中国经济网北京10月10日讯 博瑞医药(688166.SH)近日披露了关于筹划发行H股股票并在香港联合 交易所有限公司主板上市相关事项的提示性公告。 公司于2025年9月26日召开第四届董事会第十二次会议、第四届监事会第十次会议，审议通过《关 于公司发行H股股票并在香港联合交易所有限公司主板上市的议案》《关于公司发行H股股票并在香港 联合交易所有限公司主板上市方案的议案》等议案。 为加快公司的国际化战略及海外业务布局，增强公司的境外融资能力，进一步提高公司的资本实力 和综合竞争力，公司拟发行H股股票并在香港联交所主板上市（以下简称"本次发行上市"）。公司将充 分考虑现有股东的利益和境内外资本市场的情况，在股东大会有效期内（即经公司股东大会审议通过之 日起24个月或同意延长的其他期限）选择适当的时机和发行窗口完成本次发行上市。 截至目前，公司正积极与相关中介机构就本次发行上市的相关工作进行商讨，除本次董事会审议通 过的相关议案外，其他关于本次发行上市的具体细节尚未确定。本次发行上市能否通过审议、批准、核 准和备案程序并最终实施具有重大不确定性。 博瑞医药昨晚披露的股票交易严重异常波动公告显示，公司股票连续10个 ...

2025年成为中国创新药发展的标志性年份。 仅在2025年上半年，国家药监局就批准上市创新药43款，其中40款由国内企业自主研发，3款为跨国企 业进口。这一数字背后，是中国创新药产业经过多年布局后迎来的成果爆发期。 国家层面密集出台的支持政策为创新药发展提供了强劲动力。9月1日，国家药监局副局长徐景和在2025 年"全国药品安全宣传周"启动仪式上透露，"十四五"期间，共批准创新药210个、创新医疗（002173） 器械269个，且均保持加速增长态势。 | 发布时间 | 发布单位 | 主要内容 | | --- | --- | --- | | 2025年1月 | 国务院办公厅发 | 通过完善审评审批机制、加强知识产权保护、积 | | | 布《关于全面深 | 极支持创新药推广使用等措施,从制度设计上鼓 | | | 化药品医疗器械 | 励和激发药品创新,为产业发展提供透明、稳定、 | | | 临管改革促进疾 | 可预期的政策环境,并明确通过多种措施努力缩 | | | 药产业高质量发 | 短审评审批时限,进一步加快创新药品上市进 | | | 展的意见》 | 程。 | | 2025年3月 | 《政府工作报 | 要培育生物 ...

Core Viewpoint - The article discusses the recent announcement by Borui Pharmaceutical regarding its plan to issue H-shares and list on the Hong Kong Stock Exchange, while emphasizing the company's commitment to balancing shareholder interests with market conditions [2]. Product Portfolio - Borui Pharmaceutical has a diverse product line covering multiple therapeutic areas, including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology. Key innovative drugs in the metabolism category include BGM0504 and BGM1812, while antiviral products include Entecavir and Oseltamivir. The antifungal category features Caspofungin and Micafungin Sodium, among others [3]. Financial Performance and R&D Progress - In the first half of 2025, Borui Pharmaceutical reported a revenue of 537 million yuan and a net profit of 14.36 million yuan after deducting non-recurring items. The company is focusing on multi-target metabolic drugs containing GLP-1 and exploring new administration routes beyond injections for chronic metabolic diseases. The self-developed peptide-based hypoglycemic drug BGM0504, a dual receptor agonist for GLP-1 and GIP, shows potential in controlling blood sugar, weight loss, and treating non-alcoholic fatty liver disease (NASH). Currently, BGM0504 has completed patient enrollment for phase III clinical trials in China for both type 2 diabetes and weight loss indications, with progress being reported as smooth [5]. Industry Engagement - The "GLP-1 Club" has established a network of hundreds of professionals, providing a platform for industry insights and discussions related to the GLP-1 drug development and its applications in weight loss and diabetes management [9]. GLP-1 Drug Overview - GLP-1 (Glucagon-like peptide-1) is a hormone produced by intestinal L cells, classified as an incretin. GLP-1 receptor agonists are a new class of hypoglycemic drugs that enhance insulin secretion in a glucose-dependent manner, suppress glucagon secretion, and delay gastric emptying, leading to reduced food intake and lower blood sugar levels [13].

