Group 1 - The core viewpoint is that Secheng Investment has conducted research on the listed company Borui Pharmaceutical, focusing on the collaboration with China Resources Sanjiu to commercialize the BGM0504 product rapidly in China [1] - Borui Pharmaceutical's BGM0504 product is expected to demonstrate its advantages through more clinical trials, and it possesses global competitiveness with plans for international expansion [1] - The BGM1812 product is characterized by fat reduction without muscle loss and is currently advancing IND applications in both China and the United States [1] Group 2 - Secheng Investment was established in 2007 with a registered capital of 30 million yuan and is a member of the fund industry association, focusing on equity investments and maintaining a "high-quality growth" investment philosophy [2] - The company has received numerous industry awards and has established long-term asset management cooperation with several large financial institutions since its inception [2]

Group 1 - Gao Yi Asset recently conducted research on a listed company, specifically focusing on Bo Rui Pharmaceutical [1] - Bo Rui Pharmaceutical is collaborating with China Resources Sanjiu to expedite the commercialization of the BGM0504 product in China, leveraging China Resources Sanjiu's hospital access and promotional capabilities [1] - China Resources Sanjiu is confident in the BGM0504 product and plans to conduct more clinical trials to demonstrate its advantages [1] - The BGM0504 product is considered globally competitive, with plans for international expansion that will not affect global rights [1] - BGM1812 is characterized by fat reduction without muscle loss and has mild side effects, with ongoing IND applications in China and the U.S. [1] - Collaboration with Hanyu Pharmaceutical is aimed at preparing for future commercialization needs and regulatory market clinical and industrialization [1] Group 2 - Gao Yi Asset Management is a prominent private equity fund management company in China, known for its strong research capabilities and large management scale [2] - The company focuses on capital markets and aims to provide top-notch research support, channel resources, brand endorsement, capital connection, and operational maintenance for outstanding investment managers [2] - The research team consists of over 30 members, including experienced investment managers with a history of strong performance in the market [2] - Gao Yi Asset is registered with the Asset Management Association of China and has its headquarters in Shanghai, with teams located in Shenzhen, Shanghai, and Beijing [2]

Group 1 - The core viewpoint of the news is that Fusheng Asset has conducted research on the listed company Borui Pharmaceutical, focusing on the collaboration with China Resources Sanjiu to commercialize the BGM0504 product in China quickly [1] - Borui Pharmaceutical's BGM0504 product is expected to demonstrate its advantages through more clinical trials, and it has global competitiveness with plans for international expansion [1] - The BGM1812 product is characterized by fat reduction without muscle loss and is currently advancing IND applications in both China and the United States [1] Group 2 - Fusheng Asset Management, established in 2015, is one of the first research-driven private equity fund management companies in China, with a pure equity management scale exceeding 60 billion [2] - The core investment research team at Fusheng Asset has over 16 years of investment experience across mainland China, Hong Kong, and the United States, with fund managers having top-tier public fund investment experience [2] - The company emphasizes sustainable investment and aims to achieve long-term stable returns for investors, having received multiple awards for its performance in the private equity sector [2]

Group 1 - The core viewpoint is that Chengrui Investment has conducted research on the listed company Borui Pharmaceutical, focusing on the collaboration with China Resources Sanjiu to commercialize the BGM0504 product in China [1] - Borui Pharmaceutical's BGM0504 product is expected to demonstrate its advantages through more clinical trials, and it has global competitiveness with plans for international expansion [1] - The BGM1812 product is characterized by fat reduction without muscle loss and is currently advancing IND applications in both China and the US [1] Group 2 - Chengrui Investment, established in May 2010, has a registered capital of 11 million and has been recognized for its stable development in the secondary market and various investment strategies [2] - The company has a professional research team of 33 members, with backgrounds from prestigious universities, and has received multiple industry awards for its performance [2] - Chengrui Investment has diversified its client base, which includes banks, private banks, securities firms, insurance companies, trusts, and various institutional investors [2]

