Core Viewpoint - 博瑞医药 has submitted an application for a dual listing on the Hong Kong Stock Exchange, marking a significant step in its global strategy and capital market internationalization [2][3] Group 1: Listing and Financial Strategy - The company aims to use the funds raised from the H-share issuance for three main purposes: supporting research and development of existing and future innovative drug candidates, building new production and R&D facilities, and supplementing operational funds [2] - The IPO is expected to enhance 博瑞医药's brand influence in the global pharmaceutical industry and provide new financing channels, optimizing its capital structure [3] Group 2: Financial Performance - 博瑞医药's revenue has shown consistent growth over the past three years, with revenues of RMB 1.017 billion, RMB 1.164 billion, and RMB 1.254 billion for the years ending December 31, 2022, 2023, and 2024, respectively [4] - The company's R&D expenditure for the first half of 2025 reached RMB 138 million, with a year-on-year increase of 144.07%, accounting for 64.83% of its operating revenue [4] Group 3: Innovation Pipeline - 博瑞医药 is advancing multiple innovative drug candidates, including BGM0504, which is a leading candidate in the global clinical stage for treating metabolic diseases [5][10] - The company is also developing BGM2102 and BGM1812, targeting comprehensive blood sugar control and weight management for Type 2 Diabetes Mellitus (T2DM) patients [6][8] Group 4: Market Potential - The global market for T2DM and obesity is substantial, with an estimated 542.9 million T2DM patients and 2.6387 billion obesity patients worldwide by 2024 [9] - The global sales of GLP-1 receptor agonists are projected to reach USD 154.2 billion by the end of 2035, indicating a lucrative market for 博瑞医药's innovative therapies [9] Group 5: Strategic Collaborations and Future Outlook - 博瑞医药's success in innovation is supported by strong technical platforms and strategic partnerships, enhancing its competitive edge in both domestic and global markets [11] - The company's ongoing development in respiratory diseases, with seven drugs in the pipeline, further diversifies its growth potential [11]

Core Viewpoint - 博瑞医药 has submitted an application for a Hong Kong IPO, aiming for a dual listing in both A-share and H-share markets, which is a significant step in its global strategy to enhance its international business foundation [1] Group 1: Financial Performance - 博瑞医药 has shown steady revenue growth, with projected revenues of RMB 1.017 billion, RMB 1.164 billion, and RMB 1.254 billion for the years 2022, 2023, and 2024 respectively [1] - The company's R&D expenditures are also on the rise, with amounts of RMB 207 million, RMB 249 million, and RMB 297 million for the years 2022, 2023, and 2024, representing 20.35%, 21.08%, and 23.19% of revenue respectively [1] - In the first half of 2025, R&D spending reached RMB 348 million, a year-on-year increase of 144.07%, accounting for 64.83% of revenue [1] Group 2: Product Pipeline and Market Potential - 博瑞医药 focuses on innovative treatments for metabolic diseases, with its lead candidate BGM0504 showing promising results in clinical trials, achieving a HbA1c reduction of -2.76% and weight loss of -19.78% in the 15mg dosage group [2] - The global market for T2DM patients is projected to reach 543 million by 2024, with obesity and overweight populations at 2.639 billion, indicating a substantial market opportunity for GLP-1 receptor agonists [3] - BGM0504 is among the leading GLP-1/GIP dual-target agonists in clinical development, with plans for a new drug application submission as early as 2026 [3] Group 3: Strategic Initiatives - The funds raised from the Hong Kong IPO will be allocated to R&D for existing and future innovative drug candidates, upgrading production and R&D facilities, and supplementing working capital [1] - 博瑞医药 is also expanding its pipeline into respiratory diseases, with seven ongoing projects targeting conditions such as COPD and asthma [3] - The company aims to deepen international collaboration and accelerate its global expansion, with the Hong Kong listing expected to enhance its capital structure and support overseas clinical advancements [3]

Group 1 - The core point of the article is that Borui Pharmaceutical has decided to terminate its plan for a specific issuance of A-shares for 2024 due to a comprehensive assessment of the current market environment and its own operational status [4][6] - The company had previously planned to raise 500 million yuan through this issuance, which was to be fully subscribed by its actual controller, Yuan Jiandong [4] - The initial plan was approved in May 2024, but there was no substantial progress over the year, leading to multiple revisions of the issuance plan before the company voluntarily withdrew its application [4] Group 2 - Borui Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange in 2025 to accelerate its internationalization and enhance its capital strength [6] - The company has appointed Ernst & Young as the auditing firm for this upcoming Hong Kong listing [6] - Established for over 20 years, Borui Pharmaceutical's product portfolio includes innovative drugs across various therapeutic areas, including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology [6] Group 3 - As of now, Borui Pharmaceutical has a market capitalization of approximately 24.5 billion yuan and has completed three rounds of financing since its IPO in November 2019 [6] - The company received a warning letter from the China Securities Regulatory Commission in June due to improper management of raised funds [6]

Core Viewpoint - The company, Bory Pharmaceutical, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its capital strength and competitiveness [1][2] Group 1: H-Share Issuance - The H-share issuance will combine public offerings in Hong Kong and international placements targeting qualified international institutional investors [1] - The raised funds will primarily support R&D for pipeline products, expand production capacity, strategic investments and acquisitions, and supplement working capital [1] Group 2: Market Positioning - Bory Pharmaceutical aims to leverage its differentiated approach in the competitive GLP-1 sector through "dual-target + combination therapy" strategies [1] - The product BGM0504 injection shows superior clinical data compared to Semaglutide, while BGM1812 addresses the niche market of "hidden obesity" [1] - The comprehensive and differentiated product pipeline is expected to attract international investors in the Hong Kong market [1] Group 3: Future Growth Potential - The controlling shareholder proposed a buyback of A-shares to bind the core team with the company's interests through stock incentive plans [2] - The move to list in Hong Kong reflects a trend among innovative pharmaceutical companies to accelerate global expansion via overseas capital markets [2] - With multiple clinical data readouts expected by 2026 and the validation of oral formulation technology, the company is positioned to play a significant role in the global metabolic disease treatment market [2]

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]