Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The strategic partnership with China Resources Sanjiu is expected to open up sales potential and share R&D costs for the product BGM0504 [8] - The collaboration allows the company to leverage Sanjiu's leading OTC channel capabilities, enhancing sales without transferring product ownership [8] - The company has a rich pipeline of innovative drugs and complex generics, with several products expected to enter clinical trials soon [8] - The forecasted net profit for 2025-2027 is projected at 2.6 billion, 3.0 billion, and 4.3 billion respectively, with corresponding P/E ratios of 160, 139, and 97 [8] Financial Summary - Total revenue is expected to grow from 1,283 million in 2024 to 1,762 million in 2027, with a CAGR of 15.11% from 2026 to 2027 [9] - The net profit is projected to recover from a decline in 2024 to 433.39 million by 2027, reflecting a growth rate of 43.06% [1][9] - The latest diluted EPS is forecasted to increase from 0.45 in 2024 to 1.03 in 2027 [1][9] - The company’s asset-liability ratio is expected to decrease from 50.50% in 2024 to 46.56% in 2027, indicating improved financial stability [9]

Core Viewpoint - The company has made significant progress in its innovative transformation, focusing on drug development in oncology, liver disease/metabolism, respiratory, and surgical/pain management, with multiple pipelines showing potential for overseas licensing [1][2][3] Group 1: Innovation and R&D Investment - The company has increased its R&D investment to 17.6% of revenue in 2024, up from 9.9% in 2019 [2] - By the end of 2024, the company has received approval for 17 innovative drugs, with innovative product revenue accounting for 42% of total revenue, compared to 11% in 2015 [2] - The company has averaged over 3 License in transactions per year from 2019 to 2024, enhancing the richness of its innovative drug pipeline [2] Group 2: Product Pipeline and Market Potential - The oncology pipeline includes key products such as Anlotinib, which has received approval for 9 indications and has 4 additional indications submitted for NDA [3] - The company is advancing several promising products, including TQB2102 (HER2 dual antibody ADC) and TQC3721 (PDE3/4 inhibitor), which have significant potential for overseas licensing [3] - The company’s biosimilar drugs have a combined market capacity of 240 billion yuan in 2024, indicating strong growth potential [3][4] Group 3: Financial Projections and Valuation - The company expects revenue growth of 11.4%/10.5%/9.6% for 2025E/26E/27E, with adjusted net profit growth of 12.2%/11.5%/10.5% [4] - The target price is set at 9.40 HKD based on a 10-year DCF model, corresponding to a 37x adjusted PE for 2026 [4]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-053 博瑞生物医药（苏州）股份有限公司 关于与华润三九医药股份有限公司签署合作研发协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"博瑞医药"）及全资子公司博瑞制药（苏 州）有限公司（以下简称"博瑞制药"）、博瑞新创生物医药科技（无锡）有限公司（该三家许可方统称 为"博瑞医药及关联公司"）与华润三九医药股份有限公司（以下简称"华润三九"）签署了《合作研发协 议》，就BGM0504注射液在中国大陆地区（不包含香港、澳门及台湾地区）的研发、注册、生产及商 业化达成合作，博瑞医药及关联公司授予华润三九一项仅与博瑞医药及关联公司合作的可分许可的排他 性合作开发实施许可及一项可分许可的独占性商业化实施许可。 ● 本协议的签署已履行了相应的内部审批程序，无需提交公司董事会及股东大会审议。 ● 协议中约定的里程碑付款需要满足一定的条件，最终里程碑付款金额尚存在不确定性。BGM0504注 射 ...

Core Viewpoint - UBT251, the first high-value licensed three-target weight loss drug in China, is expected to achieve significant clinical progress and market potential in the coming years [2] Group 1: UBT251 Development and Market Potential - UBT251 has initiated four clinical trials in China, with key advancements anticipated for overweight/obesity indications by the second half of 2025 and potential market approval by 2028 [2] - The competitive landscape for three-target drugs is favorable, with UBT251 being the second in clinical progress domestically [2] - Clinical data shows UBT251 demonstrating superior weight loss effects compared to Eli Lilly's Retatrutide, with a 15.1% average weight reduction at the highest dose after 12 weeks [2] - The global market for GLP-1 drugs is projected to reach approximately $51.8 billion in 2024, indicating a growing opportunity for UBT251 [2] - UBT251 is expected to achieve a conservative domestic sales peak of 7.7 billion yuan and an overseas peak of $6 billion, with risk-adjusted sales estimates of 3.8 billion yuan and $3 billion respectively [2] Group 2: Antibiotics and Insulin Business - The company has a comprehensive supply chain in antibiotics, from upstream intermediates to finished products, positioning it as a leading global player in penicillin [3] - The demand for penicillin formulations is expected to drive steady growth in the upstream intermediate/raw material market, benefiting leading manufacturers [3] - In the insulin sector, the company has secured A-class selections in the second round of insulin procurement, with a 52.5% year-on-year increase in procurement volume [4] - The company has a full product line in the diabetes and weight loss sectors, including various generations of insulin and GLP-1 receptor agonists, enhancing its market position [4] Group 3: Investment Outlook - The company is rated as a "Buy-A" with a target price of 20.71 HKD, reflecting confidence in its innovative drug pipeline and expected revenue growth [4] - Projected revenue growth rates for 2025 to 2027 are 0.89%, -3.65%, and 7.25% respectively, with net profit estimates of 2.86 billion, 2.32 billion, and 2.48 billion yuan [4]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-053 博瑞生物医药（苏州）股份有限公司 关于与华润三九医药股份有限公司签署合作研发协 议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"博瑞医药" ） 及全资子公司博瑞制药（苏州）有限公司（以下简称"博瑞制药"） 、博瑞新创生 物医药科技（无锡）有限公司（该三家许可方统称为"博瑞医药及关联公司"） 与华润三九医药股份有限公司（以下简称"华润三九" ）签署了《合作研发协议》 ， 就 BGM0504 注射液在中国大陆地区（不包含香港、澳门及台湾地区）的研发、 注册、生产及商业化达成合作，博瑞医药及关联公司授予华润三九一项仅与博瑞 医药及关联公司合作的可分许可的排他性合作开发实施许可及一项可分许可的 独占性商业化实施许可。 ? 本协议的签署已履行了相应的内部审批程序，无需提交公司董事会及股 东大会审议。 ? 协议中约定的里程碑付款需要满足一定的条件，最终里程碑付款金额尚 存在不确定性 ...

