Core Viewpoint - The announcement indicates that the company's wholly-owned subsidiary, Guangzhou Boji New Drug Clinical Research Center Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of "Qingzhi Ointment," which is aimed at treating knee osteoarthritis [1] Group 1 - The drug name is Qingzhi Ointment, and it is classified as a traditional Chinese medicine under category 1.1 [1] - The approval notification number is 2025LP02962 [1]

智通财经APP讯，博济医药(300404.SZ)发布公告，近日，公司全资子公司广州博济新药临床研究中心有 限公司申报的"卿芷软膏"获得国家药品监督管理局核准签发的《药物临床试验批准通知书》。 "卿芷软膏"为多味饮片在中医药理论指导下组方而成的制剂，属于未在境内外上市的中药新处方制剂， 为1.1类中药创新药。本药品用于膝骨关节炎风寒湿痹证，主治祛风胜湿，散寒通络，行气止痛。 ...

3、适应症：膝骨关节炎 4、注册分类：中药 1.1 类 关于子公司获得药物临床试验批准通知书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，博济医药科技股份有限公司（以下简称"公司"）全资子公司广州博 济新药临床研究中心有限公司申报的"卿芷软膏"获得国家药品监督管理局核准 签发的《药物临床试验批准通知书》。现将相关情况公告如下： 一、 药物基本情况 1、通知书编号：2025LP02962 2、药品名称：卿芷软膏 证券代码：300404 证券简称：博济医药 公告编号：2025-082 博济医药科技股份有限公司 5、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 2025 年 8 月 22 日受理的卿芷软膏符合药品注册的有关要求，在进一步完善临床 试验方案的基础上，同意本品开展用于膝骨关节炎的临床试验。 二、 药物其他情况 露义务。由于药品研发的特殊性，药品从临床试验到获准上市的周期长、环节多， 易受到诸多不可预测的因素影响，临床试验进度及结果、未来产品市场竞争形势 等均存在不确定性。 "卿芷软膏"为多味饮片在中医药理论指导下组方而成 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 39.59 CNY [5][10]. Core Insights - The company's performance is under short-term pressure, but new orders are improving, indicating potential for recovery in profitability [2][10]. - The overall order backlog as of Q1-Q3 2025 is 2.5 billion CNY, with new orders amounting to 1.64 billion CNY, reflecting a year-on-year increase of 17.1% [10]. - The company is focusing on expanding its client base, particularly large clients, with significant increases in project signings in various therapeutic areas [10]. Financial Summary - Total revenue for 2023 is projected at 2,376 million CNY, with a decline to 1,525 million CNY in 2025, representing a 24.4% decrease [3][11]. - Net profit attributable to shareholders is expected to drop significantly from 397 million CNY in 2023 to 121 million CNY in 2025, a decrease of 63.0% [3][11]. - Earnings per share (EPS) is forecasted to be 0.16 CNY in 2025, down from 0.53 CNY in 2023 [3][11]. Order Trends - The company has seen a positive trend in new orders, with Q3 2025 alone contributing approximately 620 million CNY in new contracts, a 24.0% increase year-on-year [10]. - The signing of antibody projects has increased by 20%, and projects in small nucleic acids and ADCs have seen over a 50% increase in signings [10]. Capacity and Quality Improvements - The company is steadily advancing its capacity, with new facilities in Suzhou and Guangzhou nearing completion [10]. - The company has successfully passed FDA GLP inspections, enhancing its competitive position in the industry [10].

Core Viewpoint - The company reported strong growth in Q3 2025, indicating a recovery in the market and improved order conditions, with a significant increase in revenue and net profit compared to the previous year [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 228 million yuan, a year-on-year increase of 24.48%, and a net profit of 34 million yuan, up 32.98% [1]. - The total revenue for the first three quarters of 2025 reached 607 million yuan, reflecting an 8.09% increase, with a net profit of 96 million yuan, up 13.21% [1]. Business Segment Analysis - The SMO (Site Management Organization) business emerged as the core growth driver, generating 129 million yuan in revenue for H1 2025, a 31.23% increase, and accounting for 34.10% of total revenue [2]. - The CO (Clinical Operations) business faced challenges, with H1 2025 revenue of 149 million yuan, down 7.6%, but there are expectations for gradual recovery in the large clinical business [2]. - The DM/ST (Data Management/Statistical) business remained stable, with H1 2025 revenue of 50 million yuan, showing no significant change, supported by stable overseas order prices [2]. Profitability and Cost Management - The company's gross margin for Q1-Q3 2025 was 35.61%, a decrease of 3.58 percentage points year-on-year, primarily due to low-priced orders signed during the industry's previous downturn [3]. - The company improved its non-GAAP net profit margin to 13.39%, up from 11.82% in the same period last year, aided by optimized management costs and operational efficiency improvements [3]. Future Outlook - The company anticipates continued revenue growth driven by a recovering industry sentiment, stabilization of order prices, and the gradual realization of overseas business opportunities [2]. - Profit forecasts for 2025-2027 are 149 million, 171 million, and 210 million yuan, with corresponding EPS of 1.55, 1.77, and 2.18 yuan, reflecting growth rates of 6.5%, 14.4%, and 23.1% respectively [3].

