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].

Group 1 - The core viewpoint of the article highlights the increasing trend of A-share companies seeking to list on the Hong Kong Stock Exchange (HKEX), driven by the need to broaden financing channels and accelerate internationalization of Chinese assets [1][3][4] - As of September, over 20 A-share companies have announced plans or progress towards listing in Hong Kong, with more than 10 companies already completing the "A+H" listing this year, including industry leaders like CATL and Heng Rui Medicine [2][4] - The internationalization strategy is a key motivation for A-share companies to pursue HKEX listings, as it allows them to access a more global capital market and enhance their overseas business operations [3][4] Group 2 - The Hong Kong IPO market is expected to remain strong, with projections indicating over 80 new listings and total fundraising between 250 billion to 280 billion HKD for the year [5] - The active secondary market in Hong Kong, along with favorable conditions such as improved liquidity and valuation recovery, has made it more attractive for companies to issue new shares [4][5] - The "A+H" listing model has become a significant part of fundraising in Hong Kong, accounting for 70% of total fundraising in the first half of the year [4]

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 年第一次临时股东大会 之 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 9930 传真/Fax: +86 21 5404 9931 网址/Website: http://www.jingtian.com 二〇二五年十月 北京市竞天公诚律师事务所上海分所 法律意见书 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 年第一次临时股东大会之法律意见书 致：博瑞生物医药（苏州）股份有限公司 北京市竞天公诚律师事务所上海分所（下称"本所"）受博瑞生物医药（苏 州）股份有限公司（下称"公司"）委托，就公司 2025 年第一次临时股东大会 （下称"本次股东大会"）召集、召开、表决程序、出席会议人员资格和有效表 决等所涉及的法律事项出具本法律意见书（下称"本 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-089 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：2025 年 10 月 17 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 （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： | 1、出席会议的股东和代理人人数 | 180 | | --- | --- | | 普通股股东人数 | 180 | | 2、出席会议的股东所持有的表决权数量 | 183,944,055 | | 普通股股东所持有表决权数量 | 183,944,055 | | 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（%） | 43.5124 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 43.5 ...

Core Viewpoint - The company, Borui Pharmaceutical, has announced the termination of its A-share issuance plan for 2024, originally intended to raise no more than 500 million yuan, citing the need to protect shareholder interests amid a challenging market environment [1][2]. Group 1: Financial Performance - The company's net profit has been declining for three consecutive years, with a significant drop of 83.85% year-on-year in the first half of 2025, resulting in a net profit of only 17.17 million yuan [3]. - Revenue for the first half of 2025 was 537 million yuan, down 18.28% year-on-year, indicating dual pressure on both revenue scale and profitability [3]. Group 2: R&D Investment - Borui Pharmaceutical has significantly increased its R&D spending, reaching 348 million yuan in the first half of 2025, a 144% increase year-on-year, with R&D expenses accounting for 64.83% of revenue [4]. - Investment in innovative drugs surged by 604.93% year-on-year, reflecting a strong push towards innovation, although the long development cycle and high costs may not yield immediate returns [4]. Group 3: Cash Flow and Financing - The termination of the fundraising plan highlights the company's cautious stance regarding the current financing environment and cash flow pressures, despite claims that it will not adversely affect normal operations [5]. - Since its IPO in 2019, the company has undergone three financing rounds but faced regulatory scrutiny due to fundraising management issues, indicating potential internal control weaknesses [5]. Group 4: Strategic Challenges - The company is struggling with the transition from raw materials to innovative drugs, facing a disconnect between strategic goals and operational realities, with traditional business growth plateauing and new drug development yet to scale [6]. - International competition presents additional uncertainties in policy, market, and technology, raising questions about the company's ability to succeed in a competitive landscape [6]. Conclusion - The decision to halt the A-share issuance reflects deeper challenges in performance, cash flow, strategic transformation, and governance, necessitating a balance between maintaining R&D investment and stabilizing performance [7].

10月15日，博瑞生物医药（苏州）股份有限公司（以下简称"博瑞医药"）发布公告宣布，决定终止向特 定对象发行A股股票事项，并向上海证券交易所（以下简称"上交所"）申请撤回相关文件。 募资补流和偿还银行贷款的背后，是博瑞医药面临的业绩下滑、研发投入激增、资金承压等困境。 净利润连续三年半下滑 另外，随着多肽类降糖药BGM0504注射液等创新药产品研发的推进，博瑞医药研发投入也在不断增 长，2022年至2024年，公司研发费用分别为2.07亿元、2.49亿元和2.97亿元，占当期营业收入的比重分 别为20.35%、21.08%和23.19%。2025年上半年，博瑞医药研发费用激增，研发投入为3.44亿元，同比增 长144.07%，占营业收入的64.83%。 博瑞医药表示，2025年上半年，公司持续推进BGM0504注射液等创新药及吸入制剂的研发，创新药及 吸入制剂合计研发投入占公司研发投入的91.22%，同比增长319.72%；其中创新药投入较去年同期增长 604.93%，吸入制剂投入较去年同期减少17.13%。 博瑞医药核心产品BGM0504注射液是其自主研发的GLP-1（胰高血糖素样肽1）和GIP（葡萄糖依赖 ...

