格隆汇12月2日丨博瑞医药(688166.SH)在投资者互动平台表示，截至2025年第三季度报告披露日， BGM0504注射液2型糖尿病和减重两项适应症国内III期临床试验已完成全部入组，处于给药和随访阶 段，均正在按计划顺利推进中。待完成国内III期临床研究，并经国家药监局审评、审批通过后方可在国 内生产上市。 ...

Core Viewpoint - 博瑞医药 is actively investing in innovative drug development to counteract declining revenues from its traditional business segments, particularly in the context of increasing market competition and pricing pressures [3][5][8]. Company Investment and Shareholding - 博瑞医药 held a shareholder meeting on December 1, 2023, where it approved a capital increase of 50 million yuan in 苏州极客基因科技有限公司, raising its stake from 4.0816% to 12.8015% [1]. - 极客基因 specializes in high-throughput omics data for cell fate regulation and has a new drug for advanced malignant tumors that has been approved for clinical trials in China [1]. Financial Performance - 博瑞医药's revenue has been under pressure, with a decline in net profit from 2.44 billion yuan in 2021 to an expected 1.89 billion yuan in 2024, indicating a trend of "increased revenue without increased profit" [3][5]. - In the first three quarters of 2023, the company reported a 10.50% decrease in revenue to 874 million yuan and a 71.64% drop in net profit to 50.32 million yuan [5]. R&D Focus and Product Development - 博瑞医药 is focusing on innovative drugs, particularly in the metabolic disease sector, with BGM0504 being a key product under development [5][6]. - BGM0504 is a dual agonist for GLP-1 and GIP receptors, with ongoing clinical trials for diabetes and weight loss indications in China and the U.S. [6][7]. - The company plans to submit a Phase III clinical trial application to the FDA by the end of 2023, with an expected enrollment of around 6,000 participants, significantly increasing R&D costs [6]. Market Performance and Stock Activity - 博瑞医药's stock has been volatile, with a significant increase of over 76% from the beginning of the year to the end of November, despite a sharp decline following disappointing half-year results [7]. - The company has faced scrutiny regarding its stock price fluctuations and has issued multiple warnings about potential investment risks [7]. Financial Challenges and Funding Strategies - 博瑞医药's R&D expenses reached 348 million yuan in the first half of 2023, accounting for 64.83% of its revenue, with a significant increase in investment in innovative drugs [8]. - The company has been exploring various financing options, including a terminated 500 million yuan private placement and a recent application for a listing on the Hong Kong Stock Exchange to enhance its international financing capabilities [8][9].

（记者 曾健辉） 截至发稿，博瑞医药市值为226亿元。 每经头条（nbdtoutiao）——创新药遭遇"窜天猴"：两个月大涨30%，1只实验猴卖12万元，仍"有价无 猴"，国内年缺口约1万只 每经AI快讯，博瑞医药（SH 688166，收盘价：53.35元）12月1日晚间发布公告称，截至2025年11月30 日，公司通过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份约5.59万股，占公司总股 本约4.23亿股的比例为0.0132%，回购成交的最高价为54.28元/股、最低价为52.96元/股，支付的资金总 额为人民币约299万元。 2024年1至12月份，博瑞医药的营业收入构成为：医药制造业占比97.33%，其他业务占比2.67%。 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-102 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、准确性和完整性承担法律责任。 博瑞生物医药（苏州）股份有限公司 关于股份回购进展公告 重要内容提示： | 回购方案首次披露日 | 2025/9/27，由公司控股股东、实际控制人、董事 | | | | --- | --- | --- | --- | | | 长袁建栋先生提议 | | | | 回购方案实施期限 | 2025 年 月 26 日~2026 9 月 25 日 | 9 | 年 | | 预计回购金额 | 1,000万元~2,000万元 | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 5.588万股 | | | | 累计已回购股数占总股本比例 | 0.0132% | | | | 累计已回购金额 | 299.3933万元 | | | | 实际回购价格区间 | 52.96元/股~54.28元 ...

北京市竞天公诚律师事务所上海分所 关于 博瑞生物医药（苏州）股份有限公司 2025 年第二次临时股东会 之 本所根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股东会规则》等现行有效的法律、法规、规范性文件及《博瑞生物医药（苏州） 股份有限公司章程》（下称"《公司章程》"），按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，出具本法律意见书。 为出具本法律意见书，本所律师审查了本次股东会相关的文件、资料，并对 本次股东会的召集、召开、表决程序、出席会议人员资格和有效表决权等相关事 项进行了必要的核查和验证。 本所仅就本次股东会的召集和召开程序、出席会议人员资格、表决程序和有 效表决等事项发表法律意见，不对本次股东会所审议议案的内容以及在议案中所 涉及的事实和数据的真实性和准确性等问题发表意见。 法律意见书 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel: +86 21 5404 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-103 博瑞生物医药（苏州）股份有限公司 2025年第二次临时股东会决议公告 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） 股东会召开的时间：2025 年 12 月 1 日 （二） 股东会召开的地点：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 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例 （%） | 票数 | 比例（%） | | 普通股 | 15,133,189 | 52.9010 | 137,862 | 0.4819 | 13,335,571 | 46.6171 | | 1、出席会议的 ...

