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]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the significant potential of the amylin market, with major pharmaceutical companies making substantial investments in amylin molecules, indicating a strong growth trajectory [6][9] - Amylin products are showing promising early clinical data in terms of safety and weight loss efficacy, with specific examples demonstrating competitive advantages over existing treatments [7][22] - A dense pipeline of catalysts is expected in the next 6-12 months, with multiple companies set to release critical clinical trial data that could validate the product profiles of amylin candidates [8][29] Summary by Sections Recent Major BD Transactions - AbbVie and Roche have made significant investments in amylin molecules, with AbbVie paying an upfront fee of $350 million and potential milestone payments of up to $1.875 billion for Gubra's amylin molecule [6][17] - Roche has partnered with Zealand to develop petrelintide, with an upfront payment of $1.65 billion and milestone payments reaching $3.6 billion [6][17] Amylin Product Profile - Early data for amylin monotherapy shows excellent safety and weight loss results, with examples like Eli Lilly's Eloralintide demonstrating a maximum weight loss of 11.3% at 12 weeks [7][22] - The report notes that the majority of weight loss from Eloralintide is fat, with preclinical data showing up to 91% of weight loss being fat [23][28] Future Catalysts - A significant number of amylin pipeline data readouts are expected in the next 6-12 months, with major companies like Roche, Eli Lilly, and AstraZeneca anticipated to release phase 2 trial data [8][29] - Companies such as Viking, Structure, and others are also highlighted for their clinical trial progress in the amylin space [8][29] Investment Recommendations - The report recommends focusing on companies like Borui Pharmaceutical and Zhongsheng Pharmaceutical, which are expected to accelerate their presence in the amylin market [9][31] - Beneficiary companies include Viking, Structure, Metsera, and Jiuyuan Gene, which are positioned to gain from advancements in the amylin sector [9][31]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of August 4, 2025 [1] Core Insights - The innovation environment in the pharmaceutical industry continues to improve, with significant growth in global pharmaceutical transactions, particularly involving Chinese companies, which contributed nearly 50% of the total transaction value [2] - The report emphasizes the importance of weight loss direction in authorized collaborations, highlighting recent partnerships and clinical advancements in GLP-1 dual receptor agonists [3] - The CXO sector is expected to gradually recover following a supply-side cleansing, with an increase in license-out transactions and a notable rise in biotech funding [4] - TCE technology is being continuously updated, with promising clinical data emerging from various trials, indicating a strong market potential for TCE-based therapies [5] - The report highlights the growing trend of business development (BD) in the autoimmune sector, with significant clinical data supporting new treatments [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical sector outperformed the CSI 300 index by 4.70 percentage points in the last week, with a 2.95% increase in the pharmaceutical and biotechnology index [19] - Over the past month, the pharmaceutical sector outperformed the CSI 300 index by 10.20 percentage points, with a 13.02% increase [22] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical and biotechnology industry index is 39.10 times, above the 5-year historical average of 31.99 times [41] 3. Recent Research Achievements - The report lists various recent research achievements by the Huaxin pharmaceutical team, including deep reports on the growth trends in the blood products industry and the impact of policies on inhalation formulations [46] 4. Recent Industry Policies and News - The report discusses recent policies aimed at supporting the high-quality development of innovative drugs, including measures to enhance the entry of innovative drugs into basic medical insurance [48]

Core Viewpoint - China Resources Sanjiu and Borui Pharmaceutical have entered into a significant collaboration for the development and commercialization of BGM0504 injection, a dual agonist of GLP-1 and GIP, in mainland China [1][3]. Group 1: Collaboration Details - The collaboration includes a research and development agreement for BGM0504 injection, granting China Resources Sanjiu exclusive rights for development and commercialization in mainland China [1][3]. - Borui Pharmaceutical will receive milestone payments from China Resources Sanjiu, totaling up to 282 million yuan, based on the progress of clinical trials and regulatory approvals [3][4]. - The agreement allows for priority cooperation on new product licenses and transfers within the defined collaboration area [3]. Group 2: Market Potential and Strategic Importance - BGM0504 injection is considered a highly anticipated product in the domestic weight loss drug market, currently undergoing Phase III clinical trials [4]. - The collaboration is seen as a strategic move for China Resources Sanjiu to enter a high-growth market with a controlled cost structure, leveraging its extensive distribution network and marketing experience [5]. - The partnership aims to ensure rapid market access for BGM0504 upon approval, allowing for immediate sales growth and market capture [5].

