证券代码：688166 证券简称：博瑞医药 公告编号：2025-028 博瑞生物医药（苏州）股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 19 日 （二） 股东大会召开的地点：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 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 121 | | --- | --- | | 普通股股东人数 | 121 | | 2、出席会议的股东所持有的表决权数量 | 219,814,542 | | 普通股股东所持有表决权数量 | 219,814,542 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 52.0756 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 52.0756 ...

上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel: +86 21 5404 9930 传真/Fax: +86 21 5404 9931 网址/Website: http://www.jingtian.com 北京市竞天公诚律师事务所上海分所 二〇二五年五月 北京市竞天公诚律师事务所上海分所 法律意见书 关于 博瑞生物医药（苏州）股份有限公司 2024 年年度股东大会 之 法律意见书 北京市竞天公诚律师事务所上海分所 关于博瑞生物医药（苏州）股份有限公司 2024 年年度股东大会之法律意见书 致：博瑞生物医药（苏州）股份有限公司 北京市竞天公诚律师事务所上海分所（下称"本所"）受博瑞生物医药（苏 州）股份有限公司（下称"公司"）委托，就公司 2024 年年度股东大会（下称 "本次股东大会"）召集、召开、表决程序、出席会议人员资格和有效表决等所 涉及的法律事项出具本法律意见书（下称"本法律意见书"）。 ...

Investment Rating - The industry investment rating is "Recommended" (Maintained) [1] Core Viewpoints - The trend of "going abroad" remains a major focus, with short-term impacts from tariffs diminishing. In Q1 2025, China's pharmaceutical exports reached $26.632 billion, a year-on-year increase of 4.39%, with exports to the U.S. at $4.639 billion, up 9.6% [3] - The market for gout and uric acid reduction presents significant potential, with the number of patients expected to rise from 1.7 billion in 2020 to 2.4 billion by 2030 in China. Current treatments show poor adherence and efficacy, indicating a need for safer and more effective drugs [4] - The oral weight loss drug sector is seeing major players like Novo Nordisk intensifying their efforts, with significant collaborations and clinical advancements. Chinese companies are also making rapid progress in this area [6] - Breakthroughs in universal CAR-T and autoimmune applications are emerging, with promising clinical data from companies like Kintor Pharmaceutical and Bangyao Biotech [8] Summary by Sections 1. Pharmaceutical Export Trends - Pharmaceutical exports are on the rise, with a notable increase in trade volume and value. The U.S. remains the largest single market for Chinese pharmaceutical exports [3] 2. Gout Treatment Market Potential - Gout is a global health issue, particularly in China, where the prevalence is increasing. The market for gout treatments is expected to grow significantly due to the high number of patients and the need for better treatment options [4] 3. Weight Loss Drug Developments - Major pharmaceutical companies are investing heavily in oral weight loss drugs, with significant collaborations and clinical trials underway. Chinese firms are also positioned to capitalize on this growing market [6] 4. Advances in CAR-T Therapy - New developments in universal CAR-T therapies are showing promise, with initial clinical results indicating high efficacy and safety. This could lead to broader applications in various diseases [8] 5. Stock Recommendations - The report recommends several companies based on their potential in various segments, including those focusing on international collaborations, innovative drug development, and market expansion [10]

| 代码 名称 | 现价 | 涨跌 涨幅↓ | | --- | --- | --- | | 300255 常山药业 | 13.78 | +2.30 +20.03% | | 300363 博腾股份 | 29.64 | +4.18 +16.42% | | 002038 双鹭药业 | 11.74 | +1.07 +10.03% | | 000813 德展健康 | 4.54 | +0.41 +9.93% | | 688166 博瑞医药 | 29.39 | +2.29 +8.45% | | 688076 诺泰牛物 | 39.66 | +2.97 +8.09% | | 301393 吴帆生物 | 78.79 | +4.59 +6.19% | | 600721 百花医药 | 8.47 | +0.47 +5.88% | | 605116 奥锐特 | 23.01 | +1.20 +5.50% | | 301092 争光股份 | 32.62 | +1.24 =+1.95% | 自9月8日以来，医药各细分板块进入稳步上行阶段，其中涨幅最大的减肥药板块，14个交易日内涨超 22%。 今日，医药板块情绪格外高涨。 A股方面，CRO概念 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-027 转债代码：118004 转债简称：博瑞转债 博瑞生物医药（苏州）股份有限公司 关于"博瑞转债"预计满足赎回条件的提示性公告 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。 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 号文同意注册，博瑞生物医 药（苏州）股份有限公司（以下简称"公司"）于 2022 年 1 月 4 日向不特定对 象发行 465 万张可转换公司债券，每张面值为人民币 100 元，发行总额 46,500.00 万元。本次发行的可转换公司债券的期限为自发行之日起六年，即 2022 年 1 月 4 日至 2028 年 1 月 3 日。 经上海证券交易所自律监管决定书[2022]22 号文同意，公司 46,500.00 万元 可转换公司债券于 2022 年 1 月 27 日起在上海证券交易所挂牌交易，债券简称"博 瑞转债"，债券代码"118004"。 根据有关规定和《博瑞生物医药（苏州）股份有限公司向不特定对象发行 ...

