Core Viewpoint - 博瑞生物 is attempting to re-enter the capital market through a Hong Kong IPO amidst declining performance and regulatory scrutiny, aiming to enhance its international strategy and financing capabilities [5][26]. Cash Flow - 博瑞医药 has experienced a significant decline in net profit and revenue, with a sharp drop in gross margin and high short-term liabilities, leading to tightened cash flow and multiple regulatory warnings affecting its credibility [3][10]. Commercialization - The company's revenue heavily relies on raw materials, with innovative drugs not yet generating commercial returns, indicating a need for improved internal governance [4][8]. Investment Opportunities - 博瑞医药's core innovation pipeline, BGM0504, is positioned in the leading tier of global diabetes and obesity drug development, with the global GLP-1 market expected to grow significantly from $39 billion in 2024 to $140 billion by 2030, and the Chinese market projected to increase from 1 billion to 58 billion yuan during the same period [4][8]. Financial Performance - Revenue for 博瑞医药 from 2022 to 2024 is projected to grow slowly from 1.017 billion yuan to 1.283 billion yuan, while net profit is expected to decline from 240 million yuan to 189 million yuan. In the first three quarters of 2025, revenue fell by 10.5% year-on-year to 874 million yuan, and net profit plummeted by 71.63% to 50.32 million yuan [9][10]. Regulatory Issues - 博瑞医药 has faced multiple regulatory warnings due to improper management of raised funds and disclosure issues, with a history of at least four warnings in five years [14][15][25]. Financing History - Since its IPO in 2019, 博瑞医药 has completed three major financing rounds, but has struggled with fundraising due to regulatory issues and market conditions, leading to the termination of a planned A-share issuance [13][15]. Leadership and Ownership - 博瑞医药 is controlled by 袁建栋 and his mother, holding approximately 53% of the voting rights, with their combined share value nearing 10 billion yuan [19][20]. Market Sentiment - The company has a history of regulatory scrutiny and past performance issues, raising concerns about its ability to maintain investor confidence and achieve its ambitions in the international market [26].

Core Viewpoint - The company, 博瑞生物医药 (Suzhou) Co., Ltd., has initiated a share repurchase program to utilize its own funds for buying back shares, which will be used for employee stock ownership plans or equity incentives in the future [1][3]. Summary by Sections 1. Share Repurchase Basic Information - On September 26, 2025, the company’s board approved a plan to repurchase shares through centralized bidding, with a maximum repurchase price of RMB 139.77 per share and a total fund allocation between RMB 10 million and RMB 20 million [1]. 2. Progress of Share Repurchase - As of October 31, 2025, the company has repurchased a total of 55,880 shares, representing 0.0132% of the total share capital of 423,102,473 shares. The highest and lowest prices for the repurchased shares were RMB 54.28 and RMB 52.96, respectively, with a total expenditure of RMB 2,993,933.37 (excluding transaction fees) [3]. 3. Other Matters - The company will adhere to relevant regulations during the repurchase period and will disclose information regarding the progress of the share repurchase in a timely manner [5].

Group 1 - The core point of the article is that Borui Pharmaceutical announced a share buyback plan, having repurchased a total of 55,880 shares as of October 31, 2025, which represents 0.0132% of the company's total share capital of 423,102,473 shares [2]

Core Viewpoint - 博瑞医药 announced a share buyback program, indicating a commitment to returning value to shareholders and confidence in its financial position [1] Summary by Categories Share Buyback Details - The company has repurchased a total of 55,880 shares, which represents 0.0132% of its total share capital [1] - The highest price paid for the shares was 54.28 RMB per share, while the lowest price was 52.96 RMB per share [1] - The total amount spent on the buyback was 2.9939 million RMB, excluding transaction fees such as stamp duty and commissions [1]

告编号：2025-078）、《关于以集中竞价交易方式回购股份的回购报告书》（公告编 号：2025-083）。 证券代码：688166 证券简称：博瑞医药 公告编号：2025-095 博瑞生物医药（苏州）股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2025/9/27，由公司控股股东、实际控制人、董事 | | | --- | --- | --- | | | 长袁建栋先生提议 | | | 回购方案实施期限 | 2025 年 月 26 日~2026 年 9 月 25 日 | 9 | | 预计回购金额 | 1,000万元~2,000万元 | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 5.588万股 | | | 累计已回购股数占总股本比例 | 0.0132% | | | 累计已回购金额 | 299.3933万元 | | ...

Core Viewpoint - The company announced a share repurchase plan aimed at employee stock ownership and equity incentives, with a budget of 10 million to 20 million yuan and a repurchase period until September 25, 2026 [1] Summary by Sections - **Share Repurchase Plan** - The board approved a share repurchase through centralized bidding [1] - The expected repurchase amount is between 10 million and 20 million yuan [1] - The repurchase period is set from September 26, 2025, to September 25, 2026 [1] - **Current Repurchase Status** - As of October 31, 2025, the company has repurchased a total of 55,880 shares [1] - This represents 0.0132% of the total share capital [1] - The repurchase price ranged from 52.96 yuan to 54.28 yuan per share [1] - The total funds paid for the repurchase amount to 2,993,933 yuan [1]

