Group 1 - The company announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business layout [1] - The funds raised from the H-share issuance will be used for R&D activities, expanding production lines, strategic investments and acquisitions, and general corporate purposes [1] - The company appointed Ernst & Young as the auditing firm for the H-share issuance [1] Group 2 - In the first half of 2025, the company 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% [2] - The company's R&D expenditure as a percentage of revenue increased by 43.12 percentage points compared to the same period last year, driven by a focus on R&D for GLP-1 innovative drugs and inhalation formulations [2] - The company plans to raise up to 500 million yuan through a private placement, with the actual controller subscribing at a price of 22.56 yuan per share [2]

博瑞生物医药（苏州）股份有限公司 2025 年第一次临时股东大会会议资料 博瑞生物医药（苏州）股份有限公司 2025 年第一次临时股东大会会议资料 二〇二五年十月 第 1页/共 37页 | 议案 27 | | --- | | 关于预计日常关联交易额度的议案 35 | | --- | 博瑞生物医药（苏州）股份有限公司 2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议须知 为维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股东 大会的顺利召开，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股东会规则》 以及《博瑞生物医药（苏州）股份有限公司章程》（以下简称"《公司章程》"） 和博瑞生物医药（苏州）股份有限公司（以下简称"公司"、"上市公司"或"博 瑞医药"）《股东大会议事规则》等有关规定，特制定 2025 年第一次临时股东 大会会议须知： 一、 为保证本次大会的严肃性和正常秩序，切实维护股东及股东代理人 （以下统称"股东"）的合法权益，除出席会议的股东、公司董事、监事、高级 管理人员、见证律师及董事会邀请的 ...

Group 1 - The core point of the news is that Borui Pharmaceutical (688166.SH) is facing significant stock price pressure, leading to a share reduction by a major shareholder and a subsequent share buyback announcement [1][2] - As of September 26, 2025, the shareholder Advanced Manufacturing Industry Investment Fund reduced its holdings by 5.301792 million shares, accounting for 1.25% of the total share capital, with a total value of approximately 440 million yuan [1] - The company's stock price has dropped nearly 50% from its peak of 122.59 yuan on August 6, 2025, to a closing price of 59.44 yuan on September 29, 2025 [1] Group 2 - In the first half of 2025, the company reported operating revenue of 537 million yuan, a year-on-year decline of 18.28% [2] - The net profit attributable to shareholders was only 17.1732 million yuan, down 83.85% year-on-year, primarily due to decreased demand and pricing for its key product, Oseltamivir, amid changing flu trends and intensified market competition [2] - The decline in net profit was also influenced by high base effects from last year's temporary demand for high-margin antifungal raw materials, as well as increased depreciation costs from the conversion of construction in progress [2]

Group 1 - A total of 21 companies were investigated by institutions on September 29, with 14 companies specifically targeted by funds [1] - The most popular company among funds was Yongzhen Co., with 26 funds participating in the investigation [1] - Other notable companies included Borui Pharmaceutical and Ruixin Microelectronics, attracting 23 and 18 funds respectively [1] Group 2 - The companies investigated belong to various sectors, with the pharmaceutical and biological industry having the highest representation, featuring 4 companies [1] - The total market capitalization of the investigated companies included 1 company with a market cap over 500 billion and 7 companies with a market cap below 100 billion [1] - The market performance of the investigated stocks showed that 8 out of 14 companies increased in value over the past 5 days, with Shengda Resources, Weiteou, and Fangsheng Pharmaceutical leading with increases of 15.07%, 14.42%, and 8.62% respectively [1] Group 3 - Among the funds participating in the investigations, 6 stocks experienced net inflows over the past 5 days, with Fangsheng Pharmaceutical receiving a net inflow of 119 million [2] - Other companies with significant net inflows included Shengda Resources and Jinshi Resources, with net inflows of 108 million and 41.28 million respectively [2] - A detailed list of companies investigated includes their respective fund participation, latest closing prices, and recent performance metrics [2]

