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].

证券代码：688166 证券简称：博瑞医药 公告编号：2025-053 博瑞生物医药（苏州）股份有限公司 关于与华润三九医药股份有限公司签署合作研发协议的公告 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： ● 博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"博瑞医药"）及全资子公司博瑞制药（苏 州）有限公司（以下简称"博瑞制药"）、博瑞新创生物医药科技（无锡）有限公司（该三家许可方统称 为"博瑞医药及关联公司"）与华润三九医药股份有限公司（以下简称"华润三九"）签署了《合作研发协 议》，就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、生产及商 业化达成合作，博瑞医药及关联公司授予华润三九一项仅与博瑞医药及关联公司合作的可分许可的排他 性合作开发实施许可及一项可分许可的独占性商业化实施许可。 ● 本协议的签署已履行了相应的内部审批程序，无需提交公司董事会及股东大会审议。 ● 协议中约定的里程碑付款需要满足一定的条件，最终里程碑付款金额尚存在不确定性。BGM0504注 射 ...

Market Overview - On the first trading day of August, the A-share market experienced overall weakness, with major sectors such as oil and petrochemicals, semiconductors, and non-bank financials adjusting, leading to declines in the three major stock indices [2] - The Shanghai Composite Index closed at 3559.95 points, down 0.37%; the Shenzhen Component Index closed at 10991.32 points, down 0.17%; and the ChiNext Index closed at 2322.63 points, down 0.24% [2] - The total trading volume in the Shanghai and Shenzhen markets was 15,983 billion yuan, a decrease of over 3,300 billion yuan compared to the previous trading day [2] Solar Equipment Sector - The solar equipment sector showed strong performance, with the Shenwan Solar Equipment Index closing up 2.60%, leading all secondary industries [3] - Companies such as Jiejia Weichuang and Shuangliang Energy reached the daily limit [3] - The Ministry of Industry and Information Technology recently issued a special energy-saving inspection task list for the polysilicon industry for 2025, requiring local authorities to implement and report results by September 30 [3] - According to China International Capital Corporation (CICC), this move is aimed at optimizing the supply side of the industry and may lead to the exit of backward production capacity, particularly affecting the upstream polysilicon segment [3] Express Delivery Sector - The express delivery sector also performed actively, with the Shenwan Logistics Index rising by 1.53% [3] - Companies such as YTO Express, Shentong Express, and Yunda Holdings saw increases of over 6%, while other stocks like Debang Logistics also followed suit [3] - On July 29, the State Post Bureau held a meeting with express delivery companies to address issues related to "involution" competition and promote high-quality industry development [4] Innovative Drug Sector - The innovative drug sector remained active, with stocks like Weikang Pharmaceutical hitting a 20% daily limit, and companies such as Anglikang and Guizhou Bailin recording consecutive gains [5] - Recent announcements from companies like Haizike and Huahai Pharmaceutical regarding new drug applications have contributed to the sector's momentum [5] - According to Dongfang Securities, the global innovative drug field is shifting from "Made in China" to "Created in China," with domestic pharmaceutical companies enhancing their international competitiveness [5] Dividend and Resource Sectors - Looking ahead to August, the strategy team at Industrial Securities suggests focusing on dividend sectors and resource industries for investment opportunities [6] - Historical data indicates that the first half of August typically sees fewer companies disclosing semi-annual results, leading to a higher success rate for small-cap stocks [6] - As the month progresses and companies begin to report earnings, larger-cap stocks with earnings certainty are expected to gain more attention, particularly in resource sectors like coal and petrochemicals [6]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-053 博瑞生物医药（苏州）股份有限公司 关于与华润三九医药股份有限公司签署合作研发协 议的公告 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： ? 博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"博瑞医药" ） 及全资子公司博瑞制药（苏州）有限公司（以下简称"博瑞制药"） 、博瑞新创生 物医药科技（无锡）有限公司（该三家许可方统称为"博瑞医药及关联公司"） 与华润三九医药股份有限公司（以下简称"华润三九" ）签署了《合作研发协议》 ， 就 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、生产及商业化达成合作，博瑞医药及关联公司授予华润三九一项仅与博瑞 医药及关联公司合作的可分许可的排他性合作开发实施许可及一项可分许可的 独占性商业化实施许可。 ? 本协议的签署已履行了相应的内部审批程序，无需提交公司董事会及股 东大会审议。 ? 协议中约定的里程碑付款需要满足一定的条件，最终里程碑付款金额尚 存在不确定性 ...

