博瑞医药正式递表港交所，“A+H”双轮驱动开启全球化新征程

Core Viewpoint - 博瑞医药 has submitted an application for a dual listing on the Hong Kong Stock Exchange, marking a significant step in its global strategy and capital market internationalization [2][3] Group 1: Listing and Financial Strategy - The company aims to use the funds raised from the H-share issuance for three main purposes: supporting research and development of existing and future innovative drug candidates, building new production and R&D facilities, and supplementing operational funds [2] - The IPO is expected to enhance 博瑞医药's brand influence in the global pharmaceutical industry and provide new financing channels, optimizing its capital structure [3] Group 2: Financial Performance - 博瑞医药's revenue has shown consistent growth over the past three years, with revenues of RMB 1.017 billion, RMB 1.164 billion, and RMB 1.254 billion for the years ending December 31, 2022, 2023, and 2024, respectively [4] - The company's R&D expenditure for the first half of 2025 reached RMB 138 million, with a year-on-year increase of 144.07%, accounting for 64.83% of its operating revenue [4] Group 3: Innovation Pipeline - 博瑞医药 is advancing multiple innovative drug candidates, including BGM0504, which is a leading candidate in the global clinical stage for treating metabolic diseases [5][10] - The company is also developing BGM2102 and BGM1812, targeting comprehensive blood sugar control and weight management for Type 2 Diabetes Mellitus (T2DM) patients [6][8] Group 4: Market Potential - The global market for T2DM and obesity is substantial, with an estimated 542.9 million T2DM patients and 2.6387 billion obesity patients worldwide by 2024 [9] - The global sales of GLP-1 receptor agonists are projected to reach USD 154.2 billion by the end of 2035, indicating a lucrative market for 博瑞医药's innovative therapies [9] Group 5: Strategic Collaborations and Future Outlook - 博瑞医药's success in innovation is supported by strong technical platforms and strategic partnerships, enhancing its competitive edge in both domestic and global markets [11] - The company's ongoing development in respiratory diseases, with seven drugs in the pipeline, further diversifies its growth potential [11]