Core Viewpoint - The innovative pharmaceutical company, Borui Pharmaceutical, has seen its stock price double since July, following a collaboration with China Resources Sanjiu on the development and commercialization of its GLP-1 product, BGM0504, which could yield up to 282 million yuan in milestone payments [2][3][4]. Investment Highlights - Borui Pharmaceutical has reached a collaboration agreement with China Resources Sanjiu for the GLP-1 project, with potential milestone payments of up to 282 million yuan [4]. - The company has signed a strategic cooperation agreement with Hanyu Pharmaceutical to plan for commercial production capacity [8]. - Borui is advancing its pipeline in the Amylin space, with ongoing IND application submissions for BGM1812 in both China and the U.S. [9][10]. Company Overview - Borui Pharmaceutical (688166.SH) is engaged in the research and production of high-tech pharmaceutical intermediates, active pharmaceutical ingredients, and formulations, focusing on antiviral, antifungal, immunosuppressive, respiratory, and anti-tumor products [2][4]. Market Performance - Since July, Borui's stock price has increased by 100.15%, reaching 107.5 yuan per share, with a total market capitalization of 45.4 billion yuan as of August 7 [3]. Clinical Data and Product Potential - BGM0504 injection, a dual GLP-1 and GIP receptor agonist, has shown promising results in Phase II clinical trials, with significant weight loss observed in various dosage groups [4][5]. - The clinical trial data indicates that at the 24-week mark, the percentage of participants achieving weight loss of ≥5% was 87%, 93%, and 100% for the 5mg, 10mg, and 15mg groups, respectively [4]. Strategic Collaborations - The collaboration with China Resources Sanjiu is primarily for sales promotion rather than the transfer of R&D pipeline rights, allowing Borui to leverage Sanjiu's strong OTC channels to enhance sales [6]. - Hanyu Pharmaceutical will provide stable and compliant raw material supply for Borui's metabolic pipeline, supporting the global industrialization of Borui's innovative drugs [8]. Future Outlook - Borui's BGM0504 is expected to be approved for market entry in China by 2027, given the ongoing clinical trials and the large market potential for diabetes and weight loss medications [8]. - The company is also advancing its Amylin product, BGM1812, which has shown potential in preclinical studies and is expected to complement GLP-1 therapies [10].

格隆汇8月6日丨华润三九(000999.SZ)于投资者互动平台表示，公司海外业务在公司总体业务中占比较 小，公司将跟随国家战略，积极探索公司产品向海外推广。 ...

华润三九属于医药制造行业，主要从事医药产品的研发、生产和销售。公司核心业务涵盖CHC健康消 费品和处方药领域，拥有覆盖全国的销售网络，与超过60万家药店保持合作。 8月1日，华润三九与博瑞医药就创新药BGM0504注射液达成合作协议。根据协议，华润三九将获得该 药物在中国大陆地区的研发、注册、生产及商业化权利。BGM0504是一种GLP-1和GIP受体双重激动 剂，目前正在进行III期临床试验，在降糖和减重效果上展现出优于同类产品的潜力。 8月5日主力资金净流出1877.29万元，占流通市值的0.04%。近五日主力资金累计净流入1.22亿元，占流 通市值的0.23%。 风险提示：医药研发存在不确定性，合作项目进展可能不及预期。 华润三九最新股价报32.16元，较前一交易日上涨0.12%。盘中最高触及32.28元，最低下探至31.82元， 成交金额达4.54亿元。 ...

