Company Overview - The company, 博瑞生物医药 (Suzhou) Co., Ltd., primarily engages in the research, production, and sales of high-end generic active pharmaceutical ingredients (APIs) and formulations, maintaining a strong competitive position in niche markets [3][11] - As of March 2025, the company reported total assets of 52.85 billion yuan and equity of 26.16 billion yuan, with a debt-to-asset ratio of 43.95% [5][11] - The company has a robust R&D capability, with a 25.42% year-on-year increase in R&D investment in 2024, accounting for 24.31% of its revenue [6][20] Financial Performance - In 2024, the company achieved an operating income of 2.49 billion yuan, with a gross profit margin of 43.95%, although both figures showed a decline compared to the previous year [16][20] - The revenue from the API segment was 8.85 billion yuan, while the formulation segment contributed 1.38 billion yuan, indicating a growing share of formulation sales [17][20] - The company’s total debt has been increasing, and significant investments in ongoing projects may pose challenges if market conditions change [5][7] Market Position and Competitive Landscape - The company maintains stable partnerships with major players like Teva and 恒瑞医药, benefiting from increased demand for antifungal and immunosuppressive products [6][7] - The company’s products are primarily exported, with 46.10% of its revenue coming from international sales, making it susceptible to fluctuations in global trade and currency exchange rates [7][8] - The pharmaceutical manufacturing industry is experiencing a transformation, with ongoing price governance and procurement policies impacting revenue and profit margins [14][15] R&D and Innovation - The company is advancing its pipeline of innovative drugs, including BGM0504 injection, which is in phase III clinical trials for diabetes and weight loss indications [20] - In 2024, the company received 33 new domestic and international patent authorizations, enhancing its competitive edge in the market [6][20] - The company’s focus on both generic and innovative drugs positions it well to capitalize on the growing demand for pharmaceuticals driven by an aging population and increasing healthcare needs [14][15] Industry Trends - The pharmaceutical manufacturing industry is expected to grow due to rising disposable incomes and an aging population, despite challenges from external trade dynamics [13][14] - The industry is characterized by high R&D costs and long product development cycles, necessitating strong financial and technical capabilities for sustained competitiveness [14][15] - Recent government policies aimed at supporting innovation in drug development are likely to create opportunities for companies with strong R&D capabilities [15]

Core Viewpoint - The announcement provides an update on the conversion status of the "博瑞转债" (Bright Gene Convertible Bonds) and outlines the current state of the company's convertible bonds, including the amount converted and remaining unconverted bonds. Group 1: Convertible Bond Issuance Overview - The company issued 4.65 million convertible bonds with a total value of RMB 46.5 million on January 4, 2022, with a maturity period of six years starting from the issuance date [2]. - The bonds began trading on the Shanghai Stock Exchange on January 27, 2022, under the name "博瑞转债" and code "118004" [2]. Group 2: Conversion Status - As of March 31, 2025, RMB 100,000 worth of bonds had been converted into 2,870 shares, representing 0.0007% of the total shares before conversion [1][5]. - By the same date, a total of RMB 159,000 had been converted into 4,550 shares, which is 0.0011% of the total shares before conversion [1][5]. - The remaining unconverted amount of the convertible bonds is RMB 464,835,000, accounting for 99.9645% of the total issuance [1][5]. Group 3: Share Capital Changes - The total share capital before the conversion was 422,466,646 shares, which increased to 422,469,516 shares after the conversion of the bonds [5].

Core Viewpoint - The company maintains its credit rating of "AA-" with a stable outlook for both its corporate entity and the "Bory Pharmaceutical Convertible Bonds" [1][2] Group 1: Credit Rating Information - The previous credit rating for the company was "AA-" with a stable outlook, and the same rating applies to the "Bory Convertible Bonds" [1] - The recent credit rating report from Dongfang Jincheng International Credit Assessment Co., Ltd. confirms the maintenance of the company's credit rating at "AA-" and the stable outlook [2] - The credit rating report is available on the Shanghai Stock Exchange website, detailing the company's and bonds' ratings for the year 2025 [2]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-031 转债代码：118004 转债简称：博瑞转债 根据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市 规则》等有关规定，博瑞生物医药（苏州）股份有限公司（以下简称"公司"） 委托信用评级机构东方金诚国际信用评估有限公司（以下简称"东方金诚"）对 公司于 2022 年 1 月向不特定对象发行的可转换公司债券（以下简称"博瑞转债"） 进行了跟踪信用评级。 公司前次主体信用评级结果为"AA-"，评级展望为"稳定"，"博瑞转债" 前次信用评级结果为"AA-"，评级机构为东方金诚，评级时间为 2024 年 6 月 20 日。 评级机构东方金诚在对公司经营状况及相关行业进行综合分析与评估的基 础上，于近期出具了《博瑞生物医药（苏州）股份有限公司主体及"博瑞转债" 2025 年度跟踪评级报告》（东方金诚债跟踪评字【2025】0018 号），评级结果如 下：维持公司主体信用等级为"AA-"，评级展望为"稳定"，同时维持"博瑞转 债"信用等级为"AA-"。 本次信用评级报告内容详见公司同日披露于上海证券交易所网站的《博瑞生 博瑞生物医药（苏州）股 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-032 转债代码：118004 转债简称：博瑞转债 博瑞生物医药（苏州）股份有限公司 可转债转股结果暨股份变动公告 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： 转股情况："博瑞转债"自 2022 年 7 月 11 日起开始进入转股期。2025 年 1 月 1 日至 2025 年 3 月 31 日期间，"博瑞转债"共有人民币 100,000 元已转 换为公司股票，转股数量为 2,870 股，占"博瑞转债"转股前公司已发行股份总 额的 0.0007%。截至 2025 年 3 月 31 日，"博瑞转债"共有人民币 159,000 元已 转换为公司股票，转股数量为 4,550 股，占"博瑞转债"转股前公司已发行股份 总额的 0.0011%。 未转股可转债情况：截至 2025 年 3 月 31 日，"博瑞转债"尚未转股的 可转债金额为 464,835,000 元，占"博瑞转债"发行总量的 99.9645%。 因公司实施 2022 年年度权益分派，"博 ...

