage tank clusters tailored for Zhejiang Paitai Bio, a leading domestic peptide R&D and production company. In terms of performance, the company is expected to achieve revenue of 5.763 billion yuan and net profit attributable to shareholders of 255 million yuan in 2025, turning losses into profits.
21. Haofan Biotech: Leader in peptide synthesis reagents
Haofan Bio's products cover the full range of synthetic reagents used in the synthesis of amide bonds during the R&D and production of downstream peptide drugs. The Huai'an Haofan production base expects the first five workshops to gradually enter trial production in the second half of 2026. Phase I plans to produce 2,500 tons of condensation reagents, 800 tons of protective reagents, and 400 tons of nucleotide reagents annually.
22. Navi Technology: Performance doubled
As of July 8, 2026, Namicro Technology expects operating revenue of 558 million to 572 million yuan in the first half of the year, a year-on-year increase of 35% to 38%; Net profit attributable to shareholders was between 128 million and 150 million yuan, a year-on-year increase of 102% to 137%. By 2025, the company will achieve sales revenue of approximately 147 million yuan in chromatographic packing for peptide drugs, a year-on-year increase of about 63%.
23. Lanxiao Technology: Strategic investment in Fengxinze Technology
Lanxiao Technology has made a strategic investment in Fengxinze Technology, and both parties will fully leverage Lanxiao Technology's leading advantages in the global field of peptide solid-phase synthesis carriers.
24. Yaoshi Technology: Advancement of GMP pilot workshop construction for peptides
Yaoshi Technology's peptide GMP pilot workshop project has completed the main structure and is expected to be operational in the second quarter of 2026.
25. XtalPi: AI peptide platform is being rapidly launched
In June 2026, leveraging the AI peptide development platform PepiX, XtalPi successfully developed the food-grade oral functional peptide Tensotide, which received the US Self-affirmed GRAS certification. The platform is focusing on developing multiple high-potential peptide drugs such as brain delivery, ocular delivery, and oral peptides.
On July 10, 2026, the AI Peptide Delivery Laboratory between XtalPi and Gan & Lee Pharmaceuticals was officially inaugurated. XtalPi has established partnerships with 17 of the world's top 20 international pharmaceutical companies. In May 2026, the company received its second $19 million milestone payment from the DoveTree collaboration.
1. Novo Nordisk: Commercialization of oral Wegovy is advancing
In the first quarter of 2026, Novo Nordisk's net sales reached approximately 96.8 billion Danish kroner, a year-on-year increase of about 24%; Operating profit was approximately 59.6 billion Danish kroner, a year-on-year increase of about 54%.
Semaglutide maintained a growth trend across the board. The leaner Wegovy recorded approximately 18.2 billion Danish kroner (about 2.85 billion USD), a year-on-year increase of about 12%; The sugar-lowering version of Ozempic recorded about 27.8 billion Danish kroner. The oral Wegovy was launched in the United States in January 2026, with over 1.3 million prescriptions in the first quarter alone, contributing approximately 2.26 billion Danish kroner (about $353 million) in sales.
The company expects adjusted sales and operating profit for 2026 to decline by 4% to 12% at constant exchange rates, mainly due to pricing pressures in the United States and intensified competition. In terms of mergers and acquisitions, Novo Nordisk acquired G protein-coupled receptor and peptide developer Metsera for about $7 billion.
2. Eli Lilly: Retatrutide Phase III achieves a 30.3% weight loss effect
In May 2026, Eli Lilly announced that TRIUMPH-1 had reached a positive top-line result in its Phase III clinical trial. At 80 weeks, participants treated with retatrutide 12mg lost an average of about 28.3% of their weight. In an extended study of people with a BMI ≥35, subjects who continued treatment until 104 weeks lost an average of about 30.3% of their weight.
Additionally, retatrutide demonstrated multiple metabolic benefits, reducing the severity of moderate to severe obstructive sleep apnea by about 60%.
Foundayo (orforglipron) was approved by the FDA in April 2026. This small-molecule, non-peptide oral GLP-1 has advantages in terms of production cost and scale.
3. Pfizer: Berobenatide demonstrates monthly dosing potential
In June 2026, Pfizer announced Phase 2b clinical results for the once-monthly dose of the GLP-1 receptor agonist berobenatide, demonstrating significant weight loss effects and improved blood glucose control. Pfizer plans to launch 10 Phase III studies on chronic weight management in 2026.