Core Insights - Boji Pharmaceutical is a leading provider of new drug research and development outsourcing services in China, established in 2002 and listed on the Shenzhen Stock Exchange in 2015 [1] Group 1: Business Overview - Boji Pharmaceutical offers comprehensive new drug R&D services, including preclinical research, clinical research, technology transfer, and consulting services [1] - The company operates in the pharmaceutical and biotechnology sector, specifically in medical services and R&D outsourcing, with relevant concepts including Helicobacter pylori and hepatitis treatment [1] Group 2: Financial Performance - For Q3 2025, Boji Pharmaceutical reported revenue of 584 million yuan, ranking 16th out of 29 in the industry, significantly lower than the top competitor WuXi AppTec at 32.857 billion yuan [2] - The net profit for the same period was 23.8675 million yuan, placing the company 21st in the industry, again far behind WuXi AppTec's 12.206 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Boji Pharmaceutical's debt-to-asset ratio was 33.62%, higher than the previous year's 31.81% and above the industry average of 22.79% [3] - The gross profit margin was 28.83%, down from 32.19% year-on-year and below the industry average of 37.70% [3] Group 4: Leadership and Shareholder Information - The chairman and controlling shareholder, Wang Tingchun, saw his salary decrease from 414,000 yuan in 2023 to 391,000 yuan in 2024 [4] - As of September 30, 2025, the number of A-share shareholders increased by 18.91% to 29,600, while the average number of circulating A-shares held per shareholder decreased by 15.21% [5] Group 5: Business Developments - Clinical business showed stable growth with clinical research service revenue of 290 million yuan and new contract value of 752 million yuan, achieving a business gross margin of 30.6% [5] - Non-clinical business performance varied, with preclinical research service revenue at 40.87 million yuan and other consulting services at 23.49 million yuan [5] - The company has made progress in self-developed projects, including innovative traditional Chinese medicine [5]

Core Viewpoint - Boji Pharmaceutical (300404.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership and changes in public fund holdings [1] Institutional Investors - As of October 28, 2025, four institutional investors disclosed holdings in Boji Pharmaceutical, totaling 10.34 million shares, which represents 2.68% of the company's total equity [1] - The institutional ownership decreased by 1.39 percentage points compared to the previous quarter [1] Public Funds - One public fund, Dongcai Yuanjian Growth Mixed Initiation A, increased its holdings slightly in the current period [1] - A total of 28 public funds that were previously disclosed did not report their holdings this quarter, including notable funds such as Nuoan Pioneer Mixed A and Nuoan Preferred Return Mixed A [1] Foreign Investment - The foreign investment landscape saw the non-disclosure of BARCLAYS BANK PLC in the current period compared to the previous quarter [1]

Core Viewpoint - The company, Boji Pharmaceutical, announced a comprehensive review of its assets, indicating potential impairment losses for certain assets as a precautionary measure [2] Asset Review Summary - The company and its subsidiaries conducted a thorough examination of various assets, including inventories, receivables, contract assets, fixed assets, construction in progress, intangible assets, goodwill, and assets held for sale [2] - The assessment revealed signs of impairment in some assets, leading the company to prepare for potential asset impairment losses [2] Impairment Losses - For the third quarter of 2025, the company recognized an asset impairment loss of 1,916,089.27 yuan and a credit impairment loss of 4,998,909.35 yuan [2] - The company also reversed impairment provisions amounting to 210,397.52 yuan and wrote off impairment provisions of 97,193.47 yuan [2]

Core Viewpoint - Boji Pharmaceutical (300404.SZ) reported a revenue of 584 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.06% [1] Financial Performance - The net profit attributable to shareholders of the listed company was 21.91 million yuan, representing a year-on-year decrease of 49.36% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 14.98 million yuan, down 57.06% year-on-year [1] - Basic earnings per share stood at 0.0571 yuan [1]

证券代码：300404 证券简称：博济医药 公告编号：2025-081 博济医药科技股份有限公司 关于计提资产减值损失、信用减值损失及核销资产的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次计提资产减值损失、信用减值损失情况概述 （一）本次计提资产减值损失、信用减值损失的原因 博济医药科技股份有限公司（以下简称"公司"）本次计提资产减值准备， 是依照《企业会计准则》及公司会计政策的相关规定进行的。公司及下属子公司 对 2025 年第三季度末各类存货、应收款项、合同资产、固定资产、在建工程、 无形资产、商誉、持有待售资产等资产进行了全面清查，对各类存货的可变现净 值、应收款项及合同资产回收的可能性、固定资产、在建工程、无形资产及持有 待售资产的可变现性进行了充分的评估和分析，认为上述资产中部分资产存在一 定的减值迹象，本着谨慎性原则，公司需对可能发生资产减值损失的相关资产进 行计提减值准备。 （二）本次计提资产减值损失的资产范围和总金额 公司及下属子公司对 2025 年第三季度末存在可能发生减值迹象的资产（范 围包括合同资产、存货）进行全面清查和 ...