金融界消息 截至2025年8月4日收盘，华润三九（000999）报收于32.12元，上涨2.07%，换手率1.4%， 成交量23.25万手，成交金额7.44亿元。 天眼查商业履历信息显示，华润三九医药股份有限公司，成立于1999年，位于深圳市，是一家以从事医 药制造业为主的企业。企业注册资本128429.8685万人民币，实缴资本128429.8685万人民币。公司法定 代表人为吴文多。 通过天眼查大数据分析，华润三九医药股份有限公司共对外投资了51家企业，参与招投标项目5000次， 知识产权方面有商标信息2216条，专利信息556条，此外企业还拥有行政许可325个。 来源：金融界 资金流向方面，今日主力资金净流入8617.18万元，占比成交额11.59%。其中，超大单净流入4137.07万 元、占成交额5.56%，大单净流入4480.11万元、占成交额6.02%，中单净流出流出2933.23万元、占成交 额3.94%，小单净流出5683.95万元、占成交额7.64%。 华润三九最新一期业绩显示，截至2025一季报，公司营业总收入68.54亿元、同比减少6.04%，归属净利 润12.70亿元，同比减少6.87 ...

Group 1 - A total of 40 stocks received buy ratings from brokerages on August 1, with 10 stocks announcing target prices [1] - Based on the highest target prices, China Resources Sanjiu, Meihua Biological, and Ninebot Company-WD ranked highest in target price increase, with expected increases of 49.09%, 47.85%, and 38.13% respectively [1] - Among the rated stocks, 30 maintained their ratings, while 10 received ratings for the first time [1] Group 2 - Five stocks attracted attention from multiple brokerages, with Hisense Home Appliances, Oriental Yuhong, and Qingdao Bank receiving the most ratings, at 4, 3, and 3 brokerages respectively [1] - In terms of industry distribution, the highest number of buy-rated stocks belonged to Capital Goods, Durable Consumer Goods & Apparel, and Technology Hardware & Equipment, with 7, 6, and 4 stocks respectively [1]

Core Viewpoint - China Resources Sanjiu and Borui Pharmaceutical have entered into a significant collaboration for the development and commercialization of BGM0504 injection, a dual agonist of GLP-1 and GIP, in mainland China [1][3]. Group 1: Collaboration Details - The collaboration includes a research and development agreement for BGM0504 injection, granting China Resources Sanjiu exclusive rights for development and commercialization in mainland China [1][3]. - Borui Pharmaceutical will receive milestone payments from China Resources Sanjiu, totaling up to 282 million yuan, based on the progress of clinical trials and regulatory approvals [3][4]. - The agreement allows for priority cooperation on new product licenses and transfers within the defined collaboration area [3]. Group 2: Market Potential and Strategic Importance - BGM0504 injection is considered a highly anticipated product in the domestic weight loss drug market, currently undergoing Phase III clinical trials [4]. - The collaboration is seen as a strategic move for China Resources Sanjiu to enter a high-growth market with a controlled cost structure, leveraging its extensive distribution network and marketing experience [5]. - The partnership aims to ensure rapid market access for BGM0504 upon approval, allowing for immediate sales growth and market capture [5].

Core Viewpoint - The collaboration between Borui Pharmaceutical and China Resources Sanjiu aims to expedite the development and commercialization of BGM0504 injection in mainland China, leveraging each other's strengths in clinical trials and market access [1][6]. Group 1: Collaboration Details - Borui Pharmaceutical and its subsidiaries have signed a cooperation and research agreement with China Resources Sanjiu for the development, registration, production, and commercialization of BGM0504 injection in mainland China, excluding Hong Kong, Macau, and Taiwan [1][4]. - The agreement grants China Resources Sanjiu exclusive rights for cooperative development and commercialization of BGM0504 injection, which is a dual agonist of GLP-1 and GIP, classified as a first-class innovative drug not yet marketed [4][6]. - Borui Pharmaceutical will receive a maximum milestone payment of 282 million yuan from China Resources Sanjiu based on the clinical progress and approval of the product [4][5]. Group 2: Financial Aspects - The agreement includes provisions for milestone payments based on the results of two new clinical trials, with each payment capped at the lower of 50% of the actual trial costs or 28.5 million yuan [5]. - Following the first commercial sale of the product, Borui Pharmaceutical will pay a service fee to China Resources Sanjiu based on a percentage of net sales, with different settlement methods depending on the sales model [4]. Group 3: Market Potential and Strategic Importance - BGM0504 injection is highly anticipated in the domestic weight loss drug market, with ongoing Phase III clinical trials progressing as planned [6]. - The partnership is seen as a strategic move for both companies, allowing China Resources Sanjiu to enter a high-growth market while providing Borui Pharmaceutical with access to established sales channels and marketing expertise [6][7]. - The collaboration is characterized as a deep binding of resources and risk-sharing rather than a simple transaction, which is crucial for both companies to capitalize on the potential of the product [7].