Group 1 - BioBAY company, Borui Pharmaceutical, announced plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - The company will consider the interests of existing shareholders and market conditions when choosing the timing for the issuance [1] Group 2 - Borui Pharmaceutical's product portfolio covers various therapeutic areas including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology [2] - Key products in the metabolism area include innovative drugs BGM0504 and BGM1812, while antiviral products include Entecavir and Oseltamivir [2] Group 3 - In the first half of 2025, Borui Pharmaceutical reported revenue of 537 million yuan and a net profit of 14.36 million yuan [3] - The company is focusing on multi-target drugs in the metabolism field, particularly exploring new administration methods beyond traditional injections [3] - The peptide-based hypoglycemic drug BGM0504 is a dual agonist of GLP-1 and GIP receptors, showing potential for treating various metabolic diseases [3] - Phase III clinical trials for BGM0504 for type 2 diabetes and weight loss have completed patient enrollment and are progressing as planned [3] - An IND application for BGM0504's hypoglycemic indication has been approved in Indonesia, and Phase III clinical research has officially commenced [3]

21世纪经济报道记者 唐唯珂 医药行业下半年继续迎来港股IPO的密集动作。 9月26日，南京英派药业、广东融泰药业同日向港交所主板递交上市申请，A股上市公司博瑞医药也于 当日公告，计划发行H股并在港交所主板上市。 其中，英派药业专注基于合成致死机制的精准抗癌药物研发；融泰药业聚焦院外医药服务，是中国院外 医药市场第四大营销及供应链解决方案提供商；博瑞医药则以化学药物全产业链为基础，正从原料药业 务向创新药领域转型。 密集推进上市的背后，既反映出生物医药领域资本市场热度的回升，凸显港股作为医药企业融资平台的 持续吸引力，同时也有分析人士指出未来港股市场主要的问题仍是流动性考验。 港股IPO持续发力 从原料药红海驶向创新药蓝海，博瑞医药此次启动港股上市，旨在完善"A股+H股"双资本平台布局。 根据公告，其H股发行规模不超过发行后总股本的15%，募集资金将主要用于在研药物研发、生产能力 扩建及国际化业务拓展。 作为国内化学药物全产业链企业，博瑞医药已构建从起始物料、高难度中间体到特色原料药及制剂的完 整业务链条，2023年原料药业务收入达8.85亿元，其中抗病毒类产品同比增长170%，业务韧性显著。 近年来，博瑞医 ...

Core Viewpoint - The innovative drug sector has emerged as one of the brightest segments in the Hong Kong stock market this year, with significant recognition from international capital reflected in the performance of the Hong Kong innovative drug ETF, which has seen a year-to-date increase of over 100% and a maximum increase exceeding 130% [3][4]. Group 1: Market Performance and Investor Dynamics - The Hong Kong stock market, primarily driven by institutional investors, has benefited from deep international capital participation, enhancing pricing efficiency and aligning stock prices closer to intrinsic values [4]. - The continuous inflow of southbound funds has strengthened the correlation between Hong Kong and A-share markets, providing important value references for A-shares [4]. - Notable companies like 恒瑞医药 (Hengrui Medicine) and 宁德时代 (CATL) have seen their H-shares trading at significantly higher prices than their A-shares, indicating a willingness in the Hong Kong market to pay higher valuation premiums for quality enterprises [5]. Group 2: Company-Specific Developments - 博瑞医药 (Borui Medicine) has announced plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a step towards deeper engagement with international capital [5][6]. - The anticipated use of funds from the H-share issuance is likely focused on drug research and development, particularly for the GLP-1 series innovative drugs, with significant ongoing clinical trials [6][7]. - In the first half of the year, 博瑞医药's R&D investment reached 348 million, a year-on-year increase of 144.07%, representing approximately 65% of its total revenue for that period [7][10]. Group 3: R&D Strategy and Pipeline - 博瑞医药's current pipeline includes several innovative drugs targeting weight loss and diabetes, with the BGM0504 injection having entered Phase III clinical trials [6][21]. - The company is actively pursuing an integrated strategy for raw materials and formulations, necessitating substantial capital investment to maintain its competitive edge in GLP-1 research and development [13][24]. - The R&D intensity of 博瑞医药 is comparable to many innovative pharmaceutical companies that have not yet commercialized their products, indicating a strong focus on future growth despite current financial pressures [8][11]. Group 4: Competitive Landscape - 博瑞医药's product matrix is strategically designed to address different patient demographics, with specific formulations targeting both low and high weight loss needs [21]. - The company aims to differentiate itself in the competitive GLP-1 market by developing unique formulations and leveraging advanced technologies for oral drug delivery, which could significantly enhance patient compliance and treatment outcomes [22][23]. - Clinical data from 博瑞医药's BGM0504 injection shows promising results, with a weight reduction of 18.5% and a significant percentage of patients achieving substantial weight loss [22].

