Core Viewpoint - The article discusses the financial performance and strategic direction of Borui Pharmaceutical, highlighting its revenue fluctuations, R&D investments, and innovative drug development efforts, particularly in the GLP-1 and GIP receptor agonist space. Financial Performance - In the first half of 2025, Borui Pharmaceutical reported total revenue of 537 million RMB, a year-on-year decline of 18.28%, and a net profit of 17.17 million RMB, down 83.85% year-on-year [8][16]. - The revenue decline is attributed to high base effects from previous flu outbreaks affecting the demand for antiviral raw materials and formulations [8][11]. - The company experienced a 16% quarter-on-quarter growth in Q2, with antiviral raw material revenue dropping over 60% compared to the previous year [8][13]. R&D Investment - Borui Pharmaceutical's R&D expenditure reached 348 million RMB in the first half of 2025, a 144.07% increase year-on-year, representing approximately 65% of total revenue [17][20]. - The company is focusing its R&D efforts on innovative drugs, with over 90% of the investment directed towards new drug development and inhalation formulations [20][22]. Innovative Drug Development - The company is advancing its proprietary GLP-1 and GIP receptor dual agonist, BGM0504, which is currently in Phase III clinical trials for type 2 diabetes and weight management [22][23]. - BGM0504 has shown promising results in clinical trials, demonstrating better glycemic control compared to Semaglutide and significant weight management potential [22][26]. - Borui Pharmaceutical is also developing additional innovative drugs, including BGM1812 and BGM2102, which are in preclinical stages and aim to enhance metabolic regulation and treatment efficacy [24][27][31]. Market Potential - The global market for GLP-1 drugs is projected to grow from 51.8 billion USD in 2024 to 88.1 billion USD by 2030, indicating significant commercial opportunities for Borui Pharmaceutical's innovative products [31][33]. - The company is strategically positioned to capitalize on this market growth through its diverse product pipeline and strong R&D focus [32][33].

Core Viewpoint - 博瑞医药 reported a significant decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its business operations and market conditions [1] Financial Performance - The company achieved a revenue of 537 million yuan, representing a year-on-year decrease of 18.28% [1] - The net profit attributable to shareholders was 17.17 million yuan, down 83.85% compared to the previous year [1] - The non-recurring net profit was 14.37 million yuan, reflecting a decline of 86.35% year-on-year [1] - Basic earnings per share stood at 0.04 yuan [1]

格隆汇8月28日丨博瑞医药（维权）(688166.SH)发布2025半年度报告，公司上半年实现营业收入5.37亿 元，同比下滑18.28%；归母净利润1717.32万元，同比下滑83.85%；扣非归母净利润1436.86万元，同比 下滑86.35%。 ...

Group 1 - The company, Borui Pharmaceutical, announced that its fourth board meeting was held on August 28, 2025, via telecommunication to review the proposal for amending the previous fundraising usage report [1] - For the year 2024, the revenue composition of Borui Pharmaceutical is 97.33% from the pharmaceutical manufacturing industry and 2.67% from other businesses [1] - As of the report date, Borui Pharmaceutical has a market capitalization of 41.4 billion yuan [1]

人民财讯8月28日电，博瑞医药(688166)8月28日晚间披露半年报，2025年上半年，公司实现营业收入 5.37亿元，同比下降18.28%；归属于上市公司股东的净利润1717.32万元，同比下降83.85%；基本每股 收益0.04元。报告期内，1.受流感趋势变化及竞争格局变化影响，奥司他韦原料药及制剂需求及价格产 生下滑，使得抗病毒类产品收入、毛利额均较去年同期大幅减少；2.由于去年同期客户临时性需求较旺 盛，同时本报告期客户阶段性商业需求波动，抗真菌类原料药品种收入较去年同期减少，该类产品毛利 较高，销量阶段性减少带来毛利额同比下降较多；3.其他类原料药品种收入较去年同期增长，但由于部 分产品由研发阶段进入商业化阶段，放量的同时产品成本、价格相应波动带来了毛利额的下降。 ...

Market Overview - The Shanghai Composite Index rose by 1.14% on August 28, with 22 out of 28 sectors experiencing gains, led by the communication and electronics sectors, which increased by 7.14% and 5.53% respectively [1] - Conversely, the coal and agriculture sectors saw declines of 0.81% and 0.73% respectively, while the pharmaceutical and biotechnology sector fell by 0.20% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 44.343 billion yuan, with five sectors experiencing net inflows. The electronics sector led with a net inflow of 10.553 billion yuan, followed by the communication sector with 4.998 billion yuan [1] - In contrast, 26 sectors faced net capital outflows, with the computer sector experiencing the largest outflow of 11.007 billion yuan, followed by the pharmaceutical and biotechnology sector with an outflow of 7.892 billion yuan [1] Pharmaceutical and Biotechnology Sector Performance - The pharmaceutical and biotechnology sector had a net outflow of 7.892 billion yuan, with 474 stocks in the sector. Out of these, 121 stocks rose, including 2 that hit the daily limit, while 346 stocks declined [2] - Notably, the top three stocks with the highest net inflow were Tibet Pharmaceutical with 320 million yuan, followed by Furuide with 293 million yuan, and Jimin Health with 126 million yuan [2] - The sector's outflow was dominated by WuXi AppTec, which saw a net outflow of 596 million yuan, followed by Borui Pharmaceutical and Hanyu Pharmaceutical with outflows of 548 million yuan and 339 million yuan respectively [3]

