整理 | GLP1减重宝典内容团队 7月初，博瑞医药在《Journal of Medicinal Chemistry》发表论文称，相比GLP-1药物，BGM1812的差异化优势体现在显著提升肌肉保留、具 更优的胃肠道耐受性，并通过增强饱腹感而非诱导食物厌恶来实现更符合生理的体重管理，可与GLP-1单靶点或多靶点治疗形成互补。 此前在ADA2025上公布的临床前海报显示，BGM1812具有高溶解度，且在不形成纤维的条件下保持稳定，这也提示其可与GLP-1/GIP激动剂 等协同作用机制药物组成复方制剂的潜力。相关进展仍以监管审评与后续公告为准。公司尚未披露具体入组时间表。 *本文仅 供医疗卫生专业人 士参考 版权声明：所有「GLP1减重宝典」的原创文章，转载须联系授权，并在文首/文末注明来源、作者、微信ID，否则减重宝典将向其追究法律责 任。部分文章推送时未能与原作者或公众号平台取得联系。若涉及版权问题，敬请原作者联系我们。合作事宜，请添加微信：andyxu365 药审中心信息显示，9月3日，博瑞制药的新型减重候选药BGM1812注射液的临床试验申请获受理。 BGM1812为博瑞医药基于AI/ML优化设计的胰淀素 ...

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]