博瑞生物医药（苏州）股份有限公司 第四届董事会独立董事第二次专门会议决议 一、独立董事专门会议召开情况 博瑞生物医药（苏州）股份有限公司（下称"公司"）第四届董事会独立董 事第二次专门会议于 2025 年 5 月 8 日以通讯表决方式召开。本次会议应出席独 立董事 3 名，实到 3 名，会议由独立董事许冬冬先生主持。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、独立董事专门会议审议情况 1. 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》 经审议，独立董事一致认为公司 2024 年度向特定对象发行 A 股股票方案调 整符合相关法律法规的规定，符合公司的发展战略及实际情况，不存在损害公司 或者中小股东权益的情形，一致同意本次发行方案调整，并同意将该议案提交公 司董事会审议，关联董事需回避表决。 表决结果：3 票同意；0 票反对；0 票弃权。 2. 审议通过《关于公司 2024 年度向特定对象发行 A 股股票预案（修订稿） 的议案》 经审议，独立董事一致认为公司《2024 年度向特定对象发行 A 股股票预案 （修订稿）》符合相关法律法 ...

博瑞医药公告，公司拟向中国银行间市场交易商协会申请注册发行不超过3亿元(含3亿元)的中期票据， 发行期限不超过5年(含5年)。该事项已通过公司第四届董事会第六次会议审议通过，尚需提交股东大会 审议。本次发行旨在拓宽公司融资渠道，降低融资成本，募集资金将用于研发投入及补充营运资金等符 合国家法律法规及政策要求的企业生产经营活动。 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-015 博瑞生物医药（苏州）股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 19 日 14 点 00 分 召开地点：江苏省苏州工业园区启月街 299 号独墅湖世尊酒店 M9 会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 19 日 至2025 年 5 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company focuses on the research and development of metabolic drugs, with new pipeline additions including oral BGM0504 and Amylin analog BGM1812. The current strategy emphasizes developing innovative drugs with global intellectual property rights in the metabolic disease field [5][17]. - The company reported a revenue of 1.283 billion yuan in 2024, an increase of 8.74% year-on-year, while the net profit attributable to the parent company was 189 million yuan, a decrease of 6.57% [5]. - The company expects revenues of 1.444 billion yuan in 2025, with a year-on-year growth of 12.6%, and net profits of 253 million yuan, reflecting a growth of 33.7% [5]. Summary by Sections Market Performance - The company's stock price has shown a relative increase compared to the CSI 300 index, with absolute growth rates of 11.71% over 1 month, 17.10% over 2 months, and 48.00% over 3 months [4]. Financial Data - In 2024, the company achieved a gross margin of 58.62%, an increase of 2.5 percentage points year-on-year. The R&D expenses for 2024 were 297 million yuan, a year-on-year increase of 19.65%, reflecting the company's commitment to a "R&D-driven" strategy [5][6]. Product Pipeline - The company is advancing its innovative drug development, with BGM0504 injection for type 2 diabetes and weight loss currently in phase III clinical trials in China, and the oral formulation BGM0504 is in preclinical stages [5][9][17]. - BGM1812, an Amylin analog, is also in the pipeline, targeting metabolic diseases and expected to complement GLP-1 drugs for enhanced weight loss effects [17][18]. Revenue Forecast - The company forecasts revenues of 1.641 billion yuan in 2026 and 1.889 billion yuan in 2027, with corresponding net profits of 297 million yuan and 363 million yuan, indicating a strong growth trajectory [6].

