Core Points - The restructuring protein concept declined by 1.15%, ranking among the top declines in concept sectors as of the market close on October 23 [1] - Within the restructuring protein sector, major declines were observed in companies such as Haitai Biological, Maiwei Biological, and Yipinhong, while 14 stocks experienced price increases, with *ST Suwu, *ST Wanfang, and Kefu Medical leading the gains at 5.21%, 4.99%, and 2.90% respectively [1] Market Performance - The top-performing concept sectors today included Shenzhen State-Owned Enterprise Reform with a rise of 6.62%, while the restructuring protein sector faced a decline of 1.15% [2] - The restructuring protein sector saw a net outflow of 476 million yuan, with 37 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 30 million yuan [2] - Maiwei Biological led the net outflow with 69.48 million yuan, followed by Hualan Biological, BeiDa Pharmaceutical, and Zhifei Biological with outflows of 66.43 million yuan, 54.42 million yuan, and 33.70 million yuan respectively [2] Stock Performance - The top stocks with significant net outflows in the restructuring protein sector included: - Maiwei Biological: -5.53% with a turnover rate of 7.46% and a net outflow of 69.48 million yuan - Hualan Biological: -1.41% with a turnover rate of 1.37% and a net outflow of 66.43 million yuan - BeiDa Pharmaceutical: -3.26% with a turnover rate of 1.78% and a net outflow of 54.42 million yuan [3] - Conversely, the stocks with notable net inflows included: - SanSheng Guojian: +0.67% with a net inflow of 40.98 million yuan - Baipu Sais: +0.17% with a net inflow of 12.23 million yuan - Huiyu Pharmaceutical: +2.96% with a net inflow of 5.71 million yuan [4]

Core Insights - The stock price of Borui Pharmaceutical has experienced extreme volatility, dropping nearly 50% in just over ten trading days after a previous surge of nearly 300% [1][3] - The rapid rise and fall of the stock price reflect the market's shift from exuberance to rationality regarding the company's prospects in the innovative drug sector [16] Group 1: Stock Performance and Market Dynamics - Borui Pharmaceutical was a standout performer in the innovative drug sector, with the innovative drug index rising over 60% before August 2025, and many companies, including Borui, seeing stock prices triple [3][6] - The surge in stock prices was driven by rapid progress in business development (BD) transactions among Chinese pharmaceutical companies, which mitigated domestic procurement pressures [3][6] - Following Pfizer's acquisition of Metsera for $7.3 billion, which led to a significant increase in Metsera's stock price, market optimism regarding domestic drug development prospects diminished [6][7] Group 2: Financial Performance and Challenges - Borui Pharmaceutical's revenue is still heavily reliant on its raw material business, which accounts for over 70% of total revenue, but has faced significant pressure due to price reductions from national procurement policies [8][9] - The company's net profit has declined sharply, with a drop of over 23% compared to three years ago, and a staggering decline of over 80% in the first half of 2025 [9][11] - The company's R&D expenses surged by 144% in the first half of 2025, consuming over 60% of its revenue, further straining its financial position [11][12] Group 3: Strategic Moves and Future Outlook - Borui Pharmaceutical attempted to raise up to 500 million yuan through a private placement, but the plan faced market skepticism due to significant price discounts compared to market value [13][14] - The company withdrew its controversial fundraising plan and announced plans for a Hong Kong IPO to enhance its overseas financing capabilities [14][15] - The future of Borui's core product, BGM0504, remains uncertain as it undergoes Phase III clinical trials, with potential implications for its market competitiveness and financing prospects [15][16]

