Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 977 million yuan (+6.77% year-on-year) and a net profit attributable to shareholders of 177 million yuan (-7.5% year-on-year) [2] - R&D expenses significantly impacted profits, with a Q3 R&D investment of 79 million yuan (+30.53% year-on-year), leading to a 16.11% year-on-year increase in net profit when excluding R&D costs [3] - The innovation pipeline is progressing smoothly, with promising clinical data for BGM0504 in diabetes and weight loss indications [4] Summary by Sections Financial Performance - Q3 2024 revenue was 319 million yuan (-2.52% year-on-year), with a net profit of 71 million yuan (-13.73% year-on-year) [2][3] - The gross margin for Q3 was 63.58% (+0.42 percentage points), while the net margin was 20.22% (-3.71 percentage points) [3] R&D and Innovation - The company is focusing on high-difficulty generics and has made significant progress in its innovation pipeline, including the completion of Phase II clinical trials for BGM0504 [4] - The clinical data for weight loss showed significant average weight reduction percentages of 10.8%, 16.2%, and 18.5% for different dosage groups [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 2.08 billion yuan, 2.58 billion yuan, and 2.95 billion yuan respectively, with corresponding P/E ratios of 61, 50, and 43 [5] - The company maintains a positive outlook based on the continuous improvement of its product matrix and the successful advancement of its innovation pipeline [5]

Financial Performance - The company's operating revenue for Q3 2024 was ¥319,137,248.68, a decrease of 2.52% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥71,044,018.70, down 13.73% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.17, a decrease of 10.53% compared to the same period last year[2]. - Total operating revenue for the first three quarters of 2024 reached RMB 976,825,695.67, an increase of 6.8% compared to RMB 914,877,843.44 in the same period of 2023[22]. - Net profit for the first three quarters of 2024 was RMB 146,757,526.84, down 17.0% from RMB 176,740,694.87 in the same period of 2023[23]. - The total profit for the first three quarters of 2024 was RMB 168,076,343.14, a decrease from RMB 197,688,288.52 in the previous year[23]. - Earnings per share for the first three quarters of 2024 were RMB 0.42, compared to RMB 0.45 in the same period of 2023[23]. Research and Development - R&D investment totaled ¥78,874,621.38 in Q3 2024, an increase of 30.53% compared to the same period last year, representing 24.71% of operating revenue[2][7]. - The company reported a net profit growth of 16.11% when excluding the impact of R&D expenses for innovative drugs[4]. - The company has maintained a "R&D-driven" strategy, increasing investment in products like BGM0504 injection[4]. - The company achieved significant progress in the clinical trials for its innovative drug BGM0504, with the weight loss indication entering Phase III trials in China and receiving ethical approval for the first subject enrollment[13]. - The company has submitted 10 new domestic patent applications and received 9 new domestic patent authorizations in Q3 2024, bringing the total patent applications to 490, including 434 invention patents[15]. - The company has completed the Phase I clinical trial for the injectable BGC0228[13]. - The company has received IND approval for BGM0504 in the United States for weight loss indication, with the first subject already enrolled[15]. - The company has received clinical trial approval for the inhalation powder of Salmeterol and Fluticasone, with the first subject already enrolled[14]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥4,878,532,811.80, a decrease of 3.05% from the end of the previous year[3]. - Total equity attributable to shareholders at the end of Q3 2024 was ¥2,352,381,122.67, a decrease of 0.69% from the previous year[3]. - Current assets decreased from CNY 1,839,738,327.73 to CNY 1,382,517,329.28, representing a decrease of about 24.87%[19]. - Cash and cash equivalents dropped significantly from CNY 998,045,685.92 to CNY 505,357,865.57, a reduction of approximately 49.3%[19]. - Accounts receivable increased from CNY 282,978,228.31 to CNY 369,536,455.40, reflecting an increase of about 30.54%[19]. - Total liabilities decreased from CNY 2,614,247,828.99 to CNY 2,536,193,149.01, a decrease of approximately 2.93%[20]. - Long-term borrowings decreased from CNY 1,184,658,415.12 to CNY 1,104,249,061.43, a decline of about 6.77%[20]. - Total equity decreased from CNY 2,417,583,546.93 to CNY 2,342,339,662.79, a decrease of approximately 3.11%[20]. - The company reported a significant reduction in short-term borrowings from CNY 156,873,727.68 to CNY 122,138,205.34, a decrease of about 22.2%[20]. - The company’s inventory slightly decreased from CNY 344,627,860.71 to CNY 339,742,470.71, a reduction of approximately 1.14%[19]. - The company’s long-term equity investments decreased from CNY 43,490,102.12 to CNY 39,325,778.89, a decline of about 9.93%[19]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was ¥119,589,702.03, an increase of 21.01% year-on-year[2]. - Cash outflow from investment activities totaled $523.15 million, an increase from $419.79 million in the previous period, resulting in a net cash flow from investment activities of -$424.87 million, compared to -$367.59 million previously[25]. - Cash inflow from financing activities was $595.96 million, slightly down from $619.28 million in the previous period, with net cash flow from financing activities at -$173.77 million, a decrease from $66.68 million[25]. - The net increase in cash and cash equivalents was -$477.72 million, compared to -$205.88 million in the previous period, leading to an ending cash balance of $493.32 million[25]. - The company reported a significant increase in cash paid for fixed assets, intangible assets, and other long-term assets, totaling $251.05 million, compared to $300.32 million previously[25]. - Cash paid for investments rose to $272.10 million from $115.60 million, indicating a strategic focus on expanding investment activities[25]. - Cash paid for debt repayment increased to $627.88 million from $447.12 million, reflecting a higher commitment to managing debt obligations[25]. - Cash dividends and interest payments totaled $118.86 million, up from $100.51 million, indicating a stable return to shareholders[25]. - The impact of exchange rate changes on cash and cash equivalents was positive at $1.33 million, contrasting with a negative impact of -$3.81 million in the previous period[25]. - The company did not receive any cash from minority shareholders' investments during the current period, compared to $60 million previously[25]. Accounting and Reporting - The company has adopted new accounting standards starting in 2024, which may affect future financial reporting[26].

