博瑞医药 20250925 摘要 博瑞医药针对不同体重基数人群制定差异化治疗策略，包括快速减肥期 和维持治疗期，旨在满足不同患者的减重需求，并关注长期体重管理。 博瑞医药在代谢类疾病领域进行全面布局，小基数人群使用注射用 0,504，大基数人群采用 GIP 双八点加上 M 零，以及 0,504 与 1,812 联合配方，并积极推进口服制剂的临床研究。 博瑞医药的 0,504 注射液在中国和东南亚进行三期临床试验，预计 2026 年上半年递交 NDA 申请，同时也在美国启动了 0,504 口服制剂 的一期临床试验。 博瑞医药关注体重管理中的脂肪减少和肌肉保持平衡，以及骨密度降低 和肥胖相关临床表征等合并症，并已在多个品种上进行布局。 博瑞医药的临床研究显示，0,504 在降糖和减重方面均有显著效果，且 安全性良好，高剂量组也未出现不可预见的不良事件。 博瑞医药在血压控制方面取得积极信号，二期临床试验数据优于市面上 其他同类产品，且将血压指标作为重点考察指标。 博瑞医药在长效给药、口服便利化以及多靶点组合等方面展现出显著差 异化，并具备较大的 BD 潜力，例如针对大体重患者开发 0,504 和 1,812 组合产 ...

Summary of the Conference Call for 博瑞医药 Company Overview - **Company**: 博瑞医药 (Borui Pharmaceutical) - **Industry**: Pharmaceutical, specifically focusing on innovative drugs and weight loss treatments Key Points and Arguments Clinical Development and Pipeline - **BGM0,504 Injection**: Phase III clinical trials expected to complete in Q1 2026, with potential market launch by the end of 2026 or early 2027. The 15mg dosage group showed a weight loss of 19.78% over 24 weeks, outperforming the 11.96% of tirzepatide [2][3] - **BGM1,812**: A long-acting amylin analog, currently in preclinical stages, showing stronger agonistic effects on Amylin and calcitonin receptors compared to existing drugs, with potential to be a best-in-class treatment [2][3] - **BGM0,504 Oral Tablets**: Received CDE IND acceptance, expected to enter clinical trials within the year, which will gradually reflect in the company's valuation [2][5] Financial Performance - **Revenue Growth**: Steady revenue increase from 2018 to 2024, with a projected fluctuation in Q1 2025 due to high base effects from Q1 2024 and reduced demand for oseltamivir due to lower flu incidence. Anticipated continuous growth as flu normalizes and company transitions [2][6] Market Potential - **Weight Loss Market**: Rapid development expected, with projections indicating the Chinese market could reach 68 billion RMB by 2030. The sales of semaglutide have exceeded 30 billion USD, indicating a vast market that can accommodate multiple major products [2][8] Innovation and Technology - **GLP-1 Field Progress**: Significant advancements in GLP-1 area, with BGM0,504 injection showing excellent data. The oral formulation is also promising, with no existing oral dual-target peptides in development globally as of July 2025 [10] - **Macro Technology Platform**: The company holds a stake in Shenzhen Aoli Bio, which possesses a superior Macro technology platform compared to the SNACK technology used by semaglutide, enhancing drug stability and efficacy [10] Valuation and Investment Potential - **Pipeline Valuation**: The innovative drug pipeline, including BGM0,504 and BGM1,812, has not been fully reflected in the company's market valuation. Peak sales for BGM0,504 are projected to reach 5-10 billion RMB, indicating significant upside potential [4][12] Competitive Landscape - **Generic Drug Business**: Involvement in generic drugs, particularly high-difficulty generics, benefiting from cost-saving policies. The company is focusing on antifungal, antiviral, and immunosuppressive categories, with stable demand in antifungal products [13][14] Technical Platforms - **Multiple Technical Platforms**: The company has several platforms, including chiral drug platforms and non-biological macromolecule platforms, with products like carboxymaltose iron expected to launch by the end of the year, contributing to profits [15] Additional Important Insights - **Leadership**: Chairman 袁建栋 has a strong academic background and leads a capable R&D team, recognized for overcoming significant synthetic challenges [7] - **Market Dynamics**: The GLP-1 market is expected to see significant transactions in the near future, with potential record-breaking deals anticipated as companies catch up in this lucrative sector [11]