博瑞生物医药（苏州）股份有限公司 第四届董事会独立董事第八次专门会议决议 一、独立董事专门会议召开情况 公司独立董事认为：本次对外投资暨关联交易符合公司发展战略，各方遵循 平等自愿的合作原则，不存在利用关联方关系损害公司利益的情形，不存在损害 公司股东尤其是中小股东权益的情形，一致同意将该议案提交公司董事会审议， 关联董事需回避表决。 表决结果：4 票同意；0 票反对；0 票弃权。 博瑞生物医药（苏州）股份有限公司（下称"公司"）第四届董事会独立董 事第八次专门会议于 2025 年 11 月 13 日以通讯表决方式召开。本次会议应出席 独立董事 4 名，实到 4 名，会议由独立董事许冬冬先生主持。本次会议的召集、 召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、独立董事专门会议审议情况 1、审议通过《关于对外投资暨关联交易的议案》 2、审议通过《关于放弃对参股公司增资扩股优先认购权暨关联交易的议案》 公司独立董事认为：本次放弃对参股公司增资扩股优先认购权暨关联交易符 合公司发展战略，本次交易遵循公开、公平、公正的原则，不存在损害公司及中 小股东利益的情形。一致同意将该议案提交公司董 ...

证券代码：688166 证券简称：博瑞医药 公告编号：2025-097 博瑞生物医药（苏州）股份有限公司 第四届董事会第十五次会议决议公告 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、董事会会议召开情况 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）第四届董事会第 十五次会议于 2025 年 11 月 13 日以现场会议加通讯表决方式在 C27 栋会议室召 开。本次会议通知以及相关材料已于 2025 年 11 月 6 日以邮件方式送达公司全体 董事。 本次会议应出席董事 11 名，实到 11 名，会议由袁建栋先生召集和主持。本 次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和《公司 章程》的规定。 本议案尚需提交公司股东会审议。 （二）审议通过《关于放弃对参股公司增资扩股优先认购权暨关联交易的议 案》 公司参股公司深圳奥礼生物科技有限公司（以下简称"奥礼生物"）拟进行 增资扩股，其中：苏州鸿博二期投资合伙企业（有限合伙）拟投资人民币 2,500 万元，苏州东吴产业并购引导基金合伙企业（有限合伙 ...

Core Viewpoint - The company, 博瑞医药, plans to increase its investment in 苏州极客基因科技有限公司 by 50 million RMB, raising its ownership stake from 4.0816% to 12.8015% [1] Group 1: Investment Details - The investment will consist of a subscription for an additional registered capital of 437,100 RMB, with the remaining amount added to the company's capital reserve [1] - The pre-investment valuation of 极客基因 was determined to be 500 million RMB [2] Group 2: Company Profile - 极客基因 specializes in innovative cell drug development, focusing on single-cell sequencing services and immune cell therapy [1] - The company has developed a world-leading single-cell multi-omics data collection platform and a low-cost high-throughput omics technology platform [1] - 极客基因 is currently developing long-lived tumor-reactive T-cell drugs for the treatment of advanced solid tumors [1]

格隆汇11月14日丨博瑞医药(688166.SH)公布，公司参股公司深圳奥礼生物科技有限公司(以下简称"奥礼 生物")拟进行增资扩股，其中：苏州鸿博二期投资合伙企业(有限合伙)拟投资人民币2,500万元，苏州东 吴产业并购引导基金合伙企业(有限合伙)等其他投资方拟投资人民币5,500万元。公司就本次增资事项放 弃优先认购权。本轮增资扩股后，公司持有奥礼生物的股权比例由30.1664%变更为24.420458%。 ...

证券之星消息，11月14日化学制药板块较上一交易日上涨0.32%，康芝药业领涨。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。化学制药板块个股涨跌见下表： 从资金流向上来看，当日化学制药板块主力资金净流入6.8亿元，游资资金净流出4.13亿元，散户资金净 流出2.67亿元。化学制药板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300584 海辰药业 | | 3.02亿 | 21.33% | -2.02 Z | -14.27% | -1.00 Z | -7.06% | | 300086 康芝药业 | | 2.55 Z | 20.57% | -1.52 Z | -12.26% | -1.03亿 | -8.31% | | 000566 海南海药 | | 2.43/Z | 37.31% | -1.15亿 | -17.60% | -1.28 乙 ...

Core Viewpoint - 博瑞生物医药 is attempting a second IPO on the Hong Kong Stock Exchange after a failed attempt in April, driven by a need for international expansion and funding amidst declining performance and cash flow issues [1] Financial Performance - Revenue for 博瑞生物医药 from 2022 to 2024 is projected to be 10.17 billion, 11.8 billion, and 12.83 billion respectively, indicating low growth, while net profit has decreased from 2.4 billion to 1.89 billion, showing a situation of increasing revenue but declining profit [2] - In the first three quarters of 2025, revenue dropped by 10.5% year-on-year to 8.74 billion, with net profit plummeting 71.63% to 503.2 million [2] - The gross margin has fallen from 63.01% in 2022 to 51.4% in the first three quarters of 2025, a decline of over 11 percentage points [2] Debt and Cash Flow - The company's debt ratio has risen from 7.6% at the end of 2019 to 52.77% by September 2025, with total liabilities reaching 28.28 billion, including short-term loans of 1.49 billion and non-current liabilities due within a year of 7.25 billion, while cash reserves stand at only 6.06 billion, indicating a significant repayment gap [2] - In response to cash flow issues, the company initiated a medium-term note issuance plan for 3 billion in 2025, primarily for debt repayment and liquidity support, which increases financial costs [2] Interest Burden and Revenue Composition - Interest expenses for the first three quarters of 2024 reached 48 million, a 22.2% increase year-on-year, nearly matching the net profit for the same period [3] - The raw material drug revenue accounted for 84.23% of total product sales, with antiviral product revenue down 67.06% due to centralized procurement policies, and antifungal product revenue also declining [3] R&D Pipeline and Product Development - Most of 博瑞生物医药's pipeline is in early stages, with the BGM1812 injection for weight loss just having submitted an IND application, and the oral version still in preclinical research [3] - The core product BGM0504 injection is in phase III clinical trials, with a market entry application not expected until 2026, while competitors have already launched similar products, narrowing the market window [4] Historical Financing and Governance Issues - Since its IPO in 2019, 博瑞生物医药 has raised over 12 billion through multiple financing rounds, yet continues to face financial pressure, leading to a new 5 billion fundraising plan in 2024 [5] - The company has faced multiple regulatory warnings over the past five years, including issues with the use of raised funds and misleading statements by management [6] Valuation Concerns - As of November 14, 2025, the company's rolling P/E ratio stands at 377, significantly higher than the industry average of about 30, raising questions about market acceptance of the upcoming IPO amidst declining performance and governance issues [7]