信用等级通知书 东方金诚债跟踪评字【2025】0018 号 博瑞生物医药（苏州）股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"博 瑞转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 AA-，评级展望为稳定，同 时维持"博瑞转债"信用等级为 AA-。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充分履 行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受评级 对象和第三方组织或个人的干预和影响。 4.本次评级依据委托方提供的资料和/或已经正式对外公布的信息，相关信息的合法性、真 实性、准确性、完整性均由资料提供方和/或发布方负责，东方金诚按照相关性、可靠性、 及时性的原则对评级信息进行合理审慎的核查分析，但不对资料提供方和/或发布方提供的 信息合法性、真实性、准确性及完整性作任何形式的保证。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年五月二十七日 东方金诚债跟踪评字【2025】0018 号 信用评级报告 ...

| 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 33.67 | 1556.23 | 46.22 | -4.99 | 招商证券股份有限公司上 | 中国银河证券股份有限公 | | | | | | 海陆家嘴东路证券营业部 | 司上海上南路证券营业部 | | 31.24 | 1443.91 | 46.22 | -4.99 | 招商证券股份有限公司上 | 中国银河证券股份有限公 | | | | | | 海陆家嘴东路证券营业部 | 司合肥临泉路证券营业部 | | 25.96 | 1199.87 | 46.22 | -4.99 | 中信证券股份有限公司上 | 中国银河证券股份有限公 | | | | | | 海分公司 | 司上海上南路证券营业部 | | 20.56 | 1000.24 | 48.65 | 0.00 | 华泰证券股份有限公司深 | 中国银河证券股份有限公 | | | | | | 圳前海证 ...

碘普罗胺注射液用于诊断用药。碘普罗胺注射液 300（碘浓度 300mg/ml， 对应规格 100ml：62.34g）用于血管内和体腔内；计算机 X 线体层扫描（CT）增 强，动脉造影和静脉造影，动脉法/静脉法数字减影血管造影（DSA），静脉尿路 造影，内窥镜逆行胰胆管造影（ERCP），关节腔造影和其他体腔检查，不能在鞘 内使用。碘普罗胺注射液 370（碘浓度 370mg/ml，对应规格 100ml：76.89g）用 于血管内和体腔内；计算机 X 线体层扫描（CT）增强，动脉造影和静脉造影， 动脉法/静脉法数字减影血管造影（DSA），特别适用于心血管造影，静脉尿路造 影，内窥镜逆行胰胆管造影（ERCP），关节腔造影和其他体腔检查，不能在鞘内 使用。 据统计，碘普罗胺注射液 2022 年国内销售额为 11.88 亿元、2023 年国内销 售额为 13.58 亿元、2024 年国内销售额为 15.09 亿元（数据来源于医药魔方 Pharmcube IPM©数据库）。 证券代码：688166 证券简称：博瑞医药 公告编号：2025-030 博瑞生物医药（苏州）股份有限公司自愿披露 关于子公司获得碘普罗胺注射液药品注册 ...

Core Viewpoint - The company has decided not to exercise the early redemption rights of its convertible bonds, despite triggering the conditional redemption clause due to stock price performance [1][6]. Group 1: Conditional Redemption Trigger - From April 28, 2025, to May 21, 2025, the company's stock price met the condition of closing at or above 130% of the conversion price for 15 out of 30 trading days, triggering the conditional redemption clause [1][5]. - The conversion price for the bonds is set at 45.29 CNY per share [5]. Group 2: Decision on Early Redemption - On May 21, 2025, the company's board of directors held a meeting and approved the decision not to redeem the "BoRui Convertible Bonds" early, considering various factors including operational performance and market conditions [6]. - The company will reassess the situation after August 22, 2025, to determine if the redemption clause is triggered again [2][6]. Group 3: Convertible Bond Issuance Overview - The company issued 4.65 million convertible bonds with a total value of 465 million CNY, with a maturity period of six years starting from January 4, 2022 [2]. - The bonds were listed on the Shanghai Stock Exchange on January 27, 2022, under the name "BoRui Convertible Bonds" [2]. Group 4: Conversion Price Adjustments - The conversion price has been adjusted multiple times due to annual profit distributions, with the latest adjustment occurring on June 2023 [3][4].

证券代码：688166 证券简称：博瑞医药 公告编号：2025-029 转债代码：118004 转债简称：博瑞转债 博瑞生物医药（苏州）股份有限公司 关于不提前赎回"博瑞转债"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： 自 2025 年 4 月 28 日至 2025 年 5 月 21 日，博瑞生物医药（苏州）股份 有限公司（以下简称"公司"）股票满足连续 30 个交易日中有 15 个交易日收盘 价格不低于当期转股价格的 130%（即 45.29 元/股），已触发《博瑞生物医药（苏 州）股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"可 转债募集说明书"）中规定的有条件赎回条款。 公司于 2025 年 5 月 21 日召开第四届董事会第七次会议，审议通过了《关 于不提前赎回"博瑞转债"的议案》，决定本次不行使"博瑞转债"的提前赎回 权利，不提前赎回"博瑞转债"。 未来三个月内（即 2025 年 5 月 22 日至 2025 年 8 月 21 日期间），如"博 瑞转债"再次触发有条 ...