Core Viewpoint - The innovation drug sector in China is experiencing significant growth, driven by increased investment, favorable policies, and a strong pipeline of new drugs entering clinical trials, positioning it for a robust future in both domestic and international markets [6][8][10]. Group 1: Market Performance - As of October 16, the Science and Technology Innovation Drug ETF (Huitianfu, 589120) saw a notable increase of 3.31%, maintaining a rise of over 2% despite a slight pullback [1]. - The ETF has attracted over 40 million yuan in net inflows over the past five days, indicating strong investor interest [1]. - Key constituent stocks such as Sangfor Technology and Yifang Bio have shown significant gains, with Sangfor hitting the daily limit up and Yifang Bio rising by 8.61% [2][3]. Group 2: Industry Trends - The number of License-out transactions in China reached 72 in the first half of 2025, surpassing half of the total for 2024, with a total transaction value 16% higher than the previous year [5]. - The innovation drug sector is primarily driven by business development (BD) expectations, with a significant portion of annual BD activity occurring in the fourth quarter [6]. - The Chinese innovation drug market is expected to see a recovery in confidence as more BD deals materialize, particularly as companies prepare for the upcoming European Society for Medical Oncology (ESMO) conference [6][7]. Group 3: R&D and Financial Outlook - Since 2015, Chinese innovation drug companies have significantly increased R&D investments, leading to a rise in the number of original innovative drugs entering clinical trials, with 704 drugs expected to enter Phase I trials in 2024 [8]. - The revenue of innovation drug companies has been steadily increasing, with projections indicating that one-third of these companies will achieve profitability by 2025, and 70% will reach breakeven by 2026 [8]. - The Chinese government's support for innovation drugs through favorable policies and increased funding is expected to enhance the sector's growth, with healthcare spending on innovation drugs projected to rise from 50 billion yuan in 2022 to 120 billion yuan in 2024 [9]. Group 4: Competitive Landscape - The impending patent cliff for multinational corporations (MNCs) is expected to create a demand for new products, with 190 drugs losing patent protection by 2030, including 69 with annual sales exceeding 1 billion dollars [10]. - Chinese innovation drug companies are well-positioned to fill this gap due to their high R&D efficiency and rich technological outcomes, making them attractive partners for MNCs [10].

（原标题：博瑞医药定增筹划近一年半突然撤回 净利润暴跌八成） 【导读】博瑞医药定增筹划近一年半突然撤回，净利润暴跌八成，股价暴涨暴跌 10月15日晚，博瑞医药突然公告，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。公 司给出的原因是：综合考虑当前市场环境，结合公司实际情况、发展规划等因素。 记者注意到，近一年尤其是最近的三个月，博瑞医药股价出现了急剧变化。最初发行预案公布时，公司 股价尚在30元附近，实控人独揽定增无疑是合算的"买卖"，但随着"9·24"行情启动，加上今年以来创新 药概念热炒，博瑞医药股价出现了大幅上涨的情况。 尤其是从7月11日开始之后的一个月，其股价更是快速上涨，短短一个月从55元最高涨到120元附近，8 月中旬开始又持续暴跌，目前最新股价跌到了55.31元。短短三个月，博瑞医药股价就坐了一轮大大 的"过山车"。 除了股价，博瑞医药的业绩也出现了急剧变化，公司2019年在科创板上市，起初几年还能保持业绩正增 长，但2022年开始出现小幅下滑，2023年、2024年保持下滑趋势。到了2025年，公司业绩从小幅下滑转 为断崖式下滑，今年上半年净利润仅有1700余万元，暴跌了84 ...

