Overview - The company plans to apply for a comprehensive credit limit of up to 3 billion RMB for the year 2025 to meet its operational needs, including working capital loans and project loans [1][2][24] - The credit will involve mutual guarantees among the company and its subsidiaries within the consolidated financial statements [1][22] Company Details - The company, 博瑞生物医药 (Suzhou) Co., Ltd., is involved in the production of various pharmaceutical forms, including tablets and injections, and has a significant focus on drug research and development [2][3] - As of December 31, 2023, the total assets of 博瑞制药 (Suzhou) Co., Ltd. were 571.92 million RMB, with total liabilities of 294.73 million RMB and net assets of 277.19 million RMB [2][3] - The company reported an operating income of 701.75 million RMB and a net profit of 78.42 million RMB for the year 2023 [2][3] Financial Structure - The company has a total of 113.96 million RMB in guarantees provided to its subsidiaries, which represents 47.59% of the company's audited net assets for 2024 [23][24] - The company has no overdue guarantees as of December 31, 2024 [23] Board Approval - The proposal for the credit application and mutual guarantees was approved during the fourth meeting of the fourth board of directors on April 1, 2025, and will be submitted for shareholder approval [23][24]

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 参与设立创业投资基金暨关联交易的核查意见 民生证券股份有限公司（以下简称"民生证券"）作为博瑞生物医药（苏州） 股份有限公司（以下简称"博瑞医药"或"公司"） 首次公开发行股票并在科 创板上市以及向不特定对象发行可转换公司债券、以简易程序向特定对象发行股 票的保荐机构，履行持续督导职责，并根据《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》等规范性法律文件的要求，对博瑞医药 参与设立创业投资基金暨关联交易事宜进行了审慎核查，核查情况及意见如下： 一、对外投资暨关联交易概述 为借助专业投资机构的经验和资源，拓宽投资方式和渠道，把握公司所在行 业的投资机会，公司拟与南京瑞弘熠鑫企业管理合伙企业（有限合伙）、南京江 北新区高质量发展产业投资基金（有限合伙）、南京生物医药谷建设发展有限公 司（"南京药谷"）、南京扬子国资投资集团有限责任公司、南京北联创业投资 有限公司、南京江北新区新城科技创业有限公司、南京高新创业投资有限公司、 上海鑫欣生物科技有限公司、维亚宗晨生物科技（杭州）有限公司、江苏鼎泰药 物研究（集团）股份有限公司共同投资设 ...

Core Insights - The company reported a total operating revenue of 1.283 billion yuan in 2024, representing a year-on-year growth of 8.74% [1] - The net profit attributable to shareholders decreased by 6.57% to 189 million yuan [1] - The company continues its dividend policy, proposing a cash dividend of 0.96 yuan per 10 shares, totaling an expected distribution of 40.52 million yuan [2] Revenue Breakdown - Revenue from raw materials reached 988 million yuan, an increase of 11.57% year-on-year [1] - Revenue from formulation products was 161 million yuan, growing by 16.77% year-on-year [1] - Antiviral product revenue decreased by 37.92% due to fluctuations in demand and pricing of oseltamivir [1] - Revenue from antifungal products surged by 60.28% due to increased commercialization demand [1] - Immunosuppressive product revenue grew by 45.72% driven by commercial demand [1] International Expansion - The company experienced a significant 45% increase in overseas revenue, attributed to expanded channels in North America and Europe [1] - The company has established multiple technology platforms to support the development of high-end generics and original new drugs [1] - Products have been registered and authorized for sale in the US, Europe, Japan, South Korea, and countries along the "Belt and Road" initiative, laying a solid foundation for future overseas revenue growth [1] R&D Investment - The company increased its R&D expenditure to 297 million yuan in 2024, a year-on-year increase of 19.65% [2] - Future R&D focus areas include treatments for NASH and dual-target drugs, with a particular emphasis on GLP-1 class drugs in the metabolic field [2] - The company aims to explore new administration methods, multi-target combination therapies, and expand indications to address unmet clinical needs [2] Dividend Policy - The company has maintained a consistent dividend policy since its listing in 2019, with cumulative cash dividends amounting to 246 million yuan over six years [2]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-011 博瑞生物医药（苏州）股份有限公司 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： ? 拟聘任的会计师事务所名称：公证天业会计师事务所（特殊普通合 伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 （1）会计师事务所名称：公证天业会计师事务所（特殊普通合伙） （2）成立日期：公证天业创立于 1982 年，是全国首批经批准具有从事证券、 期货相关业务资格及金融业务审计资格的会计师事务所之一。2013 年 9 月 18 日， 转制为特殊普通合伙企业。 （3）组织形式：特殊普通合伙企业 （4）注册地址：无锡市太湖新城嘉业财富中心 5-1001 室 （5）执行事务合伙人/首席合伙人：张彩斌 （6）截至 2024 年末，公证天业合伙人数量 59 人，注册会计师人数 349 人， 签署过证券服务业务审计报告的注册会计师人数 168 人。 （7）公证天业 2024 年度经审计的收入总额 30,857.26 万元，其中审计业务 收入 26,545. ...

