Core Viewpoint - 博瑞医药's subsidiary, 博瑞制药, has received approval from the National Medical Products Administration for clinical trials of BGM0504 tablets in overweight/obese adults, highlighting the company's advancements in metabolic disease treatments [1] Group 1: Product Development - BGM0504 is a dual agonist of GLP-1 and GIP receptors, designed to control blood sugar, promote weight loss, and treat non-alcoholic fatty liver disease (NASH) [1] - The injectable form of BGM0504 is currently in Phase III clinical trials for type 2 diabetes and weight loss indications in China [1] - BGM0504 tablets represent an oral formulation of BGM0504, with no similar oral formulations approved globally to date [1]

Core Viewpoint - The announcement highlights that Borui Pharmaceutical's subsidiary has received approval from the National Medical Products Administration to conduct clinical trials for BGM0504 tablets in overweight and obese adults, indicating a significant step in the development of a new treatment for metabolic diseases [1] Group 1: Product Development - BGM0504 is a dual agonist of GLP-1 and GIP receptors, which can activate downstream pathways to control blood sugar, promote weight loss, and treat non-alcoholic fatty liver disease (NASH) [1] - The injectable form of BGM0504 is currently in Phase III clinical trials for type 2 diabetes and weight loss indications in China [1] - As of the date of the announcement, there are no approved oral formulations targeting the same receptors globally, positioning BGM0504 tablets as a potentially unique product in the market [1]

Core Viewpoint - The company, Borui Pharmaceutical, announced that its wholly-owned subsidiary, Borui Pharmaceutical, has received the Clinical Trial Approval Notice from the National Medical Products Administration for BGM0504 tablets, which will be tested in adult overweight/obese patients [1] Group 1 - BGM0504 is a dual agonist of GLP-1 and GIP receptors, designed to activate downstream pathways of GIP and GLP-1, producing biological effects such as blood sugar control, weight loss, and treatment of non-alcoholic fatty liver disease (NASH) [1] - The injectable form of BGM0504 is currently in Phase III clinical trials for two indications: type 2 diabetes and weight loss [1] - As of the date of the announcement, there are no approved oral formulations targeting the same receptor in the global market [1]

BGM0504注射液2型糖尿病和减重两项适应症目前在国内处于III期临床试验阶段，BGM0504片是 BGM0504的口服剂型。截至本公告披露日，全球尚无同类靶点口服剂型获批上市。 格隆汇9月15日丨博瑞医药（维权）(688166.SH)公布，公司全资子公司博瑞制药(苏州)有限公司(称"博 瑞制药")近日收到国家药品监督管理局签发的《药物临床试验批准通知书》，同意博瑞制药BGM0504 片在成人超重/肥胖患者中开展临床试验。 BGM0504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，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。 ...

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： 证券代码：688166 证券简称：博瑞医药 公告编号：2025-064 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 瑞制药（苏州）有限公司（以下简称"博瑞制药"）近日收到国家药品监督管理 局（以下简称"国家药监局"）签发的《药物临床试验批准通知书》，同意博瑞制 药 BGM0504 片在成人超重/肥胖患者中开展临床试验。 博瑞生物医药（苏州）股份有限公司自愿披露关于 BGM0504 片获得药物临床试验批准通知书的公告 BGM0504 注射液 2型糖尿病和减重两项适应症目前在国内处于 III 期临床试 验阶段，BGM0504 片是 BGM0504 的口服剂型。截至本公告披露日，全球尚无 同类靶点口服剂型获批上市。 三、风险提示 1、根据国家药品注册相关法律法规要求，药品在获得《药物临床试验批准 通知书》后，尚需开展一系列临床试验，并经国家药监局批准后方可生产，短期 内对公司经营业务不会产生较大影响。 | 药品名称 | 片 | BGM0504 ...

博瑞医药9月15日公告，公司全资子公司博瑞制药（苏州）有限公司近日收到国家药品监督管理局签发 的《药物临床试验批准通知书》，同意博瑞制药BGM0504片在成人超重/肥胖患者中开展临床试验。 ...

