Core Viewpoint - The A-share market experienced fluctuations on January 22, with the Shanghai Composite Index rising by 0.14%. The innovative drug sector faced pressure, as evidenced by the decline of the Science and Technology Innovation Drug ETF Huatai (589120) by 1.51% by 15:00. However, the ETF saw a net inflow of funds totaling 27.7361 million yuan over the past three days, indicating a trend of buying on dips [1]. Group 1: Market Performance - The Science and Technology Innovation Drug ETF Huatai (589120) recorded a net inflow of 27.7361 million yuan over three days, showing a clear trend of increased buying despite market declines [1]. - By 15:00, the ETF's component stocks exhibited mixed performance, with notable gains from Kangxinuo at 1.81%, Baiaotai at 0.49%, and Haoyuan Pharmaceutical at 0.48%. Conversely, Yifang Bio fell over 6%, Rongchang Bio dropped over 4%, and Baili Tianheng decreased by over 3% [6]. Group 2: Industry Insights - According to the National Medical Insurance Administration, 76 innovative drugs are expected to be approved for market entry by the National Medical Products Administration by 2025, marking a record high and indicating a trend towards diversified innovative therapies in China [4]. - Donghai Securities predicts that the innovative drug sector is entering a new era, transitioning from a generics-dominated market (pre-2018) to a period of transformation (2018-2025) characterized by price reductions and increased R&D investments in innovative drugs. By 2026, innovative drugs are expected to dominate the pharmaceutical industry in China, supported by complementary insurance policies and a focus on the pace of new drug launches and competitive dynamics [5].

Group 1 - The China Securities Regulatory Commission (CSRC) has announced supplementary material requirements for 23 companies regarding their overseas issuance and listing [1][2][3] - Specific companies such as Huafu Technology and Shanjin International have been highlighted for particular concerns regarding shareholder relationships and safety production incidents [1][2][3] - The supplementary materials are aimed at ensuring compliance with regulations and addressing potential issues that may affect the companies' ability to list [1][2][3] Group 2 - Companies like Shichuang Securities and Zhineng Technology are required to clarify the status of state-owned shareholder identification and trust arrangements [2][3] - For Xiangdao Travel, there are inquiries about the actual operations of various services and whether necessary qualifications have been obtained [2][3] - Bo Rui Pharmaceutical is asked to provide details on its business operations related to health food sales and medical research, including necessary licenses [2][3] Group 3 - Guoxin Services must explain the status of significant litigation cases and their potential impact on future operations and the current issuance [3][4] - Hi Learning Network is required to clarify compliance with labor and social insurance regulations, as well as the status of pending lawsuits and administrative penalties [4][5] - Tian Nong Group needs to address compliance issues regarding animal husbandry licenses and environmental permits, which may pose significant legal risks [5][6] Group 4 - Companies like Fengjiang Management and Mingyu Pharmaceutical are required to provide legal opinions on their compliance with foreign investment regulations and the legitimacy of their capital structures [7][8][9] - Specific inquiries include the legitimacy of shareholding structures and the compliance of fundraising activities with regulatory requirements [7][8][9] - The focus is on ensuring that all companies meet the necessary legal and regulatory standards for their overseas listings [7][8][9]