Core Viewpoint - 博瑞医药 announced the termination of its 2024 A-share issuance plan, which was intended to raise 500 million yuan, citing market conditions and company circumstances as reasons for the withdrawal [1][3]. Group 1: Termination of A-share Issuance - The A-share issuance plan was approved by the board and shareholders in May 2024, with the actual controller, Yuan Jiandong, set to fully subscribe at a price of 22.36 yuan per share [3]. - The plan faced delays and revisions over the course of a year, with the company ultimately retracting its application before the Shanghai Stock Exchange could issue a review inquiry [3][4]. Group 2: Stock Price Volatility - During the planning period for the issuance, the company's stock price fluctuated significantly, initially around 30 yuan and peaking at 122.59 yuan in early August 2025, before dropping to 53.25 yuan by mid-October, representing a 53.04% decline from its peak [4][5]. - Despite the stock price drop, the company's rolling P/E ratio remained high at 243.45, compared to the industry average of 30.82 [5]. Group 3: Financial Performance - From 2021 to 2024, the company's revenue increased from 1.052 billion yuan to 1.283 billion yuan, but net profit declined for four consecutive years, reaching 189 million yuan in 2024 [6]. - In the first half of 2025, revenue fell by 18.28% year-on-year to 537 million yuan, with net profit plummeting by 83.85% to 17.17 million yuan, primarily due to a 70.08% drop in antiviral raw material revenue [6][7]. Group 4: Future Financing Plans - Following the termination of the A-share issuance, the company is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international financing capabilities [8]. - The company aims to consider shareholder interests and market conditions when determining the timing and details of the H-share issuance, although uncertainties remain regarding the approval process [8]. Group 5: Company Strategy and Market Position - 博瑞医药 is transitioning from a traditional chemical pharmaceutical company to an innovative drug enterprise, focusing on the development of innovative drugs, particularly in the weight loss sector [8]. - The termination of the A-share issuance may delay the company's progress in this area, but successful H-share issuance could provide necessary funding for innovation and commercialization efforts [8].

New Stock Issuance - Xi'an Yicai (787783) issued at a price of 8.62[1] - Changjiang Energy Technology (920158) issued at a price of 5.33[1] Equity Market Alerts - Tender offer for Shangwei New Materials (688585) from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuation reported for Nanjing New Pharmaceutical (688189) with a recent announcement on October 10, 2025[1] Recent Announcements - Multiple companies reported significant fluctuations, including ST Yanzhen (603389) with a recent announcement on October 16, 2025[1] - ST Hengjiu (002808) reported a fluctuation with an announcement on October 16, 2025[1] Trading Alerts - A total of 50 companies reported trading alerts with varying degrees of fluctuation, with the highest being 9889 for ST Jianyi (002789) on October 14, 2025[1] - The lowest fluctuation reported was 1,010 for ST Xinyuan (300472) on October 13, 2025[1]

中国经济网北京10月16日讯 博瑞医药(688166.SH)昨晚披露了关于终止公司2024年度向特定对象发 行A股股票事项并撤回申请文件的公告。 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》，公司决定终止向特定对象发行A股股票事项，并向 上交所申请撤回相关文件。 对于终止本次向特定对象发行A股股票事项并撤回申请文件的主要原因，博瑞医药表示，自公司披 露本次向特定对象发行A股股票事项以来，公司董事会、管理层及中介机构一直积极推进各项工作，并 严格按照相关法律法规和规范性文件的要求履行了决策程序和信息披露义务。现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，为保护公司全体股东利益尤其是中小投资者利益，在与相关 各方充分沟通及审慎论证后，公司决定终止本次向特定对象发行A股股票事项，并主动向上交所申请撤 回相关申请文件。 终止本次向特定对象发行A股股票并撤回申请文件对公司的影响，博瑞医药称，自本次发行预案公 布以来，公司董事会、管理层与中介机构等一直积极推进各项工作。公司决定终止本次向特定对象发行 A股股票 ...

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].