Market Overview - The Shanghai Composite Index rose by 0.82% on May 12, with 27 out of 28 sectors experiencing gains, led by defense and military industry (up 4.80%) and electric equipment (up 2.69%) [2] - The agriculture, forestry, animal husbandry, and fishery sector saw the largest decline at 0.49%, followed by the pharmaceutical and biological sector, which fell by 0.27% [2] Capital Flow Analysis - The net inflow of capital in the two markets reached 19.145 billion yuan, with 19 sectors experiencing net inflows [2] - The defense and military industry had the highest net inflow of 5.401 billion yuan, while the electric equipment sector followed with a net inflow of 3.977 billion yuan [2] Pharmaceutical and Biological Sector Performance - The pharmaceutical and biological sector experienced a decline of 0.27%, with a net outflow of 635 million yuan [3] - Out of 475 stocks in this sector, 264 stocks rose, while 190 stocks fell, with 2 stocks hitting the daily limit [3] - The top three stocks with net inflows were Mindray Medical (1.12 billion yuan), Lao Baixing (953.421 million yuan), and Tonghua Jinma (621.272 million yuan) [3][4] - The stocks with the highest net outflows included Hengrui Medicine (-2.549253 billion yuan), Borui Medicine (-924.796 million yuan), and Xingqi Eye Medicine (-790.486 million yuan) [5][6]

截至5月12日收盘，重组蛋白概念下跌0.94%，位居概念板块跌幅榜前列，板块内，迈威生物、泽璟制 药、阿拉丁等跌幅居前，股价上涨的有16只，涨幅居前的有*ST万方、百普赛斯、*ST苏吴等，分别上 涨2.73%、2.69%、2.58%。 今日涨跌幅居前的概念板块 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 688166 | 博瑞医药 | -3.34 | 3.24 | -9247.96 | | 688266 | 泽璟制药 | -7.80 | 2.14 | -5042.00 | | 300723 | 一品红 | -1.36 | 2.96 | -4614.17 | | 002584 | 西陇科学 | 0.56 | 10.62 | -2062.55 | | 688136 | 科兴制药 | -2.77 | 1.52 | -1992.98 | | 688068 | 热景生物 | -5.39 | 4.08 | -1842.96 | | 600223 | 福瑞达 | -1.08 | 1.40 | -1498.6 ...

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company is raising 500 million RMB through a directed issuance, fully subscribed by the actual controller, indicating strong confidence in the company's future [7] - The clinical pipeline is progressing smoothly with multiple catalysts on the horizon, including the initiation of Phase II clinical trials for BGM0504, which shows promising weight loss results compared to competitors [7] - The company is developing an oral formulation of BGM0504, which is rare in the market and could enhance patient compliance and safety [7] - Financial forecasts remain stable, with expected net profits of 262 million RMB in 2025 and 303 million RMB in 2026, leading to a P/E valuation of 83 and 72 times respectively [7] Financial Summary - Total revenue is projected to reach 1,283 million RMB in 2024, with a growth rate of 8.74% [8] - The net profit attributable to the parent company is expected to be 262 million RMB in 2025, reflecting a growth rate of 38.45% [8] - The earnings per share (EPS) is forecasted to be 0.62 RMB in 2025, with a P/E ratio of 82.83 [8] - The company's total assets are estimated to be 5,283 million RMB in 2025, with a debt-to-asset ratio of 50.24% [8]

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company is raising 500 million RMB through a directed issuance, fully subscribed by the actual controller, indicating strong confidence in the company's future [7] - The clinical pipeline is progressing smoothly with multiple catalysts on the horizon, including the initiation of Phase II clinical trials for BGM0504, which shows promising weight loss results compared to competitors [7] - The company is developing an oral formulation of BGM0504, which is rare in the market and could enhance patient compliance and safety [7] - Financial forecasts remain stable, with expected net profits of 262 million RMB in 2025 and 303 million RMB in 2026, leading to a P/E valuation of 83 and 72 times respectively [7] Financial Summary - Total revenue is projected to reach 1,283 million RMB in 2024, with a growth rate of 8.74% [8] - The net profit attributable to the parent company is expected to be 262 million RMB in 2025, reflecting a growth rate of 38.45% [8] - The earnings per share (EPS) is forecasted to be 0.62 RMB in 2025, with a P/E ratio of 82.83 [8] - The company’s total assets are estimated to be 5,283 million RMB in 2025, with a debt-to-asset ratio of 50.24% [8]

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology industry [1]. Core Insights - GLP-1 drugs have emerged as leading products, with recommendations to focus on companies such as BoRui Pharmaceutical, Innovent Biologics, and Federated Pharmaceutical [1][15]. - The global GIP-1 market shows significant potential, with Q1 2025 sales surpassing PD-1 antibodies. The WHO is developing guidelines for the use of GLP-1 in adult obesity, expected to be released in August-September 2025 [1][15]. - The report highlights a shift in R&D trends from single-target to multi-target drugs, with a focus on oral formulations and both peptide and small molecule drugs [1][16]. Summary by Sections Industry Performance - The A-share pharmaceutical index has increased by 1.0% this week and 1.2% year-to-date, underperforming the CSI 300 by 1.0% and outperforming by 3.4% respectively [9]. - The H-share biotechnology index has decreased by 4% this week but increased by 27% year-to-date, outperforming the Hang Seng Technology Index by 19% and 29% respectively [9]. GLP-1 Drug Market - Sales of semaglutide reached 78.64 billion USD in Q1 2025, surpassing Keytruda's 72.05 billion USD [15]. - The WHO is expected to finalize guidelines for GLP-1 RA use in obesity treatment by late 2025, which could significantly boost sales [15]. R&D Trends - The report notes a transition from single-target to multi-target drug development, with multi-target drugs showing superior clinical efficacy [16][17]. - Clinical data indicates that semaglutide and dual-target drugs like tirzepatide are leading in weight loss efficacy, with ongoing trials for multi-target drugs showing promising results [17]. Investment Recommendations - The report ranks preferred sub-sectors as follows: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [10]. - Specific stock recommendations include BoRui Pharmaceutical, Innovent Biologics, Federated Pharmaceutical, and others based on growth potential and valuation metrics [10].