Core Viewpoint - Since July, the A-share market has rebounded, leading to a continuous increase in financing balance, reaching a record high in over 10 years by July 31 [1][3]. Financing Balance Overview - As of August 1, the A-share market financing balance was reported at 1,966.27 billion yuan, with a margin trading balance of 135.83 billion yuan. The financing balance increased by 128.13 billion yuan since July [1][3]. - In July, there were 24 trading days, with financing balance increases on 21 days, accounting for nearly 90%. Notably, on July 21, 22, 28, and 29, the financing balance increased by over 15 billion yuan each day [3]. Industry Performance - Among the 31 primary industries, 30 saw an increase in financing balance since July. The pharmaceutical and biological industry led with a net buying amount of 15.63 billion yuan, followed by electronics at 13.75 billion yuan and electric power equipment at 10.80 billion yuan [3][5]. - The only industry to experience net selling was the oil and petrochemical sector, with a net selling amount of 1.19 billion yuan [3]. Individual Stock Performance - The top ten stocks with the highest net buying amounts since July include: - Xinyi Technology: 3.18 billion yuan - Northern Rare Earth: 2.18 billion yuan - Shenghong Technology: 1.49 billion yuan - Feilihua: 1.46 billion yuan - Jianghuai Automobile: 1.41 billion yuan - WuXi AppTec: 1.37 billion yuan - CATL: 1.31 billion yuan - China Power Construction: 1.17 billion yuan - Kweichow Moutai: 1.08 billion yuan - Changjiang Electric Power: 1.07 billion yuan [7][8]. - The majority of these stocks have seen significant price increases, with Feilihua rising nearly 60% [7]. Net Selling Overview - Since July, 83 stocks experienced net selling exceeding 100 million yuan, with the top ten being: - CITIC Securities: -1.11 billion yuan - Sunshine Power: -767 million yuan - Wuliangye: -627 million yuan - Sifang Jingchuang: -569 million yuan - BOE Technology: -489 million yuan - BeiGene: -425 million yuan - Ningbo Bank: -395 million yuan - Muyuan Foods: -386 million yuan - GF Securities: -382 million yuan - Hengli Petrochemical: -367 million yuan [10][11]. Margin Trading Overview - As of August 1, the A-share market's margin trading balance was 135.83 billion yuan, with an increase of 1.28 billion yuan since July [13]. - The stocks with the highest margin trading balances included Kweichow Moutai, China Merchants Bank, and Ping An Insurance [13]. Conclusion - The A-share market has shown a robust increase in financing activities, particularly in the pharmaceutical and electronics sectors, indicating strong investor confidence and potential growth opportunities in these industries [1][3][5].

Summary of the Conference Call for Borui Pharmaceutical Company Overview - **Company**: Borui Pharmaceutical - **Key Collaborations**: Huazhu Sanjiu, Hanyu Pharmaceutical Industry Insights - **Market Potential**: The GLP-1 market is projected to reach a scale of $100 billion by 2030, indicating significant growth opportunities for leading companies in this sector [6][12]. Key Points and Arguments Strategic Collaborations - **Collaboration with Huazhu Sanjiu**: - A commercial partnership was established to leverage Huazhu's strong market access and promotional capabilities in hospitals and retail [2][3]. - Huazhu Sanjiu paid CNY 282 million (approximately $40 million) as a milestone fee for product distribution rights, reflecting high sales expectations for Borui's products [2][9]. - This partnership aims to address channel issues post-product launch and enhance market penetration [5][7]. - **Collaboration with Hanyu Pharmaceutical**: - A strategic agreement was signed to ensure stable supply chains and meet future commercialization demands [4][16]. - Hanyu has multiple peptide products approved in the U.S., which strengthens Borui's quality assurance and regulatory compliance [4][16]. Product Development and Pipeline - **GLP-1 Pipeline**: - Borui's GLP-1 pipeline is robust, with strong collaborations enhancing R&D capabilities and commercial readiness [2][6]. - The Amlin pipeline shows promise in diabetes and weight loss, with milder gastrointestinal side effects and minimal impact on heart rate [2][14]. - **Amlin Drug Efficacy**: - Amlin has demonstrated significant additive effects at high doses, achieving over 30% weight loss, comparable to surgical outcomes [2][15]. - The drug's unique characteristics may address limitations of existing weight loss medications [14][15]. Market Expansion Plans - **Global Market Strategy**: - Borui plans to actively expand into overseas markets, maintaining global rights for its products despite domestic partnerships [10][11]. - Ongoing clinical trials in the U.S. for the 0,504 injection are progressing, with plans for further phases [13][11]. Competitive Landscape - **Positioning Against Competitors**: - Borui aims to establish itself as a leader in the GLP-1 segment through strategic partnerships and innovative product offerings [6][12]. - The collaboration with Huazhu Sanjiu and Hanyu Pharmaceutical is expected to enhance Borui's competitive edge in both domestic and international markets [5][16]. Additional Important Insights - **Regulatory Considerations**: - The partnerships are designed to bolster Borui's regulatory capabilities and address potential supply chain concerns from future partners [16]. - **Market Dynamics**: - The collaboration with Huazhu Sanjiu is seen as a strategic move to accelerate the transition from clinical development to commercialization in China [16]. This summary encapsulates the critical insights from the conference call, highlighting Borui Pharmaceutical's strategic initiatives, product pipeline, and market expansion plans.

