博瑞生物医药（苏州）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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：2025-101 会议召开时间：2025 年 12 月 2 日（星期二）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 11 月 25 日（星期二）至 12 月 1 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@bright-gene.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2025 年第 ...

Core Viewpoint - 博瑞医药 plans to invest 50 million yuan in Suzhou Geek Gene Technology Co., Ltd., acquiring a 12.8015% stake in the company, which focuses on single-cell sequencing services and immune cell therapy development [1][2] Investment Details - The investment will increase 博瑞医药's stake in 极客基因 from 4.0816% to 12.8015%, with the new capital being priced at 114.3903 yuan per registered capital [3] - 极客基因 is valued at approximately 461 million yuan, reflecting a 581.35% increase in valuation [2][3] - 博瑞医药's investment decision is based on the potential of 极客基因's technology and market prospects, particularly its GK01 cell injection product, which received IND approval [3][4] Financial Performance - 极客基因 reported revenues of 4.47 million yuan and 3.58 million yuan for 2024 and the first three quarters of 2025, respectively, with net losses of 38.58 million yuan and 39.54 million yuan [4] - As of September 30, 2025, 极客基因's total assets were approximately 81.11 million yuan, with total liabilities of about 35.16 million yuan, resulting in an asset-liability ratio of 43.35% [4] 博瑞医药's Financial Situation - 博瑞医药's revenue for the first three quarters of 2025 was approximately 874 million yuan, a year-on-year decrease of 10.5%, with net profit declining by 71.64% to about 50.32 million yuan [6] - The decline in performance is attributed to changes in demand for antiviral products and fluctuations in market competition [6] Strategic Decisions - 博瑞医药 is pursuing a Hong Kong IPO to broaden its financing channels and enhance its international market presence, following the termination of a planned A-share private placement [7] - The decision to go public in Hong Kong aligns with the company's long-term strategic goals and is independent of the previous A-share fundraising efforts [7]

Core Viewpoint - The A-share market experienced fluctuations with the Sci-Tech Innovation Drug sector continuing to weaken, as evidenced by the Huatai-PineBridge Sci-Tech Innovation Drug ETF (589120) declining by 1.5% for four consecutive days, while still attracting over 13 million yuan in investments over the last two days [1][3][5]. Group 1: Market Performance - The Huatai-PineBridge Sci-Tech Innovation Drug ETF (589120) has seen a significant drop in its component stocks, with major companies like Rongchang Bio and Borui Pharma falling over 2%, while TeBao Bio and HaoYuan Pharma showed gains [3][4]. - The index for the Sci-Tech Innovation Drug ETF has had a remarkable year, with a peak increase of 98.84% as of September 5, reflecting the transformation of China's innovative drug industry over the past decade [5][6]. Group 2: Investment Trends - Despite the recent downturn, the ETF has managed to attract substantial capital, indicating ongoing investor interest in the sector [1][5]. - The market is currently in a performance vacuum following the earnings season, with rapid rotations observed, suggesting a trading-driven rather than a fundamental-driven adjustment in the innovative drug sector [5][8]. Group 3: Financial Performance - The innovative drug sector reported a revenue of 48.83 billion yuan for the first three quarters of 2025, marking a 22.1% increase, while the net profit showed a significant turnaround with a 147.1% increase in Q3 alone [8][10]. - The growth in revenue is attributed to the rapid commercialization of innovative drug products, increased sales, and milestone payments from licensing agreements [10]. Group 4: Future Outlook - The domestic innovative drug sector is witnessing a surge in overseas licensing deals, with 175 transactions amounting to over 104.2 billion USD, indicating a robust pipeline for future growth [7][8]. - The combination of policy support, innovation upgrades, and the normalization of overseas business development (BD) is expected to sustain high growth in the innovative drug sector [10].

Core Viewpoint - 博瑞医药's stock has experienced significant fluctuations in 2023, with a year-to-date increase of 73.80% but a recent decline in the last five trading days by 1.95% [2] Group 1: Stock Performance - As of November 18, 博瑞医药's stock price is 52.32 CNY per share, with a market capitalization of 22.137 billion CNY [1] - The stock has seen a 53.20% decline over the past 60 days [2] - The trading volume on November 18 was 1.17 billion CNY, with a turnover rate of 0.52% [1] Group 2: Financial Performance - For the period from January to September 2025, 博瑞医药 reported a revenue of 874 million CNY, a year-on-year decrease of 10.50% [2] - The net profit attributable to shareholders for the same period was 50.32 million CNY, down 71.64% year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, 博瑞医药 had 19,600 shareholders, an increase of 104.44% from the previous period [2] - The average number of circulating shares per shareholder decreased by 51.05% to 21,629 shares [2] - The company has distributed a total of 246 million CNY in dividends since its A-share listing, with 129 million CNY distributed in the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 8.7219 million shares, an increase of 5.471 million shares from the previous period [3] - The ninth-largest circulating shareholder is Innovation Drug, holding 2.9109 million shares, with an increase of 98,300 shares from the previous period [3]

