New Stock Issuance - Marco Polo (Stock Code: 001386) issued at a price of 13.75 on October 13, 2025[1] - New material company (Stock Code: 688585) has a tender offer period from September 29 to October 28, 2025[1] - Zitian (Stock Code: 300280) entered the delisting arrangement period with the last trading day on October 13, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Pinming Technology (Stock Code: 688109) on October 10, 2025[1] - Multiple companies including Kesheng Technology (Stock Code: 688788) and Borui Pharmaceutical (Stock Code: 688166) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities, indicating potential market volatility[2]

Core Viewpoint - The company, Borui Pharmaceutical, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy, enhance overseas financing capabilities, and improve its capital strength and competitiveness [1][4]. Financial Performance - In the first half of 2025, the company's revenue was approximately 537.44 million, a decrease of 18.28% year-on-year, while net profit dropped by 83.85% to 17.17 million [2][4]. - The company has faced a continuous decline in net profit, with a decrease of 15.51% in 2023 and 6.57% in 2024 [4][6]. - The core raw material drug business, which contributed over 75% of revenue, saw a revenue decline of 19.30% in the first half of 2025 [6][8]. Business Challenges - The company is undergoing a painful transition from a raw material drug-focused model to a dual-track model that includes innovative drugs, leading to sustained pressure on performance [4][6]. - Key products in the antiviral and antifungal categories have experienced significant revenue declines due to market competition and changing demand [6][8]. - The company's cash flow from operating activities decreased by 24.87%, indicating weakened self-sustaining capabilities [8][9]. R&D and Investment - R&D expenses reached 348 million in the first half of 2025, a 144.07% increase year-on-year, accounting for 64.83% of revenue [9][10]. - The company is heavily investing in innovative drugs, particularly the GLP-1/GIP dual-target drug BGM0504, which has potential but requires significant resources [9][10]. - The company has also faced increased depreciation pressure due to fixed asset growth, which has further eroded profits [10][11]. Strategic Moves - The H-share issuance is seen as a critical move to alleviate short-term debt pressure and lower financial leverage, while also funding upgrades in core raw material drug technology and expanding the innovative drug pipeline [1][4][11]. - The actual controller of the company has fully subscribed to the capital increase at a price of 22.36 per share, with the stock price rising to 59.8 per share by September 30, indicating a significant paper profit [11].

中国经济网北京10月10日讯 博瑞医药(688166.SH)近日披露了关于筹划发行H股股票并在香港联合 交易所有限公司主板上市相关事项的提示性公告。 公司于2025年9月26日召开第四届董事会第十二次会议、第四届监事会第十次会议，审议通过《关 于公司发行H股股票并在香港联合交易所有限公司主板上市的议案》《关于公司发行H股股票并在香港 联合交易所有限公司主板上市方案的议案》等议案。 为加快公司的国际化战略及海外业务布局，增强公司的境外融资能力，进一步提高公司的资本实力 和综合竞争力，公司拟发行H股股票并在香港联交所主板上市（以下简称"本次发行上市"）。公司将充 分考虑现有股东的利益和境内外资本市场的情况，在股东大会有效期内（即经公司股东大会审议通过之 日起24个月或同意延长的其他期限）选择适当的时机和发行窗口完成本次发行上市。 截至目前，公司正积极与相关中介机构就本次发行上市的相关工作进行商讨，除本次董事会审议通 过的相关议案外，其他关于本次发行上市的具体细节尚未确定。本次发行上市能否通过审议、批准、核 准和备案程序并最终实施具有重大不确定性。 博瑞医药昨晚披露的股票交易严重异常波动公告显示，公司股票连续10个 ...

Core Insights - The trend of A-share companies pursuing dual listings in Hong Kong is becoming a standard configuration for internationalization, with 25 companies announcing plans in September alone [2][38] - The Hong Kong IPO market is experiencing a surge, with 286 new applications received by September 30, more than double the previous year, and a total of 66 new IPOs raising approximately 182.3 billion HKD [3][4] - The regulatory environment is favorable, with the China Securities Regulatory Commission supporting leading enterprises in their Hong Kong listings and the Hong Kong Stock Exchange optimizing the approval process for eligible A-share companies [5][6][7] Group 1: Market Activity - The Hong Kong IPO market is witnessing a significant influx of Chinese companies, with a total fundraising amount of 134.5 billion HKD by the end of August, a nearly sixfold increase compared to the same period in 2024 [3][4] - A-share companies utilizing the "A+H" listing model accounted for 70% of total fundraising in the first half of the year, with 11 companies raising a total of 91.7 billion HKD [3][4] Group 2: Strategic Considerations - The motivations behind A-share companies listing in Hong Kong include not only the expansion of financing channels but also the alignment with favorable policies and the need for global capital reallocation [10] - Companies like Kexing Pharmaceutical and Newnovel have explicitly stated that their Hong Kong listings are part of their strategies to enhance international competitiveness and accelerate global business development [11][13] Group 3: Investor Dynamics - The participation of cornerstone investors in the Hong Kong IPO market has significantly increased, with an average of 5.35 cornerstone investors per listing, compared to 1.37 last year [22] - Local state-owned enterprises are increasingly becoming cornerstone investors, with over 15 local state-owned platforms participating in IPOs this year [25][26] Group 4: Talent and Market Evolution - The changing landscape of market participants is leading to a shift in talent demand, particularly for teams in Hong Kong and AI-focused investment professionals [32] - International investment banks are ramping up their presence in Hong Kong, with major banks increasing their senior management personnel to meet the growing demand in the financial sector [34][36]