智通财经记者 | 黄华 智通财经编辑 | 谢欣 在诺和诺德（Novo Nordisk）宣布下调业绩增速指引，礼来公司（Eli Lilly and Company）公布产品替尔泊肽（Tirzepatide）的心血管保护作用非劣效于度拉 糖肽（Dulaglutide）之后，8月1日，博瑞医药宣布将旗下明星产品BGM0504授权给华润三九，累计的研发投入里程碑付款最高为2.8亿元。 2.8亿元让这起商业授权快速获得了关注。累计里程碑付款代表了某一款产品后续的市场空间想象力，而博瑞医药的这一数据明显低于近期国内的一系列国 产创新药商业授权（BD）金额以及国内GLP-1产品的出海记录。 8月4日，博瑞医药开盘后小幅下跌。自年初至今，博瑞医药累计涨幅超220%。同在8月4日，华润三九开盘后小幅上涨。 截至8月4日收盘，博瑞医药报98.07元/股，跌1.19%，最新市值约415亿元。华润三九报32.12元/股，涨2.07%，最新市值约536亿元。 随后，博瑞医药对于市场对此交易几大热点问题向智通财经记者予以了回应。 回应一：2.82亿元不是授权费用 GLP-1（胰高血糖素样肽 1）领域的头部产品是司美格鲁肽（Sermagl ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [31]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with an overall increase of 2.95% in the last week, outperforming the CSI 300 index by 4.70 percentage points. Year-to-date, the sector has risen by 22.31%, ranking second among 31 industries [3][12]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.88 times, which is at the historical median level, with a valuation premium of 148% compared to the CSI 300 index [17]. - Notable stock performances include Nanjing New Pharmaceutical with a 78.01% increase, followed by Lide Medical and Chenxin Pharmaceutical with increases of 46.45% and 40.88%, respectively [23][24]. Market Performance - The pharmaceutical and biotechnology sector ranked first among 31 industries last week, with a 2.95% increase, while the top three sub-sectors were chemical pharmaceuticals, traditional Chinese medicine II, and biological products, with increases of 5.01%, 3.12%, and 2.69%, respectively [11]. - Year-to-date, the top-performing sub-sectors include chemical pharmaceuticals, medical services, and biological products, with increases of 40.97%, 35.89%, and 16.54%, respectively [12]. Industry News - Heng Rui Medicine has entered into an agreement with GSK for the global exclusive rights to the PDE3/4 inhibitor HRS-9821, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [4][25]. - CSPC Pharmaceutical has signed an exclusive licensing agreement with Madrigal for the oral small molecule GLP-1 receptor agonist SYH2086, with a total potential value of up to $2.075 billion [4][26]. - Borui Pharmaceutical is collaborating with China Resources Sanjiu to further develop the BGM0504 injection, a dual agonist for GLP-1 and GIP receptors, which is currently in the critical phase of clinical trials [4][27]. Investment Recommendations - The report suggests that the innovative drug sector remains a core investment theme for the second half of the year, with a focus on GLP-1 dual-target new drugs and various sub-sectors such as CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][28]. - Recommended stocks include Betta Pharmaceuticals, Teva Biopharmaceuticals, Kaili Medical, Haier Biomedical, Huaxia Eye Hospital, and Lao Bai Xing [5][28].

Core Viewpoint - China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. has entered into a collaborative research and development agreement with Borui Biopharmaceutical (Suzhou) Co., Ltd. for the BGM0504 injection project, which is a dual agonist of GLP-1 and GIP receptors aimed at treating Type 2 Diabetes Mellitus (T2DM) and obesity [1][2] Group 1: Collaboration Details - The BGM0504 injection is positioned as an innovative polypeptide drug that aims to provide more effective, safer, and convenient treatment options for patients [1] - The collaboration grants China Resources Sanjiu exclusive development and commercialization rights, indicating a deep complementarity in innovative drug development and commercialization capabilities between the two companies [1][2] - China Resources Sanjiu's investment covers the entire R&D and commercialization chain, with a maximum milestone payment of 282 million yuan contingent on clinical progress and regulatory approval [2][3] Group 2: Clinical Trial Progress - BGM0504 has reached the critical phase of Phase III clinical trials, with Phase II trials showing promising results in both T2DM patients and overweight/obese adults, indicating potential advantages over existing treatments like semaglutide [2][4] - The Phase II trials demonstrated significant weight management potential and metabolic risk benefits in the overweight/obese population [2] Group 3: Market Competition - The GLP-1 market is highly competitive, with major players like Novo Nordisk and Eli Lilly dominating the space, collectively generating approximately $29.3 billion in sales from various formulations of semaglutide and other GLP-1 products [5] - The competitive landscape includes over 179 GLP-1 pipelines from 45 companies globally, indicating intense competition and the challenge for BGM0504 to establish a foothold in the market [7] - Recent approvals and developments in the GLP-1 space, such as Innovent's dual receptor agonist and Eli Lilly's oral GLP-1 drug, further intensify the competition [6][7]

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]