10月15日晚，博瑞医药突然公告，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。公司给出的原因是：综合考虑当前市场环境，结合公 司实际情况、发展规划等因素。 博瑞医药自述是一家参与国际竞争的创新型制药企业，"依靠研发驱动，聚焦于首仿、难仿、特色原料药、复杂制剂和原创性新药，持续打造高技术壁 垒，逐步建立起原料药与制剂一体，仿制药与创新药结合，国际市场与国内市场并重的业务体系"。 博瑞医药虽然2019年才上市，但此前已经完成三轮融资，即IPO首发融资、2021年底可转债融资和2022年底定向增发融资。今年6月，因募集资金管理出 了问题，公司及财务总监邹元来被证监会出具警示函。 尤其是从7月11日开始之后的一个月，其股价更是快速上涨，短短一个月从55元最高涨到120元附近，8月中旬开始又持续暴跌，目前最新股价跌到了55.31 元。短短三个月，博瑞医药股价就坐了一轮大大的"过山车"。 除了股价，博瑞医药的业绩也出现了急剧变化，公司2019年在科创板上市，起初几年还能保持业绩正增长，但2022年开始出现小幅下滑，2023年、2024年 保持下滑趋势。到了2025年，公司业绩从小幅下滑转为断崖式下滑，今 ...

【导读】博瑞医药定增筹划近一年半突然撤回，净利润暴跌八成，股价暴涨暴跌 中国基金报记者 南深 10月15日晚，博瑞医药突然公告，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。公 司给出的原因是：综合考虑当前市场环境，结合公司实际情况、发展规划等因素。 回溯过往公告，2024年5月6日博瑞医药召开董事会及监事会会议、2024年5月20日召开股东大会，审议 通过《关于2024年度向特定对象发行A股股票预案的议案》等相关议案。本次定增拟由公司实际控制人 袁建栋一人包揽，募集资金5亿元。 | 成长能力指标 | 24-12-31 | 23-12-31 | 22-12-31 | 21-12-31 | 20-12-31 | 19-12-31 | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入(元) | 12.83 Z | 11.80亿 | 10. 174Z | 10. 52 Z | 7.854亿 | 5.0327 | | 毛利润(元) | 7.376亿 | 6.581亿 | 6. 410亿 | 5.917亿 | 4. 314Z | 3. 222 亿 | ...

Core Viewpoint - 博瑞医药 has abruptly withdrawn its plan for a private placement of A-shares for 2024, citing current market conditions and company circumstances as reasons for the decision [2] Group 1: Company Actions - The company initially planned to raise 500 million yuan through a private placement led by its actual controller, Yuan Jiandong, which was approved by the board and shareholders in May 2024 [2] - After a year of no progress on the private placement, the company revised its issuance plan multiple times before ultimately retracting the application [2][3] Group 2: Stock Price Fluctuations - 博瑞医药's stock price experienced significant volatility, rising from around 30 yuan to approximately 120 yuan within a month starting July 11, before plummeting back to 55.31 yuan [3] - The stock's dramatic rise and fall over three months has been likened to a "roller coaster" [3] Group 3: Financial Performance - The company's financial performance has deteriorated sharply, with net profit dropping by 84% to just over 17 million yuan in the first half of 2025 [4] - Revenue figures show a consistent decline, with total revenue for 2024 projected at 1.283 billion yuan, down from 1.180 billion yuan in 2023 [5] - The company reported a decline in net profit from 2022 onwards, with a significant drop in growth rates, indicating a troubling trend in profitability [5] Group 4: Company Background - 博瑞医药 is described as an innovative pharmaceutical company focused on research and development, aiming to establish a robust business model that integrates both generic and innovative drugs [5] - The company has undergone multiple rounds of financing since its IPO in 2019, including convertible bonds and a private placement, but faced regulatory scrutiny due to issues with fund management [6]

回溯过往公告，2024年5月6日博瑞医药召开董事会及监事会会议、2024年5月20日召开股东大会，审议通过《关于2024年度向特定对象发行A股股票预案 的议案》等相关议案。本次定增拟由公司实际控制人袁建栋一人包揽，募集资金5亿元。 但之后的一年时间，该定增迟迟没有新进展，直到2025年5月8日，公司对发行预案进行了修订。7月18日，公司再次对发行预案进行修订。8月8日，公司 收到上交所出具的受理发行证券申请的通知。不过，还没等上交所发出审核问询，公司就主动撤回了申请。 记者注意到，近一年尤其是最近的三个月，博瑞医药股价出现了急剧变化。最初发行预案公布时，公司股价尚在30元附近，实控人独揽定增无疑是合算 的"买卖"，但随着"9·24"行情启动，加上今年以来创新药概念热炒，博瑞医药股价出现了大幅上涨的情况。 【导读】博瑞医药定增筹划近一年半突然撤回，净利润暴跌八成，股价暴涨暴跌 10月15日晚，博瑞医药突然公告，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。公司给出的原因是：综合考虑当前市场环境，结合公 司实际情况、发展规划等因素。 博瑞医药自述是一家参与国际竞争的创新型制药企业，"依靠研发驱动， ...