华润三九董事长邱华伟表示，"此次合作是双方优势的深度融合。华润三九的产业资源、商业化能力与 博瑞医药的研发优势、创新实力形成互补，既有利于加速BGM0504注射液的研发进程，也有利于推动 创新药管线的商业化落地，实现创新成果向临床价值的高效转化，达成创新驱动与商业拓展的协同发 展。双方将聚焦减重和降糖这两大核心功效构建品牌优势，同时积极拓展其他适应症市场，让这款创新 药的价值得到更充分的释放。" 博瑞医药董事长袁建栋表示，"'持续创新，护佑健康'是博瑞医药的核心使命，我们始终聚焦于解决未 被满足的临床需求。BGM0504注射液是一项重大创新成果，我们期待借助华润三九强大的注册申报、 市场覆盖和商业化能力，高效转化创新成果，让BGM0504注射液早日惠及中国患者。同时，双方还将 在临床研究策略上进行紧密协作，共同设计探索前沿的临床试验方案，为未来的学术推广奠定坚实基 础。这种优势互补、资源共享的合作模式，将有望推动实现双方共赢，并最终造福患者。" 中证报中证网讯(王珞)博瑞医药官网消息，华润三九（000999）与博瑞医药(688166)8月1日在苏州举行 BGM0504注射液项目合作签约仪式，宣布达成合作研发协 ...

Group 1 - The core point of the article is that Borui Pharmaceutical has signed a cooperation research and development agreement with China Resources Sanjiu to jointly develop and commercialize the BGM0504 injection in mainland China [1][2] - BGM0504 injection is a dual agonist of GLP-1 and GIP, classified as a first-class innovative drug that has not yet been launched in domestic and international markets [1] - The agreement allows Borui Pharmaceutical to receive milestone payments from China Resources Sanjiu, with a total potential payment of up to 282 million yuan based on the clinical progress and approval of the product [1] Group 2 - The signing of the agreement is expected to accelerate the commercialization process of BGM0504 injection in China, as China Resources Sanjiu will share the clinical trial costs and leverage its established sales channels and marketing experience [2] - This collaboration aligns with the strategic development needs of Borui Pharmaceutical, aiming to expand the patient coverage for BGM0504 injection [2]

8月1日，就公司在研药物GLP-1和GIP受体双重激动剂BGM0504注射液与华润三九（000999）在中国大 陆地区(不包含香港、澳门及台湾地区)达成研发、注册、生产及商业化合作，博瑞医药回复第一财经记 者称，该项目合作并未发生专利权属的变更，博瑞医药及关联公司仍是BGM0504注射液项目现有专利 的专利权人，与华润三九的合作也不影响公司积极探索海外市场。(第一财经) ...

博瑞医药董事长袁建栋表示："BGM0504注射液是一项重大创新成果。公司期待借助华润三九强大的注 册申报、市场覆盖和商业化能力，高效转化创新成果，让BGM0504注射液早日惠及中国患者。同时， 双方还将在临床研究策略上进行紧密协作，共同设计探索前沿的临床试验方案，为未来的学术推广奠定 坚实基础。这种优势互补、资源共享的合作模式，将有望推动实现双方共赢，并最终造福患者。" 华润三九董事长邱华伟表示："此次合作是双方优势的深度融合。华润三九的产业资源、商业化能力与 博瑞医药的研发优势、创新实力形成互补，既有利于加速BGM0504注射液的研发进程，也有利于推动 创新药管线的商业化落地，实现创新成果向临床价值的高效转化，达成创新驱动与商业拓展的协同发 展。双方将聚焦减重和降糖这两大核心功效构建品牌优势，同时积极拓展其他适应症市场，让这款创新 药的价值得到更充分的释放。" 当前，2型糖尿病（T2DM）和肥胖症已成为全球及中国面临的重大公共卫生挑战。国际糖尿病联盟 （IDF）第11版《世界糖尿病地图》显示，2024年我国糖尿病患者约1.48亿人。其中，T2DM患者在糖 尿病患者群体中占绝大多数，其患病率持续攀升；此外，超 ...

Group 1 - The core viewpoint of the news is the collaboration between China Resources Sanjiu (华润三九) and Borui Pharmaceutical (博瑞医药) to develop the BGM0504 injection, aimed at addressing the rising public health challenges of Type 2 Diabetes Mellitus (T2DM) and obesity in China [1][2] - The BGM0504 injection is a dual agonist of GLP-1 and GIP receptors, classified as an innovative peptide drug, and is currently in the critical phase of Phase III clinical trials [2] - The partnership aims to leverage the strengths of both companies, combining China Resources Sanjiu's commercial capabilities with Borui Pharmaceutical's research advantages to accelerate the development and commercialization of BGM0504 in the Chinese market [2] Group 2 - The collaboration is expected to enhance the brand's competitive edge by focusing on weight loss and blood sugar reduction, while also exploring other potential indications for the drug [2] - Both companies emphasize the importance of addressing unmet clinical needs and aim to efficiently translate innovative results into clinical value for patients [2] - The cooperative model of resource sharing and complementary advantages is anticipated to lead to mutual benefits for both companies and ultimately benefit patients [2]