2026年开年，美国资本市场迎来重要规则调整——纳斯达克1月17日正式实施的上市新规，将IPO财务 门槛大幅提升，直接推动更多中国企业将美国场外交易市场（OTC）作为跨境资本布局的重要跳板。 据OTC Markets Group官方公告，2026年1月仅有1家中国企业（含中国台湾地区）成功登陆OTC最高层 级OTCQX最佳市场，或许有企业通过壳资源收购等方式完成挂牌，还未获官方正式公告。 截至2025年底，已有超800家中国企业布局美国OTC市场，覆盖新能源、生物医药、智能制造、新材料 等多个领域，在主板门槛抬高的背景下，OTC市场的"孵化+转板"价值进一步凸显。 一、保瑞药业成功登陆OTCQX 保瑞药业股份有限公司 OTC股票代码：BORAY 挂牌层级：OTCQX最佳市场 挂牌日期：2026年1月7日（美国东部时间） 企业背景：成立于2007年，中国台湾首家登陆OTCQX市场的发行人，已在台湾证券交易所主板上市 （股票代码：6472），是全球领先的医药合同开发与制造组织（CDMO）及特色制药企业。 业务布局：业务辐射中国台湾、美国、加拿大等地区，95%以上营收来自全球100多个国家和地区，在 医药研发生产外 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company [5] Core Views - The company is focused on building a leading innovative drug CDMO platform centered on technological innovation, providing comprehensive services to global pharmaceutical companies [13][21] - The sales of the company's key product, Entresto, have shown significant growth, with sales increasing from $507 million in 2017 to $7.822 billion in 2024, reflecting a CAGR of 47.83% [49] - The company is expanding its capabilities in peptide conjugates and small nucleic acid technologies, enhancing its TIDES business [2][50] Summary by Sections 1. Company Overview - The company specializes in small molecule drugs, peptide drugs, conjugated drugs, and small nucleic acid drug R&D and production, offering a one-stop solution from preclinical CMC to commercialization [13] - The management team possesses international experience and a strong background in pharmaceuticals, which supports the company's expansion in the innovative drug CDMO sector [17] 2. Business Segments Small Molecule CDMO - The company has established a leading technology platform to support global pharmaceutical companies, particularly in supplying raw materials for key products like Entresto [3][49] Peptide Conjugate CDMO - The TIDES division is actively expanding its peptide production capacity, with significant investments made to meet growing customer demands [2][50] API Business - The company has strategically positioned itself in the market for specialty APIs, including anti-infectives, CNS drugs, NSAIDs, and antidiabetic drugs, with stable sales growth across these categories [3][55] 3. Financial Projections - The company is projected to achieve net profits of 921 million, 1.052 billion, and 1.158 billion yuan from 2025 to 2027, with respective growth rates of 52.0%, 14.2%, and 10.0% [4][62] - Revenue is expected to grow from 5.635 billion yuan in 2025 to 6.711 billion yuan in 2027, reflecting a steady increase in demand for its services [62] 4. Market Dynamics - The demand for CDMO services is anticipated to recover due to ongoing investments in innovative drug development, particularly in oncology, hypertension, and weight loss sectors [35] - The company has established long-term partnerships with major pharmaceutical firms, which provides a solid foundation for future growth [41]