具体来看，从8月26日开始，博瑞医药股价进入"下跌通道"，截至9月25日收盘，跌幅超过39%，市值蒸 发超过182亿元。 博瑞医药(688166.SH)股价正在坐"过山车"。 9月24日晚间，博瑞医药公告显示，公司股票连续30个交易日内收盘价格跌幅偏离值累计达到70%，属 于股票交易严重异常波动情形。 实际上，博瑞医药股价在此轮下跌之前，曾迎来一波狂飙，7月11日至8月25日，公司股价涨幅达95%。 截至9月24日，博瑞医药收盘价为72.50元/股。根据中证指数有限公司发布的数据，截至9月23日，公司 最新滚动市盈率为313.01倍，公司所处的医药制造业最近一个月平均滚动市盈率为31.43倍，公司市盈率 显著高于行业市盈率水平。公司特别提醒广大投资者，注意投资风险，理性决策，审慎投资。 具体来看，从8月26日开始，博瑞医药股价进入"下跌通道"，截至9月25日收盘，跌幅超过39%，市值蒸 发超过182亿元。 博瑞医药表示，经公司自查，未发现需要公司澄清或回应的媒体报道或市场传闻，公司不存在应披露而 未披露的重大信息。 实际上，博瑞医药股价在此轮下跌之前，曾迎来一波狂飙，7月11日至8月25日，公司股价涨幅达95 ...

Company Overview - BrightGene Bio-Medical Technology Co., Ltd. is an innovative pharmaceutical company engaged in international competition, focusing on high-tech barriers to build a product moat [2][3] - The company has a diverse product matrix covering various therapeutic areas, including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology [3][4] Financial Performance - For the first half of 2025, the company reported a revenue of approximately CNY 537.44 million, a decrease of 18.28% compared to the same period last year [6][12] - The total profit for the period was a loss of CNY 5.02 million, representing a decline of 105.32% year-on-year [6][12] - The net profit attributable to shareholders was CNY 17.17 million, down 83.85% from the previous year [6][12] Research and Development - The company significantly increased its R&D investment to CNY 348.44 million, which accounted for 64.83% of its revenue, marking a 144.07% increase year-on-year [6][12] - The focus of R&D is on developing innovative drugs for metabolic diseases and building a competitive product line in respiratory inhalation [12][13] Market Position and Strategy - The company aims to strengthen its core technology in innovative drug development, particularly in GLP-1 class drugs, and explore new administration methods [13][14] - BrightGene has established a comprehensive marketing strategy that includes direct supply, agency partnerships, and self-promotion to maximize its integrated advantages in API and formulations [4][12] Industry Context - The pharmaceutical industry is crucial for national health and is undergoing significant transformation due to policies like centralized procurement and medical insurance negotiations, which enhance competition among pharmaceutical companies [7][10] - The global market for GLP-1 peptide drugs is rapidly growing, projected to reach USD 90.8 billion by 2030, indicating a strong opportunity for companies like BrightGene [8][9] Competitive Advantages - The company has developed multiple drug development technology platforms, including peptide technology, drug-device combinations, and synthetic biology, which provide a competitive edge in the market [18] - BrightGene's products have received regulatory approvals in major international markets, enhancing its global market presence [18]

Core Viewpoint - The report outlines the ongoing supervision and compliance of Borui Biopharmaceuticals (Suzhou) Co., Ltd. by Minsheng Securities, detailing the company's adherence to regulatory requirements and the management of its fundraising activities. Group 1: Fundraising and Financial Management - Borui Biopharmaceuticals issued 41 million shares at a price of RMB 12.71 per share, raising a total of RMB 521.11 million [1] - As of June 30, 2025, the company has utilized RMB 455.75 million of the raised funds, with RMB 373.12 million directly invested in projects [22] - The company has maintained compliance with regulations regarding the use of raised funds, ensuring no misappropriation or violation of shareholder interests [22] Group 2: Corporate Governance and Compliance - Minsheng Securities has established a continuous supervision system and signed a supervision agreement with Borui Biopharmaceuticals to clarify rights and obligations [1][2] - The company has been urged to strengthen its internal control systems, including financial management and information disclosure [3][2] - A warning letter was issued by the Jiangsu Securities Regulatory Bureau due to non-compliance with information disclosure regulations, highlighting the need for improved governance [7][8] Group 3: Operational and Market Risks - The company faces significant risks in drug development, particularly in generic and innovative drug research, which require substantial investment and have long timelines [9][10] - Fluctuations in customer demand during different phases of drug development can lead to revenue volatility, impacting overall financial performance [11] - The company must navigate regulatory changes and market dynamics, including price pressures from policies like volume-based procurement [15][16] Group 4: Financial Performance - For the first half of 2025, the company's revenue was RMB 537.44 million, a decrease of 18.28% compared to the previous year [18] - The net profit attributable to shareholders dropped by 83.85%, with a significant decline in earnings per share by 84% [18][19] - Research and development expenses accounted for 64.83% of total revenue, reflecting the company's commitment to innovation despite financial challenges [18][19] Group 5: Shareholder Structure - As of June 30, 2025, the major shareholders include Yuan Jiandong, holding 26.87% of the shares, and Zhong Weifang, with 8.49% [23] - There have been no changes in the shareholding structure of the controlling shareholders during the reporting period [23]

人民财讯8月28日电，博瑞医药(688166)8月28日晚间披露半年报，2025年上半年，公司实现营业收入 5.37亿元，同比下降18.28%；归属于上市公司股东的净利润1717.32万元，同比下降83.85%；基本每股 收益0.04元。报告期内，1.受流感趋势变化及竞争格局变化影响，奥司他韦原料药及制剂需求及价格产 生下滑，使得抗病毒类产品收入、毛利额均较去年同期大幅减少；2.由于去年同期客户临时性需求较旺 盛，同时本报告期客户阶段性商业需求波动，抗真菌类原料药品种收入较去年同期减少，该类产品毛利 较高，销量阶段性减少带来毛利额同比下降较多；3.其他类原料药品种收入较去年同期增长，但由于部 分产品由研发阶段进入商业化阶段，放量的同时产品成本、价格相应波动带来了毛利额的下降。 ...