Core Insights - The attitude of foreign capital towards Chinese medical assets has dramatically reversed within a year, shifting from a neutral to a positive outlook on the biotechnology sector in China [1][3][7] Group 1: Market Sentiment Shift - Morgan Stanley's report titled "China Biotech: Innovation Dawn" indicates that China's biotechnology sector is now viewed as a critical part of the global new drug supply chain, with projected pharmaceutical revenues reaching $34 billion by 2030 and $220 billion by 2040 [1][3] - The number of foreign institutions conducting research on Chinese biotech companies has surged, with notable firms like State Street Bank and BlackRock showing increased interest [1][2] - The collective buying actions of foreign investors, such as JPMorgan and Citigroup, reflect a significant shift in sentiment towards Chinese innovative drug companies [2][5] Group 2: Investment Dynamics - The efficiency of converting research interest into actual holdings is evident, as seen in the stock price surge of WuXi AppTec, which rose by 6.52% due to increased foreign investment [2] - Major foreign investors have increased their holdings in key Chinese biotech firms, indicating a trend of strategic accumulation among top foreign capital [5][6] - The report highlights that foreign capital is now viewing specific sectors in China as essential assets in the global technology race, with over 90% of U.S. investors expressing plans to increase exposure to Chinese stocks, particularly in biotechnology [6][7] Group 3: Industry Evolution - The narrative surrounding China's pharmaceutical industry has shifted from being cost-driven to innovation-driven, acknowledging the significant advancements in the sector [3][4] - Morgan Stanley and Goldman Sachs both emphasize the growing recognition of China's innovative capabilities in biotechnology, with expectations that several leading biotech firms will reach breakeven by 2025-2026 [4][8] - The report outlines that the Chinese biotech sector is becoming a key player in filling the revenue gaps created by patent expirations in multinational corporations (MNCs), with an estimated $115 billion revenue loss due to patent cliffs by 2035 [8][10] Group 4: Future Projections - By 2040, China's share of FDA-approved drugs is expected to rise from 5% to 35%, with a projected global sales figure exceeding $1.22 trillion even in the most pessimistic scenarios [25][27] - The report anticipates that the collaboration between MNCs and Chinese biotech firms will intensify, driven by the need to address revenue shortfalls from patent expirations [10][14] - The overall improvement in clinical trial data integrity and the increasing number of new molecular entities launched in China are contributing to a more favorable investment landscape [20][22]

New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) announced significant abnormal fluctuations on October 10, 2025[1] - Tianpu Co., Ltd. (605255) and Pingtan Development (000592) issued announcements on October 21, 2025[1] Market Alerts - Multiple companies, including AnTong Holdings (600179) and GuoXin New Energy (600617), issued announcements on October 21, 2025, regarding their stock performance[1] - A total of 20 companies reported abnormal fluctuations in their stock prices, indicating potential volatility in the market[2] - The report highlights the importance of monitoring these fluctuations for investment strategies and risk management[2]

Core Viewpoint - 博瑞医药's stock has shown significant volatility, with a year-to-date increase of 74.83%, but recent declines in the short term indicate potential challenges ahead [1][2]. Financial Performance - For the first half of 2025, 博瑞医药 reported revenue of 537 million yuan, a year-on-year decrease of 18.28%, and a net profit attributable to shareholders of 17.17 million yuan, down 83.85% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 246 million yuan, with 129 million yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, 博瑞医药 had 9,568 shareholders, a decrease of 10.11% from the previous period, while the average number of circulating shares per person increased by 11.32% to 44,185 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 1.0595 million shares to 3.2509 million shares, and a new entrant, Innovation Drug, holding 2.8126 million shares [3]. Market Activity - On October 21, 博瑞医药's stock price rose by 2.06% to 52.63 yuan per share, with a trading volume of 118 million yuan and a turnover rate of 0.54% [1]. - The stock experienced a net outflow of 3.9074 million yuan from main funds, with large orders showing a buy of 27.6355 million yuan and a sell of 30.5389 million yuan [1].

Core Viewpoint - 博瑞医药 has decided to terminate its plan for a specific issuance of A-shares for the year 2024 and has withdrawn the application documents [2] Group 1 - 博瑞医药 will hold its fourth board meeting on October 15, 2025, to review the decision to terminate the issuance of A-shares [2] - The related director, 袁建栋, abstained from voting on this matter [2] - On October 17, 2025, 博瑞医药 received a decision from the Shanghai Stock Exchange to terminate the review of its application for the issuance of shares [2]

