Group 1 - The core viewpoint of the news is that BoRui Pharmaceutical (688166.SH) has reported its Q3 2025 results, highlighting the institutional investor landscape and changes in shareholding [1] - As of October 30, 2025, a total of 18 institutional investors hold shares in BoRui Pharmaceutical, with a combined holding of 65.7755 million shares, representing 15.55% of the total share capital [1] - The top ten institutional investors collectively hold 15.48% of the shares, which is a decrease of 1.36 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds increased their holdings, including the Innovation Drug ETF and the Penghua and Jiashi Shanghai Stock Exchange STAR Market Biomedicine ETFs, with a slight increase in the proportion of holdings [2] - Two public funds decreased their holdings compared to the previous quarter, including the STAR Market Medical ETF, with a slight decrease in the proportion of holdings [2] - Seven new public funds were disclosed this period, including the Guotai STAR Market Innovation Drug ETF and several index-enhanced funds [2] - A total of 158 public funds were not disclosed in this period, including various ETFs and enhanced bond funds [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.29% compared to the previous period [2]

Core Viewpoint - 博瑞医药 is a leading high-end generic and innovative drug developer in China, with a strong industry position and full supply chain advantages [1] Financial Performance - In Q3 2025, 博瑞医药 achieved revenue of 874 million yuan, ranking 20th among 47 companies in the industry, while the industry leader, 普洛药业, reported revenue of 7.764 billion yuan [2] - The company's net profit for the same period was 31.39 million yuan, placing it 29th in the industry, with the top performer, 浙江医药, reporting a net profit of 867 million yuan [2] Profitability and Debt - As of Q3 2025, 博瑞医药's debt-to-asset ratio was 52.77%, higher than the industry average of 27.75%, indicating significant debt pressure [3] - The gross profit margin was 51.40%, which, despite a decrease from 58.00% year-on-year, remains above the industry average of 35.38% [3] Management and Shareholder Structure - The chairman, 袁建栋, received a salary of 1.9114 million yuan in 2024, a slight decrease from the previous year [4] - As of June 30, 2025, the number of A-share shareholders decreased by 10.11%, while the average number of shares held per shareholder increased by 11.32% [5] Innovation Pipeline - 博瑞医药's BGM0504 oral tablet has received Phase I clinical trial approval in the U.S., showcasing significant advantages in bioavailability and safety [5] - The company has a rich pipeline with multiple products progressing towards clinical stages, enhancing its competitiveness in international markets [5][6] Market Outlook - Despite a temporary decline in revenue and net profit due to reduced demand for antiviral products, the company is expected to improve its performance with ongoing innovation and clinical advancements [6]

Core Viewpoint - 博瑞医药 has submitted an application for a Hong Kong IPO, aiming for a dual listing in both A-share and H-share markets, which is a significant step in its global strategy to enhance its international business foundation [1] Group 1: Financial Performance - 博瑞医药 has shown steady revenue growth, with projected revenues of RMB 1.017 billion, RMB 1.164 billion, and RMB 1.254 billion for the years 2022, 2023, and 2024 respectively [1] - The company's R&D expenditures are also on the rise, with amounts of RMB 207 million, RMB 249 million, and RMB 297 million for the years 2022, 2023, and 2024, representing 20.35%, 21.08%, and 23.19% of revenue respectively [1] - In the first half of 2025, R&D spending reached RMB 348 million, a year-on-year increase of 144.07%, accounting for 64.83% of revenue [1] Group 2: Product Pipeline and Market Potential - 博瑞医药 focuses on innovative treatments for metabolic diseases, with its lead candidate BGM0504 showing promising results in clinical trials, achieving a HbA1c reduction of -2.76% and weight loss of -19.78% in the 15mg dosage group [2] - The global market for T2DM patients is projected to reach 543 million by 2024, with obesity and overweight populations at 2.639 billion, indicating a substantial market opportunity for GLP-1 receptor agonists [3] - BGM0504 is among the leading GLP-1/GIP dual-target agonists in clinical development, with plans for a new drug application submission as early as 2026 [3] Group 3: Strategic Initiatives - The funds raised from the Hong Kong IPO will be allocated to R&D for existing and future innovative drug candidates, upgrading production and R&D facilities, and supplementing working capital [1] - 博瑞医药 is also expanding its pipeline into respiratory diseases, with seven ongoing projects targeting conditions such as COPD and asthma [3] - The company aims to deepen international collaboration and accelerate its global expansion, with the Hong Kong listing expected to enhance its capital structure and support overseas clinical advancements [3]

