Core Viewpoint - The article discusses the recent announcement by Borui Pharmaceutical regarding its plan to issue H-shares and list on the Hong Kong Stock Exchange, while emphasizing the company's commitment to balancing shareholder interests with market conditions [2]. Product Portfolio - Borui Pharmaceutical has a diverse product line covering multiple therapeutic areas, including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology. Key innovative drugs in the metabolism category include BGM0504 and BGM1812, while antiviral products include Entecavir and Oseltamivir. The antifungal category features Caspofungin and Micafungin Sodium, among others [3]. Financial Performance and R&D Progress - In the first half of 2025, Borui Pharmaceutical reported a revenue of 537 million yuan and a net profit of 14.36 million yuan after deducting non-recurring items. The company is focusing on multi-target metabolic drugs containing GLP-1 and exploring new administration routes beyond injections for chronic metabolic diseases. The self-developed peptide-based hypoglycemic drug BGM0504, a dual receptor agonist for GLP-1 and GIP, shows potential in controlling blood sugar, weight loss, and treating non-alcoholic fatty liver disease (NASH). Currently, BGM0504 has completed patient enrollment for phase III clinical trials in China for both type 2 diabetes and weight loss indications, with progress being reported as smooth [5]. Industry Engagement - The "GLP-1 Club" has established a network of hundreds of professionals, providing a platform for industry insights and discussions related to the GLP-1 drug development and its applications in weight loss and diabetes management [9]. GLP-1 Drug Overview - GLP-1 (Glucagon-like peptide-1) is a hormone produced by intestinal L cells, classified as an incretin. GLP-1 receptor agonists are a new class of hypoglycemic drugs that enhance insulin secretion in a glucose-dependent manner, suppress glucagon secretion, and delay gastric emptying, leading to reduced food intake and lower blood sugar levels [13].

New Stock Issuance - New stock issuance for Daoshengtianhe (Code: 780026) priced at 5.98 RMB on September 29, 2025[1] - Offer period for the acquisition of Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] Delisting and Trading Alerts - Zitian Tui (Code: 300280) is in the delisting preparation period with 4 trading days remaining until the last trading day[1] - Significant abnormal fluctuations reported for Kaipu Cloud (Code: 688228) on September 25, 2025[1] Recent Announcements - Multiple companies including Zhonghuan Hailu (Code: 301040) and Shenhuafa A (Code: 000020) have recent announcements regarding their stock activities[1] - A total of 30 companies have made announcements regarding stock fluctuations and trading activities in the past week[1]

北京商报讯（记者 王寅浩 实习记者 宋雨盈）9月29日，博瑞医药发布公告称，公司获美国FDA（美国 食品药品监督管理局）批准开展BGM1812注射液用于超重或肥胖治疗的I期临床。 公告显示，BGM1812注射液是公司优化设计的新型长效Amylin类似物，具有良好的分子活性和药学稳 定性。Amylin（胰淀素）作为一种由37个氨基酸组成的饱腹感多肽激素，由胰腺β细胞与胰岛素协同释 放入血。它通过激活大脑饱腹感通路抑制食欲，同时延缓胃排空、抑制胰高血糖素分泌，具有多重减重 机制。 ...

博瑞生物医药（苏州）股份有限公司 自愿披露关于BGM1812注射液获美国FDA药品临床 试验批准的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）获美国 FDA （即美国食品药品监督管理局）批准开展 BGM1812 注射液用于超重或肥胖治疗 的 I 期临床。 相关风险提示： 1、根据美国相关法规要求，该新药尚需在美国开展一系列临床研究并经美 国药品审评部门审批通过后，方可上市，短期内对公司经营业务不会产生较大影 响。 2、药品的研发周期长、审批环节多、研发投入大，各环节均受多维度因素 影响，不可预测因素较多。根据研发经验，新药研发存在一定风险，例如临床试 验可能会因安全性和/或有效性等问题而终止。敬请广大投资者谨慎决策，注意防 范投资风险。公司将积极推进上述研发项目，并按相关法律法规要求及时对后续 进展情况履行信息披露义务。 证券代码：688166 证券简称：博瑞医药 公告编号：2025-081 4、申请事项：新药临床试验申请 5、受理号：IND 1 ...

每经AI快讯，9月29日，博瑞医药(688166.SH)公告称，公司获美国FDA批准开展BGM1812注射液用于 超重或肥胖治疗的I期临床。BGM1812注射液是公司优化设计的新型长效Amylin类似物，具有良好的分 子活性和药学稳定性。Amylin(胰淀素)作为一种由37个氨基酸组成的饱腹感多肽激素，由胰腺β细胞与 胰岛素协同释放入血。它通过激活大脑饱腹感通路抑制食欲，同时延缓胃排空、抑制胰高血糖素分泌， 具有多重减重机制。BGM1812注射液减重适应症在中国已递交临床试验申请，目前正在审评中。截至 本公告披露日，全球尚无同类靶点制剂减重适应症获批上市。 ...

BGM1812注射液是公司优化设计的新型长效Amylin类似物，具有良好的分子活性和药学稳定性。 Amylin(胰淀素)作为一种由37个氨基酸组成的饱腹感多肽激素，由胰腺β细胞与胰岛素协同释放入血。 它通过激活大脑饱腹感通路抑制食欲，同时延缓胃排空、抑制胰高血糖素分泌，具有多重减重机制。 智通财经APP讯，博瑞医药(688166.SH)发布公告，公司获美国FDA(即美国食品药品监督管理局)批准开 展BGM1812注射液用于超重或肥胖治疗的I期临床。 ...

