证券代码：688166 证券简称：博瑞医药 公告编号：2025-045 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。 一、董事会会议召开情况 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）第四届董事会第 九次会议于 2025 年 7 月 18 日以通讯表决方式召开。本次会议通知以及相关材料 已于 2025 年 7 月 14 日以邮件方式送达公司全体董事。全体董事同意豁免会议提 前通知期限。 本次会议应出席董事 9 名，实到 9 名，会议由袁建栋先生召集和主持。本次 会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》的规定。 二、董事会会议审议情况 （一）审议通过《关于调整公司 2024 年度向特定对象发行 A 股股票方案的 议案》 表决结果：8 票同意；0 票反对；0 票弃权；1 票回避。 关联董事袁建栋先生回避表决。 根据《中华人民共和国公司法》《中华人民共和国证券法》以及《上市公司 证券发行注册管理办法》等有关法律、法规和规范性文件的规定及公司 2023 年 年度股东大会的授权，鉴于公 ...

博瑞生物医药（苏州）股份有限公司 证券简称：博瑞医药 证券代码：688166 BrightGene Bio-Medical Technology Co., Ltd. （苏州工业园区星湖街 218 号纳米科技园 C25 栋） 2024 年度向特定对象发行 A 股股票 募集资金使用的可行性分析报告 （二次修订稿） $$\Xi{\bf{\mathrm{O}}}\,{\bf{\mathrm{=}}}\,\Xi{\bf{\mathrm{H}}}\,\rlap{\,/}\Xi{\bf{\mathrm{+}}}\,\rlap{\,/}\Xi$$ 1 为了进一步提升公司创新能力，满足业务发展需求和实现发展战略，同时 优化公司资本结构，增强抗风险能力和盈利能力，博瑞生物医药（苏州）股份有 限公司拟向特定对象发行 A 股股票。公司董事会对本次向特定对象发行 A 股股 票的募集资金使用的可行性分析如下： 一、本次募集资金使用计划 本次向特定对象发行募集资金总额不超过 50,000.00 万元（含本数），扣除 发行费用后净额拟将全部用于补充流动资金和偿还银行贷款。 二、本次募集资金使用计划的必要性和可行性分析 （二）募集资金投资项目 ...

Core Viewpoint - The acceptance of the IND application for BGM0504 by Borui Pharmaceutical has led to a significant increase in its stock price, but the competitive landscape in the weight loss market is intensifying, posing challenges for future commercialization [1][2][4]. Company Summary - Borui Pharmaceutical's BGM0504, a dual-target GLP-1/GIP receptor agonist, has seen its stock price rise significantly, recording a six-day consecutive increase with gains of 8.08%, 5.26%, 8.38%, 2.67%, 5.91%, and 14.73% over the specified trading days [1]. - The company has recently received clinical approval for its oral weight loss drug, but its development progress is notably behind competitors [1][8]. - BGM0504's injection formulation shows a weight loss of 18.5% in overweight or obese subjects, slightly outperforming similar products, but the overall efficacy differences among competing products are minimal, indicating significant product homogeneity [5][7]. Industry Summary - The domestic GLP-1 drug market is highly competitive, with around 40 companies developing GLP-1 drugs for weight loss, including various formulations such as peptides and small molecules targeting single, dual, and triple receptors [2][4]. - The market is expected to see a surge in generic drug entries as patents for key products like semaglutide are set to expire, leading to increased competition [4]. - The trend in GLP-1 drug development is shifting towards long-acting, multi-target, and oral formulations, with several companies, including Eli Lilly and Novo Nordisk, already having products in the market [5][6]. - Borui's BGM0504 is among the few multi-target products in clinical development, but it faces stiff competition from other companies with advanced pipelines [5][6].

