博瑞医药拟发H股 股价两个月腰斩后市盈率仍超240倍

Core Viewpoint - 博瑞医药 plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business layout, aiming to improve its capital strength and competitiveness [1] Group 1: H-share Issuance and Listing - 博瑞医药 has announced its intention to issue H-shares and list on the Hong Kong Stock Exchange, with the board approving relevant proposals [1] - The company is currently discussing the issuance with relevant intermediaries, but specific details are yet to be finalized [1] - The timing and window for the issuance will be chosen based on market conditions and shareholder interests within a 24-month period after shareholder approval [1] Group 2: Stock Price Volatility - 博瑞医药's stock has experienced significant volatility, with a cumulative drop of 50% over 10 consecutive trading days, qualifying as severe abnormal trading [2] - As of October 9, 2025, the closing price was 57.57 yuan per share, down 53.04% from its peak of 122.59 yuan on August 6, 2025 [2] - The company's rolling P/E ratio is 243.45, significantly higher than the industry average of 30.82 [2] Group 3: Fundraising Activities - 博瑞医药 has raised a total of 1.213 billion yuan through three fundraising activities since its listing [5] - The latest fundraising involves issuing shares to specific investors, with a total amount not exceeding 50 million yuan, aimed at replenishing working capital and repaying bank loans [2][3] - The issuance price for the new shares is set at 22.36 yuan per share, with the controlling shareholder participating in the cash subscription [3] Group 4: Product Development and Market Competition - 博瑞医药 is focusing on the development of its core product BGM0504 for type 2 diabetes and obesity, which is currently in phase III clinical trials [7] - The competitive landscape for GLP-1 receptor agonists in China is intensifying, with several companies developing similar products, leading to concerns about product differentiation [8] - Currently, there are 11 GLP-1 drugs approved globally for type 2 diabetes, with five available in China, indicating a crowded market [8]