证券代码：688166 证券简称：博瑞医药 公告编号：2026-002 转债代码：118004 转债简称：博瑞转债 博瑞生物医药（苏州）股份有限公司 关于不提前赎回"博瑞转债"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。 重要内容提示： 自 2025 年 12 月 12 日至 2026 年 1 月 5 日，博瑞生物医药（苏州）股份 有限公司（以下简称"公司"）股票满足连续 30 个交易日中有 15 个交易日收盘 价格不低于当期转股价格的 130%（即 45.16 元/股），已触发《博瑞生物医药（苏 州）股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"可 转债募集说明书"）中规定的有条件赎回条款。 公司于 2026 年 1 月 5 日召开第四届董事会第十七次会议，审议通过《关 于不提前赎回"博瑞转债"的议案》，决定本次不行使"博瑞转债"的提前赎回 权利，不提前赎回"博瑞转债"。 未来三个月内（即 2026 年 1 月 6 日至 2026 年 4 月 5 日期间），如"博瑞 转债"再次触发有条件赎回 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2026-001 转债代码：118004 转债简称：博瑞转债 博瑞生物医药（苏州）股份有限公司 可转债转股结果暨股份变动公告 未转股可转债情况：截至 2025 年 12 月 31 日，"博瑞转债"尚未转股的 可转债金额为 442,766,000 元，占"博瑞转债"发行总量的 95.2185%。 一、可转债发行上市概况 经中国证券监督管理委员会证监许可[2021]3551 号文同意注册，博瑞生物医 药（苏州）股份有限公司（以下简称"公司"）于 2022 年 1 月 4 日向不特定对 象发行 465 万张可转换公司债券，每张面值为人民币 100 元，发行总额 46,500.00 万元。本次发行的可转换公司债券的期限为自发行之日起六年，即 2022 年 1 月 4 日至 2028 年 1 月 3 日。 经上海证券交易所自律监管决定书[2022]22 号文同意，公司 46,500.00 万元 可转换公司债券于 2022 年 1 月 27 日起在上海证券交易所挂牌交易，债券简称"博 瑞转债"，债券代码"118004"。 根据有关规定和《博瑞生物医药（苏州）股份有限公 ...

国联民生承销保荐有限公司 关于博瑞生物医药（苏州）股份有限公司 不提前赎回"博瑞转债"的核查意见 国联民生承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐机构"） 作为博瑞生物医药（苏州）股份有限公司（以下简称"博瑞医药"、"公司"或"发 行人"）向不特定对象发行可转换公司债券的保荐机构，根据《证券发行上市保 荐业务管理办法》《上海证券交易所上市公司自律监管指引第1号——规范运作》 《上海证券交易所上市公司自律监管指引第11号——持续督导》及《上海证券 交易所上市公司自律监管指引第12号——可转换公司债券》等有关规定，对博 瑞医药本次不提前赎回"博瑞转债"的事项进行了审慎核查，核查情况及核查意 见如下： 一、可转债的发行上市情况 经中国证券监督管理委员会《关于同意博瑞生物医药（苏州）股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可[2021]3551号）同意 注册，公司向不特定对象共计发行465万张可转换公司债券，每张面值为人民币 100元，按面值发行。本次发行合计募集资金人民币465,000,000元，扣除不含税 的发行费用人民币8,168,820.75元后，募集资金净额为人民币45 ...

Core Viewpoint - The company, Borui Pharmaceutical, has announced a delay in the expected completion dates for several fundraising investment projects, pushing them to March 2027 due to regulatory approval processes and additional construction needs [2][3]. Trading Information Summary - On December 31, 2025, Borui Pharmaceutical's stock closed at 49.06 yuan, down 0.69%, with a turnover rate of 0.89% and a trading volume of 37,800 shares, amounting to a total transaction value of 186 million yuan [1]. - The net outflow of main funds was 11.73 million yuan, accounting for 6.32% of the total transaction value, while retail investors saw a net inflow of 5.07 million yuan, representing 2.73% of the total [2]. Company Announcement Summary - The Board of Directors approved a proposal to delay the expected completion dates for several fundraising investment projects to March 2027, which include the construction of an inhalation and chemical drug production base and a biopharmaceutical research center [2][3]. - The delay is attributed to products being in the approval stage and the need for additional construction of an automated warehouse, which requires synchronized acceptance [2][3]. - The delay does not change the intended use of the raised funds and does not affect the company's normal operations [2][3]. Internal Governance and Management Systems - The company has established an internal audit management system to ensure independent auditing of internal controls, financial information, and operational activities [4]. - A foreign exchange transaction management system has been implemented to mitigate exchange rate risks and ensure fund security, prohibiting speculative activities [5]. - The company has also set up a fundraising management method to regulate the use and supervision of raised funds, ensuring they are used exclusively for designated projects [6]. - A management system for shares held by directors and senior management has been created to regulate share transactions and disclosures [7].