关于召开 2024 年度暨 2025 年第一季度业绩暨现金分 红说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 12 日（星期一）下午 13:00-14:30 证券代码：688166 证券简称：博瑞医药 公告编号：2025-016 博瑞生物医药（苏州）股份有限公司 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于 2025 年 4 月 30 日（星期三）至 5 月 9 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@bright-gene.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）已于 2025 年 4 月 3 日发布公司 2024 年年度报告，并于 2025 年 4 月 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company focuses on the research and development of metabolic drugs, with new pipeline additions including oral BGM0504 and Amylin analog BGM1812 [5] - The company reported a revenue of 1.283 billion yuan in 2024, an increase of 8.74%, while the net profit attributable to the parent company was 189 million yuan, a decrease of 6.57% [5] - The company expects revenue growth of 12.6%, 13.7%, and 15.1% for the years 2025, 2026, and 2027, respectively, with net profit growth of 33.7%, 17.6%, and 22.0% during the same period [5] Financial Performance - In 2024, the company achieved a gross margin of 58.62%, an increase of 2.5 percentage points year-on-year [5] - The R&D expenses for 2024 were 297 million yuan, a year-on-year increase of 19.65%, reflecting the company's commitment to a "R&D-driven" strategy [5] - The company’s total assets were reported at 5.285 billion yuan, with a total market value of approximately 18.576 billion yuan [6] Market Comparison - The company’s stock performance showed an absolute increase of 11.71% over one month, 17.10% over two months, and 48.00% over three months [4] - Compared to the CSI 300 index, the company outperformed with a relative increase of 15.09%, 21.46%, and 49.19% over the same periods [4] Research and Development Focus - The company is developing BGM0504, an oral formulation that aims to overcome the challenges of oral peptide delivery, which has high technical barriers globally [9][10] - BGM1812, an Amylin analog, is positioned to complement GLP-1 drugs in weight management and blood sugar control [17] - The company is advancing its clinical trials for BGM0504, with both Type 2 diabetes and weight loss indications progressing as planned [5]

Core Viewpoint - The recent financial report of Biopharmaceutical Company Borui Pharmaceutical (688166.SH) indicates a significant decline in performance, with revenue dropping by 26.81% year-on-year to 249 million yuan and net profit plunging by 79.77% to 12.96 million yuan in Q1 2025 [1][2] Group 1: Financial Performance - The company's revenue for Q1 2025 was 249 million yuan, a decrease of 26.81% compared to the previous year [1] - The net profit attributable to shareholders fell to 12.96 million yuan, representing a year-on-year decline of 79.77% [1] - The net cash flow from operating activities also saw a significant drop of 27.93% to 107 million yuan [1] Group 2: Product Sales and Market Dynamics - Borui Pharmaceutical's core revenue source is product sales, which accounts for over 90% of total revenue, primarily from antiviral, antifungal, immunosuppressive, respiratory, oncology, and metabolic treatment areas [2] - The demand for Oseltamivir, a key antiviral product, surged in 2023 due to a flu outbreak, with sales volume increasing by 759.04% for raw materials and 119.73% for formulations compared to the previous year [2] - However, the demand for Oseltamivir raw materials declined by 35.64% in 2024, leading to a 70.08% drop in antiviral product revenue year-on-year [2] Group 3: Research and Development Focus - Borui Pharmaceutical is shifting its R&D focus towards GLP-1 weight loss drugs, with its BGM0504 injection currently in Phase III clinical trials [1][4] - The investment in BGM0504 has increased from an initial estimate of 20 million yuan to 357 million yuan, now accounting for 47.6% of the total expected investment [5] - The company has also introduced an oral formulation of BGM0504, expanding its product pipeline [5] Group 4: Challenges and Strategic Adjustments - The company reported a significant decline in revenue from its formulation products, which fell by 24.40% year-on-year to 42.78 million yuan in Q1 2025, primarily due to the drop in demand and price for Oseltamivir formulations [3] - Technical revenue, which includes income from technology transfer and support for generic drug registration, plummeted by 97.67% to 373,500 yuan, attributed to a strategic shift in resource allocation [3] - The company faces increasing financial pressure, with a rise in debt levels; the asset-liability ratio increased from 21.62% in 2020 to 50.5% in Q1 2025, indicating a significant challenge in financial management [6]

