China Obesity Monthly Tracker - May: Policy Noise Yet to Curb Sales Momentum

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China Obesity Monthly Tracker - May: Policy Noise Yet to Curb Sales Momentum

China (PRC) | Healthcare EquityJuneResearch22, 2026

Chart 1 - In May, Mounjaro continued to leadChina Obesity Monthly Tracker - May: Policy

sales growth momentum, reaching Rmb500mn

+ monthly online sales for the first timeNoise Yet to Curb Sales Momentum

Despite elevated policy noise, online GLP-1 sales remained strong in May

(overall +41% MoM), led by Mounjaro +64% MoM vs. Sema/Xinermei +13%/

+7% - echoing our view that JDH/ALH stay largely immune; we'd watch

for further regional policy follow-through as the key sentiment overhang.

Source: Meritco, Company data, Jefferies ResearchPrice cuts deepened (Xinermei ~25%/ Mounjaro teens% MoM) likely on .

Chart 2 - Tmall is catching up with deeper

heavier 618 e-comm promotion, but robust volumes more than offset - a promotion/ discounts for competition

constructive read-through into 2H26.

May 2026 - Per Meritco, online GLP-1 sales accelerated to Rmb757mn in May (+41% MoM)

across five key products we tracked. Mounjaro's (Eli Lilly, Tirzepatide) led the wave with a

+64% MoM surge, while the Semaglutide portfolio (Ozempic/Wegovy/Rybelsus) collectively

grew +13% MoM. Xinermei (Innovent, Mazdutide) sales growth normalized to +7% MoM as

aggressive price cuts began to weigh on momentum. .Source: Meritco, Jefferies Research

Continued ASP compression led by Xinermei (Mazdutide): Partly driven by 6.18 e-commerce

promotion, ASPs continued to decline sequentially across most GLP-1 products in June -

Xinermei led with a steep ~25% MoM cut, followed by a teens% drop in Mounjaro, while Sema

portfolio held relatively stable sequentially. On a YoY basis, Sema portfolio delivered 36% sales

growth yoy in June, likely supported by price cuts in Wegovy/ Rybelsus.