Market Performance - The A-share market indices collectively rose during the week of September 22 to September 26, with the Shanghai Composite Index closing at 3828.11 points, up 0.21% for the week [1] - The Shenzhen Component Index closed at 13209.00 points, up 1.06%, while the ChiNext Index closed at 3151.53 points, up 1.96% [1] - Over 30% of stocks experienced gains, with 126 stocks rising over 15% and 50 stocks declining over 15% [1] Top Gainers - Bluefeng Biochemical (002513.SZ) led the gainers with a weekly increase of 61.16%, followed by Sunflower (300111.SZ) with a 57.86% rise [2] - Other notable gainers included Jucheng Technology (688123.SH), Changchuan Technology (300604.SZ), and Fuke Environmental Protection (688335.SH), all with gains exceeding 44% [2] - Bluefeng Biochemical is a major domestic producer of pesticides, and it recently established a subsidiary focused on high-efficiency N-type crystalline silicon photovoltaic products [2][3] Top Losers - Borui Pharmaceutical (688166.SH) was the biggest loser, with a decline of 38.36% [5] - Other significant decliners included Xiangjiang Holdings (600162.SH) and Haotaitai (603848.SH), both with declines over 22% [5] - Borui Pharmaceutical's stock price fell to 58.06 yuan per share, with a 12.57% drop on September 26 alone [6] Company Developments - Borui Pharmaceutical announced a stock repurchase plan, proposing to buy back shares worth between 10 million and 20 million yuan [9] - The company is progressing with its overseas market expansion, with several clinical trials ongoing for its weight loss products in the U.S. [8][9] - Pfizer's acquisition of Metsera for $7.3 billion has impacted Borui Pharmaceutical's stock, signaling a shift in market expectations for weight loss drug development [10]

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong continues, with 20 companies announcing their intentions in September 2023, indicating a strong interest in expanding their market presence and capitalizing on international opportunities [1][5][6]. Group 1: Companies Planning to List - 20 A-share companies have announced plans to issue H-shares and list on the Hong Kong Stock Exchange, including notable names such as 博瑞医药, 五芳斋, 海澜之家, and 海亮股份 [1]. - 博瑞医药 plans to issue H-shares and has completed clinical research for its weight loss drug BGM0504, with IND applications approved in the U.S. [5]. - 五芳斋 aims to issue H-shares and is preparing for the mid-autumn sales season with a strategy focused on high-end product customization and online marketing [5]. - 海澜之家 intends to issue H-shares and is enhancing its product lines with a focus on technology and environmental quality [6]. - 海亮股份 is also planning to issue H-shares, with significant collaborations in the copper processing sector and expectations for its copper foil business to reach breakeven by 2026 [7]. - 科大智能 is preparing to issue H-shares and has previously supplied robotic products to Tesla, although the revenue contribution is minor [7]. Group 2: Market Performance and Strategic Developments - 东山精密, a leading PCB manufacturer, is planning to issue H-shares to enhance its international strategy and has seen its stock price reach a historical high of 86.33 yuan per share, with a maximum increase of 300% since April [1]. - 沪电股份, another major PCB manufacturer, is also planning to issue H-shares, with its stock price hitting a historical high of 84.45 yuan per share and a maximum increase of 264% since April [3].

公告显示，本次H股发行将采用香港公开发售与国际配售相结合的方式。香港公开发售面向香港公众投 资者，国际配售则面向符合资格的国际机构投资者。募集资金在扣除相关费用后，将主要用于支持在研 产品管线的研发、扩大生产能力、进行战略性投资与收购、补充营运资金及一般企业用途等。 9月26日晚，博瑞医药(688166.SH)发布公告，为加快公司的国际化战略及海外业务布局，增强公司的境 外融资能力，进一步提高公司的资本实力和综合竞争力，公司拟发行H股股票并在香港联交所主板上 市。 在GLP-1赛道竞争白热化的背景下，博瑞医药通过"双靶点+联合用药"构建了差异化壁垒。BGM0504注 射液凭借优于司美格鲁肽的临床数据与同步推进的双适应症布局形成差异；而BGM1812瞄准"减脂保 肌"的细分需求，针对体脂率高但体重正常的"隐性肥胖"人群，填补了现有减重药物的临床空白。公司 产品管线的全面布局和差异化设计，预计将在港股市场更易获得国际投资者的关注与认可。 值得注意的是，博瑞医药计划发行H股股票并在香港联交所上市，这或许也将为其技术研发与全球化布 局注入新的动力，进一步释放其在GLP-1赛道及全球代谢领域的发展价值。 值得一提的是， ...

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 ...