终止5亿定增，净利润连降、研发超支的博瑞医药何以“回血”？

Core Viewpoint - 博瑞医药 has decided to terminate its plan for a private placement of A-shares, citing challenges such as declining performance, increased R&D investment, and financial pressure [1][2]. Financial Performance - The company has experienced a continuous decline in net profit for three and a half years, with net profits of 240 million, 203 million, and 189 million yuan from 2022 to 2024, representing year-on-year declines of 1.77%, 15.51%, and 6.57% respectively [2]. - In the first half of 2025, 博瑞医药 reported a revenue of 537 million yuan, a decrease of 18.28% year-on-year, and a net profit of 17.17 million yuan, down 83.85% year-on-year [2]. Financial Pressure - The company's cash reserves have been declining, with cash balances of 1.18 billion, 969 million, and 765 million yuan at the end of 2022, 2023, and 2024 respectively. As of June 30, 2025, cash reserves were 740 million yuan, with total liabilities of 2.798 billion yuan and a debt-to-asset ratio of 52% [3]. - Interest expenses have been increasing, with amounts of 23.71 million, 44.42 million, 52.43 million, and 29.03 million yuan recorded from 2022 to the first half of 2025, impacting profitability [3]. R&D Investment - 博瑞医药's R&D expenses have surged, with amounts of 207 million, 249 million, and 297 million yuan from 2022 to 2024, accounting for 20.35%, 21.08%, and 23.19% of revenue respectively. In the first half of 2025, R&D expenses reached 344 million yuan, a 144.07% increase year-on-year, representing 64.83% of revenue [4]. - The company is focusing on the development of innovative drugs, with 91.22% of R&D investment directed towards new drugs and inhalation formulations, showing a significant increase in investment for core product BGM0504 [4]. Financing and Future Plans - 博瑞医药 has completed three rounds of financing since its listing, raising 521 million, 465 million, and 227 million yuan in 2019, 2021, and 2022 respectively. The company also plans to list in Hong Kong to enhance its international strategy and financing capabilities [5].