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]

Investment Rating - The report indicates a positive outlook for the weight loss drug sector within the pharmaceutical and biotechnology industry, suggesting potential acceleration in business development (BD) opportunities [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of -0.36% from April 14 to April 18, underperforming compared to the Wind All A index (0.39%) and the CSI 300 index (0.59). The market showed a preference for defensive sectors, with chemical preparations (0.62%), traditional Chinese medicine (0.6%), and offline pharmacies (0.19%) showing minor gains, while blood products (-4.39%), other biological products (-1.78%), and vaccines (-1.49%) saw significant pullbacks [2][7]. - The GLP-1 receptor agonists are expected to catalyze growth in the weight loss drug sector. Notably, Eli Lilly announced positive results from the Phase III ACHIEVE-1 study for its oral drug Orforglipron, which is set to expand the application of GLP-1 drugs. This class of drugs is becoming a focal point for multinational corporations (MNCs) in the metabolic disease space, with domestic companies poised to benefit from rapid innovation and lower R&D costs [2][12]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from April 14 to April 18 showed a decline of -0.36%, with the market favoring defensive stocks. The top gainers included Shuangcheng Pharmaceutical (56.4%), Kangpeng Technology (56.3%), and Lifang Pharmaceutical (47.1%), while the largest losers were *ST Jiyuan (-50.7%), Hasanlian (-19.1%), and Changyao Holdings (-18.5%) [7][10]. Industry News and Key Company Announcements - On April 17, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved positive results in its Phase III study, showing significant reductions in A1C levels and weight loss compared to placebo [12]. - Pfizer terminated the development of its GLP-1 small molecule receptor agonist Danuglipron due to potential liver damage in trial participants [12]. - The report highlights several companies making strides in the industry, including the approval of new indications for Merck's Gardasil 9 HPV vaccine and the progress of various clinical trials for innovative drugs [13][14].

Group 1: Xianle Health - The company emphasizes its advantages in pharmaceutical DNA, innovation-driven approach, global supply chain, and comprehensive dosage forms, positioning itself as a leader in global nutrition and health solutions [1] - Xianle Health is facing dual opportunities from the evergreen market and new consumption market, with four competitive advantages: scale, ecosystem, internationalization, and technology [1] - The company expects to achieve a revenue of 4.211 billion yuan in 2024, representing a year-on-year growth of 17.56%, and plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax included) [1] Group 2: Wharton Technology - Wharton Technology's business includes core membrane products, membrane separation engineering, and plant fiber business, with membrane products categorized into ultrafiltration, nanofiltration, and reverse osmosis membranes [2] - The revenue share of household membranes and industrial membranes is approximately 37%, with gross margin growth driven by increased production scale, production line upgrades, process improvements, and enhanced supply chain management [2] - The company anticipates over 20% growth in overseas markets in 2024, with nearly 30% of membrane product revenue coming from exports [2] Group 3: Borui Pharmaceutical - Borui Pharmaceutical has made progress in mylin target research, with BGM1812 showing potential for fat reduction with minimal muscle loss, and plans to submit IND applications in China and the U.S. [3] - The company believes that the mylin and dual-target combination has international competitiveness and plans to advance clinical trials in the U.S. [3] - Over half of the R&D investment is directed towards metabolic directions, with the remainder focused on high-barrier generics and innovative drugs, primarily in respiratory and inhalation formulations [3]

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]

民生证券股份有限公司 关于博瑞生物医药（苏州）股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为博瑞 生物医药（苏州）股份有限公司（以下简称"博瑞医药"、"公司"或"发行人"） 首次公开发行股票并在科创板上市的保荐机构，负责博瑞医药上市后的持续督导 工作，持续督导期间为 2019 年 11 月 8 日至 2024 年 12 月 31 日。2024 年 12 月 31 日，持续督导期已届满，民生证券根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等有关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 | 保荐机构名称 | 民生证券股份有限公司 | | --- | --- | | 注册地址 | 中国（上海）自由贸易试验区浦明路 8 号 | | 主要办公地址 | 中国（上海）自由贸易试验区浦明路 8 号 | | 法定代表人 | 顾伟 | | 保荐代表人 | 黄丹青、邵航 | 三、公司基本情况 | 公司名称 | 博瑞生物医药（苏州）股份有限公司 | | --- | --- | | 证券代码 | 688166 ...

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 0.61 yuan, 0.71 yuan, and 0.81 yuan respectively, up from the previous estimate of 0.58 yuan for 2025 [3][9] Market Comparison - The target price for the company is set at 37.21 yuan based on a price-to-earnings (P/E) ratio of 61 times for 2025, which is derived from comparable companies [3][12] - The company's current stock price is 36.05 yuan, with a 52-week high of 43.67 yuan and a low of 22.82 yuan [5]

截至2025年4月3日收盘，博瑞医药(688166)报收于41.47元，下跌0.05%，换手率1.99%，成交量8.43万 手，成交额3.52亿元。 当日关注点 交易信息汇总 4月3日，博瑞医药的资金流向情况如下：- 主力资金净流入6400.47万元，占总成交额18.19%；- 游资资 金净流出1618.54万元，占总成交额4.6%；- 散户资金净流出4781.93万元，占总成交额13.59%。 大宗交易方面，博瑞医药发生1笔大宗交易，成交金额999.97万元。 股本股东变化 截至2025年3月31日，博瑞医药股东户数为1.06万户，较12月31日减少1960户，减幅为15.55%。户均持 股数量由上期的3.35万股增加至3.97万股，户均持股市值为157.45万元。 公司公告汇总2024年年度报告摘要 博瑞医药2024年年度报告摘要显示，公司总资产为5,164,346,157.48元，同比增长2.63%；归属于上市公 司股东的净资产为2,394,647,560.62元，同比增长1.10%。报告期内，公司实现营业收入1,282,551,614.50 元，同比增长8.74%；归属于上市公司股东的净利润为189, ...

瑞财经 刘治颖4月2日，博瑞医药(SH688166)发布2024年年度报告。 2024年，博瑞医药实现营业收入为12.83亿元，同比增长8.74%；归属于上市公司股东的净利润为1.89亿元，同比减少 6.57%；归属于上市公司股东的扣除非经常性损益的净利润为1.81亿元，同比减少3.12%。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | | | | 减(%) | | | 营业收入 | 1.282.551.614.50 | 1,179,517,532.47 | 8.74 | 1,017,331,488.33 | | 归属于上市公司股东的净 | 189,166,937.36 | 202,466,024.77 | -6.57 | 239,623,172.71 | | 利润 | | | | | | 归属于上市公司股东的扣 | 180,507,497.62 | 186,312,666.28 | -3.12 | 213,638,327.54 | | 除非经常性 ...