博瑞医药终止定增背后：正筹划赴港上市，股价较高点跌逾五成

Core Viewpoint - Borui Pharmaceutical (688166) has announced the termination of its planned private placement fundraising, which had been in preparation for nearly a year and a half, as the company is now planning to list in Hong Kong [1][4]. Group 1: Fundraising and Listing Plans - The company originally intended to raise up to 500 million yuan through a private placement, with the net proceeds aimed at supplementing working capital and repaying bank loans [4]. - The decision to terminate the private placement was made after considering the current market environment and the company's actual situation, with a focus on protecting the interests of all shareholders, especially minority investors [4]. - Borui Pharmaceutical is now planning to issue H-shares and list on the main board of the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas financing capabilities [1][4]. Group 2: Financial Performance - Borui Pharmaceutical has experienced a decline in net profit for three consecutive years, with revenues of approximately 1.017 billion yuan, 1.18 billion yuan, and 1.283 billion yuan from 2022 to 2024, and corresponding net profits of about 240 million yuan, 202 million yuan, and 189 million yuan [6]. - In the first half of this year, the company's net profit dropped by over 80%, with revenues of approximately 537 million yuan, a year-on-year decrease of 18.28%, and a net profit of about 17.17 million yuan, down 83.85% year-on-year [6]. - The decline in performance was attributed to changes in flu trends and competitive dynamics affecting the demand and pricing of antiviral products, as well as fluctuations in customer demand for antifungal products [6]. Group 3: Market Performance - The stock price of Borui Pharmaceutical has experienced significant volatility this year, doubling in value between July 10 and August 6, reaching a historical high on August 6 [7]. - However, the stock price has since declined, closing at 51.3 yuan per share on October 17, which is over a 50% drop from its peak [7].