This is a 26-week randomized, open-label, multicenter, active-controlled parallel group trial. The purpose of this study is to compare efficacy and safety of THDB0206 injection with insulin lispro injection combined with insulin glargine injection U-100 in Chinese participants with T2DM.

Inclusion Criteria:

• Body mass index: 18.0 kg/m^2~35.0 kg/m^2 (both inclusive) at the time of screening.

• HbA1c: 7.0%~10.0% (both inclusive) at the time of screening.

• Diagnosed with T2DM for 6 months or longer at the time of screening based on the World Health Organization (WHO) classification.

• Treated with stable insulin regimen as follow for at least 3 months with or without oral antidiabetic drug:

  1. Basal insulin (neutral protamine Hagedorn [NPH] insulin, insulin glargine, insulin degludec, insulin detemir) in combination with at least 1 prandial injection of bolus insulin.
  2. Premixed insulin at least twice daily.

Exclusion Criteria:

• Have other types of diabetes other than T2DM.
• Have used Glucagon-Like Peptide 1 (GLP-1) receptor agonist within 3 months prior to screening.
• Have had 1 or more episodes of severe hypoglycemia within the 6 months prior to screening.
• Have had 1 or more episodes of acute diabetic complications (diabetic ketoacidosis, hyperglycemic hyperosmolar state, diabetic lactic acidosis, etc.) within the 6 months prior to screening.
• With concomitant conditions at screening that may affect the evaluation of the study, including cardiovascular and cerebrovascular diseases, respiratory diseases, gastrointestinal diseases, liver diseases, kidney diseases, nervous system diseases, psychiatric diseases, hematological diseases, immune system diseases, endocrine system diseases, pancreatic diseases, and/or malignant tumors.