博瑞生物医药（苏州）股份有限公司（以下简称"公司"）于2025年10月30 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了在境外发行股 份（H股）并在香港联交所主板上市（以下简称"本次发行H股及上市"或"本 次发行"）的申请，并于同日在香港联交所网站刊登了本次发行的申请资料。该 申请资料为公司按照香港证券及期货事务监察委员会及香港联交所的要求编制 和刊发，为草拟版本，其所载资料可能会适时作出更新和变动。 证券代码：688166 证券简称：博瑞医药 公告编号：2025-094 博瑞生物医药（苏州）股份有限公司 关于向香港联合交易所有限公司递交 H 股发行及上 市的申请并刊发申请资料的公告 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。 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行H股及上 市的相关信息而作出。本公告以及刊登于香港联交所网站的申请资料不构成也不 得视作对任何个人或实体收购、购买或认购公司本次发行的H股的要约或要约邀 请。 公司本次发行H股及上市尚需取得中国证券监督管理委员会、香港证券及 ...

Core Viewpoint - 博瑞医药 announced its first share buyback on October 30, 2025, through the Shanghai Stock Exchange, repurchasing 55,880 shares, which represents 0.0132% of the company's total share capital [1] Summary by Category - **Company Actions** - 博瑞医药 executed a share buyback of 55,880 shares [1] - The buyback was conducted via centralized bidding on the Shanghai Stock Exchange [1] - **Financial Impact** - The repurchased shares account for 0.0132% of the total share capital of the company [1]

Core Viewpoint - 博瑞医药 reported a significant decline in both revenue and net profit for the first three quarters of 2025, primarily due to changes in flu trends and competitive landscape affecting the demand and pricing of antiviral products [1] Financial Performance - The company's revenue for the first three quarters was 874 million yuan, representing a year-on-year decrease of 10.5% [1] - The net profit attributable to shareholders was 50.32 million yuan, down 71.64% compared to the same period last year [1] Product Performance - The demand and pricing for oseltamivir raw materials and formulations decreased, leading to a substantial reduction in revenue and gross profit for antiviral products [1] - A decline in sales of antifungal raw materials was noted, attributed to fluctuations in customer demand and product pricing, resulting in a significant drop in gross profit for this category [1]

Group 1 - The company, Borui Pharmaceutical (688166), announced a share repurchase plan with a budget of 10 million to 20 million yuan [1] - The maximum repurchase price is set at 139.77 yuan per share [1]

Group 1 - The core point of the article is that Borui Biopharmaceutical (Suzhou) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] Group 2 - The company is seeking to raise capital through the public offering to support its growth and development in the biopharmaceutical sector [1] - This move indicates the company's ambition to expand its market presence and enhance its operational capabilities [1]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-093 博瑞生物医药（苏州）股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 本次回购股份符合相关法律法规的规定及公司的回购股份方案。 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。 三、其他事项 重要内容提示： | 回购方案首次披露日 | 2025/9/27 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 9 月 26 日~2026 月 25 | 年 | 年 | 9 | 日 | | 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 ...

Group 1 - Company announced a share buyback of approximately 55,900 shares, representing 0.0132% of its total share capital of about 423 million shares [1] - The buyback was conducted through the Shanghai Stock Exchange with a total expenditure of approximately 2.99 million RMB, with a maximum price of 54.28 RMB per share and a minimum price of 52.96 RMB per share [1] - For the year 2024, the company's revenue composition is 97.33% from pharmaceutical manufacturing and 2.67% from other businesses [1] Group 2 - The current market capitalization of the company is 22.6 billion RMB [2]