证券代码：688166 证券简称：博瑞医药 公告编号：2024-081 博瑞生物医药（苏州）股份有限公司 自愿披露关于 BGM0504 注射液减重适应症 获得Ⅲ期临床试验伦理批件的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 近日，博瑞生物医药（苏州）股份有限公司（以下简称"公司"）全资子公司 博瑞新创生物医药科技（无锡）有限公司（以下简称"博瑞新创"）自主研发的 BGM0504 注射液减重适应症的Ⅲ期临床研究方案通过了牵头医院北京大学人民 医院伦理审查委员会的审批，获得了《北京大学人民医院伦理审查委员会伦理审 查批件》。现将相关情况公告如下： 一、药品基本情况 BGM0504 注射液是公司自主研发的 GLP-1（胰高血糖素样肽 1）和 GIP（葡 萄糖依赖性促胰岛素多肽）受体双重激动剂，属于境内外均未上市化学药品 1 类 创新药。BGM0504 注射液可激动 GIP 和 GLP-1 下游通路，产生控制血糖、减重 和治疗非酒精性脂肪性肝炎（NASH）等生物学效应，展现多种代谢疾病治疗潜 力。 三、风险提示 1、公司 ...

编号：2024-010 证券代码：688166 证券简称：博瑞医药 博瑞生物医药（苏州）股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-----------------------------------------------------|---------------------------------|-----------------------------------------------|----------------------------------------------------|------------------------------------|------------|--------------| | 投资者关系活 \n动类别 | □特定对象调研 \n□媒体采访 \n□新闻发布会 \n□现场参观 | \n \n \n | □分析师会议 \n□业绩说明会 \n□路演活动 \n■其他 | 电话会议 | | | | | | 宏利基金 | 玖 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company has achieved significant results in the Phase II clinical trial of BGM0504 injection for weight loss, demonstrating good safety and efficacy [3] - The company is expected to continue its stable growth in traditional business while focusing on the innovative drug BGM0504, which has shown strong weight loss efficacy and safety compared to similar products [3] - Revenue projections for 2024-2026 are estimated at 1.339 billion, 1.529 billion, and 1.762 billion yuan, with net profit estimates of 211 million, 236 million, and 267 million yuan respectively [4][6] Financial Forecasts - Revenue growth rates are projected at 15.9% for 2024, 13.6% for 2025, and 14.2% for 2026 [4] - The company's earnings per share (EPS) are forecasted to be 0.50 yuan in 2024, 0.56 yuan in 2025, and 0.63 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 62, 55, and 49 [4][6] - The net profit margin is expected to decrease slightly from 17.17% in 2023 to 15.14% in 2026 [6] Clinical Trial Results - In the Phase II trial, the average weight loss percentages for the 5mg, 10mg, and 15mg groups at week 24 were 10.8%, 16.2%, and 18.5% respectively, significantly outperforming the placebo group [3] - Cardiovascular risk indicators showed notable improvements, with systolic blood pressure reductions of 11.7 mmHg, 14.7 mmHg, and 12.5 mmHg for the respective dosage groups at week 24 [3] - The trial also indicated improvements in insulin sensitivity, with fasting blood glucose reductions of 7%, 13%, and 16% for the respective dosage groups [3]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company has achieved significant results in the Phase II clinical trial of BGM0504 injection for weight loss, demonstrating good safety and efficacy [3] - The company is expected to continue its stable growth in traditional business while focusing on the clinical progress of innovative drugs [3] - Revenue projections for 2024-2026 are estimated at 1.339 billion, 1.529 billion, and 1.762 billion yuan respectively, with net profit forecasts of 211 million, 236 million, and 267 million yuan [3][4] Financial Forecasts - Revenue (million yuan): 1,180 in 2023, projected to grow to 1,339 in 2024, 1,529 in 2025, and 1,762 in 2026 [4][6] - Net profit (million yuan): 202 in 2023, expected to rise to 211 in 2024, 236 in 2025, and 267 in 2026 [4][6] - Earnings per share (EPS): 0.48 in 2023, projected to increase to 0.50 in 2024, 0.56 in 2025, and 0.63 in 2026 [4][6] - Price-to-earnings ratio (PE): 64 in 2023, expected to decrease to 62 in 2024, 55 in 2025, and 49 in 2026 [4][6] Clinical Trial Results - BGM0504 injection showed significant weight loss results, with average weight reductions of 10.8%, 16.2%, and 18.5% for the 5mg, 10mg, and 15mg groups respectively at week 24 [3] - Cardiovascular risk indicators also improved significantly, with systolic blood pressure reductions of 11.7 mmHg, 14.7 mmHg, and 12.5 mmHg for the respective dosage groups at week 24 [3] - The drug demonstrated a strong safety profile, with most adverse reactions being mild and self-resolving [3]