Group 1 - The company conducted an evaluation of the independence of its independent directors, confirming that all three independent directors meet the independence requirements set by relevant regulations [1] - The independent directors, Cheng Zengjiang, Xu Dongdong, and Wu Yinghua, have no conflicts of interest with the company or its major shareholders, allowing them to perform their duties independently [1] - The board of directors affirmed that the independent directors maintained a high level of independence throughout the year 2024, providing impartial and professional opinions for the company's decision-making [1]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-013 博瑞生物医药（苏州）股份有限公司 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： ? 拟投资基金名称：南京弘晖维泰创业投资基金合伙企业（有限合伙） （以 下简称"弘晖维泰创投基金"、"合伙企业"或"本合伙企业"） ? 基金投资方向，与上市公司主营业务相关性：弘晖维泰创投基金主要投 资于医药器械领域的早期项目，重点关注生命科学领域最前沿的技术创新和转 化。本次投资有利于公司在早期创新药械领域和生命科学前沿领域成果转化的布 局，与公司的产品研发管线有潜在协同效应。 ? 拟投资金额：弘晖维泰创投基金拟定募集资金规模为人民币 30,000 万元， 博瑞生物医药（苏州）股份有限公司（以下简称"博瑞医药"或"公司"）拟作 为有限合伙人出资人民币 2,000 万元，认缴出资比例为 6.70%。 ? 关联关系说明：南京瑞弘熠鑫企业管理合伙企业（有限合伙）为弘晖维 泰创投基金的普通合伙人，监事会主席何幸先生担任南京瑞弘熠鑫企业管理合伙 企业（有限合伙）投 ...

Summary of Key Points Core Viewpoint - The company, BrightGene (Suzhou) Pharmaceutical Co., Ltd., plans to apply for a comprehensive credit limit of up to 3 billion RMB for the year 2025 from banks and financial leasing companies, with mutual guarantees among its subsidiaries [1][2]. Group 1: Credit Application and Guarantee - The total credit limit proposed for 2025 is not to exceed 3 billion RMB, which will include various types of loans and financial services [1][2]. - As of December 31, 2024, the total amount of guarantees provided by the company to its subsidiaries is 1,139.63 million RMB, accounting for 47.59% of the company's audited net assets and 22.07% of its total audited assets for the year 2024 [1][20]. - The proposed guarantees do not involve any counter-guarantees [1]. Group 2: Shareholder Meeting and Authorization - The proposal for the credit application and guarantees will be submitted for approval at the company's 2024 annual general meeting [2]. - The shareholders will authorize the legal representative or their delegate to negotiate specific credit business types, terms, rates, and to sign relevant contracts and agreements [2]. Group 3: Subsidiary Information - BrightGene (Suzhou) Pharmaceutical Co., Ltd. holds an 80% stake in BrightGene Pharmaceutical (Suzhou) Co., Ltd., which has total assets of 571.92 million RMB and net assets of 277.19 million RMB as of December 31, 2023 [2][3]. - The company also has several subsidiaries, including Suzhou Guangtai Biotechnology Co., Ltd. and BrightGene International (HK) Limited, with varying financial metrics and operational scopes [3][4][5]. Group 4: Financial Health and Performance - The financial performance of the subsidiaries shows a mix of revenues and losses, with some subsidiaries reporting zero revenue and negative net profits for 2023 and projected for 2024 [3][4][5][10][11]. - The overall financial health of the company and its subsidiaries indicates a need for the proposed credit to support ongoing operations and growth [1][20]. Group 5: Board and Regulatory Approval - The board of directors approved the proposal with a unanimous vote, indicating strong internal support for the credit application and guarantee strategy [20]. - The proposal complies with relevant regulations and has undergone necessary approval processes as per the Shanghai Stock Exchange rules [20].