华润三九董事长邱华伟表示，"此次合作是双方优势的深度融合。华润三九的产业资源、商业化能力与 博瑞医药的研发优势、创新实力形成互补，既有利于加速BGM0504注射液的研发进程，也有利于推动 创新药管线的商业化落地，实现创新成果向临床价值的高效转化，达成创新驱动与商业拓展的协同发 展。双方将聚焦减重和降糖这两大核心功效构建品牌优势，同时积极拓展其他适应症市场，让这款创新 药的价值得到更充分的释放。" 博瑞医药董事长袁建栋表示，"'持续创新，护佑健康'是博瑞医药的核心使命，我们始终聚焦于解决未 被满足的临床需求。BGM0504注射液是一项重大创新成果，我们期待借助华润三九强大的注册申报、 市场覆盖和商业化能力，高效转化创新成果，让BGM0504注射液早日惠及中国患者。同时，双方还将 在临床研究策略上进行紧密协作，共同设计探索前沿的临床试验方案，为未来的学术推广奠定坚实基 础。这种优势互补、资源共享的合作模式，将有望推动实现双方共赢，并最终造福患者。" 中证报中证网讯(王珞)博瑞医药官网消息，华润三九（000999）与博瑞医药(688166)8月1日在苏州举行 BGM0504注射液项目合作签约仪式，宣布达成合作研发协 ...

Core Viewpoint - After parting ways with Pfizer, Zhejiang Haizheng Pharmaceutical Co., Ltd. is facing significant challenges in its development despite recent approval for its active pharmaceutical ingredient, fumarate bedaquiline [2] Group 1: Company Background - Haizheng Pharmaceutical, founded in 1956 and listed in 2000, is a state-controlled comprehensive pharmaceutical group with a diverse portfolio including chemical drugs, biological drugs, and veterinary drugs [3] - The company’s core products include the self-developed first-class new drug Haibomab, a cholesterol absorption inhibitor, and other medications for liver bile accumulation treatment [3] Group 2: Partnership with Pfizer - The partnership with Pfizer began in September 2012, creating Haizheng Pfizer Pharmaceutical Co., Ltd. with a total investment of $295 million, where Haizheng held a 51% stake [3][4] - Initially, the collaboration was beneficial, significantly boosting Haizheng's revenue through the exclusive production of off-patent antibiotics [4] - However, production issues at Pfizer's overseas factories led to a significant revenue drop, and by 2017, Pfizer completely exited the partnership [4] Group 3: Financial Performance - Haizheng Pharmaceutical has experienced a continuous decline in revenue from 2022 to 2024, with year-on-year decreases of 0.82%, 13.82%, and 5.65% respectively [5][6] - In Q1 2025, the company reported revenue of 2.632 billion yuan, a 3.48% decrease year-on-year, and a net profit of 194 million yuan, down 21.85% [5] Group 4: Market Challenges - The company’s performance has been adversely affected by centralized procurement policies, leading to a significant reduction in market share for key products [6] - In 2023, the revenue from self-operated pharmaceutical preparations decreased by 10.41 billion yuan, indicating a substantial impact from procurement policies [6] Group 5: Innovation and R&D - Haizheng's self-developed drug Haibomab has shown promising sales growth, reaching over 400 million yuan in 2023, with potential peak sales estimated at 1.954 billion yuan [7] - The company has recently received approval for HS387, targeting advanced ovarian cancer and non-small cell lung cancer, but faces intense competition in these markets [8] - R&D investment has fluctuated, with 2024's R&D expenditure at 416 million yuan, representing 4.25% of revenue, indicating a focus on innovation despite financial pressures [10] Group 6: Future Prospects - The approval of fumarate bedaquiline is a positive development, but the company faces challenges in scaling production and market entry [9] - The overall effectiveness of Haizheng's R&D platforms and the impact of past collaborations with Pfizer on current innovation efforts remain uncertain [10]

