证券之星刘凤茹 博瑞医药上述行为违反了《上市公司信息披露管理办法》(证监会令第40号)第二条第一款和《上市公司 监管指引第2号——上市公司募集资金管理和使用的监管要求》(证监会公告201244号)第七条第二款的 规定。在前述事项中，邹元来作为博瑞医药财务总监未能勤勉尽责，督促公司规范使用募集资金，保证 公司及时披露相关信息，违反了相关规定。江苏证监局决定对博瑞医药及邹元来采取出具警示函的行政 监管措施，并记入证券期货市场诚信档案。 证券之星注意到，博瑞医药五年前就踩过信披红线。博瑞医药于2020年2月12日披露《关于抗病毒药物 研制取得进展的公告》称，"于近日成功仿制开发了瑞德西韦原料药合成工艺技术和制剂技术。公司已 经批量生产出瑞德西韦原料药，瑞德西韦制剂批量化生产正在进行中"。经核查，公司公告中所称"批量 生产"实际为药品研发中小试、中试等批次的试验性生产，而非已完成审批并开始正式规模化、商业化 生产销售瑞德西韦原料药和制剂。由于信息披露不清晰、不准确，违反了有关规定，江苏证监局对博瑞 医药及时任董事会秘书王征野采取出具警示函的行政监管措施。 抗病毒类产品负增长拉低原料药增速 继五年前因瑞德西韦"批量生产 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company focuses on the research and development of metabolic drugs, with new pipeline additions including oral BGM0504 and Amylin analog BGM1812. The current strategy emphasizes developing innovative drugs with global intellectual property rights in the metabolic disease field [5][17]. - The company reported a revenue of 1.283 billion yuan in 2024, an increase of 8.74% year-on-year, while the net profit attributable to the parent company was 189 million yuan, a decrease of 6.57% [5]. - The company expects revenues of 1.444 billion yuan in 2025, with a year-on-year growth of 12.6%, and net profits of 253 million yuan, reflecting a growth of 33.7% [5]. Summary by Sections Market Performance - The company's stock price has shown a relative increase compared to the CSI 300 index, with absolute growth rates of 11.71% over 1 month, 17.10% over 2 months, and 48.00% over 3 months [4]. Financial Data - In 2024, the company achieved a gross margin of 58.62%, an increase of 2.5 percentage points year-on-year. The R&D expenses for 2024 were 297 million yuan, a year-on-year increase of 19.65%, reflecting the company's commitment to a "R&D-driven" strategy [5][6]. Product Pipeline - The company is advancing its innovative drug development, with BGM0504 injection for type 2 diabetes and weight loss currently in phase III clinical trials in China, and the oral formulation BGM0504 is in preclinical stages [5][9][17]. - BGM1812, an Amylin analog, is also in the pipeline, targeting metabolic diseases and expected to complement GLP-1 drugs for enhanced weight loss effects [17][18]. Revenue Forecast - The company forecasts revenues of 1.641 billion yuan in 2026 and 1.889 billion yuan in 2027, with corresponding net profits of 297 million yuan and 363 million yuan, indicating a strong growth trajectory [6].