Group 1 - The company announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business layout [1] - The funds raised from the H-share issuance will be used for R&D activities, expanding production lines, strategic investments and acquisitions, and general corporate purposes [1] - The company appointed Ernst & Young as the auditing firm for the H-share issuance [1] Group 2 - In the first half of 2025, the company reported revenue of 537 million yuan, a year-on-year decrease of 18.28%, and a net profit attributable to shareholders of 17.17 million yuan, down 83.85% [2] - The company's R&D expenditure as a percentage of revenue increased by 43.12 percentage points compared to the same period last year, driven by a focus on R&D for GLP-1 innovative drugs and inhalation formulations [2] - The company plans to raise up to 500 million yuan through a private placement, with the actual controller subscribing at a price of 22.56 yuan per share [2]

Core Viewpoint - The legal opinion letter from Beijing Jingtian & Gongcheng Law Firm confirms that BrightGene Bio-Medical Technology (Suzhou) Co., Ltd. is authorized to issue A-shares to specific investors in 2024, ensuring compliance with relevant laws and regulations [3][8][10]. Group 1: Issuance and Approval - The board of directors has approved various proposals related to the issuance of A-shares, including feasibility analysis and usage of raised funds [6][7]. - The shareholders' meeting has authorized the board to handle matters related to the issuance of A-shares, extending the validity of related resolutions until May 20, 2026 [6][7]. - The issuance of A-shares is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [8]. Group 2: Company Qualifications - BrightGene is a legally established and effectively existing public company, possessing the qualifications to implement the issuance and listing of A-shares [8][10]. - The issuance of A-shares complies with the relevant conditions set forth in the Company Law and Securities Law, ensuring equal rights for all shares issued [8][10]. Group 3: Independence and Operations - The company operates independently from its controlling shareholders and actual controllers, with no reliance on them for business operations [12][14]. - BrightGene has established independent systems for research, procurement, production, and sales, ensuring operational autonomy [12][14]. Group 4: Shareholder Structure - As of June 30, 2025, the major shareholders include Mr. Yuan Jiandong and Ms. Zhong Weifang, who collectively control 38.53% of the company [15]. - The shareholding structure is legally valid, with no disputes regarding ownership [15][16]. Group 5: Financial and Asset Integrity - The company maintains an independent financial accounting system and has established strict financial management practices [13][14]. - BrightGene possesses complete ownership of its assets, including land, buildings, and intellectual property, with no disputes or potential conflicts [20][21].

Core Viewpoint - Minsheng Securities is acting as the sponsor for the specific stock issuance of Borui Biopharmaceuticals (Suzhou) Co., Ltd., ensuring compliance with relevant laws and regulations [1][2]. Group 1: Basic Information about the Issuer - The issuer, Borui Biopharmaceuticals (Suzhou) Co., Ltd., is primarily engaged in the research and production of high-tech pharmaceutical intermediates, active pharmaceutical ingredients, and formulation products [5]. - The company was established on October 26, 2001, with a registered capital of 422,465,050 yuan [5]. - The company went public on November 8, 2019, and its stock code is 688166 [5]. Group 2: Share Structure and Major Shareholders - As of June 30, 2025, the total share capital of the company is 422,768,244 shares, all of which are unrestricted shares [6]. - The top ten shareholders hold a combined 48.25% of the shares, with the largest shareholder being Suzhou Borui Xinwen Management Consulting Partnership [6]. Group 3: Financial Performance - As of March 31, 2025, the total assets of the company amounted to 528,527.33 million yuan, with total liabilities of 266,925.64 million yuan [7]. - The company reported a net profit of -465.68 million yuan for the first quarter of 2025, compared to a net profit of 14,126.33 million yuan for the entire year of 2024 [7]. - The operating income for the first quarter of 2025 was 24,895.98 million yuan, while the total revenue for 2024 was 128,255.16 million yuan [7]. Group 4: Issuance Details - The company plans to issue shares to specific investors at an initial price of 22.56 yuan per share, which is compliant with the pricing regulations [20]. - The issuance is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [20]. Group 5: Compliance and Regulatory Aspects - The sponsor has conducted due diligence and confirmed that the issuer meets the necessary legal and regulatory requirements for the stock issuance [14][15]. - The issuance does not involve any prohibited circumstances as outlined in the Securities Law [21]. Group 6: Decision-Making Process - The board of directors approved the issuance plan on May 6, 2024, and subsequent meetings have reaffirmed and adjusted the plan as necessary [16][19]. - The shareholders' meeting on May 20, 2024, also approved the issuance plan and authorized the board to handle related matters [19].