证券时报·数据宝统计显示，博瑞医药今日收盘价为92.73元，上涨0.02%，日换手率为1.87%，成交额为 7.35亿元，全天主力资金净流入3214.90万元，近5日该股累计下跌4.42%，近5日资金合计净流出4326.13 万元。 两融数据显示，该股最新融资余额为22.07亿元，近5日增加3285.12万元，增幅为1.51%。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是国泰海通证券，9月11日国泰海 通证券发布的研报预计公司目标价为114.70元。（数据宝） 9月12日博瑞医药大宗交易一览 博瑞医药9月12日大宗交易平台出现一笔成交，成交量2.50万股，成交金额208.75万元，大宗交易成交价 为83.50元，相对今日收盘价折价9.95%。该笔交易的买方营业部为上海证券有限责任公司佛山南海永胜 西路证券营业部，卖方营业部为国投证券股份有限公司江苏分公司。 进一步统计，近3个月内该股累计发生24笔大宗交易，合计成交金额为2.46亿元。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 ...

| 025-09-12 | 博瑞医药 | 688166 | 83.5 | 208.75 | 25 | 上海证券有限责任 | 国投证券股份有限 | 중 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码。 | 成交价(元) 成交金额[万元] 成交量(*) 莫入营业部 | | | 公司佛山南海永胜 | 美出营业服 公司江苏分公司 | 是否为专场 | 9月12日，博瑞医药大宗交易成交2.5万股，成交额208.75万元，占当日总成交额的0.28%，成交价83.5 元，较市场收盘价92.73元折价9.95%。 ...

Core Viewpoint - The company, Borui Pharmaceutical, announced that it will not exercise the early redemption rights for its convertible bonds, known as "Borui Convertible Bonds," during the upcoming board meeting scheduled for September 11, 2025 [2]. Group 1 - The fourth session of the company's eleventh board meeting will take place on September 11, 2025 [2]. - The company has decided not to redeem the "Borui Convertible Bonds" early [2].

Investment Rating - The report assigns a rating of "Accumulate" for the company [6][13]. Core Views - The company's existing business is under pressure, but the innovation pipeline is accelerating, indicating a positive long-term growth outlook [2][13]. - The revenue for the first half of 2025 is reported at 537 million yuan, a decrease of 18.28% year-on-year, with a net profit attributable to the parent company of 17 million yuan, down 83.85% [13]. - The decline in performance is primarily due to reduced demand and pricing for the antiviral product Oseltamivir, alongside increased R&D investments [13]. - R&D expenditure reached 348 million yuan, representing a 144.07% increase, accounting for 64.83% of revenue [13]. - The target price has been adjusted to 114.70 yuan based on a 33X PS for 2026, reflecting a positive outlook on the company's innovation pipeline [13]. Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 1,180 million, 1,283 million, 1,283 million, 1,470 million, and 1,756 million yuan respectively, with growth rates of 15.9%, 8.7%, 0.0%, 14.6%, and 19.4% [4]. - Net profit attributable to the parent company is forecasted to decline from 202 million yuan in 2023A to 69 million yuan in 2025E, before recovering to 179 million yuan by 2027E [4]. - The earnings per share (EPS) is projected to decrease to 0.16 yuan in 2025E, with a gradual recovery to 0.42 yuan by 2027E [4]. Market Data - The company's market capitalization is reported at 38,620 million yuan, with a total share capital of 423 million shares [7]. - The stock price has fluctuated between 23.00 and 116.49 yuan over the past 52 weeks [7]. Innovation Pipeline - The company is advancing its innovation pipeline, with several clinical trials underway for diabetes and weight loss treatments [13]. - The BGM0504 injection for type 2 diabetes has completed all patient enrollments for domestic Phase III clinical trials, and the weight loss indication has initiated bridging studies in the US [13]. - The company has established a partnership with China Resources Sanjiu for the commercialization of BGM0504 in the Greater China region [13].