Group 1 - The core viewpoint of the report is that Guotai Junan Securities has given a "buy" rating for China Resources Sanjiu (000999.SZ) based on its strategic positioning in weight loss and blood sugar reduction markets, as well as the promising clinical progress of BGM0504 injection [2] - The collaboration with Borui Pharmaceutical is highlighted as a strong partnership that will enhance product development and share sales results, indicating a synergistic effect on the company's growth [2] - The company is noted for its strong commercialization capabilities, with BGM0504 injection expected to become an important addition to its product pipeline, which could drive future revenue growth [2]

Group 1 - The core viewpoint of the article is that the strategic partnership between Borui Pharmaceutical and China Resources Sanjiu is expected to enhance sales capabilities and support R&D efforts for the BGM0504 injection product, leading to a "buy" rating for Borui Pharmaceutical [1][2][3]. Group 2 - On August 1, 2025, Borui Pharmaceutical signed a cooperation and R&D agreement with China Resources Sanjiu for the development, registration, production, and commercialization of BGM0504 in mainland China, granting exclusive development and commercialization rights while retaining ownership of the product [2]. - China Resources Sanjiu will pay up to 282 million yuan in milestone payments for R&D and additional sales milestone payments, which will be the lower of 50% of the clinical R&D costs for new indications or 28.5 million yuan [2]. - The collaboration allows Borui to leverage China Resources Sanjiu's leading OTC channel capabilities to enhance sales, while China Resources Sanjiu benefits from an expanded product line and a share of sales service fees [3]. Group 3 - Borui Pharmaceutical has a rich pipeline in innovative drugs and complex generics, with BGM1812 in preclinical stages and BGM0504 tablets having received IND application acceptance, expected to enter clinical phase 1 within the year [4]. - The company anticipates deepening cooperation with China Resources Sanjiu as more products are launched, particularly the oral BGM0504 tablets, which could significantly increase domestic sales [4]. - Profit forecasts for Borui Pharmaceutical estimate net profits of 260 million yuan, 300 million yuan, and 430 million yuan for 2025, 2026, and 2027 respectively, with a current market P/E valuation of 160, 139, and 97 times [4].

博瑞医药与华润三九医药股份有限公司签署了《合作研发协议》，针对BGM0504注射液在中国大陆地 区（不包含香港、澳门及台湾地区）的研发、注册、生产和商业化达成合作。博瑞医药及关联公司授予 华润三九排他性合作开发实施许可及独占性商业化实施许可。华润三九将支付最高2.82亿元人民币的研 发投入里程碑付款，博瑞医药将根据净销售额支付服务费。双方还将组成联合开发委员会和联合商业化 委员会。此协议有助于快速推进BGM0504注射液的商业化进程，预计在合作产品上市后会对公司未来 的经营业绩产生积极影响。药品研发周期长、审批环节多，存在不确定性。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 【公司公告汇总】博瑞医药与华润三九签署BGM0504注射液合作研发协议，涉及最高2.82亿元人 民币的研发投入里程碑付款 公司公告汇总 截至2025年8月1日收盘，博瑞医药（688166）报收于99.25元，较上周的99.39元下跌0.14%。本周，博 瑞医药7月30日盘中最高价报108.15元，股价触及近一年最高点。7月31日盘中最低价报92.31元。博 ...

