Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance overseas business development, aiming to improve its capital strength and overall competitiveness [1] Group 1 - The company will hold the 12th meeting of the 4th Board of Directors and the 10th meeting of the 4th Supervisory Board on September 26, 2025 [1] - The proposals under review include the issuance of H-shares and the plan for listing on the main board of the Hong Kong Stock Exchange [1] - The company intends to consider the interests of existing shareholders and market conditions when determining the timing for the issuance and listing [1]

博瑞医药公告，拟以1000万元-2000万元回购公司股份，回购价格不超过139.77元/股。此次回购股份将 用于股权激励或员工持股计划，预计回购股份数量为7.15万股-14.31万股，占公司总股本的 0.02%-0.03%。回购资金来源为公司自有资金，回购期限为自董事会审议通过之日起12个月内。 ...

博瑞医药公告，先进制造产业投资基金于2025年6月30日～2025年9月22日通过集中竞价减持421.61万 股，占1.00%；通过大宗交易减持108.57万股，占0.26%；合计减持530.18万股，占1.25%，减持价格区 间53.08～122.01元/股，减持金额4.41亿元；目前持股1331.11万股，占3.15%。 ...

博瑞医药公告，全资子公司博瑞生物医药泰兴市有限公司拟与苏州信博瑞投资有限公司签署《增资协 议》。苏州信博瑞拟以人民币1.98亿元认购博瑞泰兴新增注册资本2268.05万元，其余1.75亿元计入博瑞 泰兴资本公积，公司放弃本次增资的优先认购权。本次增资完成后，博瑞泰兴的注册资本将由5500万元 增加至7768.05万元，公司直接持有博瑞泰兴的股权比例将由100%变更为70.80%，博瑞泰兴仍属于公司 合并报表范围内的控股子公司。本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。本次交易已经公司第四届董事会第十二次会议审议通过，无需提交公司股东 大会审议。 ...

9月26日，博瑞医药大宗交易成交4.5万股，成交额261.27万元，占当日总成交额的0.17%，成交价58.06元，较市场收盘价58.06元持平。 | 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( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-09-26 | 博瑞医药 | 688166 | 58.06 261.27 | 4.5 | 电万泰源证券息紧 | 国联民生证券股份 有限公司总部 | ...

中国经济网北京9月26日讯博瑞医药(688166.SH)股价今日下跌，截至收盘报58.06元，跌幅12.57%。 东吴证券股份有限公司研究员朱国广9月16日发布研报《博瑞医药(688166)：BGM0504片剂中美均进入I 期临床在研管线顺利推进》称，维持博瑞医药"买入"评级。 ...

Market Overview - A-shares fell on September 26, with the ChiNext Index dropping over 2% and the Hang Seng Index declining more than 1% [1] - The total trading volume in the Shanghai and Shenzhen markets was 21,664 billion yuan, a decrease of 2,256 billion yuan from the previous day [1] Pharmaceutical Sector - The pharmaceutical sector experienced a significant decline, with stocks like Guangsheng Tang dropping nearly 15% and others like Xiangrikui and Borui Pharmaceutical falling over 10% [3][4] - Borui Pharmaceutical has seen a cumulative drop of nearly 40% over the past five trading days, despite the company stating that its operations remain normal and there are no significant changes in market conditions [4][3] Semiconductor Sector - The semiconductor sector also faced a downturn, with stocks such as Lianang Microelectronics hitting the daily limit down and others like Dongwei Semiconductor and Gai Lun Electronics dropping over 6% [7][8] - Reports indicate that the Trump administration is considering a new semiconductor policy that could impose a 100% tariff on companies that do not maintain a 1:1 ratio of domestically produced to imported semiconductors [8][7] Wind Power Sector - The wind power sector showed resilience, with stocks like Weili Transmission and Huazi Technology hitting the daily limit up, and overall wind power capacity in China growing by 22.1% year-on-year [11][12] - The National Energy Administration reported that as of the end of August, the cumulative installed power generation capacity reached 3.69 billion kilowatts, with solar power capacity increasing by 48.5% [12][11] Market Sentiment - The overall market sentiment was negative, with over 3,400 stocks declining, particularly in the pharmaceutical and semiconductor sectors, while the wind power sector thrived amid positive policy expectations [1][10]

Market Overview - A-shares experienced a decline on September 26, with the ChiNext Index dropping over 2% and the Hang Seng Index falling more than 1% [1] - The Shanghai Composite Index closed down 0.65% at 3828.11 points, while the Shenzhen Component Index fell 1.76% to 13209 points [1] - The total trading volume in the three markets (Shanghai, Shenzhen, and Beijing) was 216.64 billion yuan, a decrease of 22.56 billion yuan from the previous day [1] Pharmaceutical Sector - The pharmaceutical sector saw significant declines, with stocks like Guangsheng Tang dropping nearly 15% and Xiangrikui and Borui Pharmaceutical falling over 10% [3][4] - Borui Pharmaceutical has accumulated a nearly 40% drop over the last five trading days, despite the company stating that its daily operations remain normal and there have been no significant changes in market conditions [4][5] Semiconductor Sector - The semiconductor sector also faced a downturn, with stocks such as Lianang Microelectronics hitting the daily limit down and others like Dongwei Semiconductor and Gai Lun Electronics dropping over 6% [8][9] - Reports indicate that the Trump administration is considering a new semiconductor policy that could impose a 100% tariff on companies that do not maintain a 1:1 ratio of domestically produced to imported semiconductors [9][10] Wind Power Sector - The wind power sector showed resilience, with stocks like Weili Transmission and Huazi Technology hitting the daily limit up, and others like Taiyuan Heavy Industry and Xiangdian Co. also reaching their limits [12][13] - The National Energy Administration reported that as of the end of August, the cumulative installed capacity of wind power reached 580 million kilowatts, a year-on-year increase of 22.1% [12][14] - The acceleration of domestic offshore wind projects and favorable policies are expected to support the growth of the wind power sector, with major companies actively expanding into overseas markets [14]

