近日，科创板创新药企业博瑞医药(688166.SZ)发布2024年度向特定对象发行A股股票预案(二次修订 稿)，公司董事长、实际控制人之一袁建栋计划以22.36元/股的价格，全额认购不超过5亿元的新股，截 至7月23日收盘，博瑞医药股价为94.75元/股，增发价格仅相当于当前股价的23.59%。 2023年10月，袁建栋在一次电话会议上发布了个人试用公司在研产品BGM0504注射液相关情况。江苏 证监局核查后认为，BGM0504注射液用于减重尚处于临床试验阶段，有效性尚不明确，上述关于药效 的相关言论具有误导性，违反了上市公司信息披露相关规定，对袁建栋采取出具警示函的行政监管措 施。2025年6月，因3.8亿元暂时闲置募集资金管理存在违规行为，博瑞医药及公司财务总监被江苏证监 局警示。 近年来，在注册制改革的大方向下，监管部门对上市公司定增的审查常常涉及资金用途的正当性，以及 定价是否公允等方面，博瑞医药董事长袁建栋这笔"两折"买股的定增，未来或将面临严格的审视。 近日，科创板创新药企业博瑞医药(688166.SZ)发布2024年度向特定对象发行A股股票预案(二次修订 稿)，公司董事长、实际控制人之一袁建栋计 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-23 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250722：25Q2 固收+基金转债持仓十大亮点 透过 2025Q2 基金持仓数据，观察到如下 10 点特征： 特征 1：2025Q2， 固收+基金规模整体为净申购，其中一级债基和二级债基的基金规模增幅 相对更明显，转债基金规模环比下降明显。 特征 2：观察大类资产配置 情况，固收+基金整体降低了含权仓位的比例，提高了债券和现金类资产 仓位，其中仅灵活配置型基金提高了股票和转债仓位，转债基金提高了转 债仓位。含权仓位的下降也使得各类型固收+基金跑输了万得可转债等权 指数，可转债基金和灵活配置型基金相对领先，跑赢中证转债加权指数。 特征 3：就转债资产仓位而言，公募基金整体略微下降 0.08pct，固收+基 金整体下降 0.54pct，只有可转债基金环比增加 0.77pct。转债指数在二季 度连创新高但整体仓位下降，原因或有：一是转债规模退出较多，但固收 +整体仍持续净申购，转债仓位被动下降；二是 6 月转债估值、小微盘指 数达到相对高位，参考 3 月前高后，泡沫破裂 ...

近期，大批上市公司业绩预告出炉，分析师也"马不停蹄"地跟踪、点评最新数据。 券商普遍认为，下半年市场有望震荡走高，配置上短期重点关注半年度业绩占优的板块。值得一提的是，随着上半年业绩预 告的披露，不少股票近期被分析师上调评级。 A股公司上半年业绩预喜率较去年有所回升 Wind数据显示，截至目前，A股已有超1500家上市公司披露了2025年半年度业绩预告。从业绩增速来看，预告净利润同比增 速下限超100%的公司超300家，超500%的有40余家。 兴业证券策略首席分析师张启尧分析称，2025年半年报业绩预告预喜率较去年同期有所回升。若按照业绩预告的类型，将预 告类型分为预喜（包含略增、扭亏、续盈、预增）、预忧（略减、首亏、续亏、预减）两组，在已披露业绩预告类型的上市 公司中，共652家预喜、854家预忧。全部A股预喜率为43.29%，较2024年的42.64%有所回升，不过整体来看仍处于近十年同 期的较低水平。 业绩超预期，多股评级被上调 据张启尧分析，从申万一级行业来看，今年上半年业绩高增的行业主要集中AI硬件、资源品和券商板块。预喜率方面，非银 金融（82.5%）、有色金属（74.1%）、电子（61.0%） ...