智通财经记者 | 黄华 智通财经编辑 | 谢欣 在诺和诺德（Novo Nordisk）宣布下调业绩增速指引，礼来公司（Eli Lilly and Company）公布产品替尔泊肽（Tirzepatide）的心血管保护作用非劣效于度拉 糖肽（Dulaglutide）之后，8月1日，博瑞医药宣布将旗下明星产品BGM0504授权给华润三九，累计的研发投入里程碑付款最高为2.8亿元。 2.8亿元让这起商业授权快速获得了关注。累计里程碑付款代表了某一款产品后续的市场空间想象力，而博瑞医药的这一数据明显低于近期国内的一系列国 产创新药商业授权（BD）金额以及国内GLP-1产品的出海记录。 8月4日，博瑞医药开盘后小幅下跌。自年初至今，博瑞医药累计涨幅超220%。同在8月4日，华润三九开盘后小幅上涨。 截至8月4日收盘，博瑞医药报98.07元/股，跌1.19%，最新市值约415亿元。华润三九报32.12元/股，涨2.07%，最新市值约536亿元。 随后，博瑞医药对于市场对此交易几大热点问题向智通财经记者予以了回应。 回应一：2.82亿元不是授权费用 GLP-1（胰高血糖素样肽 1）领域的头部产品是司美格鲁肽（Sermagl ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [31]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with an overall increase of 2.95% in the last week, outperforming the CSI 300 index by 4.70 percentage points. Year-to-date, the sector has risen by 22.31%, ranking second among 31 industries [3][12]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.88 times, which is at the historical median level, with a valuation premium of 148% compared to the CSI 300 index [17]. - Notable stock performances include Nanjing New Pharmaceutical with a 78.01% increase, followed by Lide Medical and Chenxin Pharmaceutical with increases of 46.45% and 40.88%, respectively [23][24]. Market Performance - The pharmaceutical and biotechnology sector ranked first among 31 industries last week, with a 2.95% increase, while the top three sub-sectors were chemical pharmaceuticals, traditional Chinese medicine II, and biological products, with increases of 5.01%, 3.12%, and 2.69%, respectively [11]. - Year-to-date, the top-performing sub-sectors include chemical pharmaceuticals, medical services, and biological products, with increases of 40.97%, 35.89%, and 16.54%, respectively [12]. Industry News - Heng Rui Medicine has entered into an agreement with GSK for the global exclusive rights to the PDE3/4 inhibitor HRS-9821, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [4][25]. - CSPC Pharmaceutical has signed an exclusive licensing agreement with Madrigal for the oral small molecule GLP-1 receptor agonist SYH2086, with a total potential value of up to $2.075 billion [4][26]. - Borui Pharmaceutical is collaborating with China Resources Sanjiu to further develop the BGM0504 injection, a dual agonist for GLP-1 and GIP receptors, which is currently in the critical phase of clinical trials [4][27]. Investment Recommendations - The report suggests that the innovative drug sector remains a core investment theme for the second half of the year, with a focus on GLP-1 dual-target new drugs and various sub-sectors such as CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][28]. - Recommended stocks include Betta Pharmaceuticals, Teva Biopharmaceuticals, Kaili Medical, Haier Biomedical, Huaxia Eye Hospital, and Lao Bai Xing [5][28].

Core Viewpoint - China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. has entered into a collaborative research and development agreement with Borui Biopharmaceutical (Suzhou) Co., Ltd. for the BGM0504 injection project, which is a dual agonist of GLP-1 and GIP receptors aimed at treating Type 2 Diabetes Mellitus (T2DM) and obesity [1][2] Group 1: Collaboration Details - The BGM0504 injection is positioned as an innovative polypeptide drug that aims to provide more effective, safer, and convenient treatment options for patients [1] - The collaboration grants China Resources Sanjiu exclusive development and commercialization rights, indicating a deep complementarity in innovative drug development and commercialization capabilities between the two companies [1][2] - China Resources Sanjiu's investment covers the entire R&D and commercialization chain, with a maximum milestone payment of 282 million yuan contingent on clinical progress and regulatory approval [2][3] Group 2: Clinical Trial Progress - BGM0504 has reached the critical phase of Phase III clinical trials, with Phase II trials showing promising results in both T2DM patients and overweight/obese adults, indicating potential advantages over existing treatments like semaglutide [2][4] - The Phase II trials demonstrated significant weight management potential and metabolic risk benefits in the overweight/obese population [2] Group 3: Market Competition - The GLP-1 market is highly competitive, with major players like Novo Nordisk and Eli Lilly dominating the space, collectively generating approximately $29.3 billion in sales from various formulations of semaglutide and other GLP-1 products [5] - The competitive landscape includes over 179 GLP-1 pipelines from 45 companies globally, indicating intense competition and the challenge for BGM0504 to establish a foothold in the market [7] - Recent approvals and developments in the GLP-1 space, such as Innovent's dual receptor agonist and Eli Lilly's oral GLP-1 drug, further intensify the competition [6][7]

