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 company, Borui Pharmaceutical, announced its plan to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas business layout [1] Group 1: Company Strategy - The company aims to strengthen its overseas financing capabilities and improve its capital strength and overall competitiveness through this H-share issuance [1] - The company will consider the interests of existing shareholders and the conditions of domestic and international capital markets when selecting the appropriate timing and issuance window for the listing [1]

Group 1 - The core point of the news is that Borui Pharmaceutical plans to introduce an investor, Suzhou Xinborui, through a capital increase in its wholly-owned subsidiary Borui Taixing, which will result in a change in ownership structure [1] - Suzhou Xinborui will subscribe to an additional registered capital of 22.68 million RMB, with the total investment amounting to 198 million RMB, while approximately 175 million RMB will be allocated to the capital reserve [1] - After the capital increase, Borui Taixing's registered capital will rise from 55 million RMB to 77.68 million RMB, and Borui Pharmaceutical's ownership in Borui Taixing will decrease from 100% to 70.8% [1] Group 2 - Borui Pharmaceutical's market capitalization is currently 24.5 billion RMB [2] - For the fiscal year 2024, the revenue composition of Borui Pharmaceutical is projected to be 97.33% from the pharmaceutical manufacturing sector and 2.67% from other businesses [1]

截至发稿，博瑞医药市值为245亿元。 每经AI快讯，博瑞医药（SH 688166，收盘价：58.06元）9月26日晚间发布公告称，公司第四届第十二 次董事会会议于2025年9月26日在C27栋会议室召开。会议审议了《关于确定公司董事角色的议案》等 文件。 2024年1至12月份，博瑞医药的营业收入构成为：医药制造业占比97.33%，其他业务占比2.67%。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 曾健辉） ...

博瑞医药(688166.SH)公告，公司拟发行H股股票并在中国香港联合交易所有限公司主板上市。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。 ...

Core Viewpoint - 博瑞医药 plans to repurchase shares through centralized bidding, with a total amount between 10 million and 20 million yuan, and a maximum repurchase price of 139.77 yuan per share, which is 140.73% higher than the current price of 58.06 yuan, reflecting a significant increase in stock price of 92.57% year-to-date [1] Group 1: Share Repurchase Details - The repurchase will be funded by the company's own funds and is set to occur within 12 months [1] - The current stock price of 博瑞医药 is 58.06 yuan, with a year-to-date increase of 92.57% [1] - The maximum repurchase price is significantly higher than the current market price, indicating a strong confidence in the company's value [1] Group 2: Financial Performance - As of June 30, 博瑞医药 reported a decrease in revenue to 537 million yuan, down 18.28% year-on-year, and a net profit of 17.17 million yuan, down 83.85% year-on-year [2] - The number of shareholders decreased by 10.11% to 9,568, while the average circulating shares per person increased by 11.32% to 44,185 shares [2] Group 3: Dividend and Shareholder Information - 博瑞医药 has distributed a total of 246 million yuan in dividends since its A-share listing, with 129 million yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and a new entrant, Innovation Drug, which holds 2.81 million shares [3]

博瑞医药(688166.SH)公告，公司拟发行H股股票并在中国香港联合交易所有限公司主板上市。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。 ...

博瑞医药9月26日大宗交易平台出现一笔成交，成交量4.50万股，成交金额261.27万元，大宗交易成交价 为58.06元。该笔交易的买方营业部为申万宏源证券有限公司证券投资总部，卖方营业部为国联民生证 券股份有限公司总部。 进一步统计，近3个月内该股累计发生24笔大宗交易，合计成交金额为2.23亿元。 证券时报·数据宝统计显示，博瑞医药今日收盘价为58.06元，下跌12.57%，日换手率为6.03%，成交额 为15.38亿元，全天主力资金净流出4.21亿元，近5日该股累计下跌38.36%，近5日资金合计净流出19.22 亿元。 两融数据显示，该股最新融资余额为22.40亿元，近5日减少5813.86万元，降幅为2.53%。（数据宝） 9月26日博瑞医药大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 4.50 | 261.27 | 58.06 | 0.00 | 申万宏源证券有限公司 | 国联民生证券股份有 ...

国联民生证券承销保荐有限公司 关于博瑞生物医药（苏州）股份有限公司 新增 2025 年度日常关联交易预计的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 机构"）作为博瑞生物医药（苏州）股份有限公司（以下简称"博瑞医药"或"公 司"）向不特定对象发行可转换公司债券并在科创板上市持续督导的保荐机构， 履行持续督导职责，并根据《证券发行上市保荐业务管理办法》《上海证券交易 所科创板股票上市规则》等规范性法律文件的要求，对博瑞医药新增2025年度日 常关联交易预计事宜进行了审慎核查，核查情况及意见如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 博瑞医药于 2025 年 9 月召开第四届董事会第十二次会议和第四届监事会第 十次会议，审议通过《关于预计日常关联交易额度的议案》。该议案涉及关联交 易，关联董事袁建栋先生、仝彤女士回避表决，非关联董事一致审议通过。本次 关于日常关联交易事项尚需提交股东大会审议。本次关联交易额度授权期限自本 次董事会审议通过之日起至2025年年度董事会或2025年年度股东大会召开之日 止。 本次新增日常关联交易事项事前已经公司第四届董事会独立 ...

博瑞生物医药（苏州）股份有限公司 股东会议事规则（H股发行并上市后适用） 第一章 总则 第一条 为规范博瑞生物医药（苏州）股份有限公司（以下简称"公司"） 行为，保证股东会依法行使职权，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司治理准则》、《上市公司股东会规则》《上海证券交易所股票上市规则》《香 港联合交易所有限公司证券上市规则》等法律、法规、规范性文件、公司股票上 市地证券监管部门和证券交易所（以下简称"公司股票上市地证券监管机构"） 有关监管规则（以下简称"公司股票上市地证券监管规则"）和《博瑞生物医药 （苏州）股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本规 则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、公司股票上市地证券监管规则、 本规则及《公司章程》的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和《公 ...