Market Performance - A-shares collectively retreated, with the Shanghai Composite Index closing down 0.81% at 3954.79 points, the Shenzhen Component down 1.14%, and the ChiNext Index down 2.31%[1] - The Hong Kong Hang Seng Index fell 1.43% to 25906.65 points, with the Hang Seng Tech Index down 2.37% and the Hang Seng China Enterprises Index down 1.91%[1] - The total market turnover in Hong Kong decreased to 257.613 billion HKD[1] Economic Indicators - In October, the sales revenue of China's top 100 real estate companies dropped by over 41.9% year-on-year, amounting to 253 billion RMB (approximately 35.6 billion USD)[12] - The U.S. stock indices showed slight gains, with the Dow Jones up 0.09%, S&P 500 up 0.26%, and Nasdaq up 0.61%[1] Trade Relations - U.S. President Trump indicated willingness to eliminate all tariffs related to fentanyl if China takes strict measures against its export[12] - The EU is reportedly considering a new trade measure called "physical tariffs" to ensure the supply of critical raw materials from China[12] Sector Performance - Energy and metals sectors showed gains, while pharmaceutical stocks performed strongly against the market trend[1] - The overall decline in the real estate sector reflects ongoing challenges in the Chinese housing market, which has been struggling for over four years[12]

Core Viewpoint - The recombinant protein concept has seen a significant increase of 3.72%, leading the sector in gains, with notable stocks such as Sangamo Therapeutics and ST Wan Fang reaching their daily limit up [1][2]. Group 1: Market Performance - The recombinant protein sector had 50 stocks rising, with Sangamo Therapeutics hitting a 20% limit up, followed by Zai Lab and others with gains of 16.14%, 13.07%, and 12.33% respectively [1]. - The top decliners included Haoyuan Pharmaceutical, Kefu Medical, and Marubi Biotechnology, which fell by 5.89%, 4.35%, and 4.16% respectively [1]. Group 2: Capital Flow - The recombinant protein sector attracted a net inflow of 527 million yuan, with 26 stocks receiving net inflows, and 8 stocks exceeding 30 million yuan in net inflow [2]. - The leading stock in terms of net inflow was C He Yuan, with a net inflow of 187 million yuan, followed by Sangamo Therapeutics and Maiwei Biotechnology with net inflows of 132 million yuan and 126 million yuan respectively [2][3]. Group 3: Stock Performance Metrics - The top stocks by net inflow ratio included Sangamo Therapeutics at 16.55%, Maiwei Biotechnology at 12.96%, and C He Yuan at 9.88% [3]. - The trading volume and turnover rates for key stocks were notable, with C He Yuan showing a turnover rate of 37.86% and Sangamo Therapeutics at 1.87% [3][4].

Core Insights - The chemical pharmaceutical sector experienced a significant increase of 3.77% on October 31, with Shutaishen leading the gains [1] - In contrast, the Shanghai Composite Index closed at 3954.79, down 0.81%, and the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the chemical pharmaceutical sector included: - Shutaishen (300204) with a closing price of 38.30, up 19.99% on a trading volume of 680,900 shares [1] - Kangla Pharmaceutical (300086) closed at 8.74, up 17.47% with a trading volume of 1,481,300 shares [1] - Zema Pharmaceutical (688266) closed at 103.88, up 16.14% on a trading volume of 93,300 shares [1] - Other significant performers included Yifang Bio (688382) up 15.30%, and Deyuan Pharmaceutical (920735) up 13.09% [1] Capital Flow - The chemical pharmaceutical sector saw a net inflow of 2.785 billion yuan from institutional investors, while retail investors experienced a net outflow of 974 million yuan [2] - The main stocks with significant capital inflow included: - Shutaishen with a net inflow of 472 million yuan, accounting for 19.44% of its trading volume [3] - Lianhuan Pharmaceutical (600513) with a net inflow of 338 million yuan, representing 39.88% of its trading volume [3] - Guangshengtang (300436) with a net inflow of 303 million yuan, making up 11.37% of its trading volume [3]

Core Viewpoint - 博瑞医药 has submitted an application for a dual listing on the Hong Kong Stock Exchange, marking a significant step in its global strategy and capital market internationalization [2][3] Group 1: Listing and Financial Strategy - The company aims to use the funds raised from the H-share issuance for three main purposes: supporting research and development of existing and future innovative drug candidates, building new production and R&D facilities, and supplementing operational funds [2] - The IPO is expected to enhance 博瑞医药's brand influence in the global pharmaceutical industry and provide new financing channels, optimizing its capital structure [3] Group 2: Financial Performance - 博瑞医药's revenue has shown consistent growth over the past three years, with revenues of RMB 1.017 billion, RMB 1.164 billion, and RMB 1.254 billion for the years ending December 31, 2022, 2023, and 2024, respectively [4] - The company's R&D expenditure for the first half of 2025 reached RMB 138 million, with a year-on-year increase of 144.07%, accounting for 64.83% of its operating revenue [4] Group 3: Innovation Pipeline - 博瑞医药 is advancing multiple innovative drug candidates, including BGM0504, which is a leading candidate in the global clinical stage for treating metabolic diseases [5][10] - The company is also developing BGM2102 and BGM1812, targeting comprehensive blood sugar control and weight management for Type 2 Diabetes Mellitus (T2DM) patients [6][8] Group 4: Market Potential - The global market for T2DM and obesity is substantial, with an estimated 542.9 million T2DM patients and 2.6387 billion obesity patients worldwide by 2024 [9] - The global sales of GLP-1 receptor agonists are projected to reach USD 154.2 billion by the end of 2035, indicating a lucrative market for 博瑞医药's innovative therapies [9] Group 5: Strategic Collaborations and Future Outlook - 博瑞医药's success in innovation is supported by strong technical platforms and strategic partnerships, enhancing its competitive edge in both domestic and global markets [11] - The company's ongoing development in respiratory diseases, with seven drugs in the pipeline, further diversifies its growth potential [11]