博瑞医药 20250718 摘要 博瑞医药 BGM0,504 注射液三期临床预计 2026 年 Q1 完成，有望年底 或 2027 年初上市，24 周内 15mg 剂量组减重幅度达 19.78%，优于 替尔泊肽的 11.96%，头对头二期临床试验显示公司对该分子充满信心。 博瑞医药 BGM1,812 为长效胰淀素类似物，临床前数据显示对 Amylin 和降钙素受体的激动作用更强，有望成为同类最佳药物。博瑞的研发布 局与礼来相似，具有较大的潜力。 博瑞医药 BGM0,504 口服片剂已获 CDE IND 受理通知，预计年内进入 临床阶段，这部分估值将逐步反映在公司市值中。 博瑞医药 2018-2024 年收入稳定提升，2025 年 Q1 波动因 2024 年 Q1 基数高及流感发病率降低影响奥司他韦销售，但随着流感常态化及 公司转型，业绩预计持续增长。 减重市场发展迅速，预计 2030 年中国市场规模达 680 亿元。司美格鲁 肽销售额超 300 亿美元，市场巨大且容纳多个大单品，为相关企业提供 广阔空间。 Q&A 博瑞医药的创新转型及其研发管线的进展情况如何？ 博瑞医药在创新转型方面取得了显著进展，其研发管线 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-051 博瑞生物医药（苏州）股份有限公司 关于最近五年被证券监管部门和交易所处罚或采取 监管措施情况（二次修订稿）的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"博瑞医药"） 自上市以来严格按照《中华人民共和国公司法》 《中华人民共和国证券法》 《上海 证券交易所科创板股票上市规则》及《博瑞生物医药（苏州）股份有限公司章程》 等相关要求，不断完善公司治理结构，建立健全内部管理及控制制度，规范公司 运营，提高公司治理水平，促进公司持续、健康、稳定发展。 上海证券交易所要求博瑞医药核实《关于抗病毒药物研制取得进展的公告》 （以下简称"《公告》"）中的相关事项：（1）请公司说明《公告》中所提"转化 为产品投入市场"的具体时点，以及公司未经授权即仿制开发和生产瑞德西韦原 料药的行为，是否侵犯 Gilead 公司相关专利权；（2）请公司说明，公司仿制开 发和生产瑞德西韦原料药的行为，是否适用《专利法》第 69 ...

Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) has provided a favorable development platform for China's technology innovation enterprises, supported by policies and a more inclusive financing environment [1][3]. Group 1: Support for Sci-Tech Enterprises - Sci-Tech enterprises face challenges such as long R&D cycles, high funding requirements, and significant failure risks, necessitating support from policies, funding, and technology [3]. - The STAR Market has evolved to provide precise support for listed Sci-Tech enterprises, showcasing positive development trends [3]. - Companies like Boryung Pharmaceutical have transitioned from complex generic drug production to innovative drug R&D, benefiting from the financial support provided by the STAR Market [4]. Group 2: Capital Empowerment and Innovation - Boryung Pharmaceutical has invested a total of 1.2 billion yuan in R&D over six years, with key innovative drugs entering critical clinical phases [4]. - Haoyuan Pharmaceutical has rapidly developed its drug R&D center and production base after listing on the STAR Market, enhancing its service capabilities for the innovative drug industry [4]. Group 3: AI Technology and Innovation - The rapid development of AI technology, particularly in vertical applications, is empowering innovation across various industries [5]. - AI models are adept at solving complex nonlinear problems, helping to overcome innovation bottlenecks in fields like biomedicine and materials science [5]. - The China Securities Index Company has been enhancing the STAR Market index system to guide social capital towards key supported areas, promoting high-quality development of Sci-Tech companies [5][6]. Group 4: Future Developments and Market Dynamics - The STAR Market is set to undergo institutional upgrades with the introduction of the "1+6" policy, improving financing channels for Sci-Tech enterprises [8]. - The deepening reforms aim to enhance inclusivity for hard-tech companies, particularly in biomedicine and high-end equipment sectors [8]. - The integration of AI technology is expected to reduce investment risks and enhance innovation capabilities in the biopharmaceutical sector, leading to higher returns on investment [9]. Group 5: Global Recognition and Competitive Advantage - China's overall innovation capability is gaining global recognition, with a significant increase in domestic biopharmaceutical intellectual property cases being exported [9]. - As China's Sci-Tech strength continues to grow, the capital market's risk appetite for innovative drug companies is expected to shift positively, further enhancing competitiveness in the global market [9].

科创板设立六年以来，凭借高度创新的市场机制及包容的融资环境，为中国科技创新企业提供了更为优良的发展平台。随着"科创板八条"、"1+6" 政策等陆 续推出，以及一揽子更具包容性和适应性的配套制度持续落地，优质科技型企业发展的难点堵点有望陆续疏通，科创板将为我国经济转型和新质生产力的发 展持续注入充足动能。 上海证券交易所与第一财经联合策划推出的《价值与投资》栏目，2025年第二期节目以"科创板六周年：资本助新，产业焕新"为主题，邀请科创板上市公司 董事长、上海交通大学教授、中证指数公司代表，详细解析资本助力下，科创企业持续发展壮大，并以科技创新为产业赋能的历程。 多方助力科创企业跨越成长周期 "正是有了科创板提供的种种金融支持，大大增强了企业的抗风险能力，博瑞医药得以在创新药研发方面持续快速推进。"袁建栋说。 在资本的有力支持下，博瑞医药六年累计研发投入达到12亿元，目前已有四条在研创新药管线，其中最重要的创新药物BGM0504注射液已进入III期临床， 公司正迎来创新药产品商业化前的关键时刻。 皓元医药董事长兼总经理郑保富介绍称，作为服务创新药产业链条的CRO企业，皓元医药成功登陆科创板后也迎来了快速发展的机 ...

