Core Insights - This week (September 22 to September 26), 21 stocks experienced a price increase of over 30%, with 7 stocks rising more than 40% [2] - The top performer was Lanfeng Biochemical, which saw a weekly increase of 61.16% [2][3] - In contrast, 16 stocks recorded a decline of over 20%, with Borui Pharmaceutical leading the drop at -38.36% [2][3] Performance Summary - **Top Gainers**: - Lanfeng Biochemical: 61.16% [2][3] - Sunflower: 57.86% [2][3] - Jucheng Co.: 51.90% [2][3] - Changchuan Technology: 49.40% [2][3] - Fuke Environmental Protection: 44.87% [2][3] - Shangwei New Materials: 44.81% [2][3] - Pinming Technology: 44.01% [2][3] - Jinghe Integration: 39.58% [2][3] - Jingyi Co.: 36.74% [2][3] - Weiteou: 35.67% [2][3] - **Top Losers**: - Borui Pharmaceutical: -38.36% [2][3] - Xiangjiang Holdings: -30.77% [2][3] - Haotaitai: -30.24% [2][3] - Taijiasi: -27.82% [2][3] - ST Chuangyi: -26.21% [2][3] - Jishi Media: -25.73% [2][3] - Jinyi Film: -23.88% [2][3] - Jinpu Titanium Industry: -23.15% [2][3] - Tibet Tourism: -22.93% [2][3] - Xiyu Tourism: -22.79% [2][3]

Core Viewpoint - The innovative drug sector has emerged as one of the brightest segments in the Hong Kong stock market this year, with significant recognition from international capital reflected in the performance of the Hong Kong innovative drug ETF, which has seen a year-to-date increase of over 100% and a maximum increase exceeding 130% [3][4]. Group 1: Market Performance and Investor Dynamics - The Hong Kong stock market, primarily driven by institutional investors, has benefited from deep international capital participation, enhancing pricing efficiency and aligning stock prices closer to intrinsic values [4]. - The continuous inflow of southbound funds has strengthened the correlation between Hong Kong and A-share markets, providing important value references for A-shares [4]. - Notable companies like 恒瑞医药 (Hengrui Medicine) and 宁德时代 (CATL) have seen their H-shares trading at significantly higher prices than their A-shares, indicating a willingness in the Hong Kong market to pay higher valuation premiums for quality enterprises [5]. Group 2: Company-Specific Developments - 博瑞医药 (Borui Medicine) has announced plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a step towards deeper engagement with international capital [5][6]. - The anticipated use of funds from the H-share issuance is likely focused on drug research and development, particularly for the GLP-1 series innovative drugs, with significant ongoing clinical trials [6][7]. - In the first half of the year, 博瑞医药's R&D investment reached 348 million, a year-on-year increase of 144.07%, representing approximately 65% of its total revenue for that period [7][10]. Group 3: R&D Strategy and Pipeline - 博瑞医药's current pipeline includes several innovative drugs targeting weight loss and diabetes, with the BGM0504 injection having entered Phase III clinical trials [6][21]. - The company is actively pursuing an integrated strategy for raw materials and formulations, necessitating substantial capital investment to maintain its competitive edge in GLP-1 research and development [13][24]. - The R&D intensity of 博瑞医药 is comparable to many innovative pharmaceutical companies that have not yet commercialized their products, indicating a strong focus on future growth despite current financial pressures [8][11]. Group 4: Competitive Landscape - 博瑞医药's product matrix is strategically designed to address different patient demographics, with specific formulations targeting both low and high weight loss needs [21]. - The company aims to differentiate itself in the competitive GLP-1 market by developing unique formulations and leveraging advanced technologies for oral drug delivery, which could significantly enhance patient compliance and treatment outcomes [22][23]. - Clinical data from 博瑞医药's BGM0504 injection shows promising results, with a weight reduction of 18.5% and a significant percentage of patients achieving substantial weight loss [22].

Market Performance - The A-share market indices collectively rose during the week of September 22 to September 26, with the Shanghai Composite Index closing at 3828.11 points, up 0.21% for the week [1] - The Shenzhen Component Index closed at 13209.00 points, up 1.06%, while the ChiNext Index closed at 3151.53 points, up 1.96% [1] - Over 30% of stocks experienced gains, with 126 stocks rising over 15% and 50 stocks declining over 15% [1] Top Gainers - Bluefeng Biochemical (002513.SZ) led the gainers with a weekly increase of 61.16%, followed by Sunflower (300111.SZ) with a 57.86% rise [2] - Other notable gainers included Jucheng Technology (688123.SH), Changchuan Technology (300604.SZ), and Fuke Environmental Protection (688335.SH), all with gains exceeding 44% [2] - Bluefeng Biochemical is a major domestic producer of pesticides, and it recently established a subsidiary focused on high-efficiency N-type crystalline silicon photovoltaic products [2][3] Top Losers - Borui Pharmaceutical (688166.SH) was the biggest loser, with a decline of 38.36% [5] - Other significant decliners included Xiangjiang Holdings (600162.SH) and Haotaitai (603848.SH), both with declines over 22% [5] - Borui Pharmaceutical's stock price fell to 58.06 yuan per share, with a 12.57% drop on September 26 alone [6] Company Developments - Borui Pharmaceutical announced a stock repurchase plan, proposing to buy back shares worth between 10 million and 20 million yuan [9] - The company is progressing with its overseas market expansion, with several clinical trials ongoing for its weight loss products in the U.S. [8][9] - Pfizer's acquisition of Metsera for $7.3 billion has impacted Borui Pharmaceutical's stock, signaling a shift in market expectations for weight loss drug development [10]