博瑞医药公告，公司获美国FDA批准开展BGM1812注射液用于超重或肥胖治疗的I期临床。BGM1812注 射液是公司优化设计的新型长效Amylin类似物，具有良好的分子活性和药学稳定性。Amylin（胰淀 素）作为一种由37个氨基酸组成的饱腹感多肽激素，由胰腺β细胞与胰岛素协同释放入血。它通过激活 大脑饱腹感通路抑制食欲，同时延缓胃排空、抑制胰高血糖素分泌，具有多重减重机制。 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The acquisition of Metsera by Pfizer, valued at approximately $4.9 billion, underscores the significant potential and long-term growth prospects of the weight loss drug market, particularly in the GLP-1 segment [2][24]. - The report emphasizes the urgent demand for next-generation therapies, such as oral formulations and multi-target drugs, indicating a competitive landscape in the global GLP-1 research race [2][24]. - The Chinese weight loss drug industry is poised for growth, with a focus on companies that demonstrate strong sales execution and advanced research capabilities [3][24]. Summary by Sections Market Review - The pharmaceutical and biotechnology index fell by 2.20%, underperforming the CSI 300 index by 3.27 percentage points, ranking 24th among 31 sub-industries [1][16]. Key Company Insights - Companies to watch include Innovent Biologics (H), Heng Rui Medicine, Borui Medicine, Zhongsheng Pharmaceutical, Nawei Technology, WuXi AppTec (A+H), and Kelaiying (A+H) as they are expected to benefit from the expanding GLP-1 industry chain [3][24]. Annual Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [25]. - Key areas of interest include hospital policy support for innovative drugs and devices, expanding public demand for blood products, home medical devices, and the weight loss drug industry chain [25]. Company Earnings Forecast and Valuation - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, indicating a "Buy" rating for WuXi AppTec and Innovent Biologics, and an "Overweight" rating for Heng Rui Medicine [4]. Market Trends - The global weight loss drug market is experiencing rapid growth, with Pfizer's acquisition of Metsera highlighting the increasing market space associated with obesity-related health issues [28]. - The report notes that the commercialization of domestic weight loss drugs will hinge on sales capabilities and research advancements [3][24]. Important Company Announcements - Recent announcements include clinical trial updates and new drug applications from various companies, indicating ongoing innovation and development within the sector [27]. Financial Data - The basic medical insurance income for the first seven months of 2025 reached 1,684.7 billion yuan, with expenditures amounting to 1,369.7 billion yuan, reflecting the financial landscape impacting the pharmaceutical industry [30]. Price Trends - The report notes a decline in antibiotic prices and stability in cardiovascular raw material drug prices, which may influence the cost structure for pharmaceutical companies [36][43]. Conclusion - The report presents a positive outlook for the pharmaceutical and biotechnology sector, particularly in the weight loss drug market, driven by significant acquisitions and a growing demand for innovative therapies [2][24].

截至2025年9月29日 13:04，恒生医疗保健指数强势上涨1.22%，成分股映恩生物-B上涨7.03%，晶泰控 股上涨6.33%，阿里健康上涨4.51%，巨子生物，微创机器人-B等个股跟涨。恒生医疗ETF(513060)上涨 0.14%，最新价报0.71元。拉长时间看，截至2025年9月26日，恒生医疗ETF近1月累计上涨4.55%，涨幅 排名可比基金1/3。 流动性方面，恒生医疗ETF盘中换手10.9%，成交7.84亿元，市场交投活跃。拉长时间看，截至9月26 日，恒生医疗ETF近1月日均成交22.95亿元，排名可比基金第一。 截至2025年9月29日 13:04，恒生港股通创新药精选指数上涨0.95%，成分股映恩生物-B上涨7.03%，荣 昌生物上涨5.78%，三生制药上涨3.44%，康诺亚-B上涨3.13%，先声药业上涨2.80%。港股创新药精选 ETF(520690)下跌0.20%，最新报价1元。拉长时间看，截至2025年9月26日，港股创新药精选ETF近1月 累计上涨2.99%，涨幅排名可比基金1/2。 流动性方面，港股创新药精选ETF盘中换手16.1%，成交6826.52万元，市场交投活跃。拉 ...

Group 1 - BioBAY company, Borui Pharmaceutical, announced plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - The company will consider the interests of existing shareholders and market conditions when choosing the timing for the issuance [1] Group 2 - Borui Pharmaceutical's product portfolio covers various therapeutic areas including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology [2] - Key products in the metabolism area include innovative drugs BGM0504 and BGM1812, while antiviral products include Entecavir and Oseltamivir [2] Group 3 - In the first half of 2025, Borui Pharmaceutical reported revenue of 537 million yuan and a net profit of 14.36 million yuan [3] - The company is focusing on multi-target drugs in the metabolism field, particularly exploring new administration methods beyond traditional injections [3] - The peptide-based hypoglycemic drug BGM0504 is a dual agonist of GLP-1 and GIP receptors, showing potential for treating various metabolic diseases [3] - Phase III clinical trials for BGM0504 for type 2 diabetes and weight loss have completed patient enrollment and are progressing as planned [3] - An IND application for BGM0504's hypoglycemic indication has been approved in Indonesia, and Phase III clinical research has officially commenced [3]