Financial Performance - The company's operating revenue for Q1 2025 was ¥248,959,843.43, a decrease of 26.81% compared to ¥340,133,145.78 in the same period last year[4] - Net profit attributable to shareholders was ¥12,959,776.09, down 79.77% from ¥64,069,918.71 year-on-year[4] - Basic and diluted earnings per share were both ¥0.03, down 80.00% from ¥0.15 in the same period last year[4] - The net profit attributable to shareholders for Q1 2025 was RMB 12.96 million, a significant decline of 79.77% year-on-year[12] - Net profit for Q1 2025 was a loss of CNY 4,656,771.18, compared to a profit of CNY 61,809,832.36 in Q1 2024[25] - The total comprehensive income attributable to the parent company was CNY 12,889,554.95, a significant decrease from CNY 61,784,796.23 in the previous period[26] - The company reported a total comprehensive income loss attributable to minority shareholders of CNY -17,616,547.27 in the current period[26] Research and Development - R&D investment totaled ¥230,975,691.95, representing a significant increase of 255.09% compared to ¥65,047,828.56 in the previous year[4] - R&D expenses accounted for 92.78% of operating revenue, an increase of 73.66 percentage points from 19.12% in the same period last year[4] - The company is advancing its innovative drug BGM0504 for diabetes treatment and weight loss, currently in Phase III clinical trials in China[13] - The company submitted 7 domestic patent applications and received 2 domestic patent grants in Q1 2025, totaling 522 patent applications to date[18] - The company reported a 97.67% decrease in technical revenue to RMB 373,500 due to strategic adjustments in R&D resource allocation[12] - Research and development expenses for Q1 2025 were CNY 61,638,706.67, down from CNY 65,047,828.56 in Q1 2024[25] Assets and Equity - The company's total assets at the end of the reporting period were ¥5,285,273,296.81, reflecting a 2.34% increase from ¥5,164,346,157.48 at the end of the previous year[5] - The equity attributable to shareholders increased by 4.47% to ¥2,501,618,781.22 from ¥2,394,647,560.62 at the end of the last year[5] - The company's total equity increased to CNY 2,616,016,853.97 from CNY 2,437,375,863.13, a growth of 7.36%[23] Cash Flow and Financing - The net cash flow from operating activities was ¥106,992,992.51, a decrease of 27.93% compared to ¥148,461,770.92 in the previous year[4] - As of March 31, 2025, cash and cash equivalents amounted to RMB 812.68 million, an increase from RMB 765.35 million at the end of 2024[20] - The company reported a net cash outflow from investing activities of CNY -227,297,614.99 in Q1 2025, compared to CNY -138,378,675.23 in Q1 2024[28] - The company raised CNY 181,800,000.00 from minority shareholders in Q1 2025, contributing to a total financing cash inflow of CNY 518,151,900.00[28] - The total cash outflow from financing activities was CNY 348,760,914.55, compared to CNY 273,917,979.83 in the previous period[30] Sales and Revenue Breakdown - Product sales revenue for Q1 2025 was RMB 223.84 million, down 26.26% compared to the same period last year; antiviral product revenue decreased by 70.08%[11] - Total revenue for Q1 2025 was CNY 248,959,843.43, a decrease of 26.67% compared to CNY 340,133,145.78 in Q1 2024[24] - Total operating costs for Q1 2025 were CNY 266,560,026.02, slightly down from CNY 267,341,183.31 in Q1 2024[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,644[9]

Group 1 - The core viewpoint of the article indicates that Borui Pharmaceutical reported a revenue of 249 million yuan in the first quarter of 2025, representing a year-on-year decline of 26.81% [1] - The net profit for the same period was 12.96 million yuan, showing a significant year-on-year decrease of 79.77% [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company has shown steady revenue growth, with a reported revenue of 1.283 billion yuan in 2024, reflecting an 8.74% year-on-year increase. However, the net profit attributable to the parent company decreased by 6.57% to 189 million yuan due to increased expenses [11] - The company is advancing its BGM0504 project into Phase III clinical trials, with promising results in Phase II for both glycemic control and weight loss [11] Financial Performance Summary - Revenue is projected to grow from 1.283 billion yuan in 2024 to 1.960 billion yuan in 2027, with year-on-year growth rates of 8.7%, 23.2%, 12.2%, and 10.6% respectively [9] - The gross margin is expected to improve from 57.5% in 2024 to 59.8% in 2027, indicating a positive trend in profitability [9] - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.61, 0.71, and 0.81 yuan respectively, reflecting an upward revision from previous estimates [3][9] Segment Performance Summary - The raw material drug segment achieved revenue of 988 million yuan, a year-on-year increase of 11.57%, driven by strong demand for antifungal and immunosuppressive products [11] - The formulation segment reported revenue of 161 million yuan, up 16.77% year-on-year, primarily due to increased sales of specific products [11] Valuation Summary - Based on comparable companies, a target price of 37.21 yuan is set for 2025, corresponding to a price-to-earnings (P/E) ratio of 61 times [3][12]