证券代码：688166 证券简称：博瑞医药公告编号：2026-003 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。 一、本期业绩预告情况 （一）业绩预告期间 二、上年同期业绩情况和财务状况 （一）利润总额：15,720.06万元。归属于母公司所有者的净利润：18,916.69万元。归属于母公司所有者 的扣除非经常性损益的净利润：18,050.75万元。 （二）每股收益：0.45元/股。 三、本期业绩变化的主要原因 2025年公司归属于母公司所有者的净利润预计同比减少67.28%到78.17%，归属于母公司所有者的扣除 非经常性损益的净利润预计同比减少86.21%到97.62%，主要受流感趋势变化、竞争格局变化、客户阶 段性商业需求波动等影响，使得当期营业收入及产品毛利额减少，以及在建工程陆续完工转固带来计提 折旧增加，同时创新药等研发投入加大使得研发费用等期间费用同比有所增加。 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润4,1 ...

证券代码：688166 证券简称：博瑞医药（维权） 公告编号：2026-003 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润4,130万元到6,190万元，与 上年同期（法定披露数据）相比将同比减少67.28%到78.17%。 2、预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润430万元到2,490万元，与上 年同期（法定披露数据）相比将同比减少86.21%到97.62%。 博瑞生物医药（苏州）股份有限公司 2025年年度业绩预告 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。 一、本期业绩预告情况 （一）业绩预告期间 3、BGM1812注射液：BGM1812是公司优化设计的新型长效Amylin类似物，具有良好的分子活性和药 学稳定性。Amylin（胰淀素）作为一种由37个氨基酸组成的饱腹感多肽激素，由胰腺β细胞与胰岛素协 同释放入血。它通过激活大脑饱腹感通路抑制食欲，同时延缓胃排空、抑制胰高血糖素分泌，具有多 ...

尤为值得关注的是，公告首次披露了口服BGM1812、口服BGM1962、MSTN环肽注射液及ALK7靶向 siRNA项目4项创新药研发进展。口服BGM1812利用获授权的Macoral口服多肽制剂平台开发，具备每周 给药一次潜力，目前处于临床前研究阶段。BGM1962是公司自主研发的新型长效选择性胰岛淀粉样肽 受体激动剂，经肽序列优化结合脂肪酸修饰技术开发，体外研究显示其对AMY1R激动活性远高于 CTR，在动物模型中半衰期优势突出，具备每月一次低频给药潜力，有望为肥胖症患者提供长效、安全 的治疗新选择，当前处于临床前研究阶段。 MSTN环肽注射液是自主研发的高选择性肌生成抑制素环肽抑制剂，旨在与减重疗法联用，实现减重的 同时维持或增加瘦体重。体外实验表明其对GDF8有强效选择性抑制活性，在饮食诱导肥胖小鼠模型 中，与BGM0504联用4周，能在减重的同时显著维持瘦体重，且在大鼠中皮下给药后半衰期达23.9小 时，支持每周或更低频给药方案，目前处于PCC(临床前候选化合物)阶段。ALK7靶向siRNA项目拟用于 超重/肥胖适应症，计划与GLP-1类药物联用提升疗效，采用脂肪靶向递送技术，临床前研究显示单次皮 ...

博瑞医药公告称，预计2025年年度归母净利润4130万元到6190万元，同比减少67.28%到78.17%；扣非 净利润430万元到2490万元，同比减少86.21%到97.62%。主要因流感趋势、竞争格局、客户需求变化致 营收和毛利减少，在建工程转固折旧增加，研发投入加大。公司在研项目进展多，如BGM0504注射液2 型糖尿病和减重两项适应症国内III期临床已完成入组；口服BGM0504片剂中美开展一期临床等。不过 创新药尚处早期，商业化存不确定性。 ...

