Core Viewpoint - 博瑞医药 reported a significant decline in both revenue and net profit for the first three quarters of 2025, primarily due to changes in flu trends and competitive landscape affecting the demand and pricing of antiviral products [1] Financial Performance - The company's revenue for the first three quarters was 874 million yuan, representing a year-on-year decrease of 10.5% [1] - The net profit attributable to shareholders was 50.32 million yuan, down 71.64% compared to the same period last year [1] Product Performance - The demand and pricing for oseltamivir raw materials and formulations decreased, leading to a substantial reduction in revenue and gross profit for antiviral products [1] - A decline in sales of antifungal raw materials was noted, attributed to fluctuations in customer demand and product pricing, resulting in a significant drop in gross profit for this category [1]

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]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to changes in market demand and competitive landscape affecting its antiviral and antifungal product lines [1] Financial Performance - The company achieved operating revenue of 537 million yuan, a year-on-year decrease of 18.28% [1] - The net profit attributable to shareholders was 17.17 million yuan, reflecting a year-on-year decline of 83.85% [1] - Basic earnings per share were reported at 0.04 yuan [1] Product Performance - Revenue and gross profit from antiviral products, particularly oseltamivir raw materials and formulations, significantly decreased due to changes in flu trends and competitive dynamics [1] - Revenue from antifungal raw materials also declined compared to the same period last year, attributed to fluctuations in customer demand and the high gross margin nature of these products [1] - Other raw material products saw revenue growth year-on-year; however, the transition of some products from the R&D phase to commercialization led to increased costs and price fluctuations, resulting in a decline in gross profit [1]