Market Overview - The recombinant protein sector experienced a decline of 1.01%, ranking among the top losers in concept sectors as of the market close on August 28 [1] - Notable declines within the sector included companies such as Aladdin, Bory Pharmaceutical, and Zhongyuan Union, while Chengdu XianDao, Dezhan Health, and Betta Pharmaceuticals saw increases of 7.44%, 2.38%, and 2.02% respectively [1] Concept Sector Performance - The top-performing concept sectors included Copper Cable High-Speed Connection (+5.61%), Co-Packaged Optics (+5.13%), and F5G Concept (+5.12%), while the recombinant protein sector was among the laggards with a decline of 1.01% [2] Capital Flow Analysis - The recombinant protein sector faced a net outflow of 1.348 billion yuan, with 41 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 50 million yuan [2] - Bory Pharmaceutical led the outflows with a net outflow of 548 million yuan, followed by Zhifei Biological, Hualan Biological, and Zhongyuan Union with net outflows of 149 million yuan, 88.91 million yuan, and 77.72 million yuan respectively [2] Individual Stock Performance - Bory Pharmaceutical reported a decline of 6.63% with a turnover rate of 5.33% and a net outflow of 547.71 million yuan [3] - Chengdu XianDao was the standout performer in the sector, increasing by 7.44% despite a net outflow of 203.74 million yuan [3] - Other notable stocks with significant net inflows included Dezhan Health (+2.38%) with a net inflow of 46.14 million yuan, Haoyuan Pharmaceutical (+1.82%) with a net inflow of 18.75 million yuan, and Maimai Biological (+1.82%) with a net inflow of 18.75 million yuan [4]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 44.34 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 2.57 billion yuan [1] - A total of 214 stocks on the Sci-Tech Innovation Board had net inflows, while 372 stocks had net outflows [1] Stock Performance - On the Sci-Tech Innovation Board, 390 stocks rose, with one stock, Dingtong Technology, hitting the daily limit, while 192 stocks declined [1] - The stock with the highest net inflow was SMIC, with 2.49 billion yuan, followed by Lanke Technology and Chipone Technology with net inflows of 644 million yuan and 449 million yuan, respectively [1] Continuous Fund Flow - There are 54 stocks that have seen continuous net inflows for more than three trading days, with Huafeng Measurement Control leading at nine consecutive days of inflow [1] - Conversely, 166 stocks have experienced continuous net outflows, with ST Nuotai and Xuantai Pharmaceutical both seeing 13 consecutive days of outflow [1] Top Net Inflows - The top stocks by net inflow include: - SMIC: 2.49 billion yuan, 9.18% inflow rate, 17.45% increase [1] - Lanke Technology: 644 million yuan, 6.97% inflow rate, 8.60% increase [1] - Chipone Technology: 449 million yuan, 9.88% inflow rate, 6.99% increase [1] Top Net Outflows - The stocks with the highest net outflows include: - Borui Pharmaceutical: 548 million yuan, 6.63% decrease [1] - Kaipu Cloud: 188 million yuan, 1.88% decrease [1] - CloudWalk Technology: 187 million yuan, 6.63% decrease [1]

博瑞生物医药（苏州）股份有限公司 2025 年度"提质增效重回报"行动方案 的半年度评估报告 为践行"以投资者为本"的上市公司发展理念，维护博瑞生物医药（苏州） 股份有限公司（以下简称"公司"）全体股东利益，增强投资者信心，基于对公 司未来发展前景的信心和对公司价值的认可，公司于 2025 年 4 月 3 日发布了 《2025 年度"提质增效重回报"行动方案》。公司根据行动方案内容，积极开 展和落实各项工作，现将 2025 年上半年的主要工作成果报告如下： 报告期内，公司实现产品销售收入 48,316.81 万元，较去年同期减少 21.31%， 2025 年第二季度较 2025 年第一季度环比增长 15.85%。原料药产品收入 40,695.39 万元，较去年同期减少 19.30%，2025 年第二季度较 2025 年第一季度环比增长 24.75%。其中，抗病毒类产品收入较去年同期减少 66.18%，主要为受流感趋势 变化及竞争格局变化影响，奥司他韦原料药需求及价格产生下滑；抗真菌类产品 由于去年同期客户临时性需求较旺盛，同时本报告期客户阶段性商业需求波动， 使得收入较去年同期有所减少，但 2025 年第二季 ...

前次募集资金使用情况报告（二次修订稿） 证券代码：688166 证券简称：博瑞医药 公告编号：2025-059 博瑞生物医药（苏州）股份有限公司 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。 根据中国证券监督管理委员会颁布的《上市公司证券发行注册管理办法》及 《监管规则适用指引——发行类第 7 号》的规定，博瑞生物医药（苏州）股份有 限公司（以下简称"博瑞医药"、"公司"）编制了截至 2025 年 6 月 30 日的前 次募集资金使用情况报告（二次修订稿）（以下简称"前次募集资金使用情况报 告"）。 一、前次募集资金情况 （一）前次募集资金金额、资金到位时间 ①2019 年首次公开发行股票募集资金情况 经中国证券监督管理委员会下发的《关于同意博瑞生物医药（苏州）股份有 限公司首次公开发行股票注册的批复》（证监许可〔2019〕1883 号），公司首 次向社会公众公开发行人民币普通股（A 股）41,000,000 股，每股面值人民币 1 元，每股发行价格为人民币 12.71 元，募集资金总额为人民币 521,110,000. ...