博瑞生物医药（苏州）股份有限公司 2025年年度业绩预告

Core Viewpoint - The company forecasts a significant decline in net profit for the year 2025, primarily due to changes in market demand, increased competition, and rising operational costs associated with ongoing research and development efforts [2][5]. Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between 41.3 million and 61.9 million yuan for 2025, representing a year-on-year decrease of 67.28% to 78.17% [2]. - The forecasted net profit, excluding non-recurring gains and losses, is projected to be between 4.3 million and 24.9 million yuan, indicating a year-on-year decline of 86.21% to 97.62% [2]. Previous Year Performance - In the previous year, the total profit was 157.2 million yuan, with a net profit attributable to shareholders of the parent company amounting to 189.2 million yuan [3]. - The net profit, excluding non-recurring gains and losses, was 180.5 million yuan [3]. Reasons for Performance Changes - The anticipated decline in net profit is attributed to fluctuations in influenza trends, changes in competitive landscape, and variations in customer demand, leading to reduced operating revenue and gross profit [5]. - Increased depreciation from completed construction projects and higher R&D expenses due to intensified investment in innovative drugs also contribute to the profit decrease [5]. Research and Development Progress - The company is focusing on the metabolic field and has developed a competitive product pipeline in multi-target combination therapies and innovative dosing frequencies [5]. - Key projects include: 1. BGM0504 injection for type 2 diabetes and weight loss, with ongoing clinical trials in China and the U.S. [5]. 2. Oral BGM0504 tablets, with IND applications approved in both China and the U.S. [6]. 3. BGM1812 injection, a new long-acting Amylin analog, currently in clinical trials in both countries [6][7]. 4. BGM1962, a novel long-acting selective receptor agonist, showing promising preclinical results [7]. 5. MSTN cyclic peptide injection, aimed at weight management while preserving lean body mass, currently in preclinical candidate stage [8]. 6. ALK7-targeted siRNA project, designed for obesity treatment, also in preclinical candidate stage [9].