2 1 Shi Ji Jing Ji Bao Dao·2025-08-07 09:22Core 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].