暴涨300%到火速腰斩，谁捧杀了博瑞医药？

Core Insights - The stock price of Borui Pharmaceutical has experienced extreme volatility, dropping nearly 50% in just over ten trading days after a previous surge of nearly 300% [1][3] - The rapid rise and fall of the stock price reflect the market's shift from exuberance to rationality regarding the company's prospects in the innovative drug sector [16] Group 1: Stock Performance and Market Dynamics - Borui Pharmaceutical was a standout performer in the innovative drug sector, with the innovative drug index rising over 60% before August 2025, and many companies, including Borui, seeing stock prices triple [3][6] - The surge in stock prices was driven by rapid progress in business development (BD) transactions among Chinese pharmaceutical companies, which mitigated domestic procurement pressures [3][6] - Following Pfizer's acquisition of Metsera for $7.3 billion, which led to a significant increase in Metsera's stock price, market optimism regarding domestic drug development prospects diminished [6][7] Group 2: Financial Performance and Challenges - Borui Pharmaceutical's revenue is still heavily reliant on its raw material business, which accounts for over 70% of total revenue, but has faced significant pressure due to price reductions from national procurement policies [8][9] - The company's net profit has declined sharply, with a drop of over 23% compared to three years ago, and a staggering decline of over 80% in the first half of 2025 [9][11] - The company's R&D expenses surged by 144% in the first half of 2025, consuming over 60% of its revenue, further straining its financial position [11][12] Group 3: Strategic Moves and Future Outlook - Borui Pharmaceutical attempted to raise up to 500 million yuan through a private placement, but the plan faced market skepticism due to significant price discounts compared to market value [13][14] - The company withdrew its controversial fundraising plan and announced plans for a Hong Kong IPO to enhance its overseas financing capabilities [14][15] - The future of Borui's core product, BGM0504, remains uncertain as it undergoes Phase III clinical trials, with potential implications for its market competitiveness and financing prospects [15][16]