Summary of the Conference Call for 博瑞医药 Company Overview - **Company**: 博瑞医药 (Borui Pharmaceutical) - **Industry**: Metabolic diseases and weight management Key Points and Arguments Product Development and Clinical Trials - 博瑞医药 has developed differentiated treatment strategies for various weight categories, focusing on both rapid weight loss and maintenance phases to meet diverse patient needs [2][4][6] - The company is conducting Phase III clinical trials for its injectable product 0,504 in China and Southeast Asia, with an NDA submission expected in the first half of 2026 [2][12][13] - An oral formulation of 0,504 is also in Phase I clinical trials in the U.S. [2][12] - The company is exploring the balance between fat reduction and muscle preservation, addressing complications like reduced bone density and obesity-related clinical manifestations [2][10] Market Analysis and Competitive Landscape - The market is segmented into small and large weight categories, with small weight loss needs (up to 20%) accounting for approximately 15% of the market, while large weight loss needs (over 20%) represent a larger share [4][6] - Current market offerings are primarily injectable, but oral medications are anticipated to capture about 30% of the market share, potentially increasing with better oral products [4][6] - Competitors like Novo Nordisk and Eli Lilly are also active in this space, with their own product offerings targeting different weight categories [4][5] Clinical Efficacy and Safety - Clinical studies indicate that 0,504 shows significant effects in both glycemic control and weight loss, with good safety profiles and no unforeseen adverse events in high-dose groups [2][12][19] - In blood pressure control, the Phase II trial data for 博瑞医药's products outperformed other similar products on the market [19] Future Directions and Innovations - 博瑞医药 is focusing on long-acting delivery methods and oral convenience, with plans for weekly or monthly dosing to enhance patient compliance [3][8][29] - The company is also developing combination therapies to address weight rebound issues and improve overall treatment efficacy [11][27] - Future product pipelines include additional formulations for diabetes complications and weight management, with plans for IND submissions in 2026 [28][34] Research and Development Strategy - 博瑞医药 is leveraging unique technologies in peptide drug development, particularly in oral formulations, which have shown significantly improved bioavailability compared to existing products [31][32] - The company aims to differentiate itself through innovative delivery methods and combination therapies, enhancing its competitive edge in the metabolic disease management market [29][30] Market Position and Investor Sentiment - Recent stock price adjustments have raised investor interest in the company's R&D pipeline, with a focus on the potential for differentiated products in the next 3-5 years [29][34] - 博瑞医药 is committed to addressing unmet clinical needs and enhancing its market presence through robust clinical data and innovative solutions [32][34] Additional Important Insights - The company emphasizes the importance of long-term weight management strategies and the need for effective maintenance therapies post-weight loss [9][10] - 博瑞医药's research highlights the significance of addressing comorbidities associated with obesity and metabolic disorders, aiming for comprehensive patient care [10][14] This summary encapsulates the key insights from the conference call, focusing on 博瑞医药's strategic initiatives, product developments, and market positioning within the metabolic disease sector.

Core Viewpoint - The stock price of Borui Pharmaceutical (688166.SH) has experienced significant volatility, with a cumulative decline of 70% over 30 trading days, leading to a market capitalization loss of over 18.2 billion yuan [1][2]. Stock Performance - From August 26, the stock entered a downward trend, with a decline exceeding 39% by September 25 [1][2]. - Prior to this decline, the stock had surged by 95% from July 11 to August 25 [3]. Financial Performance - For the first half of 2025, Borui Pharmaceutical reported revenue of 537 million yuan, a year-on-year decrease of 18.28%, and a net profit of 17.17 million yuan, down 83.85% year-on-year [4]. - The decline in performance is attributed to changes in flu trends and competitive dynamics affecting the demand and pricing of antiviral products [4]. Capital Raising and Shareholder Actions - On August 12, the company announced a private placement of shares, with the controlling shareholder, Chairman Yuan Jiandong, fully subscribing to 500 million yuan, aimed at supplementing liquidity and repaying bank loans [1][7]. - The placement price was set at 22.36 yuan per share, and based on the closing price of 66.41 yuan on September 25, Yuan Jiandong realized a paper profit of nearly 1 billion yuan [8]. Clinical Development and Partnerships - Borui Pharmaceutical has engaged in a partnership with China Resources Sanjiu for the BGM0504 injection project, which is a significant innovation aimed at treating metabolic diseases [6]. - The BGM0504 injection is currently in Phase III clinical trials for type 2 diabetes and weight loss, with the oral version also under development [7].