Core Viewpoint - The article discusses the recent approval of BGM1812 injection by the National Medical Products Administration for clinical trials in overweight or obese populations, highlighting its potential in the weight loss market [2][3]. Group 1: Company Developments - Borui Biopharma (Suzhou) Co., Ltd. announced that its subsidiary Borui Pharmaceutical has received approval for BGM1812 injection to conduct clinical research on weight loss [2]. - BGM1812 is a long-acting novel Amylin analog designed to activate central satiety pathways, suppress appetite, delay gastric emptying, and inhibit glucagon secretion, contributing to weight loss [2]. Group 2: Regulatory Approvals - As of the announcement date, BGM1812 has also received FDA approval for clinical trials in the United States, with the first subject already enrolled [3]. - Currently, there are no other formulations targeting the same mechanism approved for weight loss on the global market [3]. Group 3: Industry Insights - The article emphasizes the growing interest in GLP-1 drugs, which are known for their role in glucose regulation and weight management, indicating a significant market potential for new entrants like BGM1812 [10].

Core Insights - Borui Pharmaceutical announced an investment of 50 million yuan in Suzhou Geek Gene Technology Co., Ltd, acquiring a 12.8015% stake after the capital increase [1] Company Overview - Geek Gene is an innovative cell drug development company specializing in high-throughput omics data to regulate cell fate [1] - The company primarily focuses on single-cell sequencing services and the development of immune cell therapies [1] Product Focus - Geek Gene is currently concentrating on developing long-lived tumor-reactive T cell drugs aimed at treating advanced solid tumors [1]

Core Viewpoint - The company, 博瑞医药, plans to increase its investment in 苏州极客基因科技有限公司 by 50 million yuan, raising its stake from 4.0816% to 12.8015% [2] Group 1: Investment Details - The company will subscribe to an additional registered capital of 437,100 yuan in 极客基因, with the remaining amount allocated to the company's capital reserve [2] - The investment has been approved by the company's board and will be submitted for shareholder approval [2] Group 2: Related Parties - The chairman of the company, 袁建栋, is a director at 极客基因 and is involved in the investment decision-making committees of related investment partnerships [2] - The transaction is classified as a related party transaction due to the involvement of 袁建栋 and associated entities [2]

Core Viewpoint - 博瑞医药's subsidiary, Shenzhen Aoli Biotechnology Co., Ltd., is planning a capital increase, with total investments amounting to RMB 8 million, leading to a dilution of 博瑞医药's ownership stake from 30.1664% to 24.420458% [2] Group 1 - 博瑞医药 announced that its subsidiary, Aoli Biotechnology, will undergo a capital increase [2] - Suzhou Hongbo Phase II Investment Partnership is set to invest RMB 25 million, while other investors will contribute RMB 55 million [2] - 博瑞医药 has chosen to waive its preemptive rights regarding this capital increase [2] Group 2 - Following the capital increase, 博瑞医药's ownership in Aoli Biotechnology will decrease significantly [2] - The transaction has been approved by 博瑞医药's board of directors and does not require shareholder approval [2] - The controlling shareholder, 袁建栋, is involved in the investment decision-making process, indicating a related party transaction [2]

Core Viewpoint - The company, Borui Pharmaceutical, announced an investment of 50 million yuan in Suzhou Geek Gene Technology, increasing its stake from 4.0816% to 12.8015% [2] Group 1: Investment Details - The investment includes a subscription to the new registered capital of 437,100 yuan, with the remaining amount allocated to the capital reserve of Geek Gene [2] - This investment aligns with the company's innovation-driven development strategy [2] Group 2: Strategic Implications - The collaboration is expected to leverage both companies' strengths in innovative drug development and cell therapy technology [2] - Geek Gene possesses unique technological advantages in areas such as cell fate reprogramming and low-cost high-throughput omics technology, which may create potential synergies with the company's product development [2]

Core Viewpoint - 博瑞医药 plans to increase its investment in 苏州极客基因科技有限公司 by 50 million yuan, which will enhance its ownership stake from 4.0816% to 12.8015% [1] Group 1 - The company will subscribe to an additional registered capital of 437,100 yuan in 极客基因, with the remaining amount being allocated to the company's capital reserve [1] - The total investment amount of 50 million yuan indicates a strategic move to strengthen its position in the biotechnology sector [1]