博瑞医药的研发“苦”与资本“甜”：创新药研发还在“马拉松”， 实控人22元定增浮盈8亿元 ｜ 创新药观察

Core Viewpoint - The company, Borui Pharmaceutical, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy, enhance overseas financing capabilities, and improve its capital strength and competitiveness [1][4]. Financial Performance - In the first half of 2025, the company's revenue was approximately 537.44 million, a decrease of 18.28% year-on-year, while net profit dropped by 83.85% to 17.17 million [3][4]. - The company has faced a continuous decline in revenue and net profit since 2022, with a significant drop in core raw material drug business and ongoing challenges in its innovative drug pipeline [4][5]. Business Challenges - The raw material drug business, which contributes over 75% of revenue, has seen a revenue decline of 19.30% year-on-year, leading to overall performance pressure [6][8]. - Key products, particularly antiviral and antifungal raw materials, have experienced sharp revenue declines due to market competition and changing demand trends [5][6]. R&D and Financial Strain - R&D expenses surged to 348 million in the first half of 2025, representing 64.83% of revenue, indicating a heavy investment in innovation at the cost of cash flow [9][10]. - The company is under significant cash flow pressure, with net cash flow from operating activities down 24.87% and cash reserves reduced by 22.46% year-on-year [8][9]. Strategic Moves - The H-share issuance is seen as a critical step to alleviate short-term debt pressure and support the transition from a raw material-focused business to an innovation-driven model [11][12]. - The funds raised will be directed towards upgrading core raw material business technology and expanding the innovative drug pipeline, aiming for a dual goal of optimizing capital structure and upgrading business structure [11].