Core Viewpoint - The innovative drug sector has emerged as one of the brightest segments in the Hong Kong stock market this year, with significant recognition from international capital reflected in the performance of the Hong Kong innovative drug ETF, which has seen a year-to-date increase of over 100% and a maximum increase exceeding 130% [3][4]. Group 1: Market Performance and Investor Dynamics - The Hong Kong stock market, primarily driven by institutional investors, has benefited from deep international capital participation, enhancing pricing efficiency and aligning stock prices closer to intrinsic values [4]. - The continuous inflow of southbound funds has strengthened the correlation between Hong Kong and A-share markets, providing important value references for A-shares [4]. - Notable companies like 恒瑞医药 (Hengrui Medicine) and 宁德时代 (CATL) have seen their H-shares trading at significantly higher prices than their A-shares, indicating a willingness in the Hong Kong market to pay higher valuation premiums for quality enterprises [5]. Group 2: Company-Specific Developments - 博瑞医药 (Borui Medicine) has announced plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a step towards deeper engagement with international capital [5][6]. - The anticipated use of funds from the H-share issuance is likely focused on drug research and development, particularly for the GLP-1 series innovative drugs, with significant ongoing clinical trials [6][7]. - In the first half of the year, 博瑞医药's R&D investment reached 348 million, a year-on-year increase of 144.07%, representing approximately 65% of its total revenue for that period [7][10]. Group 3: R&D Strategy and Pipeline - 博瑞医药's current pipeline includes several innovative drugs targeting weight loss and diabetes, with the BGM0504 injection having entered Phase III clinical trials [6][21]. - The company is actively pursuing an integrated strategy for raw materials and formulations, necessitating substantial capital investment to maintain its competitive edge in GLP-1 research and development [13][24]. - The R&D intensity of 博瑞医药 is comparable to many innovative pharmaceutical companies that have not yet commercialized their products, indicating a strong focus on future growth despite current financial pressures [8][11]. Group 4: Competitive Landscape - 博瑞医药's product matrix is strategically designed to address different patient demographics, with specific formulations targeting both low and high weight loss needs [21]. - The company aims to differentiate itself in the competitive GLP-1 market by developing unique formulations and leveraging advanced technologies for oral drug delivery, which could significantly enhance patient compliance and treatment outcomes [22][23]. - Clinical data from 博瑞医药's BGM0504 injection shows promising results, with a weight reduction of 18.5% and a significant percentage of patients achieving substantial weight loss [22].

Group 1 - Pfizer announced a $7.3 billion acquisition of weight loss drug developer Metsera, signaling its return to the weight loss drug market [1] - The GLP-1 market is projected to be substantial, with a potential market size in the hundreds of billions of dollars, prompting multinational corporations (MNCs) to accelerate their investments [1] - Major MNCs such as Novo Nordisk, Eli Lilly, Regeneron, Amgen, Merck, Sanofi, and AbbVie are enhancing their GLP-1 pipelines, indicating strong demand for pipeline development [1] Group 2 - The direction of GLP-1 product development includes multi-targeting, long-acting formulations, oral administration, and weight loss maintenance [1] - Chinese pharmaceutical companies are making comprehensive and differentiated advancements in the GLP-1 sector, showcasing potential for international collaboration [1] - Borui Pharmaceutical has a rich GLP-1 pipeline with significant potential for its product BGM0504, which is progressing well in clinical trials [1] Group 3 - Borui Pharmaceutical confirmed that its overseas market expansion is proceeding normally, with its key weight loss drug BGM0504 injection completing US bridging clinical research [1] - The company plans to refine its Phase III clinical plan based on FDA recommendations and has submitted IND applications for its oral BGM0504 tablet and innovative drug BGM1812 injection for weight loss indications in the US [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced fluctuations in performance in the first half of 2025, with significant progress in its weight loss and diabetes drug development [4] - Revenue for the first half of 2025 was 537 million yuan, a year-on-year decrease of 18.28%, while net profit attributable to shareholders was 17.17 million yuan, down 83.85% [4] - The company is actively advancing its BGM0504 drug through clinical trials, which is expected to contribute positively to future earnings [4] Financial Performance Summary - In the first half of 2025, the company achieved product sales revenue of 483 million yuan, a decline of 21.31%, with raw material drug revenue at 407 million yuan, down 19.3% [5] - R&D investment increased significantly to 348 million yuan, representing 64.83% of operating revenue, indicating a strong commitment to innovation [6] - The company has revised its profit forecasts for 2025-2026, now expecting net profits of 65 million yuan and 130 million yuan respectively, with a new forecast for 2027 at 207 million yuan [4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 594.8, 296.7, and 186.2 respectively [8] - The gross margin for the first half of 2025 was 52.82%, a slight decrease of 0.47 percentage points year-on-year [4] - The company’s total market capitalization is approximately 38.573 billion yuan [1]