Core Viewpoint - The acceptance of the IND application for BGM0504 by Borui Pharmaceutical has led to a significant increase in its stock price, but the competitive landscape in the weight loss market is intensifying, posing challenges for future commercialization [1][2][4]. Company Summary - Borui Pharmaceutical's BGM0504, a dual-target GLP-1/GIP receptor agonist, has seen its stock price rise significantly, recording a six-day consecutive increase with gains of 8.08%, 5.26%, 8.38%, 2.67%, 5.91%, and 14.73% over the specified trading days [1]. - The company has recently received clinical approval for its oral weight loss drug, but its development progress is notably behind competitors [1][8]. - BGM0504's injection formulation shows a weight loss of 18.5% in overweight or obese subjects, slightly outperforming similar products, but the overall efficacy differences among competing products are minimal, indicating significant product homogeneity [5][7]. Industry Summary - The domestic GLP-1 drug market is highly competitive, with around 40 companies developing GLP-1 drugs for weight loss, including various formulations such as peptides and small molecules targeting single, dual, and triple receptors [2][4]. - The market is expected to see a surge in generic drug entries as patents for key products like semaglutide are set to expire, leading to increased competition [4]. - The trend in GLP-1 drug development is shifting towards long-acting, multi-target, and oral formulations, with several companies, including Eli Lilly and Novo Nordisk, already having products in the market [5][6]. - Borui's BGM0504 is among the few multi-target products in clinical development, but it faces stiff competition from other companies with advanced pipelines [5][6].

Group 1 - The pharmaceutical sector experienced a sudden surge on July 18, with the drug ETF (562050) quickly turning positive, indicating strong buying interest [1] - The drug ETF (562050) is the first ETF in China tracking the CSI Pharmaceutical Index, focusing on innovative drugs and traditional Chinese medicine, while excluding medical and CXO sectors [1] - As of the report, the component stocks of the drug ETF showed mixed performance, with Borui Pharmaceutical soaring by 17% to reach a historical high, while Sanofi and other companies faced declines [1] Group 2 - According to Dongwu Securities, Borui Pharmaceutical's dual-target GLP-1/GIP receptor agonist BGM0504 has had its IND application accepted [2] - The 11th batch of national drug centralized procurement has been initiated, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and avoiding internal competition" [4] - Goldman Sachs noted that the overall market capitalization of Chinese biotech companies is only 14%-15% of their U.S. counterparts, despite contributing nearly 33% to global innovation, indicating a "value gap" for leading Chinese pharmaceutical companies [4] Group 3 - The drug ETF (562050) offers a comprehensive investment tool covering "chemical drugs, biological drugs, and traditional Chinese medicine," providing high growth driven by innovative drugs while mitigating index volatility through traditional medicine [4] - For those interested in medical devices and CXO, the largest medical ETF in A-shares (512170) is recommended, focusing on "medical devices and medical services" with a high correlation to AI healthcare [4]

Core Viewpoint - The article discusses the initiation of a Phase III clinical trial for BGM0504, a drug developed by Borui Pharmaceutical for the treatment of type 2 diabetes, highlighting its potential efficacy and safety compared to semaglutide [2][4]. Group 1: Clinical Trial Details - The Phase III clinical trial is a randomized, open-label study comparing the subcutaneous injection of BGM0504 with weekly semaglutide in conjunction with metformin for type 2 diabetes patients [4]. - The trial will take place in Indonesia and aims to recruit 477 participants, with the primary endpoint being the change in glycated hemoglobin (HbA1c) from baseline [4]. Group 2: Drug Profile - BGM0504 is a dual agonist of GLP-1 and GIP receptors, designed to activate both GIP and GLP-1 downstream pathways, which may improve blood sugar control, promote weight loss, and treat metabolic dysfunction-related fatty liver disease (MASH, formerly known as NASH) [4]. - The drug shows significant potential in treating various metabolic diseases [4]. Group 3: Current Progress - According to the Insight database, BGM0504 has initiated four Phase III clinical trials, with three conducted in China (two for type 2 diabetes and one for obesity) and one in Indonesia (for type 2 diabetes) [6].