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].

Core Viewpoint - The strategic partnership between Borui Pharmaceutical and China Resources Sanjiu aims to advance the development and commercialization of the GLP-1/GIP dual-target agonist BGM0504 injection in mainland China, with a milestone funding of up to 282 million RMB for clinical trials [2][4]. Group 1: Product Development - BGM0504 is a self-developed dual agonist targeting GLP-1 and GIP receptors, showing synergistic effects in blood sugar control, weight management, and treatment of non-alcoholic fatty liver disease (NASH) [2]. - The product has demonstrated superior efficacy in Phase II clinical trials compared to the single-target drug Semaglutide, covering three major areas: type 2 diabetes, weight loss, and NASH, indicating a significant market potential [4]. - Currently, BGM0504 is undergoing three Phase III clinical trials in China and one in Indonesia, with the weight loss indication already having received IND approval in the U.S. [4]. Group 2: Future Prospects - An oral formulation of BGM0504 is in the preclinical stage, which may overcome existing limitations of GLP-1 class drugs regarding administration routes [4]. - The Phase III clinical trials in China are in the patient enrollment and follow-up stages, with expectations to enter the market application process between 2025 and 2026 [4].

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].

Core Viewpoint - The announcement details a collaboration agreement between Borui Biopharmaceuticals (Suzhou) Co., Ltd. and China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. for the development and commercialization of BGM0504 injection in mainland China, excluding Hong Kong, Macau, and Taiwan [2][3]. Group 1: Agreement Details - Borui Biopharmaceuticals and its subsidiaries grant China Resources Sanjiu exclusive rights for the cooperative development and commercialization of BGM0504 injection, which is a dual agonist for GLP-1 and GIP receptors [2][9]. - The agreement has passed internal approval processes and does not require further board or shareholder approval [2]. - The milestone payments outlined in the agreement are contingent on certain conditions, and the total amount remains uncertain [3][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][4]. - The product has achieved expected goals in phase II clinical trials, and the phase III trials are currently ongoing [4]. Group 3: Financial Terms - The total maximum milestone payment for the clinical trial expenses is set at 282 million RMB [10]. - Borui Biopharmaceuticals will receive service fees based on net sales from the commercialization of the product [11]. - Additional sales milestone payments are contingent upon the successful completion of new clinical trials [12]. Group 4: Impact on Company - The collaboration is expected to expedite the commercialization process of BGM0504 injection and leverage China Resources Sanjiu's established sales channels and market experience [16]. - While the agreement will not impact the company's current performance, it is anticipated to positively influence future operating results once the product is launched [3][16].

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]