Group 1 - The core point of the article is that Borui Pharmaceutical has decided to terminate its plan for a specific issuance of A-shares for 2024 due to a comprehensive assessment of the current market environment and its own operational status [4][6] - The company had previously planned to raise 500 million yuan through this issuance, which was to be fully subscribed by its actual controller, Yuan Jiandong [4] - The initial plan was approved in May 2024, but there was no substantial progress over the year, leading to multiple revisions of the issuance plan before the company voluntarily withdrew its application [4] Group 2 - Borui Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange in 2025 to accelerate its internationalization and enhance its capital strength [6] - The company has appointed Ernst & Young as the auditing firm for this upcoming Hong Kong listing [6] - Established for over 20 years, Borui Pharmaceutical's product portfolio includes innovative drugs across various therapeutic areas, including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology [6] Group 3 - As of now, Borui Pharmaceutical has a market capitalization of approximately 24.5 billion yuan and has completed three rounds of financing since its IPO in November 2019 [6] - The company received a warning letter from the China Securities Regulatory Commission in June due to improper management of raised funds [6]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-090 特此公告。 博瑞生物医药（苏州）股份有限公司董事会 2025 年 10 月 21 日 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）于2025年10月15 日召开第四届董事会第十三次会议，审议通过了《关于终止公司2024年度向特定 对象发行A股股票事项并撤回申请文件的议案》，关联董事袁建栋先生已回避表决。 会议同意公司终止本次向特定对象发行A股股票并撤回申请文件事项。具体内容 详见于2025年10月16日公司在上海证券交易所（以下简称"上交所"）网站 （www.sse.com.cn）披露的《关于终止公司2024年度向特定对象发行A股股票事 项并撤回申请文件的公告》（公告编号：2025-088）。 2025 年 10 月 15 日，公司和保荐人国联民生证券承销保荐有限公司向上交 所提交了《博瑞生物医药（苏州）股份有限公司关于撤回向特定对象发行股票并 在科创板上市申请文件的申请》和《国联民生证券承销保荐有限公司关于撤回博 瑞生物医药（苏州）股份有限公司向特定对象发行股票并在科创板上市申请文件 的申请》，分别申请撤回向特定对象发行股票的申 ...

Core Viewpoint - The company, Borui Biopharmaceutical (Suzhou) Co., Ltd., has decided to terminate its plan for a specific issuance of A-shares for the year 2024 and has withdrawn its application documents [1] Group 1 - The fourth meeting of the fourth board of directors was held to review and approve the resolution to terminate the issuance of A-shares [1] - Related director Yuan Jiandong abstained from voting on the resolution [1] - The company and its sponsor, Guolian Minsheng Securities Co., Ltd., submitted applications to the Shanghai Stock Exchange to withdraw the application documents and revoke the sponsorship work [1] Group 2 - On October 21, the company announced that it had received a decision from the Shanghai Stock Exchange to terminate the review of its specific issuance of shares [1] - The Shanghai Stock Exchange made this decision based on relevant regulations [1]

Core Viewpoint - Borui Pharmaceutical (688166) has announced the termination of its planned private placement fundraising, which had been in preparation for nearly a year and a half, as the company is now planning to list in Hong Kong [1][4]. Group 1: Fundraising and Listing Plans - The company originally intended to raise up to 500 million yuan through a private placement, with the net proceeds aimed at supplementing working capital and repaying bank loans [4]. - The decision to terminate the private placement was made after considering the current market environment and the company's actual situation, with a focus on protecting the interests of all shareholders, especially minority investors [4]. - Borui Pharmaceutical is now planning to issue H-shares and list on the main board of the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas financing capabilities [1][4]. Group 2: Financial Performance - Borui Pharmaceutical has experienced a decline in net profit for three consecutive years, with revenues of approximately 1.017 billion yuan, 1.18 billion yuan, and 1.283 billion yuan from 2022 to 2024, and corresponding net profits of about 240 million yuan, 202 million yuan, and 189 million yuan [6]. - In the first half of this year, the company's net profit dropped by over 80%, with revenues of approximately 537 million yuan, a year-on-year decrease of 18.28%, and a net profit of about 17.17 million yuan, down 83.85% year-on-year [6]. - The decline in performance was attributed to changes in flu trends and competitive dynamics affecting the demand and pricing of antiviral products, as well as fluctuations in customer demand for antifungal products [6]. Group 3: Market Performance - The stock price of Borui Pharmaceutical has experienced significant volatility this year, doubling in value between July 10 and August 6, reaching a historical high on August 6 [7]. - However, the stock price has since declined, closing at 51.3 yuan per share on October 17, which is over a 50% drop from its peak [7].