Evaluation of RAY1225 in Adult Participants Who Have Obesity or Are Overweight

Inclusion Criteria:

1. Age ≥ 18 years.

2. Body mass index ≥ 28 kg/m2 or ≥24kg/m² to <28 kg/m2 with at least 1 of the followingweight-related comorbidities: a) Systolic blood pressure ≥130 mmHg or diastolicblood pressure ≥85 mmHg, or the use of at least one antihypertensive medication tomaintain normal blood pressure;b) Fasting triglycerides (TG) ≥1.70 mmol/L, fastinglow-density lipoprotein cholesterol (LDL-C) ≥4.1 mmol/L, fasting high-densitylipoprotein cholesterol (HDL-C) <1.04 mmol/L, or the need for at least onelipid-lowering treatment to maintain normal lipid levels; c) Obstructive sleep apneasyndrome; d) Fatty liver; e) Cardiovascular disease; e) Polycystic ovary syndrome.

3. History of at least 1 self-reported unsuccessful attempt at weight loss by diet andexercise.

Exclusion Criteria:

1. Obesity known to be caused by monogenic mutations, other diseases, or medications.

2. Family or personal history of medullary thyroid carcinoma (MTC) or multipleendocrine neoplasia syndrome type 2.

3. A history of moderate to severe depression at any time in the past or a score of ≥15on the PHQ-9 questionnaire at screening; a history of bipolar disorder,schizophrenia, or other severe psychiatric disorders.

4. A history of organ transplantation (excluding corneal transplant), or beingcurrently prepared to undergo organ transplantation.

5. Plans to quit smoking during the study period

6. Allergic constitution (allergic to multiple medications or foods), or those known tobe allergic to RAY1225, GLP-1 receptor agonists, or GLP-1 related drugs.