Evaluation of the Bioequivalence of RAY1225 Injection in Healthy Participants

1. Signature of a dated Informed Consent Form (ICF) indicating that the subject has been informed of all the relevant aspects(including adverse events) of the trial prior to enrollment.

2. Participants must be willing and able to adhere to the visit schedule and protocol requirements and be available to complete the study.

3. Participants (including partners) must use reliable methods of contraception during the study and until 3 months following the last dose of investigational product.

4. Body weight is no less than 55 kg in males and no less than 50 kg in females. Body mass index (BMI) 22≤BMI<28 kg/m2.

1. A history of medullary thyroid carcinoma (MTC) or current diagnosis of MTC, or a family history of MTC (grandparents, parents, and siblings), or a diagnosis of multiple endocrine neoplasia type 2 (MEN2);

2. A history of hypoglycemic episodes within 12 months prior to screening;

3. Major surgery or severe infection within 12 weeks prior to screening;

4. Acute illness occurring from the time of signing the informed consent form to the administration of the investigational drug;

5. Clinically significant abnormalities in physical examination, vital signs, laboratory tests (complete blood count, blood biochemistry, urinalysis, coagulation function, serum calcitonin), thyroid ultrasound, abdominal color Doppler ultrasound (liver, gallbladder, pancreas, spleen, and kidneys), or chest X-ray (posteroanterior and lateral views);

6. Positive for any of the following at screening: hepatitis B surface antigen (HBsAg), hepatitis C virus antibody (HCV-Ab), human immunodeficiency virus antibody (HIV-Ab), or Treponema pallidum antibody (TP-Ab);

7. Clinically significant abnormalities on 12-lead electrocardiogram (ECG) at screening, or QTcF > 450 ms on ECG, or a family history of long QT syndrome or Brugada syndrome;

8. Vaccination within 4 weeks prior to screening, or planned vaccination during the trial period;

9. Use of any prescription drugs, over-the-counter drugs, or traditional Chinese medicines within 4 weeks prior to screening, or planned concomitant use during the trial period.