Core Viewpoint - The collaboration between Borui Pharmaceutical and China Resources Sanjiu focuses on the development, registration, production, and commercialization of BGM0504 injection in mainland China, with Borui retaining full ownership of the product while granting exclusive development and commercialization rights to Sanjiu [1][2]. Group 1: Collaboration Details - Borui grants Sanjiu exclusive cooperation development and commercialization licenses while retaining full ownership of the product [1]. - Sanjiu will pay up to 282 million yuan in milestone payments for the development of BGM0504, along with additional sales milestone payments [1]. - Borui will only pay a service fee based on net sales after the product is launched, without transferring other rights [1]. Group 2: Market and Sales Implications - Sanjiu's leading OTC channel capabilities will help Borui enhance its sales performance, compensating for its own sales team limitations [2]. - The collaboration sets a precedent for paying development costs and sales milestones to obtain exclusive promotional rights, showcasing Sanjiu's commitment to supporting innovative pharmaceutical companies [2]. Group 3: Pipeline and Future Prospects - Borui has a rich pipeline in innovative drugs and complex generics, with BGM1812 in preclinical stages and BGM0504 tablets expected to enter clinical trials within the year [3]. - The company anticipates deepening cooperation with Sanjiu as new products, especially the oral BGM0504 tablets, are launched, leveraging Sanjiu's promotional capabilities to maximize domestic sales [3]. - BGM0504 injection has nearly completed bridging clinical trials in the U.S., indicating potential for international market entry [3]. Group 4: Financial Forecast - The company maintains its profit forecast, expecting net profits of 260 million, 300 million, and 430 million yuan for 2025-2027, corresponding to P/E ratios of 160, 139, and 97 times [3].

整理 | GLP1减重宝典内容团队 博瑞医药与华润三九近日宣布建立战略合作关系，双方将共同推进GLP-1/GIP双重靶点激动剂BGM0504注射液在中国大陆的研发和商 业化工作。针对该产品现阶段的III期临床试验费用，博瑞医药及其关联公司将根据项目的研发进展和未来上市审批情况，从华润三九获 得最高不超过2.82亿元人民币的里程碑式研发投入。 BGM0504为博瑞医药自主开发的GLP-1与GIP受体双重激动剂，通过同时激活这两条代谢通路，已在血糖控制、体重管理和非酒精性脂 肪性肝炎（NASH）治疗方面展现出协同作用。 作为国内外均尚未上市的1类化学创新药，BGM0504注射液显示出多适应症潜力。II期临床数据显示，其疗效优于目前市场上的单靶点 药物司美格鲁肽，并覆盖2型糖尿病、减重及NASH三大领域，市场空间巨大。其中，减重适应症已在美国获批IND，目前全球范围内 正同步开展4项III期临床试验（中国3项，印尼1项）。 除注射剂型外，BGM0504的口服制剂亦已进入临床前阶段，有望突破现有GLP-1类药物在给药途径上的限制。目前，该药物在中国的 III期临床处于患者入组和随访阶段，预计将在2025至2026年进 ...

Core Viewpoint - The company has signed a cooperation and research agreement with China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. for the development, registration, production, and commercialization of BGM0504 injection in mainland China, excluding Hong Kong, Macau, and Taiwan [1][2]. Group 1: Agreement Details - The agreement grants China Resources Sanjiu exclusive rights for cooperative development and commercialization of BGM0504 injection, which is a dual agonist of GLP-1 and GIP, currently in the research phase [1][3]. - The agreement has passed internal approval processes and does not require further board or shareholder review [1]. - The milestone payments outlined in the agreement are contingent upon certain conditions, and the total amount remains uncertain [2][10]. Group 2: Product Information - BGM0504 injection is an innovative drug that has shown potential for treating metabolic diseases, including type 2 diabetes and non-alcoholic fatty liver disease (NASH) [3]. - The product has achieved expected goals in phase II clinical trials for weight loss and type 2 diabetes treatment, with phase III trials currently ongoing [3]. Group 3: Financial Terms - The total maximum milestone payment for research and development from China Resources Sanjiu is set at 282 million RMB [10]. - The company will receive service fees based on net sales from the commercialization of the product, with different settlement methods depending on the sales model [11]. - Additional sales milestone payments will be based on the results of new clinical trials, with a cap of 28.5 million RMB for each trial [12]. Group 4: Impact on the Company - The agreement is expected to accelerate the commercialization process of BGM0504 injection in China, leveraging China Resources Sanjiu's established sales channels and market experience [16]. - The cooperation is anticipated to positively impact the company's future operating performance once the product is launched, although it will not affect current performance [2][16].