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 an "Accumulate" rating for the pharmaceutical and biotechnology sector [4]. Core Viewpoints - The domestic weight loss drug market is entering commercialization, emphasizing the importance of sales capabilities for companies [1][19]. - The competition in the global weight loss drug market is intensifying, particularly between Novo Nordisk and Eli Lilly, where marketing strategies play a crucial role in sales performance [19][23]. - Companies with advanced R&D progress and strong sales execution will hold competitive advantages in the commercialization phase of weight loss drugs [1][19]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points but underperforming the ChiNext index by 1.08 percentage points, ranking 15th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Healthcare Index increased by 8.44%, outperforming the Hang Seng Index by 6.12 percentage points [1][15]. Company Updates - Recent clinical application updates include Baiyi Shenzhou's injection BGB-B2033 and Nuo Cheng Jian Hua's injection ICP-B794, both newly undertaken [27]. - Ongoing clinical trials include Bo Rui Pharmaceutical's BGM0504 and Hua Dong Pharmaceutical's HDM1002, currently in Phase III [27]. Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments [2]. - Key recommended companies include Heng Rui Pharmaceutical, Mai Rui Medical, and United Imaging Healthcare [2]. Company Profit Forecasts and Valuation - Heng Rui Pharmaceutical is rated "Accumulate" with a projected EPS of 0.99 yuan for 2024 and a PE ratio of 51 [3]. - Mai Rui Medical is rated "Buy" with a projected EPS of 11.47 yuan for 2024 and a PE ratio of 19 [3]. - United Imaging Healthcare is also rated "Buy" with a projected EPS of 2.88 yuan for 2024 and a PE ratio of 44 [3].

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]

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]