Group 1 - The core viewpoint of the news is that 博瑞医药 (Borui Pharmaceutical) has experienced significant stock price fluctuations and changes in shareholder structure, indicating potential investment opportunities and challenges [1][2][3] Group 2 - As of November 14, 博瑞医药's stock price increased by 2.02% to 55.49 CNY per share, with a total market capitalization of 23.478 billion CNY [1] - The company has seen a year-to-date stock price increase of 84.33%, with a recent 5-day increase of 4.27% and a 20-day increase of 8.17%, but a significant 60-day decline of 51.15% [1] - The company reported a revenue of 874 million CNY for the first nine months of 2025, a year-on-year decrease of 10.50%, and a net profit of 50.32 million CNY, down 71.64% year-on-year [2] - 博瑞医药's main business revenue composition includes 89.90% from product sales, 6.77% from technical rights and services, and 3.33% from other sources [1] - The number of shareholders increased by 104.44% to 19,600 as of September 30, 2025, while the average circulating shares per person decreased by 51.05% to 21,629 shares [2] - The company has distributed a total of 246 million CNY in dividends since its A-share listing, with 129 million CNY distributed in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 547.10 thousand shares to 8.7219 million shares [3]

Group 1: Company Performance - SMIC reported a revenue of 17.162 billion yuan in Q3 2025, a year-on-year increase of 9.9%, with a net profit of 1.51 billion yuan, up 43.1% year-on-year. For the first three quarters, revenue reached 49.51 billion yuan, growing 18.2%, and net profit was 3.81 billion yuan, an increase of 41.1% year-on-year [1] - BoRui Pharma's BGM1812 injection has received clinical trial approval for weight loss indications, with no similar targeted formulations approved globally [2] - Li Zhong Group's subsidiaries received project confirmations for aluminum alloy wheels from major international automotive manufacturers, with expected total sales of approximately 1.135 billion yuan [4] Group 2: Corporate Actions - Kanda New Materials announced the termination of the acquisition of equity in North One Semiconductor due to unmet progress expectations and lack of consensus among parties [3] - Lide Man plans to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, aiming to enter the bioproducts industry [9] - Arctech's controlling shareholder CSIQ expects total revenue of 1.3 to 1.5 billion USD in Q4 2025, with a gross margin of 14% to 16% [6] Group 3: Market Activity - Taihe Technology's VC project phase two construction will be adjusted based on phase one market expansion, indicating some uncertainty [5] - Hezhong China has experienced significant stock price fluctuations, with a cumulative increase of 230.84% over 12 out of 13 trading days, leading to potential application for trading suspension if abnormal price increases continue [7][8]

Core Viewpoint - 博瑞医药's subsidiary, 博瑞制药, has received approval from the National Medical Products Administration for clinical trials of BGM1812 injection for overweight or obesity treatment, marking a significant step in the company's development pipeline [1] Group 1 - 博瑞医药's BGM1812 injection has already received FDA approval for clinical trials in the United States, with the first patient enrolled [1] - As of the announcement date, there are no similar targeted therapies for weight loss approved for market globally [1]

Core Viewpoint - 博瑞医药's subsidiary received approval for clinical trials of BGM1812, a new long-acting Amylin analog for weight management, marking a significant step in its drug development pipeline [1] Group 1: Drug Development and Clinical Trials - BGM1812 injection is designed to activate satiety pathways in the brain, suppress appetite, delay gastric emptying, and inhibit glucagon secretion, contributing to weight loss [1] - The drug has already received FDA approval for clinical trials in the U.S., with the first patient enrolled [1] - No similar targeted weight loss drugs have been approved globally as of the announcement date [1] Group 2: Financial and Market Strategy - 博瑞医药 plans to list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and expand overseas markets [2] - The funds raised from the H-share issuance will support drug development, upgrade production and R&D facilities, and supplement working capital [2] - The company reported projected revenues of 1.017 billion, 1.164 billion, and 1.255 billion RMB for 2022, 2023, and 2024, respectively, with net profits of 211 million, 173 million, and 141 million RMB [3] Group 3: Product Portfolio and Market Presence - 博瑞医药 has a diverse product portfolio, including over 40 formulations and active pharmaceutical ingredients, focusing on unmet medical needs in metabolic and respiratory diseases [2] - The company has established a commercial network covering over 40 countries and regions globally [2] - BGM0504, another core candidate drug, is a GLP-1/GIP dual-target agonist showing promising results in Phase II trials for type 2 diabetes and obesity [3]