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].

Core Viewpoint - The significant drop in the stock price of Borui Pharmaceutical is linked to Pfizer's acquisition of Metsera, which has raised concerns about the competitive landscape in the GLP-1 drug market [1][2][4]. Group 1: Stock Performance and Market Reaction - Borui Pharmaceutical's stock price has fallen by 70% over 30 consecutive trading days, with a 30% drop occurring within just two days following the announcement of Pfizer's acquisition [1]. - The latest rolling price-to-earnings ratio for Borui Pharmaceutical stands at 313.01, significantly higher than the industry average of 31.43 [1]. - The external factors, particularly the Pfizer acquisition, are identified as the primary cause of the stock price decline, as Borui's operational status remains normal [1]. Group 2: Pfizer's Acquisition of Metsera - Pfizer announced the acquisition of Metsera for up to $7.3 billion, focusing on developing next-generation treatments for obesity and metabolic diseases [2][4]. - Metsera's lead drug, MET-097i, is a GLP-1 receptor agonist showing promising results in clinical trials, with participants experiencing an average weight loss of 11.3% [2][3]. - The acquisition reflects Pfizer's strategic move to strengthen its position in the GLP-1 market, especially after facing setbacks with its own GLP-1 drug developments [3][4]. Group 3: Borui Pharmaceutical's Potential - Borui Pharmaceutical is recognized as a potential player in the GLP-1 space, with its core product BGM0504 showing significant efficacy in clinical trials for type 2 diabetes and weight loss [6][8]. - BGM0504 has demonstrated superior results in reducing HbA1c levels compared to placebo and has shown promising weight loss effects in overweight participants [7][8]. - Despite its strong R&D capabilities, Borui faces uncertainty regarding its inclusion in multinational corporations' acquisition lists amid the ongoing "buying spree" in the innovative drug sector [8].

Group 1: Investment and Fundraising - Hanyu Pharmaceutical plans to raise no more than 968 million yuan for the development of semaglutide and other projects [1] - Ganfeng Lithium intends to introduce investors for a capital increase of up to 2.5 billion yuan [9] Group 2: Strategic Restructuring - Pingmei Shenma Holdings is undergoing a strategic restructuring as directed by the Henan provincial government, which will not affect the company's operations significantly [2][8] - Shennong Holdings is also involved in a strategic restructuring with no change in control or significant impact on operations [7][8] Group 3: Clinical Trials and Approvals - XinNuoWei's subsidiary received approval for clinical trials of a drug for treating mild Alzheimer's disease, marking a significant milestone in the development of biosimilar drugs [3] - Tainkang's subsidiary has received approval for clinical trials of CKBA cream for rosacea, a first-class innovative drug in China [4] - Baili Tianheng's drug, iza-bren, has been included in the list of breakthrough therapies, indicating its potential in treating advanced urinary tract cancer [5] Group 4: Contracts and Projects - Zhongyou Engineering signed an EPC contract worth 2.524 billion USD for a seawater pipeline project in Iraq, expected to positively impact future revenues [6]

格隆汇9月25日丨博瑞医药（维权）(688166.SH)公布，公司董事会于2025年9月25日收到公司控股股 东、实际控制人、董事长袁建栋先生《关于提议博瑞生物医药（苏州）股份有限公司回购公司股份的 函》，袁建栋先生提议公司使用自有资金以集中竞价交易方式进行股份回购，本次回购资金总额不低于 人民币1,000万元（含），不超过人民币2,000万元（含）。 ...

袁建栋基于对公司未来发展的信心和对公司价值的认可，结合公司经营状况、主营业务发展前景、财务 状况等因素，为维护广大投资者利益，增强投资者信心，提议公司以自有资金回购已发行的部分人民币 普通股（A股）股票，未来将全部用于股权激励或员工持股计划。 回购提议具体内容回购股份种类：公司发行的人民币普通股（A股）。回购股份用途：用于股权激励或 员工持股计划。若公司未能在股份回购实施结果暨股份变动公告日后3年内使用完毕已回购股份，尚未 使用的将予以注销。回购价格：不超过董事会审议通过回购股份方案前30个交易日公司股票交易均价的 150%，具体以董事会审议通过的回购股份方案为准。回购资金总额：不低于人民币1000万元（含）， 不超过人民币2000万元（含）。回购资金来源：公司自有资金。回购期限：自公司董事会审议通过本次 回购股份方案之日起12个月内。 9月25日，博瑞生物医药（苏州）股份有限公司董事会收到公司控股股东、实际控制人、董事长袁建栋 的提议，公司将使用自有资金，以集中竞价交易方式回购股份。 回购原因及目的 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限 ...

董事长拟提议回购背后，博瑞医药股价近期持续下跌。9月25日，博瑞医药收跌8.4%，收盘价为66.41 元/股。9月22日至9月25日4个交易日间，博瑞医药股价累计下跌29.49%。 北京商报讯（记者 丁宁）9月25日晚间，博瑞医药（688166）发布公告称，公司董事会于9月25日收到 公司控股股东、实际控制人、董事长袁建栋《关于提议博瑞生物医药（苏州）股份有限公司回购公司股 份的函》，袁建栋提议公司使用自有资金以集中竞价交易方式进行股份回购。本次回购资金总额不低于 1000万元（含），不超2000万元（含）。 ...

（记者 王晓波） 每经AI快讯，博瑞医药9月25日晚间发布公告称，博瑞生物医药（苏州）股份有限公司董事会于2025年 9月25日收到公司控股股东、实际控制人、董事长袁建栋先生《关于提议博瑞生物医药（苏州）股份有 限公司回购公司股份的函》，袁建栋先生提议公司使用自有资金以集中竞价交易方式进行股份回购。本 次回购资金总额不低于人民币1000万元（含），不超过人民币2000万元（含）。 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-066 博瑞生物医药（苏州）股份有限公司 关于公司董事长提议回购股份的公告 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。 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）董事会于 2025 年 9 月 25 日收到公司控股股东、实际控制人、董事长袁建栋先生《关于提议博 瑞生物医药（苏州）股份有限公司回购公司股份的函》，袁建栋先生提议公司使 用自有资金以集中竞价交易方式进行股份回购，详情如下： 一、提议人的基本情况及提议时间 提议人：公司控股股东、实际控制人、董事长袁建栋先生 提议时间：2025 年 9 月 25 日 2、回购股份的用途：用于股权激励或员工持股计划。若公司未能在股份回 购实施结果暨股份变动公告日后 3 年内使用完毕已回购股份，尚未使用的已回购 股份将予以注销。 3、回购股份的方式：集中竞价交易方式 4、回购股份的价格：回购价格不高于公司董事会审议通过回购股份方案前 30 个交易日公司股票交易均价的 150%，具体以董事会审议通过的回购股份方 ...

博瑞医药(688166.SH)发布公告，公司董事会于2025年9月25日收到公司控股股东、实际控制人、董事长 袁建栋先生《关于提议博瑞生物医药(苏州)股份有限公司回购公司股份的函》，袁建栋先生提议公司使 用自有资金以集中竞价交易方式进行股份回购，本次回购资金总额不低于1000万元(含)，不超过2000万 元(含)，将用于股权激励或员工持股计划。 ...