Group 1 - In the past five trading days, a total of 222 companies were investigated by institutions, with significant interest in companies like Siwei Technology, Borui Pharmaceutical, and Xinlitai [1][2] - Among the companies investigated, 41 received attention from more than 20 institutions, with Siwei Technology being the most popular, attracting 92 institutions [1][2] - The types of institutions involved in the investigations included 194 securities companies, 145 fund companies, and 74 private equity firms, indicating a strong interest from the securities sector [1] Group 2 - In terms of investigation frequency, two companies, Hu Dian Co. and Ice Wheel Environment, were investigated three times, indicating high interest [2] - Out of the stocks investigated by more than 20 institutions, 13 saw net inflows of funds, with Jucheng Co. receiving the highest net inflow of 297 million yuan [2] - Among the stocks investigated, 24 experienced price increases, with Jucheng Co. leading with a rise of 36.31%, while 17 saw declines, with Borui Pharmaceutical dropping by 27.33% [2][3] Group 3 - The investigation data included various companies across different sectors, with notable mentions such as Siwei Technology (92 institutions), Borui Pharmaceutical (80 institutions), and Xinlitai (78 institutions) [2][3] - The latest closing prices and percentage changes for these companies were also highlighted, showing significant volatility in the market [2][3] - The data provided a comprehensive overview of institutional interest and market performance, reflecting the dynamic nature of the investment landscape [2][3]

Policy Developments - The Ministry of Industry and Information Technology, along with two other departments, announced the initiation of the 2025 high-end medical equipment promotion application project [1] Drug and Device Approvals - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, aimed at treating cancer pain in adults, with no similar drugs currently on the market [2] - Heng Rui Medicine's subsidiary received approval for clinical trials of HRS-2129, targeting diabetic peripheral neuropathic pain and osteoarthritis pain, with a total R&D investment of approximately 112 million yuan [3] - Borui Pharmaceutical obtained FDA approval for the clinical trial of BGM1812 injection for overweight or obesity treatment, with no similar products approved globally [4] Capital Market - Hangzhou Yaojiasu Medical Isotope Technology Co., Ltd. announced the completion of several million yuan in angel round financing, aimed at expanding its core team and advancing technology development [5] Industry Events - The National Medical Insurance Administration has identified and addressed multiple cases of abnormal data, enhancing the regulatory capabilities of medical insurance data [7] - Xiangyu Medical signed a cooperation agreement with Zhejiang Provincial People's Hospital to establish a clinical research ward for brain-machine interfaces [8] - A micro "lung chip" with an embedded immune system was developed by researchers from Georgia Tech and Vanderbilt University, potentially revolutionizing disease research [9] Public Opinion Alerts - Shenqi Pharmaceutical faced a significant stock drop after being ordered to rectify issues related to the misappropriation of 44.83 million yuan in sales fees, leading to regulatory actions [10]

Group 1 - Yinglian Co., Ltd. expects a net profit of 34.5 million to 37.5 million yuan for the first three quarters of 2025, representing a year-on-year increase of 1531% to 1673% [1] - China CNR Corporation signed major contracts totaling approximately 54.34 billion yuan, accounting for 22% of its expected revenue for 2024 [1] - Shengmei Shanghai reported a total order amount of 9.072 billion yuan, a year-on-year increase of 34.1% [2] Group 2 - Fulian Precision plans to increase capital in its subsidiary Jiangxi Shenghua with a total investment of 35.63 billion yuan, which is expected to constitute a major asset restructuring [3] - Aimeike has obtained a drug registration certificate for Minoxidil topical solution, which is used for treating male pattern baldness [4] - Guolin Technology is planning to acquire 91.07% of Kailianjie’s equity for cash, which is expected to constitute a major asset restructuring [5] Group 3 - Baicheng Co. plans to purchase 55% of Shanghai Canxi Engineering Equipment Co. and will suspend trading of its stock starting September 30, 2025 [6][7] - Diaowei is planning to acquire equity in Rongpai Semiconductor and has suspended trading of its stock [8] - Xiatun New Energy signed a strategic cooperation framework agreement with Zhongwei Co. to establish a long-term partnership in the supply chain for solid-state lithium battery materials [9] Group 4 - Lingyi Zhi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy [10] - Baicheng Pharmaceutical received clinical trial approval for its innovative drug BIOS-0623-Z4, which targets cancer pain treatment [11] - Weide Information announced a preliminary transfer price of 40.33 yuan per share, representing a 26% discount to its closing price [12] Group 5 - Huayou Cobalt's subsidiary signed contracts with LGES for the supply of 76,000 tons of ternary precursor materials and 88,000 tons of ternary cathode materials from 2026 to 2030 [13] - Hubei Energy signed a cooperation agreement with the Xiangyang Municipal Government to invest 26.7 billion yuan in clean energy projects [14]

