以上内容基于公开资料整理，不构成投资建议。 近7个交易日(2026年2月5日至11日)，博瑞医药股价波动明显。截至2月11日收盘，股价报46.15元，当日 下跌1.77%，周内累计跌幅约1.83%；区间最高价为2月10日的47.77元，最低价为2月4日的45.60元。资 金流向方面，2月10日主力资金净流入2162.91万元，但2月11日转为净流出2762.89万元，显示短期资金 分歧。整体来看，股票换手率维持在1%左右，估值水平较高(市盈率TTM约314倍)，近期表现弱于医药 生物板块(板块同期涨跌幅-0.32%)。 经济观察网近期，博瑞医药(688166)受到机构关注。2026年2月9日披露的调研信息显示，知名私募重阳 投资和公募中银基金均参与了公司路演活动，重点关注创新药管线进展。其中，BGM0504注射液国内2 型糖尿病和减重适应症III期临床已完成入组，美国减重适应症处于III期方案完善阶段，印尼已启动三期 临床；口服BGM0504片剂中美一期临床进行中。此外，公司布局了GLP-1/GIP双靶点、BGM1812注射 液等多条创新管线，但各项目均处于早期研发阶段，需注意风险。 股票近期走势 ...

Core Viewpoint - The company reported a solid performance in 2025, driven by its "innovation + brand" dual strategy, focusing on core treatment areas and expanding its R&D pipeline while optimizing its business layout [1][2][4] Financial Performance - In 2025, the company achieved an operating income of 31.629 billion yuan, a year-on-year increase of 14.53% - The total profit reached 4.860 billion yuan, up 5.81% year-on-year - The net profit attributable to shareholders was 3.422 billion yuan, reflecting a 1.60% increase year-on-year [1] Brand Strategy - The "innovation + brand" strategy has become a core factor for the company to navigate the pharmaceutical industry's adjustment cycle and maintain stable performance - The "999" core brand remains strong, with "999 Cold Medicine" capturing a 15% market share in the common cold medication market, an increase of 0.3 percentage points from the previous year [2] R&D Investment - R&D investment has been increasing annually, from 581 million yuan in 2020 to 953 million yuan in 2024 - In the first half of 2025, R&D investment reached 662 million yuan, a 68.99% year-on-year increase, with a total of 205 projects under research [3] Product Development - The company achieved significant milestones in 2025, including the approval of its first traditional Chinese medicine class 3.2 new drug, "999 Yiqi Qingfei Granules," which entered the national medical insurance drug list - The company has received five production approvals for class 3.1 traditional Chinese medicine formulations, maintaining an industry-leading position [3] M&A Strategy - The company has successfully implemented an external acquisition strategy, acquiring significant assets such as Kunming Pharmaceutical Group and Tianjin Tasly, which has helped expand its business footprint and create a "one body, two wings" business model [4][5] - The collaboration among the three listed companies has led to clear division of labor and synergistic development [4] Future Outlook - The company plans to deepen the "one body, two wings" strategy internally while continuously seeking acquisition targets in consumer health, medical health, and silver economy sectors externally - The focus will be on new products, new technologies, and high clinical value opportunities to support innovation and development strategies [6]

证券代码：688166 证券简称：博瑞医药公告编号：2026-003 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。 一、本期业绩预告情况 （一）业绩预告期间 二、上年同期业绩情况和财务状况 （一）利润总额：15,720.06万元。归属于母公司所有者的净利润：18,916.69万元。归属于母公司所有者 的扣除非经常性损益的净利润：18,050.75万元。 （二）每股收益：0.45元/股。 三、本期业绩变化的主要原因 2025年公司归属于母公司所有者的净利润预计同比减少67.28%到78.17%，归属于母公司所有者的扣除 非经常性损益的净利润预计同比减少86.21%到97.62%，主要受流感趋势变化、竞争格局变化、客户阶 段性商业需求波动等影响，使得当期营业收入及产品毛利额减少，以及在建工程陆续完工转固带来计提 折旧增加，同时创新药等研发投入加大使得研发费用等期间费用同比有所增加。 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润4,1 ...

