688166，定增突然终止！

Core Viewpoint - 博瑞医药 has abruptly withdrawn its plan for a private placement of A-shares for 2024, citing current market conditions and company circumstances as reasons for this decision [2] Group 1: Company Actions - The company initially planned to raise 500 million yuan through a private placement led by its actual controller, Yuan Jiandong, but the plan faced delays and was ultimately retracted [2] - The private placement was first approved in May 2024, but after a year of no progress, the company revised the issuance plan multiple times before withdrawing it entirely [2][3] Group 2: Stock Price Fluctuations - 博瑞医药's stock price has experienced significant volatility, rising from around 30 yuan to a peak of approximately 120 yuan within a month, before plummeting back to 55.31 yuan [3] - The stock's dramatic rise and fall can be attributed to market trends and the hype surrounding innovative drug concepts [3] Group 3: Financial Performance - The company's financial performance has deteriorated sharply, with net profit dropping by 84% to approximately 17 million yuan in the first half of 2025 [6] - Historical data shows that while revenue grew steadily from 5.03 billion yuan in 2019 to 12.83 billion yuan in 2024, net profit has seen a decline since 2022, indicating a troubling trend [7] Group 4: Company Profile - 博瑞医药 is characterized as an innovative pharmaceutical company focused on research and development, specializing in complex generics and original drugs, with a dual market strategy targeting both domestic and international markets [8] - The company has undergone multiple rounds of financing since its IPO in 2019, but faced regulatory scrutiny due to issues in fund management earlier this year [8]