紧急叫停！博瑞医药5亿定增终止

Core Viewpoint - 博瑞医药 announced the termination of its 2024 A-share issuance plan, which was intended to raise 500 million yuan, citing market conditions and company circumstances as reasons for the withdrawal [1][3]. Group 1: Termination of A-share Issuance - The A-share issuance plan was approved by the board and shareholders in May 2024, with the actual controller, Yuan Jiandong, set to fully subscribe at a price of 22.36 yuan per share [3]. - The plan faced delays and revisions over the course of a year, with the company ultimately retracting its application before the Shanghai Stock Exchange could issue a review inquiry [3][4]. Group 2: Stock Price Volatility - During the planning period for the issuance, the company's stock price fluctuated significantly, initially around 30 yuan and peaking at 122.59 yuan in early August 2025, before dropping to 53.25 yuan by mid-October, representing a 53.04% decline from its peak [4][5]. - Despite the stock price drop, the company's rolling P/E ratio remained high at 243.45, compared to the industry average of 30.82 [5]. Group 3: Financial Performance - From 2021 to 2024, the company's revenue increased from 1.052 billion yuan to 1.283 billion yuan, but net profit declined for four consecutive years, reaching 189 million yuan in 2024 [6]. - In the first half of 2025, revenue fell by 18.28% year-on-year to 537 million yuan, with net profit plummeting by 83.85% to 17.17 million yuan, primarily due to a 70.08% drop in antiviral raw material revenue [6][7]. Group 4: Future Financing Plans - Following the termination of the A-share issuance, the company is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international financing capabilities [8]. - The company aims to consider shareholder interests and market conditions when determining the timing and details of the H-share issuance, although uncertainties remain regarding the approval process [8]. Group 5: Company Strategy and Market Position - 博瑞医药 is transitioning from a traditional chemical pharmaceutical company to an innovative drug enterprise, focusing on the development of innovative drugs, particularly in the weight loss sector [8]. - The termination of the A-share issuance may delay the company's progress in this area, but successful H-share issuance could provide necessary funding for innovation and commercialization efforts [8].