证券代码：688166 证券简称：博瑞医药 公告编号：2024-080 博瑞生物医药（苏州）股份有限公司 自愿披露关于 BGM0504 注射液减重适应症 Ⅱ期临床试验数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 近日，博瑞生物医药（苏州）股份有限公司（以下简称"公司"）全资子公司 博瑞新创生物医药科技（无锡）有限公司（以下简称"博瑞新创"）自主研发的 BGM0504 注射液治疗非糖尿病的超重或肥胖的Ⅱ期临床试验达成预期目标。现将 相关情况公告如下： 一、BGM0504 注射液Ⅱ期临床试验情况 （一）Ⅱ期临床方案 BGM0504 注射液已完成的 II 期临床试验（CTR20233198）是一项在非糖尿 病的超重或肥胖受试者中多次给药的安全性、耐受性、PK/PD 特征和有效性的随 机、双盲、安慰剂平行对照的临床研究。本项研究共纳入了 120 例中国非糖尿病 的超重或肥胖受试者，各组在体重、腰围、BMI 等方面的基线特征基本均衡。 （二）II 期试验初步结果 BGM0504 注射液治疗超重或肥胖的 II 期临床试验 ...

一、可转债发行上市概况 经中国证券监督管理委员会证监许可[2021]3551 号文同意注册，博瑞生物医 药（苏州）股份有限公司（以下简称"公司"）于 2022 年 1 月 4 日向不特定对 象发行 465 万张可转换公司债券，每张面值为人民币 100 元，发行总额 46,500.00 万元。本次发行的可转换公司债券的期限为自发行之日起六年，即 2022 年 1 月 4 日至 2028 年 1 月 3 日。 经上海证券交易所自律监管决定书[2022]22 号文同意，公司 46,500.00 万元 可转换公司债券于 2022 年 1 月 27 日起在上海证券交易所挂牌交易，债券简称 "博瑞转债"，债券代码"118004"。 证券代码：688166 证券简称：博瑞医药 公告编号：2024-079 转债代码：118004 转债简称：博瑞转债 博瑞生物医药（苏州）股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 转股情况："博瑞转债"自 2022 年 7 月 11 日起开始进 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2024-077 博瑞生物医药（苏州）股份有限公司 第四届监事会第一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）第四届监事会第 一次会议于 2024 年 9 月 27 日以通讯表决方式召开。全体监事同意豁免本次监事 会提前通知期限。 本次会议应出席监事 5 名，实到 5 名，经全体监事推举，本次会议由监事何 幸先生主持。本次会议的召集、召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 （一）审议通过《关于选举公司第四届监事会主席的议案》 根据《公司法》《公司章程》的规定，公司第四届监事会选举何幸先生为第 四届监事会主席，任期自第四届监事会第一次会议审议通过之日起至第四届监事 会任期届满之日止。 二、监事会会议审议情况 表决结果：5 票同意；0 票反对；0 票弃权。 特此公告。 博瑞生物医药（苏州）股份有限公司监事会 2024 年 9 月 28 日 1 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2024-076 博瑞生物医药（苏州）股份有限公司 2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 9 月 27 日 （二） 股东大会召开的地点：江苏省苏州工业园区启月街 299 号独墅湖世尊酒 店 M9 会议室 | 1、出席会议的股东和代理人人数 | 96 | | --- | --- | | 普通股股东人数 | 96 | | 2、出席会议的股东所持有的表决权数量 | 174,764,931 | | 普通股股东所持有表决权数量 | 174,764,931 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 41.4033 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 41.4033 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会 ...