Core Viewpoint - The collaboration between Borui Pharmaceutical and China Resources Sanjiu aims to expedite the development and commercialization of BGM0504 injection in mainland China, leveraging each other's strengths in clinical trials and market access [1][6]. Group 1: Collaboration Details - Borui Pharmaceutical and its subsidiaries have signed a cooperation and research agreement with China Resources Sanjiu for the development, registration, production, and commercialization of BGM0504 injection in mainland China, excluding Hong Kong, Macau, and Taiwan [1][4]. - The agreement grants China Resources Sanjiu exclusive rights for cooperative development and commercialization of BGM0504 injection, which is a dual agonist of GLP-1 and GIP, classified as a first-class innovative drug not yet marketed [4][6]. - Borui Pharmaceutical will receive a maximum milestone payment of 282 million yuan from China Resources Sanjiu based on the clinical progress and approval of the product [4][5]. Group 2: Financial Aspects - The agreement includes provisions for milestone payments based on the results of two new clinical trials, with each payment capped at the lower of 50% of the actual trial costs or 28.5 million yuan [5]. - Following the first commercial sale of the product, Borui Pharmaceutical will pay a service fee to China Resources Sanjiu based on a percentage of net sales, with different settlement methods depending on the sales model [4]. Group 3: Market Potential and Strategic Importance - BGM0504 injection is highly anticipated in the domestic weight loss drug market, with ongoing Phase III clinical trials progressing as planned [6]. - The partnership is seen as a strategic move for both companies, allowing China Resources Sanjiu to enter a high-growth market while providing Borui Pharmaceutical with access to established sales channels and marketing expertise [6][7]. - The collaboration is characterized as a deep binding of resources and risk-sharing rather than a simple transaction, which is crucial for both companies to capitalize on the potential of the product [7].

Group 1 - The core viewpoint of the article is that the strategic partnership between Borui Pharmaceutical and China Resources Sanjiu is expected to enhance sales capabilities and support R&D efforts for the BGM0504 injection product, leading to a "buy" rating for Borui Pharmaceutical [1][2][3]. Group 2 - On August 1, 2025, Borui Pharmaceutical signed a cooperation and R&D agreement with China Resources Sanjiu for the development, registration, production, and commercialization of BGM0504 in mainland China, granting exclusive development and commercialization rights while retaining ownership of the product [2]. - China Resources Sanjiu will pay up to 282 million yuan in milestone payments for R&D and additional sales milestone payments, which will be the lower of 50% of the clinical R&D costs for new indications or 28.5 million yuan [2]. - The collaboration allows Borui to leverage China Resources Sanjiu's leading OTC channel capabilities to enhance sales, while China Resources Sanjiu benefits from an expanded product line and a share of sales service fees [3]. Group 3 - Borui Pharmaceutical has a rich pipeline in innovative drugs and complex generics, with BGM1812 in preclinical stages and BGM0504 tablets having received IND application acceptance, expected to enter clinical phase 1 within the year [4]. - The company anticipates deepening cooperation with China Resources Sanjiu as more products are launched, particularly the oral BGM0504 tablets, which could significantly increase domestic sales [4]. - Profit forecasts for Borui Pharmaceutical estimate net profits of 260 million yuan, 300 million yuan, and 430 million yuan for 2025, 2026, and 2027 respectively, with a current market P/E valuation of 160, 139, and 97 times [4].

博瑞医药与华润三九医药股份有限公司签署了《合作研发协议》，针对BGM0504注射液在中国大陆地 区（不包含香港、澳门及台湾地区）的研发、注册、生产和商业化达成合作。博瑞医药及关联公司授予 华润三九排他性合作开发实施许可及独占性商业化实施许可。华润三九将支付最高2.82亿元人民币的研 发投入里程碑付款，博瑞医药将根据净销售额支付服务费。双方还将组成联合开发委员会和联合商业化 委员会。此协议有助于快速推进BGM0504注射液的商业化进程，预计在合作产品上市后会对公司未来 的经营业绩产生积极影响。药品研发周期长、审批环节多，存在不确定性。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 【公司公告汇总】博瑞医药与华润三九签署BGM0504注射液合作研发协议，涉及最高2.82亿元人 民币的研发投入里程碑付款 公司公告汇总 截至2025年8月1日收盘，博瑞医药（688166）报收于99.25元，较上周的99.39元下跌0.14%。本周，博 瑞医药7月30日盘中最高价报108.15元，股价触及近一年最高点。7月31日盘中最低价报92.31元。博 ...