Investment Rating - The report does not explicitly state an investment rating for the GLP-1RA drug industry Core Insights - The GLP-1 receptor agonists (GLP-1RA) are a class of drugs that mimic the action of GLP-1, promoting insulin secretion and reducing appetite, leading to blood sugar control and weight loss [2][3] - The global market for GLP-1 drugs is dominated by semaglutide and tirzepatide, with semaglutide achieving sales of $16.6 billion in the first half of 2025, making it the top-selling drug globally [8] - The expiration of patents for major drugs is expected to lead to a surge in generic versions, increasing market competition and reducing treatment costs [11] Summary by Sections GLP-1 Drug Classification and Mechanism - GLP-1RA drugs are categorized into short-acting, long-acting, and ultra-long-acting formulations, each with different pharmacokinetic profiles [2][3] - These drugs are effective in treating conditions such as obesity, type 2 diabetes, and metabolic disorders [4] Market Performance and Patent Expiration - The sales of GLP-1 drugs have shown significant growth, with semaglutide's weight management product Wegovy achieving $5.441 billion in sales, a 78% increase year-over-year [8] - Key patents for drugs like liraglutide have expired, while others like semaglutide will expire in 2026, paving the way for biosimilars [9][11] R&D Progress in China - Chinese companies are advancing in the development of dual-target and multi-target GLP-1 drugs, with significant progress in clinical trials [13][14] - The focus is shifting towards expanding indications for GLP-1 drugs beyond diabetes and obesity to include conditions like Alzheimer's and cardiovascular diseases [15] Future Market Potential - The Chinese GLP-1 market is projected to grow from 9.62 billion yuan in 2020 to 71.7 billion yuan by 2029, with a compound annual growth rate (CAGR) of 22.1% [22] - The inclusion of GLP-1 drugs in national health insurance is expected to enhance market penetration and accessibility [22] Innovation Trends - The industry is witnessing a trend towards multi-target drug development and the introduction of oral formulations to improve patient compliance [28][29] - The competitive landscape is intensifying as both original and generic drug manufacturers seek to establish a foothold in the market [30][31]

Group 1 - The core viewpoint of the news is that Borui Pharmaceutical's stock has increased by 5.03%, reaching a price of 51.33 CNY per share, with a trading volume of 355 million CNY and a turnover rate of 1.68%, resulting in a total market capitalization of 21.718 billion CNY [1] - Borui Pharmaceutical, established on October 26, 2001, and listed on November 8, 2019, is located in Suzhou Industrial Park, Jiangsu Province. The company focuses on the research and production of high-end generic drugs and original new drugs, with product sales accounting for 89.90% of its main business revenue [1] - The revenue composition of Borui Pharmaceutical includes 89.90% from product sales, 6.77% from technology rights and services, and 3.33% from other sources [1] Group 2 - From the perspective of major fund holdings, Huaxia Fund has a fund that heavily invests in Borui Pharmaceutical. The Huaxia SSE Sci-Tech Innovation Board Biomedicine ETF (588130) held 22,700 shares in the third quarter, representing 3.33% of the fund's net value, making it the ninth-largest holding [2] - The Huaxia SSE Sci-Tech Innovation Board Biomedicine ETF (588130) was established on May 14, 2025, with a latest scale of 40.771 million CNY and has achieved a return of 10.96% since its inception [2] - The fund manager of Huaxia SSE Sci-Tech Innovation Board Biomedicine ETF (588130) is Lu Yayun, who has been in the position for 3 years and 169 days, managing total assets of 22.81 billion CNY, with the best fund return during the tenure being 67.65% and the worst being -33.22% [2]

Core Viewpoint - The company, Bright Gene, is set to hold a Q3 2025 earnings presentation on December 2, 2025, to discuss its financial performance and address investor inquiries [2][3]. Group 1: Meeting Details - The earnings presentation will take place on December 2, 2025, from 13:00 to 14:00 [4]. - The meeting will be conducted via the Shanghai Stock Exchange's online roadshow center [4][6]. - Participants will include the Chairman and General Manager, Mr. Yuan Jiandong, the Chief Financial Officer, Mr. Zou Yuanlai, and other key executives [4]. Group 2: Investor Participation - Investors can participate in the meeting by logging into the Shanghai Stock Exchange's roadshow center on the scheduled date [5]. - A pre-question submission period is available from November 25 to December 1, 2025, allowing investors to submit questions via the website or email [5]. Group 3: Contact Information - The company’s securities department can be contacted for further inquiries [6][7]. - The official email for investor relations is IR@bright-gene.com [7].

博瑞生物医药（苏州）股份有限公司 2025 年第二次临时股东会会议资料 | 2025 年第二次临时股东会会议须知 | | --- | | 2025 年第二次临时股东会会议议程 . | | 2025 年第二次临时股东会议案 . | | 议案一 | | 关于对外投资暨关联交易的议案 . | 博瑞生物医药（苏州）股份有限公司 2025 年第二次临时股东会会议资料 二〇二五年十二月 第 1页/共 19页 博瑞生物医药（苏州）股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会会议须知 为维护全体股东的合法权益，确保股东会会议秩序和议事效率，保证股东会 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"）《股东会议事规则》等有关规定，特制定 2025 年第二次临时股东会 会议须知： 一、 为保证本次会议的严肃性和正常秩序，切实维护股东及股东代理人 ...