公告显示，本次H股发行将采用香港公开发售与国际配售相结合的方式。香港公开发售面向香港公众投 资者，国际配售则面向符合资格的国际机构投资者。募集资金在扣除相关费用后，将主要用于支持在研 产品管线的研发、扩大生产能力、进行战略性投资与收购、补充营运资金及一般企业用途等。 9月26日晚，博瑞医药(688166.SH)发布公告，为加快公司的国际化战略及海外业务布局，增强公司的境 外融资能力，进一步提高公司的资本实力和综合竞争力，公司拟发行H股股票并在香港联交所主板上 市。 在GLP-1赛道竞争白热化的背景下，博瑞医药通过"双靶点+联合用药"构建了差异化壁垒。BGM0504注 射液凭借优于司美格鲁肽的临床数据与同步推进的双适应症布局形成差异；而BGM1812瞄准"减脂保 肌"的细分需求，针对体脂率高但体重正常的"隐性肥胖"人群，填补了现有减重药物的临床空白。公司 产品管线的全面布局和差异化设计，预计将在港股市场更易获得国际投资者的关注与认可。 值得注意的是，博瑞医药计划发行H股股票并在香港联交所上市，这或许也将为其技术研发与全球化布 局注入新的动力，进一步释放其在GLP-1赛道及全球代谢领域的发展价值。 值得一提的是， ...

Core Viewpoint - The company, Borui Pharmaceutical, announced its plan to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas business layout [1] Group 1: Company Strategy - The company aims to strengthen its overseas financing capabilities and improve its capital strength and overall competitiveness through this H-share issuance [1] - The company will consider the interests of existing shareholders and the conditions of domestic and international capital markets when selecting the appropriate timing and issuance window for the listing [1]

Group 1 - The core point of the news is that Borui Pharmaceutical plans to introduce an investor, Suzhou Xinborui, through a capital increase in its wholly-owned subsidiary Borui Taixing, which will result in a change in ownership structure [1] - Suzhou Xinborui will subscribe to an additional registered capital of 22.68 million RMB, with the total investment amounting to 198 million RMB, while approximately 175 million RMB will be allocated to the capital reserve [1] - After the capital increase, Borui Taixing's registered capital will rise from 55 million RMB to 77.68 million RMB, and Borui Pharmaceutical's ownership in Borui Taixing will decrease from 100% to 70.8% [1] Group 2 - Borui Pharmaceutical's market capitalization is currently 24.5 billion RMB [2] - For the fiscal year 2024, the revenue composition of Borui Pharmaceutical is projected to be 97.33% from the pharmaceutical manufacturing sector and 2.67% from other businesses [1]

截至发稿，博瑞医药市值为245亿元。 每经AI快讯，博瑞医药（SH 688166，收盘价：58.06元）9月26日晚间发布公告称，公司第四届第十二 次董事会会议于2025年9月26日在C27栋会议室召开。会议审议了《关于确定公司董事角色的议案》等 文件。 2024年1至12月份，博瑞医药的营业收入构成为：医药制造业占比97.33%，其他业务占比2.67%。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 曾健辉） ...

博瑞医药(688166.SH)公告，公司拟发行H股股票并在中国香港联合交易所有限公司主板上市。公司将充 分考虑现有股东的利益和境内外资本市场的情况，在股东大会有效期内(即经公司股东大会审议通过之 日起24个月或同意延长的其他期限)选择适当的时机和发行窗口完成本次发行上市。 ...

Core Viewpoint - 博瑞医药 plans to repurchase shares through centralized bidding, with a total amount between 10 million and 20 million yuan, and a maximum repurchase price of 139.77 yuan per share, which is 140.73% higher than the current price of 58.06 yuan, reflecting a significant increase in stock price of 92.57% year-to-date [1] Group 1: Share Repurchase Details - The repurchase will be funded by the company's own funds and is set to occur within 12 months [1] - The current stock price of 博瑞医药 is 58.06 yuan, with a year-to-date increase of 92.57% [1] - The maximum repurchase price is significantly higher than the current market price, indicating a strong confidence in the company's value [1] Group 2: Financial Performance - As of June 30, 博瑞医药 reported a decrease in revenue to 537 million yuan, down 18.28% year-on-year, and a net profit of 17.17 million yuan, down 83.85% year-on-year [2] - The number of shareholders decreased by 10.11% to 9,568, while the average circulating shares per person increased by 11.32% to 44,185 shares [2] Group 3: Dividend and Shareholder Information - 博瑞医药 has distributed a total of 246 million yuan in dividends since its A-share listing, with 129 million yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and a new entrant, Innovation Drug, which holds 2.81 million shares [3]

博瑞医药(688166.SH)公告，公司拟发行H股股票并在中国香港联合交易所有限公司主板上市。公司将充 分考虑现有股东的利益和境内外资本市场的情况，在股东大会有效期内(即经公司股东大会审议通过之 日起24个月或同意延长的其他期限)选择适当的时机和发行窗口完成本次发行上市。 ...