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， ...

Core Viewpoint - The innovative pharmaceutical company, Borui Pharmaceutical, has seen its stock price double since July, following a collaboration with China Resources Sanjiu on the development and commercialization of its GLP-1 product, BGM0504, which could yield up to 282 million yuan in milestone payments [2][3][4]. Investment Highlights - Borui Pharmaceutical has reached a collaboration agreement with China Resources Sanjiu for the GLP-1 project, with potential milestone payments of up to 282 million yuan [4]. - The company has signed a strategic cooperation agreement with Hanyu Pharmaceutical to plan for commercial production capacity [8]. - Borui is advancing its pipeline in the Amylin space, with ongoing IND application submissions for BGM1812 in both China and the U.S. [9][10]. Company Overview - Borui Pharmaceutical (688166.SH) is engaged in the research and production of high-tech pharmaceutical intermediates, active pharmaceutical ingredients, and formulations, focusing on antiviral, antifungal, immunosuppressive, respiratory, and anti-tumor products [2][4]. Market Performance - Since July, Borui's stock price has increased by 100.15%, reaching 107.5 yuan per share, with a total market capitalization of 45.4 billion yuan as of August 7 [3]. Clinical Data and Product Potential - BGM0504 injection, a dual GLP-1 and GIP receptor agonist, has shown promising results in Phase II clinical trials, with significant weight loss observed in various dosage groups [4][5]. - The clinical trial data indicates that at the 24-week mark, the percentage of participants achieving weight loss of ≥5% was 87%, 93%, and 100% for the 5mg, 10mg, and 15mg groups, respectively [4]. Strategic Collaborations - The collaboration with China Resources Sanjiu is primarily for sales promotion rather than the transfer of R&D pipeline rights, allowing Borui to leverage Sanjiu's strong OTC channels to enhance sales [6]. - Hanyu Pharmaceutical will provide stable and compliant raw material supply for Borui's metabolic pipeline, supporting the global industrialization of Borui's innovative drugs [8]. Future Outlook - Borui's BGM0504 is expected to be approved for market entry in China by 2027, given the ongoing clinical trials and the large market potential for diabetes and weight loss medications [8]. - The company is also advancing its Amylin product, BGM1812, which has shown potential in preclinical studies and is expected to complement GLP-1 therapies [10].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the chemical pharmaceutical industry, indicating an expected price increase exceeding the benchmark index by over 10% [9]. Core Insights - The GLP-1 and Amylin combination therapy has shown significant potential in weight loss for overweight and obese patients, with clinical trials demonstrating superior results compared to existing treatments [3][4]. - The CagriSema combination of GLP-1 RA and Amylin has achieved major clinical endpoints in Phase III trials, with a weight reduction of -22.7% over 68 weeks, outperforming individual components [4]. - The Amycretin dual agonist has also shown promising results in early clinical trials, with weight reductions of -24.3% and -13.1% in different dosing regimens [5]. Summary by Sections Market Performance - The chemical pharmaceutical industry has experienced rapid growth, particularly in the sales of PDE 3/4 inhibitors for COPD maintenance therapy, with ongoing clinical advancements in related conditions [3]. Drug Evaluation - The report highlights the efficacy and safety of BGB-43395 in breast cancer and solid tumor patients, indicating initial positive outcomes [3]. Clinical Trial Results - In the REDEFINE 1 trial, CagriSema demonstrated a weight loss of -22.7% in non-diabetic obese patients, with 34.7% of participants losing ≥25% of their body weight [4]. - In the REDEFINE 2 trial, diabetic obese patients treated with CagriSema achieved a weight loss of -15.7%, with 22.9% losing ≥20% [4]. Preclinical Findings - The combination of BGM0504 and BGM1812 showed superior weight loss effects in diet-induced obesity models, indicating the potential for further development of GLP-1/GIP RA and Amylin combination therapies [6].

Group 1 - Source Le Sheng Asset Management conducted research on the listed company Borui Pharmaceutical, focusing on the collaboration with China Resources Sanjiu to expedite the commercialization of the BGM0504 product in China [1] - China Resources Sanjiu is confident in the BGM0504 product and plans to conduct more clinical trials to demonstrate its advantages, indicating a strong partnership [1] - The BGM0504 product is expected to have global competitiveness and plans for international expansion without affecting global rights [1] Group 2 - BGM1812 is characterized by fat reduction without muscle loss and has mild side effects, with ongoing IND applications in China and the US [1] - The collaboration with Hanyu Pharmaceutical is aimed at preparing for future commercialization needs and regulatory market clinical and industrialization [1]

Group 1 - Dan Yi Investment recently conducted research on a listed company, specifically focusing on BoRui Pharmaceutical [1] - BoRui Pharmaceutical is collaborating with China Resources Sanjiu to expedite the commercialization of the BGM0504 product in China, leveraging Sanjiu's hospital access and promotional capabilities [1] - China Resources Sanjiu expresses confidence in the BGM0504 product and plans to conduct more clinical trials to demonstrate its advantages [1] - The BGM0504 product is considered globally competitive, with plans for international expansion that will not affect global rights [1] - The BGM1812 product is characterized by fat reduction without muscle loss and has mild side effects, with ongoing IND applications in China and the U.S. [1] - BoRui Pharmaceutical is preparing for future commercialization needs and regulatory market clinical and industrialization through collaboration with Hanyu Pharmaceutical [1] Group 2 - Dan Yi Investment Management Partnership was established in April 2015 with a registered capital of 10 million [2] - The company has a management record with the China Securities Investment Fund Industry Association, with a registration number of P1015236 [2] - The core executives of the company have over ten years of experience in investment research, having previously worked at prominent institutions such as Huabao Xingye Fund and Guotou Ruijin Fund [2]