Core Viewpoint - The collaboration between Borui Pharmaceutical and China Resources Sanjiu focuses on the development, registration, production, and commercialization of BGM0504 injection in mainland China, with Borui retaining full ownership of the product while granting exclusive development and commercialization rights to Sanjiu [1][2]. Group 1: Collaboration Details - Borui grants Sanjiu exclusive cooperation development and commercialization licenses while retaining full ownership of the product [1]. - Sanjiu will pay up to 282 million yuan in milestone payments for the development of BGM0504, along with additional sales milestone payments [1]. - Borui will only pay a service fee based on net sales after the product is launched, without transferring other rights [1]. Group 2: Market and Sales Implications - Sanjiu's leading OTC channel capabilities will help Borui enhance its sales performance, compensating for its own sales team limitations [2]. - The collaboration sets a precedent for paying development costs and sales milestones to obtain exclusive promotional rights, showcasing Sanjiu's commitment to supporting innovative pharmaceutical companies [2]. Group 3: Pipeline and Future Prospects - Borui has a rich pipeline in innovative drugs and complex generics, with BGM1812 in preclinical stages and BGM0504 tablets expected to enter clinical trials within the year [3]. - The company anticipates deepening cooperation with Sanjiu as new products, especially the oral BGM0504 tablets, are launched, leveraging Sanjiu's promotional capabilities to maximize domestic sales [3]. - BGM0504 injection has nearly completed bridging clinical trials in the U.S., indicating potential for international market entry [3]. Group 4: Financial Forecast - The company maintains its profit forecast, expecting net profits of 260 million, 300 million, and 430 million yuan for 2025-2027, corresponding to P/E ratios of 160, 139, and 97 times [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The strategic partnership with China Resources Sanjiu is expected to open up sales potential and share R&D costs for the product BGM0504 [8] - The collaboration allows the company to leverage Sanjiu's leading OTC channel capabilities, enhancing sales without transferring product ownership [8] - The company has a rich pipeline of innovative drugs and complex generics, with several products expected to enter clinical trials soon [8] - The forecasted net profit for 2025-2027 is projected at 2.6 billion, 3.0 billion, and 4.3 billion respectively, with corresponding P/E ratios of 160, 139, and 97 [8] Financial Summary - Total revenue is expected to grow from 1,283 million in 2024 to 1,762 million in 2027, with a CAGR of 15.11% from 2026 to 2027 [9] - The net profit is projected to recover from a decline in 2024 to 433.39 million by 2027, reflecting a growth rate of 43.06% [1][9] - The latest diluted EPS is forecasted to increase from 0.45 in 2024 to 1.03 in 2027 [1][9] - The company’s asset-liability ratio is expected to decrease from 50.50% in 2024 to 46.56% in 2027, indicating improved financial stability [9]

Core Viewpoint - The strategic partnership between Borui Pharmaceutical and China Resources Sanjiu aims to advance the development and commercialization of the GLP-1/GIP dual-target agonist BGM0504 injection in mainland China, with a milestone funding of up to 282 million RMB for clinical trials [2][4]. Group 1: Product Development - BGM0504 is a self-developed dual agonist targeting GLP-1 and GIP receptors, showing synergistic effects in blood sugar control, weight management, and treatment of non-alcoholic fatty liver disease (NASH) [2]. - The product has demonstrated superior efficacy in Phase II clinical trials compared to the single-target drug Semaglutide, covering three major areas: type 2 diabetes, weight loss, and NASH, indicating a significant market potential [4]. - Currently, BGM0504 is undergoing three Phase III clinical trials in China and one in Indonesia, with the weight loss indication already having received IND approval in the U.S. [4]. Group 2: Future Prospects - An oral formulation of BGM0504 is in the preclinical stage, which may overcome existing limitations of GLP-1 class drugs regarding administration routes [4]. - The Phase III clinical trials in China are in the patient enrollment and follow-up stages, with expectations to enter the market application process between 2025 and 2026 [4].