Core Viewpoint - 博瑞生物医药（苏州）股份有限公司 plans to conduct forward foreign exchange trading to mitigate risks associated with foreign exchange rate and interest rate fluctuations, with a maximum transaction amount not exceeding the equivalent of 150 million USD [1][2][4]. Summary by Sections 1. Transaction Overview - The company aims to engage in forward foreign exchange trading, including forward contracts and foreign exchange options, primarily for hedging purposes to reduce the impact of exchange rate and interest rate fluctuations on its operating performance [1][2]. - The maximum transaction amount for the forward foreign exchange trading is set at 150 million USD, with the highest contract value on any trading day not exceeding this amount [2]. 2. Funding Sources - The funding for the forward foreign exchange trading will primarily come from the company's own funds, without involving raised funds or bank credit [2]. 3. Trading Methods - The trading methods include, but are not limited to, foreign currency forward contracts and foreign exchange options, which allow the company to lock in exchange rates for future transactions [2][3]. 4. Trading Duration - The authorization period for these transactions is set for 12 months from the date of board approval, with the ability to roll over the authorized amount within this timeframe [4]. 5. Risk Analysis and Control Measures - The company adheres to principles of legality, prudence, safety, and effectiveness in its forward foreign exchange trading, avoiding speculative activities [4][5]. - A comprehensive internal control system has been established to manage risks associated with foreign exchange derivatives, including regular assessments and reporting to management [5]. 6. Impact on the Company - Engaging in forward foreign exchange trading is based on normal business operations and aims to enhance the company's ability to manage exchange rate risks without affecting normal cash flow or business operations [6]. 7. Compliance and Review - The proposed foreign exchange derivative trading has been reviewed and approved by the company's board and supervisory committee, complying with relevant laws and regulations [6].

Core Viewpoint - The company has released its 2024 and 2025 action plans focusing on enhancing quality, efficiency, and returns to shareholders, while emphasizing innovation in drug development and market expansion [1][2][3]. Group 1: Business Focus and Product Development - The company is an innovative pharmaceutical enterprise engaged in international competition, focusing on the development of generic drugs, difficult-to-generate drugs, and original new drugs to meet unmet clinical needs globally [1][2]. - Key therapeutic areas include antiviral, antifungal, immunosuppressive, respiratory, anti-tumor, and metabolic diseases, with core products such as Entecavir and Oseltamivir in the antiviral category [1][2]. - The company has established several core drug research and development technology platforms, including fermentation semi-synthesis and drug-device combination platforms [2]. Group 2: Financial Performance - In 2024, the company's net profit attributable to shareholders was 189.17 million yuan, a decrease of 6.57% year-on-year, while the net profit after deducting non-recurring gains and losses was 180.51 million yuan, down 3.12% year-on-year [2][3]. - Revenue from drug sales, technology income, and profit-sharing income are the main components of the company's operating income [2]. Group 3: Research and Development - The company increased its R&D investment to 311.79 million yuan in 2024, a year-on-year increase, with 62.78% of this investment directed towards innovative drugs and inhalation formulations [3][4]. - The innovative drug BGM0504, a dual agonist for GLP-1 and GIP receptors, is in phase III clinical trials for diabetes treatment and weight loss [4][8]. Group 4: Future Action Plans - The company aims to address unmet clinical needs by focusing on high-tech and high-clinical-value products, continuing its strategy of combining high-end generics with original new drugs [5][6]. - Plans include developing differentiated GLP-1 drugs and exploring new administration methods to enhance patient compliance [5][6]. Group 5: Global Market Expansion - The company is actively participating in global competition, with products certified by GMP in multiple regions, including China, the US, and the EU, and has achieved sales in over 40 countries [6][9]. - The company plans to expand its market presence in emerging markets along the "Belt and Road" initiative while enhancing its product portfolio [9]. Group 6: Governance and Investor Relations - The company has established a governance structure to ensure compliance and high-quality development, including various committees to oversee operations [12][13]. - The company emphasizes investor communication, conducting regular meetings and utilizing various platforms to enhance transparency and investor confidence [14][16]. Group 7: Shareholder Returns - The company has maintained a stable dividend policy, with cumulative cash dividends of 206 million yuan from 2019 to 2023, and plans to distribute 40.52 million yuan in cash dividends for 2024 [17][18]. - The controlling shareholders have committed to not reducing their holdings for six months to enhance investor confidence [18].

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