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]