Core Viewpoint - 博瑞医药 has abruptly withdrawn its plan for a private placement of A-shares for 2024, citing current market conditions and company circumstances as reasons for this decision [2] Group 1: Company Actions - The company initially planned to raise 500 million yuan through a private placement led by its actual controller, Yuan Jiandong, but the plan faced delays and was ultimately retracted [2] - The private placement was first approved in May 2024, but after a year of no progress, the company revised the issuance plan multiple times before withdrawing it entirely [2][3] Group 2: Stock Price Fluctuations - 博瑞医药's stock price has experienced significant volatility, rising from around 30 yuan to a peak of approximately 120 yuan within a month, before plummeting back to 55.31 yuan [3] - The stock's dramatic rise and fall can be attributed to market trends and the hype surrounding innovative drug concepts [3] Group 3: Financial Performance - The company's financial performance has deteriorated sharply, with net profit dropping by 84% to approximately 17 million yuan in the first half of 2025 [6] - Historical data shows that while revenue grew steadily from 5.03 billion yuan in 2019 to 12.83 billion yuan in 2024, net profit has seen a decline since 2022, indicating a troubling trend [7] Group 4: Company Profile - 博瑞医药 is characterized as an innovative pharmaceutical company focused on research and development, specializing in complex generics and original drugs, with a dual market strategy targeting both domestic and international markets [8] - The company has undergone multiple rounds of financing since its IPO in 2019, but faced regulatory scrutiny due to issues in fund management earlier this year [8]

Core Viewpoint - 博瑞医药 has decided to terminate its plan to issue A-shares to specific investors and has applied to withdraw the related application documents due to current market conditions and the company's actual situation [1] Group 1: Company Decision - 博瑞医药 held its 13th meeting of the 4th Board of Directors on October 15, where it approved the resolution to terminate the A-share issuance plan [1] - The company originally intended to raise up to 500 million yuan (including principal) through this issuance, with the net proceeds aimed at supplementing working capital and repaying bank loans [1] Group 2: Rationale for Termination - The decision to terminate the issuance was made after careful consideration of the current market environment and the company's development plans [1] - 博瑞医药 emphasized the importance of protecting the interests of all shareholders, particularly small and medium-sized investors, in making this decision [1]

Core Viewpoint - 博瑞医药 has decided to terminate the issuance of A-shares to specific investors for the year 2024, citing current market conditions and the company's development plans as key factors [1] Group 1 - The decision was made after thorough communication and careful consideration with relevant parties [1] - The company has withdrawn its application documents related to the A-share issuance [1] - This termination will not have a significant impact on the company's normal operations and sustainable development [1]

博瑞生物医药（苏州）股份有限公司 关联（连）交易决策制度（草案） 第一章 总则 第一条为保证博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"本 公司"）与关联人/关连人士之间的关联交易/关连交易符合公平、公正、公开的 原则，确保公司的关联交易行为不损害公司和非关联股东的合法权益，根据《中 华人民共和国公司法》、《中华人民共和国证券法》、《企业会计准则第 36 号 ——关联方披露》、《上海证券交易所科创板股票上市规则》（以下简称"《上 交所上市规则》"）《香港联合交易所有限公司证券上市规则》（以下简称"《香 港上市规则》"等法律、行政法规、规范性文件、公司股票上市地证券监管规则 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》"） 的有关规定，结合公司的实际情况，制定本制度。 第二条公司与关联人/关连人士之间的关联交易/关连交易行为除遵守有关 法律法规、规范性文件和《公司章程》的规定外，还需遵守本制度的规定。 第二章 关联人/关连人士和关联关系/关连关系 第三条本制度所指关联人/关连人士或关联关系/关连关系主要是指在财务和 经营决策中，有能力对公司直接或间接控制或施加重大影响的方式或途径 ...