证券代码：688166 证券简称：博瑞医药（维权） 公告编号：2026-003 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润4,130万元到6,190万元，与 上年同期（法定披露数据）相比将同比减少67.28%到78.17%。 2、预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润430万元到2,490万元，与上 年同期（法定披露数据）相比将同比减少86.21%到97.62%。 博瑞生物医药（苏州）股份有限公司 2025年年度业绩预告 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。 一、本期业绩预告情况 （一）业绩预告期间 3、BGM1812注射液：BGM1812是公司优化设计的新型长效Amylin类似物，具有良好的分子活性和药 学稳定性。Amylin（胰淀素）作为一种由37个氨基酸组成的饱腹感多肽激素，由胰腺β细胞与胰岛素协 同释放入血。它通过激活大脑饱腹感通路抑制食欲，同时延缓胃排空、抑制胰高血糖素分泌，具有多 ...

尤为值得关注的是，公告首次披露了口服BGM1812、口服BGM1962、MSTN环肽注射液及ALK7靶向 siRNA项目4项创新药研发进展。口服BGM1812利用获授权的Macoral口服多肽制剂平台开发，具备每周 给药一次潜力，目前处于临床前研究阶段。BGM1962是公司自主研发的新型长效选择性胰岛淀粉样肽 受体激动剂，经肽序列优化结合脂肪酸修饰技术开发，体外研究显示其对AMY1R激动活性远高于 CTR，在动物模型中半衰期优势突出，具备每月一次低频给药潜力，有望为肥胖症患者提供长效、安全 的治疗新选择，当前处于临床前研究阶段。 MSTN环肽注射液是自主研发的高选择性肌生成抑制素环肽抑制剂，旨在与减重疗法联用，实现减重的 同时维持或增加瘦体重。体外实验表明其对GDF8有强效选择性抑制活性，在饮食诱导肥胖小鼠模型 中，与BGM0504联用4周，能在减重的同时显著维持瘦体重，且在大鼠中皮下给药后半衰期达23.9小 时，支持每周或更低频给药方案，目前处于PCC(临床前候选化合物)阶段。ALK7靶向siRNA项目拟用于 超重/肥胖适应症，计划与GLP-1类药物联用提升疗效，采用脂肪靶向递送技术，临床前研究显示单次皮 ...

博瑞医药公告称，预计2025年年度归母净利润4130万元到6190万元，同比减少67.28%到78.17%；扣非 净利润430万元到2490万元，同比减少86.21%到97.62%。主要因流感趋势、竞争格局、客户需求变化致 营收和毛利减少，在建工程转固折旧增加，研发投入加大。公司在研项目进展多，如BGM0504注射液2 型糖尿病和减重两项适应症国内III期临床已完成入组；口服BGM0504片剂中美开展一期临床等。不过 创新药尚处早期，商业化存不确定性。 ...

Group 1 - The consensus among domestic and foreign institutions is that the Chinese stock market will continue to rise in 2026, driven by factors such as AI innovations, anti-involution policies, and improved corporate earnings [1] - Morgan Stanley and Citibank maintain an overweight rating on the Chinese market, while Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, primarily due to corporate earnings growth of 14% and 12% in 2026 and 2027, respectively [1] - The national pension fund, exceeding 7.7 trillion yuan, will enter a long-term assessment phase to promote long-term investments and improve risk control and asset allocation [1] Group 2 - In January 2026, 71 new public funds are scheduled for issuance, indicating a growing expectation for new capital entering the market [2] - Over 20 A-share listed companies disclosed merger and acquisition announcements, with Zhongwei Company planning to acquire a 64.69% stake in Hangzhou Zhonggui [2] - China surpassed the US in the number of new drug approvals, with 76 innovative drugs approved in 2025, marking a historical high [3] Group 3 - The software and information technology service industry in China saw a revenue increase of 13.3% year-on-year, exceeding 13 trillion yuan, with software product revenue accounting for over 20% of total industry revenue [4] - The Supreme People's Court of China made a favorable ruling regarding the patent of semaglutide, which is significant for the pharmaceutical company Novo Nordisk [5] - The company anticipates a low single-digit negative impact on global sales growth in 2026 due to the expiration of the semaglutide patent in some markets [5] Group 4 - Tianjin 712 Mobile Communication Co., Ltd. and Chengdu Startronic Microelectronics Co., Ltd. both initiated listing guidance on January 4, 2026 [6][7] - Blue Arrow Aerospace's IPO application has been accepted, with a planned fundraising of 7.5 billion yuan [8] - Former senior executive of Hengrui Medicine, Zhou Yunshu, has joined Xiansheng Pharmaceutical as president [8]

