踩信披红线被罚的博瑞医药：奥司他韦需求下滑拉低支柱业务增速，净利三连跌后持续承压，重金押注减肥药成效待考

Core Viewpoint - 博瑞医药 faces significant challenges including management issues related to 3.8 billion RMB of raised funds, declining profitability, and a substantial drop in revenue from antiviral products due to market fluctuations and increased competition in the weight-loss drug sector [1][2][4]. Financial Performance - In 2024, 博瑞医药 reported revenue of 1.283 billion RMB, an increase of 8.74% year-on-year, but the net profit attributable to shareholders decreased by 6.57% to 189 million RMB, marking the third consecutive year of decline [4][5]. - The company's antiviral product revenue plummeted by 70% in Q1 2025, with overall revenue dropping by 26.81% to approximately 249 million RMB [6]. Regulatory Issues - 博瑞医药 received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to properly manage and disclose the use of 3.8 billion RMB of temporarily idle raised funds, violating relevant regulations [2][3]. - The company had previously faced similar issues five years ago regarding misleading statements about the mass production of the antiviral drug Remdesivir [3]. Product Performance - The revenue from antiviral products decreased by 37.92% in 2024, primarily due to fluctuations in demand and pricing for Oseltamivir raw materials [5]. - In contrast, revenue from antifungal products surged by 60.28%, and immunosuppressive products saw a 45.72% increase, indicating a mixed performance across different product lines [5]. R&D Investment - 博瑞医药 has significantly increased its R&D expenditures, which reached 297 million RMB in 2024, accounting for 23.19% of total revenue [7]. - The company is heavily investing in the development of the GLP-1 weight-loss drug BGM0504, with total expected investment of 357 million RMB, reflecting a strategic focus on innovative drug development [7][9]. Market Competition - The competitive landscape for weight-loss drugs is intensifying, with other domestic companies also developing dual-target GLP-1 drugs, raising questions about 博瑞医药's ability to secure a competitive edge with BGM0504 [11].