Core Viewpoint - 博瑞医药's stock has experienced significant volatility, with a cumulative decline of 50% over the last 10 trading days, prompting the company to issue a notice regarding the abnormal trading activity [1] Company Summary - 博瑞医药 confirmed through self-inspection and communication with its controlling shareholder that there are no undisclosed significant matters as of the announcement date [1] - As of October 9, 2025, 博瑞医药's closing price was 57.57 yuan per share [1] - The company's latest rolling price-to-earnings (P/E) ratio is 243.45, significantly higher than the average rolling P/E ratio of 30.82 for the pharmaceutical manufacturing industry over the past month [1] Industry Summary - The pharmaceutical manufacturing industry has an average rolling P/E ratio of 30.82, indicating a substantial valuation disparity between 博瑞医药 and its industry peers [1]

博瑞生物医药（苏州）股份有限公司 股票交易严重异常波动公告 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： 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）股票连续 10 个交易日内收盘价格跌幅偏离值累计达到 50%，根据《上海证券交易所交易规则》 《上海证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交 易严重异常波动情形。 证券代码：688166 证券简称：博瑞医药 公告编号：2025-085 （二）重大事项情况 经公司自查，并向公司控股股东、实际控制人发函核实，截至本公告披露日， 公司、控股股东及实际控制人，除在指定媒体上已公开披露的信息外，不存在应 披露而未披露的重大信息。 （三）媒体报道、市场传闻等情况 经公司自查并发函向控股股东及实际控制人核实，截至本公告披露日， 公司不存在应披露而未披露的重大事项。 截至 2025 年 10 月 9 日，公司收盘价为 57.57 元/股。根据中证指数有限 公司发布的数据，截至 2025 年 10 月 9 日，公司最新滚动市盈率为 243.45 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-083 博瑞生物医药（苏州）股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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： ● 回购股份金额：本次用于回购的资金总额不低于人民币 1,000 万元（含）， 不超过人民币 2,000 万元（含）； ● 回购股份资金来源：博瑞生物医药（苏州）股份有限公司（以下简称"公 司"）自有资金； ● 回购股份用途：用于股权激励或员工持股计划。若公司未能在股份回购实 施结果暨股份变动公告日后 3 年内使用完毕已回购股份，尚未使用的已回购股份 将予以注销； ● 回购股份价格：不超过人民币 139.77 元/股（含），该价格不高于公司董事 会审议通过回购股份方案前 30 个交易日公司股票交易均价的 150%； 4、如遇监管部门颁布新的回购相关规范性文件，可能导致本次回购实施过程 中需要根据监管新规调整回购相应条款的风险。 公司将在回购期限内根据市场情况择机做出回购决策并予以实施，并根据回 购股份事项进展情况 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-082 博瑞生物医药（苏州）股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 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。 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日召开第四届董事会第十二次会议，审议通过了《关于以集中竞价交易方式 回购股份的议案》。具体内容详见公司 2025 年 9 月 27 日披露于上海证券交易所 网站（www.sse.com.cn）的《关于以集中竞价交易方式回购股份的预案》（公告 编号：2025-078）。 | 序号 | 股东名称 | 持股数量（股） | 占总股本的比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 袁建栋 | 113,535,123 | 26.83 | | 2 | 苏州博瑞鑫稳管理咨询合伙企业（有限合伙） | 26,801,844 | 6.33 | | 3 | 钟伟芳 | 22,543,669 | ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-084 转债代码：118004 转债简称：博瑞转债 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： 转股情况："博瑞转债"自 2022 年 7 月 11 日起开始进入转股期。2025 年 7 月 1 日至 2025 年 9 月 30 日期间，"博瑞转债"共有人民币 11,613,000 元已 转换为公司股票，转股数量为 334,229 股，占"博瑞转债"转股前公司已发行股 份总额的 0.0815%。截至 2025 年 9 月 30 日，"博瑞转债"共有人民币 22,180,000 元已转换为公司股票，转股数量为 637,507 股，占"博瑞转债"转股前公司已发 行股份总额的 0.1555%。 未转股可转债情况：截至 2025 年 9 月 30 日，"博瑞转债"尚未转股的 可转债金额为 442,814,000 元，占"博瑞转债"发行总量的 95.2288%。 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 ...

New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - Zitian Tui (300280) is in the delisting adjustment period with only 2 trading days remaining until the last trading day[1] Market Alerts - Kesi Technology (688788) and Pinming Technology (688109) have recent announcements but no specific details provided[1] - Magu Technology (688448) is experiencing severe abnormal fluctuations[1] Trading Updates - Multiple companies including Dongjing (002199) and Guosheng Jinkong (002670) have announcements dated October 9, 2025, indicating ongoing trading activities[1] - Companies like Hunan Yuneng (301358) and Wanrun New Energy (688275) have announcements from October 1, 2025, indicating recent trading updates[1] Financial Disclosures - Several companies have disclosed their financial information, with specific announcements linked to their respective stock codes[1] - The report includes links to detailed announcements for various companies, providing transparency in their financial activities[1]