博瑞医药: 民生证券股份有限公司关于博瑞生物医药（苏州）股份有限公司2025年半年度持续督导跟踪报告

Core Viewpoint - The report outlines the ongoing supervision and compliance of Borui Biopharmaceuticals (Suzhou) Co., Ltd. by Minsheng Securities, detailing the company's adherence to regulatory requirements and the management of its fundraising activities. Group 1: Fundraising and Financial Management - Borui Biopharmaceuticals issued 41 million shares at a price of RMB 12.71 per share, raising a total of RMB 521.11 million [1] - As of June 30, 2025, the company has utilized RMB 455.75 million of the raised funds, with RMB 373.12 million directly invested in projects [22] - The company has maintained compliance with regulations regarding the use of raised funds, ensuring no misappropriation or violation of shareholder interests [22] Group 2: Corporate Governance and Compliance - Minsheng Securities has established a continuous supervision system and signed a supervision agreement with Borui Biopharmaceuticals to clarify rights and obligations [1][2] - The company has been urged to strengthen its internal control systems, including financial management and information disclosure [3][2] - A warning letter was issued by the Jiangsu Securities Regulatory Bureau due to non-compliance with information disclosure regulations, highlighting the need for improved governance [7][8] Group 3: Operational and Market Risks - The company faces significant risks in drug development, particularly in generic and innovative drug research, which require substantial investment and have long timelines [9][10] - Fluctuations in customer demand during different phases of drug development can lead to revenue volatility, impacting overall financial performance [11] - The company must navigate regulatory changes and market dynamics, including price pressures from policies like volume-based procurement [15][16] Group 4: Financial Performance - For the first half of 2025, the company's revenue was RMB 537.44 million, a decrease of 18.28% compared to the previous year [18] - The net profit attributable to shareholders dropped by 83.85%, with a significant decline in earnings per share by 84% [18][19] - Research and development expenses accounted for 64.83% of total revenue, reflecting the company's commitment to innovation despite financial challenges [18][19] Group 5: Shareholder Structure - As of June 30, 2025, the major shareholders include Yuan Jiandong, holding 26.87% of the shares, and Zhong Weifang, with 8.49% [23] - There have been no changes in the shareholding structure of the controlling shareholders during the reporting period [23]