Core Viewpoint - The company, Borui Pharmaceutical, has received approval from the U.S. FDA to initiate Phase I clinical trials for BGM1812 injection aimed at treating overweight or obesity [2] Group 1 - The announcement was made on the evening of September 29 [2] - The approval marks a significant step for the company in the development of treatments for obesity [2]

Group 1 - Yinglian Co., Ltd. expects a net profit increase of 1531.13% to 1672.97% year-on-year for the first three quarters of 2025, with projected revenue of 1.63 billion to 1.65 billion yuan, a growth of 9.49% to 10.83% [1] - Meixin Sheng plans to reduce its shareholding by no more than 1% through centralized bidding and block trading [1] - Huayin Technology signed two sales contracts totaling 402 million yuan, with one contract for special functional materials and another for research project materials [3] Group 2 - Shen Highways reported a total toll revenue of 114 million yuan for August [5] - Dash Smart signed a contract worth 113 million yuan for a smart hospital project [7] - Tianbang Food received an administrative regulatory measure decision from the China Securities Regulatory Commission for failing to disclose information in a timely manner [8] Group 3 - Fashilong plans to invest 250 million yuan to establish a wholly-owned subsidiary focused on AI applications and cloud computing [10] - Junpu Intelligent received a government subsidy of 20 million yuan, accounting for 243.97% of its audited net profit for 2024 [11] - Longyun Co. plans to apply for a bank credit limit of 32 million yuan [12] Group 4 - Yifan Pharmaceutical's subsidiary received acceptance for a drug registration application for a medication used to lower phenylalanine levels in patients [12] - Rundu Co. received a drug registration certificate for a hypertension medication [13] - Huahai Qingke elected a new employee director and appointed a new vice president [17] Group 5 - Wanyi Technology received a government subsidy of 173,000 yuan [19] - Haizheng Pharmaceutical's tacrolimus capsules passed the consistency evaluation for generic drugs [20] - Pulaike's new veterinary vaccine received registration certification [22] Group 6 - Boguang New Materials signed a major sales contract estimated at 4.3 billion to 5 billion yuan for nickel powder products [41] - Electric Soul Network announced plans for shareholders to reduce their holdings by up to 1.63% [42] - Jin Haitong's shareholders plan to reduce their holdings by up to 3% [44]

Core Viewpoint - The article discusses the recent announcement by Borui Pharmaceutical regarding its plan to issue H-shares and list on the Hong Kong Stock Exchange, while emphasizing the company's commitment to balancing shareholder interests with market conditions [2]. Product Portfolio - Borui Pharmaceutical has a diverse product line covering multiple therapeutic areas, including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology. Key innovative drugs in the metabolism category include BGM0504 and BGM1812, while antiviral products include Entecavir and Oseltamivir. The antifungal category features Caspofungin and Micafungin Sodium, among others [3]. Financial Performance and R&D Progress - In the first half of 2025, Borui Pharmaceutical reported a revenue of 537 million yuan and a net profit of 14.36 million yuan after deducting non-recurring items. The company is focusing on multi-target metabolic drugs containing GLP-1 and exploring new administration routes beyond injections for chronic metabolic diseases. The self-developed peptide-based hypoglycemic drug BGM0504, a dual receptor agonist for GLP-1 and GIP, shows potential in controlling blood sugar, weight loss, and treating non-alcoholic fatty liver disease (NASH). Currently, BGM0504 has completed patient enrollment for phase III clinical trials in China for both type 2 diabetes and weight loss indications, with progress being reported as smooth [5]. Industry Engagement - The "GLP-1 Club" has established a network of hundreds of professionals, providing a platform for industry insights and discussions related to the GLP-1 drug development and its applications in weight loss and diabetes management [9]. GLP-1 Drug Overview - GLP-1 (Glucagon-like peptide-1) is a hormone produced by intestinal L cells, classified as an incretin. GLP-1 receptor agonists are a new class of hypoglycemic drugs that enhance insulin secretion in a glucose-dependent manner, suppress glucagon secretion, and delay gastric emptying, leading to reduced food intake and lower blood sugar levels [13].