Core Viewpoint - China Resources Sanjiu (华润三九) is recognized as a benchmark enterprise in the self-medication (CHC) sector, maintaining a strong performance and brand recognition, while actively embracing innovation to drive growth in the pharmaceutical industry [1] Innovation Transformation - The company has intensified its innovation efforts, recently obtaining approval for the classic prescription Banxia Baizhu Tianma Decoction granules, marking another first for the company in the domestic market [2] - In 2024, several classic prescriptions have been approved for market entry, including "999 Yiqi Qingfei Granules," which has been included in the national basic medical insurance directory, addressing a gap in post-infection treatment for respiratory diseases [3][4] R&D Investment and Projects - The company has seen a compound annual growth rate of approximately 11% in R&D investment over the past six years, with a significant increase of 68.99% in the first half of 2025, amounting to 662 million yuan [7] - As of mid-2025, the company has 205 ongoing research projects, covering a wide range of areas from traditional Chinese medicine to global hot topics like GLP-1 and cell therapy [7] Strategic Collaborations - In June, the company signed a joint development agreement with Aierpu Regenerative Medicine for the HiCM-188 project, aimed at treating heart failure, which is a major health concern globally [5] - In August, a collaboration with Borui Pharmaceutical was established for the development of a dual agonist injection for metabolic diseases, targeting a significant market opportunity [5] - In September, the company received approval for a new indication for the innovative thrombolytic drug Puyouke, which is the first of its kind in China for acute ischemic stroke [6] Market Positioning and Strategy - The company is responding to national policies and the aging population by focusing on unmet clinical needs in chronic diseases and cancer, while maintaining a clinical value-oriented approach [9] - The CHC segment of the company demonstrates a comprehensive layout across various common health issues, showcasing a deep understanding of the disease spectrum in Chinese households [10] - The company is embedding a full-scenario layout strategy across more treatment areas, promoting a collaborative development model between traditional Chinese medicine, chemical drugs, and biological drugs [11] Future Outlook - The company is positioned to lead the innovation wave in China's pharmaceutical industry, with expectations for continued growth and development in the sector [12]

Core Viewpoint - The company BoRui Pharmaceutical (688166.SH) has announced that the Phase III clinical trials for its BGM0504 injection, targeting type 2 diabetes and weight loss, have completed patient enrollment and are currently in the dosing and follow-up stages, progressing as planned [1] Group 1 - The Phase III clinical trials for BGM0504 have completed all patient enrollments [1] - The trials are currently in the dosing and follow-up phases [1] - The company plans to complete the domestic Phase III clinical research and seek approval from the National Medical Products Administration before the product can be manufactured and marketed in China [1]

Core Viewpoint - The company BoRui Pharmaceutical (688166.SH) has successfully completed the enrollment phase of its Phase III clinical trials for the BGM0504 injection, targeting type 2 diabetes and weight loss indications, and is currently in the administration and follow-up stages [1] Group 1 - The Phase III clinical trials for BGM0504 have completed all patient enrollments and are progressing as planned [1] - The trials are focused on two indications: type 2 diabetes and weight loss [1] - The company anticipates that the drug will be available for production and market launch in China following the completion of the clinical research and approval from the National Medical Products Administration [1]