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]

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, indicating progress in its drug development pipeline [1] Group 1: Product Development - BGM0504 is a dual agonist of GLP-1 and GIP receptors, designed to activate downstream pathways for controlling blood sugar, weight loss, and treating non-alcoholic steatohepatitis (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 announcement date, there are no approved oral formulations targeting the same receptors globally, highlighting a potential market opportunity for BGM0504 tablets [1]

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 ...

Core Viewpoint - The company announced that its wholly-owned subsidiary, Borui Pharmaceutical (Suzhou) Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of BGM0504 tablets in overweight/obese adult patients [1] Group 1 - The approval is specifically for conducting clinical trials on BGM0504 tablets [1] - The target patient group for the trials is adults who are overweight or obese [1]

Summary of Key Points Core Viewpoint - The recent block trade of Borui Pharmaceutical indicates a significant transaction at a discount to the market price, reflecting potential investor sentiment and market dynamics [2][3]. Trading Activity - On September 12, a block trade of 25,000 shares of Borui Pharmaceutical was executed, amounting to 2.0875 million yuan, with a transaction price of 83.50 yuan, representing a 9.95% discount to the closing price of the day [2]. - Over the past three months, Borui Pharmaceutical has recorded a total of 24 block trades, with a cumulative transaction value of 246 million yuan [2]. Market Performance - The closing price of Borui Pharmaceutical on the same day was 92.73 yuan, showing a slight increase of 0.02%, with a daily turnover rate of 1.87% and a total trading volume of 735 million yuan [2]. - The stock has experienced a decline of 4.42% over the past five days, with a net outflow of funds totaling 43.2613 million yuan during this period [2]. Financing and Ratings - The latest margin financing balance for Borui Pharmaceutical stands at 2.207 billion yuan, with an increase of 32.8512 million yuan over the past five days, reflecting a growth rate of 1.51% [3]. - Recently, one institution has provided a rating for the stock, with Guotai Junan Securities setting the highest target price at 114.70 yuan as of September 11 [3].

Group 1 - On September 12, 2023, Borui Pharmaceutical executed a block trade of 25,000 shares, with a transaction value of 2.0875 million yuan, accounting for 0.28% of the total trading volume for that day [1] - The transaction price was 83.5 yuan, representing a discount of 9.95% compared to the market closing price of 92.73 yuan [1]

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].

Group 1 - Jimin Health has experienced a significant increase, with 6 consecutive trading limits reached in 12 days [1] - Shutai Shen has risen over 7%, indicating strong market interest [1] - Hot景生物 has seen an increase of over 5%, reflecting positive investor sentiment [1] Group 2 - Other companies such as Meidi Xi, Guangsheng Tang, and Borui Pharmaceutical have also shown upward trends in their stock prices [1]

9月11日，博瑞医药大宗交易成交2.4万股，成交额200.4万元，占当日总成交额的0.19%，成交价83.5 元，较市场收盘价92.71元折价9.93%。 | 交易日期 证券商标 | | 证券代码 | 成交价(元) 成交盒额(万元) 成交量(*) 买入营业部 | 要出营业部 | 是否为变场 | | --- | --- | --- | --- | --- | --- | | | | | 机构专用 | 国投证券股份有限 | | | 2025-09-11 | 博瑞医药 | 688166 | 83.5 200.4 2.4 | AN MANAGE AND | Kiz | ...