Group 1 - The pharmaceutical sector experienced a sudden surge on July 18, with the drug ETF (562050) quickly turning positive, indicating strong buying interest [1] - The drug ETF (562050) is the first ETF in China tracking the CSI Pharmaceutical Index, focusing on innovative drugs and traditional Chinese medicine, while excluding medical and CXO sectors [1] - As of the report, the component stocks of the drug ETF showed mixed performance, with Borui Pharmaceutical soaring by 17% to reach a historical high, while Sanofi and other companies faced declines [1] Group 2 - According to Dongwu Securities, Borui Pharmaceutical's dual-target GLP-1/GIP receptor agonist BGM0504 has had its IND application accepted [2] - The 11th batch of national drug centralized procurement has been initiated, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and avoiding internal competition" [4] - Goldman Sachs noted that the overall market capitalization of Chinese biotech companies is only 14%-15% of their U.S. counterparts, despite contributing nearly 33% to global innovation, indicating a "value gap" for leading Chinese pharmaceutical companies [4] Group 3 - The drug ETF (562050) offers a comprehensive investment tool covering "chemical drugs, biological drugs, and traditional Chinese medicine," providing high growth driven by innovative drugs while mitigating index volatility through traditional medicine [4] - For those interested in medical devices and CXO, the largest medical ETF in A-shares (512170) is recommended, focusing on "medical devices and medical services" with a high correlation to AI healthcare [4]

Core Viewpoint - The article discusses the initiation of a Phase III clinical trial for BGM0504, a drug developed by Borui Pharmaceutical for the treatment of type 2 diabetes, highlighting its potential efficacy and safety compared to semaglutide [2][4]. Group 1: Clinical Trial Details - The Phase III clinical trial is a randomized, open-label study comparing the subcutaneous injection of BGM0504 with weekly semaglutide in conjunction with metformin for type 2 diabetes patients [4]. - The trial will take place in Indonesia and aims to recruit 477 participants, with the primary endpoint being the change in glycated hemoglobin (HbA1c) from baseline [4]. Group 2: Drug Profile - BGM0504 is a dual agonist of GLP-1 and GIP receptors, designed to activate both GIP and GLP-1 downstream pathways, which may improve blood sugar control, promote weight loss, and treat metabolic dysfunction-related fatty liver disease (MASH, formerly known as NASH) [4]. - The drug shows significant potential in treating various metabolic diseases [4]. Group 3: Current Progress - According to the Insight database, BGM0504 has initiated four Phase III clinical trials, with three conducted in China (two for type 2 diabetes and one for obesity) and one in Indonesia (for type 2 diabetes) [6].

Group 1 - The core theme of the event is "Capital Assists New, Industry Revitalizes," focusing on how capital support enables the sustainable growth of innovative enterprises in the science and technology sector [2] - The event features discussions with leaders from Borui Pharmaceutical and Haoyuan Pharmaceutical, highlighting their experiences in leveraging capital for innovation and industry empowerment [2] - The Shanghai Stock Exchange and Yicai Media are collaborating to launch the "Value and Investment" column, aiming to enhance communication between listed companies, research institutions, and investment organizations [1][2] Group 2 - The second episode of the program coincides with the sixth anniversary of the Sci-Tech Innovation Board, which is expected to facilitate the development of high-quality technology enterprises through new policies and supportive systems [1] - The event will be available for viewing on Yicai's official website and app on July 18, 2025, at 15:00 [3]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [10] Core Views - The IND application for BGM0504 has been accepted, marking a significant step for the company as it prepares to enter clinical trials with a rare dual-target oral peptide [9] - The potential of amylin is highlighted, with BGM1812 being a long-acting amylin analog currently in the preclinical stage, indicating a favorable competitive landscape [3] - The oral formulation of BGM0504 is expected to have better compliance and penetration compared to injectable forms, with the same molecular structure showing promising efficacy in previous studies [9] Financial Projections - The company forecasts total revenue of 1,180 million in 2023, increasing to 1,762 million by 2027, reflecting a compound annual growth rate (CAGR) of 18.21% [11] - The projected net profit attributable to the parent company is expected to rise from 202.47 million in 2023 to 433.39 million in 2027, with a notable growth rate of 43.06% in 2027 [11] - The earnings per share (EPS) is projected to increase from 0.48 in 2023 to 1.03 in 2027, indicating a strong upward trend in profitability [11] Market Data - The closing price of the stock is reported at 69.16 yuan, with a market capitalization of approximately 29,238.65 million [6] - The price-to-earnings (P/E) ratio is currently at 144.41, expected to decrease to 67.47 by 2027, suggesting improving valuation metrics as earnings grow [11]