Group 1 - The core viewpoint is that Secheng Investment has conducted research on the listed company Borui Pharmaceutical, focusing on the collaboration with China Resources Sanjiu to commercialize the BGM0504 product rapidly in China [1] - Borui Pharmaceutical's BGM0504 product is expected to demonstrate its advantages through more clinical trials, and it possesses global competitiveness with plans for international expansion [1] - The BGM1812 product is characterized by fat reduction without muscle loss and is currently advancing IND applications in both China and the United States [1] Group 2 - Secheng Investment was established in 2007 with a registered capital of 30 million yuan and is a member of the fund industry association, focusing on equity investments and maintaining a "high-quality growth" investment philosophy [2] - The company has received numerous industry awards and has established long-term asset management cooperation with several large financial institutions since its inception [2]

Group 1 - Gao Yi Asset recently conducted research on a listed company, specifically focusing on Bo Rui Pharmaceutical [1] - Bo Rui Pharmaceutical is collaborating with China Resources Sanjiu to expedite the commercialization of the BGM0504 product in China, leveraging China Resources Sanjiu's hospital access and promotional capabilities [1] - China Resources Sanjiu is confident in the BGM0504 product and plans to conduct more clinical trials to demonstrate its advantages [1] - The BGM0504 product is considered globally competitive, with plans for international expansion that will not affect global rights [1] - BGM1812 is characterized by fat reduction without muscle loss and has mild side effects, with ongoing IND applications in China and the U.S. [1] - Collaboration with Hanyu Pharmaceutical is aimed at preparing for future commercialization needs and regulatory market clinical and industrialization [1] Group 2 - Gao Yi Asset Management is a prominent private equity fund management company in China, known for its strong research capabilities and large management scale [2] - The company focuses on capital markets and aims to provide top-notch research support, channel resources, brand endorsement, capital connection, and operational maintenance for outstanding investment managers [2] - The research team consists of over 30 members, including experienced investment managers with a history of strong performance in the market [2] - Gao Yi Asset is registered with the Asset Management Association of China and has its headquarters in Shanghai, with teams located in Shenzhen, Shanghai, and Beijing [2]

Group 1 - The core viewpoint of the news is that Fusheng Asset has conducted research on the listed company Borui Pharmaceutical, focusing on the collaboration with China Resources Sanjiu to commercialize the BGM0504 product in China quickly [1] - Borui Pharmaceutical's BGM0504 product is expected to demonstrate its advantages through more clinical trials, and it has global competitiveness with plans for international expansion [1] - The BGM1812 product is characterized by fat reduction without muscle loss and is currently advancing IND applications in both China and the United States [1] Group 2 - Fusheng Asset Management, established in 2015, is one of the first research-driven private equity fund management companies in China, with a pure equity management scale exceeding 60 billion [2] - The core investment research team at Fusheng Asset has over 16 years of investment experience across mainland China, Hong Kong, and the United States, with fund managers having top-tier public fund investment experience [2] - The company emphasizes sustainable investment and aims to achieve long-term stable returns for investors, having received multiple awards for its performance in the private equity sector [2]

Group 1 - The core viewpoint is that Chengrui Investment has conducted research on the listed company Borui Pharmaceutical, focusing on the collaboration with China Resources Sanjiu to commercialize the BGM0504 product in China [1] - Borui Pharmaceutical's BGM0504 product is expected to demonstrate its advantages through more clinical trials, and it has global competitiveness with plans for international expansion [1] - The BGM1812 product is characterized by fat reduction without muscle loss and is currently advancing IND applications in both China and the US [1] Group 2 - Chengrui Investment, established in May 2010, has a registered capital of 11 million and has been recognized for its stable development in the secondary market and various investment strategies [2] - The company has a professional research team of 33 members, with backgrounds from prestigious universities, and has received multiple industry awards for its performance [2] - Chengrui Investment has diversified its client base, which includes banks, private banks, securities firms, insurance companies, trusts, and various institutional investors [2]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The GLP-1 drug class is expected to generate over $100 billion in sales by 2030, with a focus on companies like Boryung Pharmaceutical, Eddingpharm, and Innovent Biologics [2][4] - The A-share pharmaceutical index has increased by 1.9% this week and 18.8% year-to-date, outperforming the CSI 300 index by 0.2% and 14% respectively [1][12] - Bayer's first-in-class lung cancer drug has been submitted for market approval, while Eddingpharm's drug has also been submitted for a new indication [3] Summary by Sections 1. Market Performance - The A-share medical services and medical devices sectors saw significant price increases of 6.7% and 4.4% respectively, while biopharmaceuticals and traditional Chinese medicine had smaller gains [1][12] - Notable stock performances include Haite Biopharma (+46%), Vibrant Pharmaceuticals (+42%), and Celery Medical (+31%) [1][12] 2. GLP-1 Drug Insights - Semaglutide's global sales reached $7.864 billion in Q1 2025, surpassing Keytruda's $7.205 billion, marking it as the new "king of drugs" [2][17] - WHO plans to release new guidelines for GLP-1 therapies for adult obesity in September 2025, which is expected to boost sales further [2][18] 3. Company Recommendations - Recommended sectors include innovative drugs, research services, and CXO services, with specific companies highlighted for investment [4][12] - Companies to watch include Boryung Pharmaceutical, Eddingpharm, and Innovent Biologics from the GLP-1 perspective, and companies like Kangfang Biologics and Zai Lab from the PD-1/VEGF dual antibody perspective [4][12] 4. R&D Developments - Bayer's BAY 2927088 and Eddingpharm's furmetinib have been submitted for new indications in lung cancer treatment [3] - The report emphasizes the potential of Amylin drugs in combination with GLP-1, with Boryung's BGM1812 and Eddingpharm's ASC30 being key candidates [2][19]