4. Johnson & Johnson: Oral peptide IL-23 inhibitor Icotyde approved for marketing
On March 18, 2026, Johnson & Johnson announced that Icotyde had received FDA approval for the treatment of moderate to severe plaque psoriasis. This drug is a once-daily oral peptide drug that blocks the IL-23 receptor. Morgan Stanley forecasts its risk-adjusted sales by 2035 to reach $5.3 billion. In the first quarter of 2026, Johnson & Johnson's total revenue is about $24.1 billion, up about 10% year-over-year.
5. Vertex: Acquired Crinetics to increase investment in endocrine peptides
In July 2026, Vertex Pharmaceuticals announced the acquisition of Crinetics Pharmaceuticals at $85 per share in cash, corresponding to an equity valuation of approximately $10 billion. Crinetics' core assets include PALSONIFY (paltusotine), the first single-daily oral medication for acromegaly, which was approved by the FDA in September 2025.
6、Ascendis Pharma:TransCon CNP received acceralated approval from the FDA
On February 27, 2026, Ascendis Pharma announced that the FDA had expedited approval for once-weekly nuverpetide (TransCon CNP) for the treatment of children aged 2 years and older with chondroplasia.
7. Hims Hers Health: Peptide legalization opens new space
In the first quarter of 2026, Hims Hers Health will generate approximately $608 million in revenue and adjusted EBITDA of about $44.3 million. The company expects full-year revenue of $2.8 billion to $3 billion by 2026. The company has already acquired domestic peptide production facilities ahead of schedule, making it one of the most closely watched companies in the FDA's regulatory easing of peptide compound regulations.
八、CordenPharma: Acquire AmbioPharm
On May 27, 2026, CordenPharma announced the acquisition of AmbioPharm, a U.S. peptide API CDMO company. AmbioPharm has factories in South Carolina and Shanghai, China, employing approximately 400 people in total.
9. Peptide IPO
Parabilis Medicines will complete its IPO in June 2026, raising over $600 million to develop the Helicon peptide cancer treatment platform. Kalohexis was spun off from Endevica Bio in March 2026 and has secretly submitted its IPO application for the US stock market.
10. Other international pharmaceutical companies
Protagonist Therapeutics has multiple projects including oral peptide IL-23 receptor blockers. Viking Therapeutics' oral GLP-1 drug candidate continues to advance. Amgen's MariTide continues to attract attention for its antibody-peptide conjugate design. MBX Biosciences' endocrine peptide platform is designed to address the challenge of short peptide half-lives.
Part Six: Summary of Overall Industry Characteristics and Trends
The GLP-1 track is the industry's core growth engine. The global GLP-1 receptor agonist market is expected to exceed $60 billion by 2025. From upstream to downstream, the entire industry chain has deeply benefited.
Capacity expansion has become the main theme in the industry. WuXi AppTec's capacity exceeds 100,000 liters and is planned to expand to 130,000 liters; Kailaiying has expanded from 45,000 liters to 69,000 liters; Shengnuo Biotech has started construction of a new 10-ton base; multiple companies are simultaneously advancing capacity development.
Oral formulations have become a new battleground for competition. Novo Nordisk's Wegovy oral version sold over 1.3 million prescriptions in the first quarter of its launch; Foundayo was approved as a small-molecule non-peptide oral drug; Pfizer's berobenatide demonstrated monthly dosing potential.
AI technology is accelerating its penetration across the entire industry chain. XtalPi's PepiX platform received GRAS certification, Sun Novo STC009 IND was accepted, and Ayschem launched a fully automated AI-integrated cell-free evolution platform.
BD trading remains active. CSPC Pharmaceutical Group continues to deliver on its $18.5 billion cooperation with AstraZeneca, Hybio signed overseas sales agreements worth over 500 million yuan, and Micot Pharmaceutical reached a 1.24 billion yuan commercial partnership with Everst Medicines.
High performance growth continues to be realized. ShengNuo Biology is expected to increase by 43% to 65%, Nanomicro Technology by 102% to 137%, and Jiuzhitang by 68% to 84%. The peptide sector's prosperity has shifted from proof of concept to performance growth.
Regulatory policies are reshaping the industry landscape. The FDA has promoted the relaxation of restrictions on certain peptide drugs, and the domestic CDE registration policy for chemically synthesized peptides has been fully implemented, significantly shortening the R&D cycle for generic peptide drugs.
Mergers and acquisitions are accelerating industry concentration. Novo Nordisk acquired Metsera for about $7 billion, Vertex for about $10 billion for Crinetics, Corden Pharma for AmbioPharm, Sichuan Shuangma for a $1.6 billion cross-industry acquisition, and Jiuzhitang for Jixianglong.
Next, cost control will become the key to industry competition