Group 1 - The core viewpoint of the news highlights the positive market reaction to the National Healthcare Security Administration's initiation of the 11th batch of drug procurement, which protects the profit margins of innovative drug companies by excluding them from the procurement scope [1] - The Sci-Tech Innovation Biomedicine ETF (588250.SH) rose by 0.26%, while its associated index, Sci-Tech Biomedicine (000683.SH), increased by 0.28% [1] - Key constituent stocks such as Yifang Biotech-U, Borui Pharmaceutical, and Nanwei Medical saw significant gains, with increases of 4.49%, 3.08%, and 3.84% respectively, indicating a strong performance in the innovative drug sector [1] Group 2 - According to West Securities, the Sci-Tech Biomedicine index has a distinct industry distribution, with chemical pharmaceuticals accounting for 38.75% and medical devices for 39.10%, which is significantly higher than other indices [2] - The index has shown a return rate exceeding 10% since 2025, although it exhibits relatively high volatility [2] - The index's constituent stock structure has a low overlap with other mainstream pharmaceutical indices, reflecting its unique sci-tech attributes [2]

Core Viewpoint - The innovative drug market is experiencing a surge in interest and investment, with significant inflows of capital and strong performance in related stocks [1][5]. Group 1: Market Performance - On July 15, the pharmaceutical ETF (562050) experienced a sharp increase during the opening auction, indicating heightened investor enthusiasm for innovative drugs [2][3]. - The ETF closed up 0.59% at 1.017 yuan per share, with a total trading volume of approximately 26.34 million yuan and a turnover rate of 22.94% [4]. - A-shares in innovative drugs have shown notable gains, with companies like ShenZhou Cell rising nearly 50% in the past month, and others like BoRui Medicine and Jilin AoDong increasing over 10% [5]. Group 2: Fund Performance and Strategy - The latest public fund reports reveal a significant shift towards innovative drugs, with the Changcheng Pharmaceutical Industry Selected Fund achieving over 90% returns, increasing its scale nearly 30 times in the second quarter [6][9]. - The fund manager of Yongying Medical Health Fund indicated a complete portfolio overhaul towards innovative drugs, with top holdings including ShuTaiShen and Rejing Biology, the latter seeing a staggering 443.59% increase this year [6][7]. - The Changcheng fund plans to continue focusing on innovative drugs in the third quarter, emphasizing clinical data, overseas licensing, and domestic sales growth [8]. Group 3: Policy and Market Trends - The innovative drug sector is benefiting from favorable policy developments, with the National Medical Insurance Bureau initiating adjustments to the drug catalog for 2025 [10]. - Data shows that the total amount for Chinese innovative drug licenses reached nearly 66 billion USD in the first half of 2025, surpassing the total for 2024, indicating a rapid rise in global competitiveness [11]. - The current market rally is primarily driven by clinical results and expectations for overseas licensing, with a focus on companies that have the potential for international expansion and those that have successfully transformed [11].

今日（7月14日），A股震荡盘整，三大指数涨跌不一，截至收盘，沪指涨0.27%，深证成指跌0.11%， 创业板指跌0.45%。沪深两市全天成交额合计1.46万亿元，较上一交易日缩量超2500亿元。 盘面上，制药板块走强，创新药、中药联袂拉涨，高纯度聚焦创新药产业链的港股通创新药ETF （520880）场内价格大涨1.67%，聚焦龙头药企的药ETF（562050）场内价格收涨0.9%，创上市以来新 高；高股息继续发力，800红利低波ETF（159355）、银行ETF（512800）双双收红。人工智能相关方 向继续上扬，重点布局国产AI产业链的科创人工智能ETF华宝（589520）场内价格收涨0.58%，日线两 连阳。下跌方面，稳定币、跨境支付等热门概念股集体下挫，金融科技ETF（159851）场内价格收跌 2.64%，失守五日线。 | 序号 代码 | | 涨跌幅 ▼ | | --- | --- | --- | | 1 - | 520880 港股通创新药ETF T+0 | 1.67% | | 2 | 562050 药ETF | 0.90% | | 3 | 159355 800红利低波ETF | 0.84% | | ...