Core Viewpoint - The collaboration between Borui Pharmaceutical and China Resources Sanjiu focuses on the development, registration, production, and commercialization of BGM0504 injection in mainland China, with Borui retaining full ownership of the product while granting exclusive development and commercialization rights to Sanjiu [1][2]. Group 1: Collaboration Details - Borui grants Sanjiu exclusive cooperation development and commercialization licenses while retaining full ownership of the product [1]. - Sanjiu will pay up to 282 million yuan in milestone payments for the development of BGM0504, along with additional sales milestone payments [1]. - Borui will only pay a service fee based on net sales after the product is launched, without transferring other rights [1]. Group 2: Market and Sales Implications - Sanjiu's leading OTC channel capabilities will help Borui enhance its sales performance, compensating for its own sales team limitations [2]. - The collaboration sets a precedent for paying development costs and sales milestones to obtain exclusive promotional rights, showcasing Sanjiu's commitment to supporting innovative pharmaceutical companies [2]. Group 3: Pipeline and Future Prospects - Borui has a rich pipeline in innovative drugs and complex generics, with BGM1812 in preclinical stages and BGM0504 tablets expected to enter clinical trials within the year [3]. - The company anticipates deepening cooperation with Sanjiu as new products, especially the oral BGM0504 tablets, are launched, leveraging Sanjiu's promotional capabilities to maximize domestic sales [3]. - BGM0504 injection has nearly completed bridging clinical trials in the U.S., indicating potential for international market entry [3]. Group 4: Financial Forecast - The company maintains its profit forecast, expecting net profits of 260 million, 300 million, and 430 million yuan for 2025-2027, corresponding to P/E ratios of 160, 139, and 97 times [3].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) and is seeking shareholder approval for extending the authorization for the board to issue A-shares to specific targets, while also reporting on its operational performance and strategic initiatives for the year [1][6][19]. Group 1: Meeting Procedures and Regulations - The AGM will ensure the orderly conduct of the meeting, allowing only authorized participants to enter [1][2]. - Shareholders must register 30 minutes before the meeting and present identification to participate in voting [2][4]. - The meeting will follow a structured agenda, including the presentation of proposals, shareholder questions, and voting procedures [5][6]. Group 2: Financial Performance - The company's net profit for the year is reported at 189.17 million yuan, a decrease of 6.57% year-on-year [7][30]. - The net profit attributable to shareholders after excluding non-recurring gains and losses is 180.51 million yuan, reflecting a 3.12% decline compared to the previous year [7][30]. Group 3: Research and Development Initiatives - The company has increased its R&D investment, with a total of 62.78% of R&D spending directed towards innovative drugs and inhalation formulations, marking a 77.37% increase year-on-year [8][9]. - The company is focusing on developing innovative drugs in the metabolic disease sector, particularly the BGM0504 injection, which has received ethical approval for phase III clinical trials in China [9][10]. Group 4: Strategic Development and Market Expansion - The company aims to enhance its global competitiveness by developing high-end generic drugs and original new drugs, with a focus on unmet clinical needs [21][22]. - The company is actively pursuing international collaborations and investments to expand its market presence, including establishing a joint venture in Indonesia [17][23]. Group 5: Corporate Governance and Compliance - The company emphasizes compliance with legal regulations and internal controls to protect shareholder interests and ensure effective governance [28][29]. - The supervisory board has conducted regular reviews of financial practices and internal controls, confirming the integrity of financial reporting [28][29].