Core Viewpoint - 博瑞医药 has experienced a stock price increase and has announced a delay in several fundraising projects, which will not affect the company's normal operations or the intended use of funds [1][2][3]. Group 1: Stock Performance - As of December 26, 2025, 博瑞医药's stock closed at 50.21 yuan, up 3.31% from the previous week [1]. - The stock reached a high of 50.97 yuan and a low of 48.22 yuan during the week [1]. - The company's total market capitalization is 20.757 billion yuan, ranking 22nd in the chemical pharmaceutical sector and 947th among all A-shares [1]. Group 2: Company Announcements - 国联民生证券 conducted a site inspection for 博瑞医药's 2025 annual continuous supervision, finding no violations in governance, information disclosure, or major investments [2][6]. - 博瑞医药's board approved a resolution to postpone the expected operational status date for several fundraising projects to March 2027 due to pending product approvals and the addition of an automated warehouse [2][3]. - The delay affects projects including the inhalation and chemical drug formulation production base and the biopharmaceutical R&D center [2][3]. Group 3: Internal Governance - 博瑞医药 has established an internal audit system to oversee internal controls, financial information, and operational activities [4]. - The company has implemented a management system for forward foreign exchange transactions to mitigate exchange rate risks [4]. - A fundraising management method has been developed to ensure that raised funds are used specifically for intended projects and are subject to strict oversight [5][6]. Group 4: Management Regulations - 博瑞医药 has set up a management system for shares held by directors and senior management, regulating trading periods and disclosure requirements [7].

Core Viewpoint - The company, Borui Pharmaceutical, reported a stock price of 49.4 yuan as of December 30, 2025, with a slight decline of 0.66% and a trading volume of 41,400 shares, amounting to a total transaction value of 205 million yuan [1]. Trading Information Summary - On December 30, the main funds experienced a net outflow of 20.59 million yuan, accounting for 10.03% of the total transaction value; retail investors saw a net inflow of 12.39 million yuan, representing 6.04% of the total [2]. - The company’s stock trading saw a turnover rate of 0.98% [1]. Company Announcements Summary - The underwriting and sponsoring company, Guolian Minsheng Securities, conducted an on-site inspection of Borui Pharmaceutical for its 2025 annual continuous supervision work, confirming that the company has a sound governance structure and complies with regulations regarding fundraising and investment [2]. - The board of directors approved a proposal to postpone the expected operational status date for several fundraising projects to March 2027, due to pending product approvals and the need for additional construction of an automated warehouse [2][3]. Internal Governance and Audit - Borui Pharmaceutical established an internal audit management system to ensure independent auditing of internal controls, financial information, and operational activities, with regular reporting to the audit committee [4]. - The company also implemented a foreign exchange trading management system to mitigate exchange rate risks and ensure the safety of funds, prohibiting speculative activities [5]. Fundraising Management - The company has set up a fundraising management method to regulate the storage, use, and supervision of raised funds, ensuring they are used exclusively for designated projects and not for financial investments [6]. - Any changes in fundraising projects or surplus fund usage must go through board or shareholder meeting approval, with biannual progress checks and annual verification reports from accounting firms [6]. Shareholding Management - Borui Pharmaceutical has established a management system for shares held by directors and senior management, outlining restrictions on share transfers and trading periods, as well as disclosure requirements [7].

博瑞生物医药（苏州）股份有限公司 内部审计制度 一、总则 第一条 为了规范博瑞生物医药（苏州）股份有限公司（以下简称"公司"） 内部审计工作，充分发挥内部审计的监督管理职能，提高企业管理水平，加强 公司内部控制，根据《中华人民共和国审计法》、《中华人民共和国审计署关 于内部审计工作的规定》、《上海证券交易所股票科创板上市规则》等法律、 法规、规范性文件及《博瑞生物医药（苏州）股份有限公司章程》（以下简称 "公司章程"）的规定，结合公司实际情况，制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构或人员，对公司内部 控制和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和 效果等开展的审查与评价活动。 第三条 本制度适用于公司及下属各部门、分公司、控股子公司以及公司能 够对其实施重大影响的参股公司(以下简称"参股公司")。 二、内部审计机构设置和人员配备 第四条 公司在董事会下设审计委员会，内部审计机构为公司审计委员会专 门工作机构，负责公司内部审计及内部控制相关工作，配备与公司规模以及工 作量相匹配的专职工作人员，在审计委员会领导下独立开展内部审计工作。必 要时经批准可聘请外部人员或审计 ...

Group 1 - The company, Borui Pharmaceutical, announced that its fourth board meeting was held on December 29, 2025, to discuss the proposal regarding the extension of fundraising investment projects [1] - The meeting took place in the C27 conference room [1]