博瑞医药董事长袁建栋表示："BGM0504注射液是一项重大创新成果。公司期待借助华润三九强大的注 册申报、市场覆盖和商业化能力，高效转化创新成果，让BGM0504注射液早日惠及中国患者。同时， 双方还将在临床研究策略上进行紧密协作，共同设计探索前沿的临床试验方案，为未来的学术推广奠定 坚实基础。这种优势互补、资源共享的合作模式，将有望推动实现双方共赢，并最终造福患者。" 华润三九董事长邱华伟表示："此次合作是双方优势的深度融合。华润三九的产业资源、商业化能力与 博瑞医药的研发优势、创新实力形成互补，既有利于加速BGM0504注射液的研发进程，也有利于推动 创新药管线的商业化落地，实现创新成果向临床价值的高效转化，达成创新驱动与商业拓展的协同发 展。双方将聚焦减重和降糖这两大核心功效构建品牌优势，同时积极拓展其他适应症市场，让这款创新 药的价值得到更充分的释放。" 当前，2型糖尿病（T2DM）和肥胖症已成为全球及中国面临的重大公共卫生挑战。国际糖尿病联盟 （IDF）第11版《世界糖尿病地图》显示，2024年我国糖尿病患者约1.48亿人。其中，T2DM患者在糖 尿病患者群体中占绝大多数，其患病率持续攀升；此外，超 ...

Core Viewpoint - Maiwei Biotech is actively advancing multiple innovative drug candidates, with significant clinical developments and partnerships expected in the coming years, particularly in the fields of oncology and fibrosis treatment [1][2][3]. Group 1: Clinical Development Progress - The IL-11 monoclonal antibody 9MW3811 has completed Phase I clinical trials in China and Australia, and has received approval to initiate Phase I trials in the U.S. It is expected to start Phase II trials for hypertrophic scars and keloids by the end of this year [1][3]. - The anti-ST2 monoclonal antibody 9MW1911 is currently in Phase II clinical trials, with 80 patients enrolled, aiming to complete follow-ups by the second half of 2025 [6]. - The CDH17 ADC innovative drug 7MW4911 has had its clinical trial application accepted by both NMPA and FDA, with preclinical studies showing significant advantages in terms of efficacy and safety [6][7]. Group 2: Market Opportunities and Strategic Focus - The company is focusing on the TNBC indication for its 9MW2821 ADC, targeting a large patient population with limited treatment options, and plans to initiate small-sample clinical trials in the U.S. by 2025 [2][9]. - The TCE platform aims to develop multiple innovative pipelines by 2026, leveraging differentiated features of modified CD3 antibodies to enhance T-cell activation and specificity against tumor antigens [10]. - The company has identified significant unmet clinical needs in the treatment of hypertrophic scars and keloids, positioning MW38 as a potential first-in-class therapy in this area [3][4]. Group 3: Business Development and Collaborations - 2025 is deemed a critical year for the company's business development (BD) efforts, with ongoing collaborations for several pipelines including Nectin-4 ADC, B7-H3 ADC, and ST2 monoclonal antibody [10][11]. - The company has successfully established a partnership for IL-11 monoclonal antibody, with plans to advance other pipelines in the near future [2][10]. - The BD strategy will increasingly focus on pipelines developed from the new generation TCE platform starting in 2026, reflecting the company's commitment to innovation and market differentiation [10].

Market Performance - In July 2025, the Shanghai Composite Index rose by 3.74%, while the Shenzhen Component Index increased by 5.20% and the ChiNext Index surged by 8.14%[5] - The average return of the stock portfolio in July was 1.14%, underperforming the CSI 300 Index which rose by 3.54%[5] Economic Outlook - China's GDP growth rate for the first half of 2025 was recorded at 5.3%, with a full-year target of 5% growth expected to be achievable[5] - The IMF has raised its global economic growth forecast, but the Federal Reserve's hawkish stance has reduced expectations for a rate cut in September[5] Stock Recommendations - Chengdu Bank (601838) is recommended for its high dividend yield of 4.82% based on a closing price of 18.47 RMB, with a PE ratio of 5.64[9][12] - Xinhua Insurance (601336) shows strong business elasticity with a closing price of 66.77 RMB and a PE ratio of 8.64, reflecting a significant increase in new business value by 67.9%[13][17] - Xiamen Tungsten (600549) is positioned well in tungsten and rare earth sectors, with a closing price of 23.22 RMB and a projected EPS of 1.33 RMB[18][19] Investment Risks - Economic fluctuations may lead to weaker consumer spending and corporate investment, impacting credit demand and asset quality for banks[12] - Regulatory tightening could hinder new policy sales and affect premium growth for insurance companies[17] Company Performance Highlights - Heng Rui Pharmaceutical (600276) reported a 20.14% increase in revenue for Q1 2025, driven by innovative drug sales[26][29] - Ningde Times (300750) achieved a 33.33% increase in net profit for H1 2025, with a strong cash reserve of 350.58 billion RMB[30][33]