Inclusion Criteria:
1. Male or female participants aged 18 to 75 years inclusive at the time of signing the informed consent form.
2. Confirmed diagnosis of obstructive sleep apnea (OSA) based on the International Classification of Sleep Disorders, 3rd Edition, Text Revision (ICSD-3-TR) criteria, with a polysomnography (PSG) showing an Apnea-Hypopnea Index (AHI) ≥ 15 events/hour at screening.
3. Participants who are unwilling or unsuitable to receive positive airway pressure (PAP) therapy, and who have not received PAP therapy within 4 weeks prior to screening.
4. Body Mass Index (BMI) ≥ 28 kg/m² at screening.
5. Weight has been stable for 3 months prior to screening (body weight change \< 5%) (based on self-report).
6. Participants of childbearing potential and their partners must have no plan for conception from screening until 6 months after completion of the trial, voluntarily use effective contraceptive measures, and have no plan to donate sperm or oocytes within 6 months after trial completion.
7. Willingness to provide written informed consent and strictly comply with the protocol.
Exclusion Criteria:
1. Known hypersensitivity to the investigational drug, its excipients, or other drugs with similar pharmacological activity.
2. Use of any of the following within 3 months prior to screening:
1\) Use of GLP-1 receptor agonists or similar drugs targeting the same pathway; 2) Use of biguanides, sodium-glucose cotransporter-2 (SGLT-2) inhibitors, dipeptidyl peptidase-4 (DPP-4) inhibitors, or any other hypoglycemic agents.
3\) Use of weight-influencing medications, or expected use during the trial, including but not limited to systemic glucocorticoids (except short-term non-high-dose use \< 7 days within 3 months prior to screening, or planned use \< 14 days during the trial), tricyclic antidepressants, antipsychotics, mood stabilizers (e.g., imipramine, amitriptyline, mirtazapine, paroxetine, phenelzine, chlorpromazine, thiothixene, clozapine, olanzapine, valproic acid, valproic acid derivatives, etc.).
4\) Use of over-the-counter weight-loss drugs or food suppressants (including traditional Chinese medicine, health supplements, meal replacements), prescription weight-loss drugs (including but not limited to orlistat), or lipolytic injections (e.g., lipodissolve injections).
5\) Use of stimulants, sedative-hypnotics, opioids, trazodone, or muscle relaxants.
6\) Use of over-the-counter or prescription medications that may affect excessive daytime sleepiness assessment.
3\. History or evidence of:
1. Diagnosed with type 1 diabetes, type 2 diabetes, or other types of diabetes (except history of gestational diabetes);
2. History of acute or chronic pancreatitis, or pancreatic surgery;
3. History of symptomatic gallbladder disease within 1 year prior to screening;
4. Personal or family history (first-degree relatives, i.e., parents, children, or siblings) of medullary thyroid carcinoma (MTC) or multiple endocrine neoplasia type 2 (MEN2);
5. Presence of endocrine diseases that may significantly affect body weight;
6. History of bariatric surgery or planned weight-loss procedures (with specific exceptions for procedures \>1 year prior);
7. Previous history of depression, or Patient Health Questionnaire-9 (PHQ-9) score ≥ 15 at screening, or history of severe mental illness;
8. positive C-SSRS for suicidal ideation/behavior;
9. History of clinically significant cardiovascular or cerebrovascular disease within 6 months;
10. History or presence of severe retinal or macular lesions;
11. History of sleep apnea surgery or major ENT surgery that may still affect breathing;
12. History or presence at screening of clinically relevant medical conditions (other than OSA) or psychiatric disorders related to insomnia or excessive sleepiness;
13. Receiving other active device therapies for OSA;
14. Presence of other sleep disorders besides OSA;
15. History or diagnosis of obesity hypoventilation syndrome or diurnal hypercapnia;
16. Requirement for supplemental oxygen therapy;
17. Severe craniofacial bony deformities or abnormalities significantly affecting the airway;
18. Presence of gastrointestinal motility disorders, gastrointestinal diseases increasing post-dose risks, or history of major gastrointestinal surgery;
19. malignancy within 5 years (except cured skin, cervical, or prostate in situ);
20. Major surgery, severe trauma, or severe infection within 1 month;
21. Concomitant diseases affecting participant safety, efficacy evaluation, or compliance.
4\. Abnormal lab results:
1. HbA1c ≥6.5% or FPG ≥7.0 mmol/L;
2. ALT/AST ≥3×ULN or total bilirubin ≥1.5×ULN or eGFR \<60 mL/min/1.73m²;
3. calcitonin ≥50 pg/mL;
4. uncontrolled thyroid dysfunction or TI-RADS ≥4a nodules;
5. fasting TG ≥5.6 mmol/L;
6. amylase/lipase \>2×ULN;
7. INR \>ULN;
8. hemoglobin \<90 g/L;
9. untreated hypertension (SBP ≥160 and/or DBP ≥100 mmHg);
10. clinically significant ECG abnormalities (2nd/3rd degree AV block, QTcF \>470ms female/\>450ms male, WPW, HR \<50 or \>110);
11. positive HBV-DNA, HCV-RNA, HIV, or dual-positive syphilis;
12. Physical examination, vital signs, laboratory tests, or other assessments showing clinically significant abnormalities that pose a significant risk to the participant or interfere with the evaluation of safety or PK results, rendering the participant unsuitable for the trial.
5\. Participation in another interventional clinical trial within 3 months prior to screening.
6\. Blood loss ≥400 mL or blood transfusion within 3 months prior to screening. 7. History of drug or alcohol abuse (female \>7 or male \>14 standard drinks/week).
8\. Pregnant or lactating women. 9. Unable to tolerate venipuncture or history of needle/blood phobia. 10. Any other condition deemed unsuitable by the investigator.