Core Insights - The CSI 1000 Healthcare Index has shown significant growth, with a 13.89% increase over the past month, 24.30% over the last three months, and 27.10% year-to-date [1] Group 1: Index Performance - The CSI 1000 Healthcare Index is currently at 13651.50 points [1] - The index is designed to provide a diversified investment option by selecting liquid and representative securities from each industry [1] Group 2: Index Holdings - The top ten weighted stocks in the CSI 1000 Healthcare Index include: - Borui Pharmaceutical (3.51%) - Tonghua Golden Horse (2.65%) - Zai Lab (2.51%) - Zhongsheng Pharmaceutical (1.75%) - Zhaoyan New Drug (1.70%) - Anke Biotechnology (1.66%) - Yipinhong (1.63%) - Zuoli Pharmaceutical (1.59%) - Furuide (1.39%) - Dongcheng Pharmaceutical (1.33%) [1] - The index's market distribution shows that the Shanghai Stock Exchange accounts for 55.62%, while the Shenzhen Stock Exchange accounts for 44.38% [1] Group 3: Industry Composition - The industry composition of the CSI 1000 Healthcare Index is as follows: - Chemical drugs: 36.28% - Medical devices: 19.30% - Traditional Chinese medicine: 17.00% - Biological drugs: 14.30% - Medical commerce and services: 7.16% - Pharmaceutical and biotechnology services: 5.94% [2] Group 4: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments [2] - When a sample company is delisted, it will be removed from the index, and any mergers, acquisitions, or splits will be handled according to maintenance guidelines [2]

金融界消息 截至2025年8月4日收盘，博瑞医药（688166）报收于98.07元，下跌1.19%，换手率3.47%， 成交量14.68万手，成交金额14.49亿元。 资金流向方面，今日主力资金净流入5678.69万元，占比成交额3.92%。其中，超大单净流出2136.60万 元、占成交额1.47%，大单净流入7815.29万元、占成交额5.39%，中单净流出流出1195.96万元、占成交 额0.83%，小单净流出4482.72万元、占成交额3.09%。 天眼查商业履历信息显示，博瑞生物医药(苏州)股份有限公司，成立于2001年，位于苏州市，是一家以 从事医药制造业为主的企业。企业注册资本42246.505万人民币，实缴资本22062.4827万人民币。公司法 定代表人为袁建栋。 通过天眼查大数据分析，博瑞生物医药(苏州)股份有限公司共对外投资了38家企业，参与招投标项目49 次，知识产权方面有商标信息121条，专利信息178条，此外企业还拥有行政许可37个。 来源：金融界 博瑞医药最新一期业绩显示，截至2025一季报，公司营业总收入2.49亿元、同比减少26.81%，归属净利 润1295.98万元，同比减少 ...

Core Viewpoint - The company is actively advancing its innovative drug development, particularly in the area of weight loss medications and strategic partnerships for peptide drug commercialization [1] Group 1: Innovative Drug Development - The company has made significant progress in the research and development of innovative drugs, particularly in the CRDMO (Contract Research, Development, and Manufacturing Organization) sector [1] - A strategic cooperation was established with Borui Pharmaceutical on July 31, aiming to leverage each other's strengths in peptide drug development and commercialization [1] - The company is focused on resource sharing and collaborative development to enhance the commercialization of peptide active pharmaceutical ingredients and related overseas submissions [1] Group 2: Weight Loss Drug Advantages - The company's proprietary weight loss drug project, HY3003, has completed the process development for the active pharmaceutical ingredient and is exploring three dosage forms: monthly, weekly, and oral [1] - The clinical development for the HY3000 nasal spray has reached the Phase III stage [1] - The company is collaborating with Sinopharm on the research and development of Cannabidiol (CBD) for CNS (Central Nervous System) applications [1]