博瑞医药终止5亿元定增，高研发投入背后藏隐忧

Core Viewpoint - The company, Borui Pharmaceutical, has announced the termination of its A-share issuance plan for 2024, originally intended to raise no more than 500 million yuan, citing the need to protect shareholder interests amid a challenging market environment [1][2]. Group 1: Financial Performance - The company's net profit has been declining for three consecutive years, with a significant drop of 83.85% year-on-year in the first half of 2025, resulting in a net profit of only 17.17 million yuan [3]. - Revenue for the first half of 2025 was 537 million yuan, down 18.28% year-on-year, indicating dual pressure on both revenue scale and profitability [3]. Group 2: R&D Investment - Borui Pharmaceutical has significantly increased its R&D spending, reaching 348 million yuan in the first half of 2025, a 144% increase year-on-year, with R&D expenses accounting for 64.83% of revenue [4]. - Investment in innovative drugs surged by 604.93% year-on-year, reflecting a strong push towards innovation, although the long development cycle and high costs may not yield immediate returns [4]. Group 3: Cash Flow and Financing - The termination of the fundraising plan highlights the company's cautious stance regarding the current financing environment and cash flow pressures, despite claims that it will not adversely affect normal operations [5]. - Since its IPO in 2019, the company has undergone three financing rounds but faced regulatory scrutiny due to fundraising management issues, indicating potential internal control weaknesses [5]. Group 4: Strategic Challenges - The company is struggling with the transition from raw materials to innovative drugs, facing a disconnect between strategic goals and operational realities, with traditional business growth plateauing and new drug development yet to scale [6]. - International competition presents additional uncertainties in policy, market, and technology, raising questions about the company's ability to succeed in a competitive landscape [6]. Conclusion - The decision to halt the A-share issuance reflects deeper challenges in performance, cash flow, strategic transformation, and governance, necessitating a balance between maintaining R&D investment and stabilizing performance [7].