格隆汇12月15日丨博瑞医药(688166.SH)公布，截至本公告披露日，公司已完成本次股份回购。公司通 过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份19.69万股，占公司总股本的 0.0465%，回购成交的最高价为54.28元/股、最低价为49.81元/股，支付的资金总额为人民币1003.78万元 （不含印花税、交易佣金等交易费用）。 ...

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、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2025/9/27，由公司控股股东、实际控制人、董事 | | | | | | --- | --- | --- | --- | --- | --- | | | 长袁建栋先生提议 | | | | | | 回购方案实施期限 | 年 日~2026 月 2025 9 26 9 | 月 | 年 | 25 | 日 | | 预计回购金额 | 1,000万元~2,000万元 | | | | | | 回购价格上限 | 139.77元/股 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | 实际回购股数 | 19.6871万股 | | | | | | 实际回购股数占总股本比例 | 0.0465% | | | | | | 实际回购金额 | 1,003.78万元 | | | | | | 实际回购价格区间 | 49.81元/股~54.28元/股 | ...

格隆汇12月15日丨博瑞医药(688166.SH)公布，截至本公告披露日，公司已完成本次股份回购。公司通 过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份19.69万股，占公司总股本的 0.0465%，回购成交的最高价为54.28元/股、最低价为49.81元/股，支付的资金总额为人民币1003.78万元 （不含印花税、交易佣金等交易费用）。 ...

Group 1 - The A-share market experienced fluctuations with the innovative drug sector showing a rebound before retreating, as evidenced by the performance of the Science and Technology Innovation Drug ETF Huatai (589120) which was flat after initially rising over 1% [1] - The Science and Technology Innovation Drug ETF Huatai (589120) has seen net inflows exceeding 9.39 million yuan over the past five days, with funds entering the market intermittently [1] - The component stocks of the ETF showed mixed performance, with stocks like Ailisi and Baili Tianheng rising over 1%, while others like Maiwei Biology fell over 2% [3][4] Group 2 - The 2025 National Basic Medical Insurance Drug Directory has been adjusted, adding 114 new drugs, including 50 first-class innovative drugs, which reflects ongoing support for innovation in the pharmaceutical sector [5][6] - The adjustment of the drug directory aims to encourage innovation while ensuring basic healthcare needs, with a focus on "true innovation" and "differentiated innovation" [6] - The commercial insurance directory has included 19 drugs, including CAR-T and treatments for Alzheimer's disease, indicating a significant step towards expanding commercial medical insurance in China [6] Group 3 - The innovative drug sector is expected to maintain a high level of activity, with a focus on "data validation" and "value reassessment" as key investment themes [6][7] - The industry is entering an internationalization phase, with business development (BD) becoming a regular practice, and the verification of global product value being crucial for future growth [7] - The Science and Technology Innovation Drug ETF Huatai (589120) focuses on leading innovative drug companies, providing a higher degree of exposure to the opportunities presented by the rise of innovative drugs in China [7]

Core Insights - The pharmaceutical sector is experiencing a rise, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index increasing by 1.03% as of December 4, 2025, with notable gains from companies like Zai Lab (up 4.47%) and Rongchang Bio (up 4.14%) [1] Industry Overview - The pharmaceutical industry has undergone eleven rounds of national drug centralized procurement and multiple rounds of medical insurance negotiations, leading to an inevitable decline in the generic drug sector, which impacts the overall pharmaceutical industry [1] - From January to September 2025, the pharmaceutical manufacturing industry's revenue remained relatively stable, but the outlook for generic drugs is bleak, indicating a need for innovative drugs to drive future growth [1] Investment Perspective - According to Everbright Securities, future investments in the pharmaceutical sector should focus on the clinical value of drugs, addressing clinical needs of patients, as both domestic medical insurance policies and global expansion strategies increasingly emphasize clinical value [1] - The innovative drug industry chain and innovative medical devices are viewed positively based on the clinical value framework [1] Market Data - As of November 28, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index include companies like United Imaging Healthcare and BeiGene, collectively accounting for 49.75% of the index [1]

（文章来源：证券日报） 证券日报网讯 12月2日，博瑞医药在互动平台回答投资者提问时表示，公司会在定期报告中披露法定要 求的股东数量信息。 ...

Group 1 - The core point of the article is that Borui Pharmaceutical has received a drug registration certificate for its inhaled Budesonide suspension, indicating progress in its approval process [1] Group 2 - Investors inquired about the approval status of Budesonide on an interactive platform [1] - Borui Pharmaceutical confirmed the approval and mentioned that detailed information can be found in the company's Q3 2025 report [1]

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]

Core Viewpoint - 博瑞医药 is actively investing in innovative drug development to counteract declining revenues from its traditional business segments, particularly in the context of increasing market competition and pricing pressures [3][5][8]. Company Investment and Shareholding - 博瑞医药 held a shareholder meeting on December 1, 2023, where it approved a capital increase of 50 million yuan in 苏州极客基因科技有限公司, raising its stake from 4.0816% to 12.8015% [1]. - 极客基因 specializes in high-throughput omics data for cell fate regulation and has a new drug for advanced malignant tumors that has been approved for clinical trials in China [1]. Financial Performance - 博瑞医药's revenue has been under pressure, with a decline in net profit from 2.44 billion yuan in 2021 to an expected 1.89 billion yuan in 2024, indicating a trend of "increased revenue without increased profit" [3][5]. - In the first three quarters of 2023, the company reported a 10.50% decrease in revenue to 874 million yuan and a 71.64% drop in net profit to 50.32 million yuan [5]. R&D Focus and Product Development - 博瑞医药 is focusing on innovative drugs, particularly in the metabolic disease sector, with BGM0504 being a key product under development [5][6]. - BGM0504 is a dual agonist for GLP-1 and GIP receptors, with ongoing clinical trials for diabetes and weight loss indications in China and the U.S. [6][7]. - The company plans to submit a Phase III clinical trial application to the FDA by the end of 2023, with an expected enrollment of around 6,000 participants, significantly increasing R&D costs [6]. Market Performance and Stock Activity - 博瑞医药's stock has been volatile, with a significant increase of over 76% from the beginning of the year to the end of November, despite a sharp decline following disappointing half-year results [7]. - The company has faced scrutiny regarding its stock price fluctuations and has issued multiple warnings about potential investment risks [7]. Financial Challenges and Funding Strategies - 博瑞医药's R&D expenses reached 348 million yuan in the first half of 2023, accounting for 64.83% of its revenue, with a significant increase in investment in innovative drugs [8]. - The company has been exploring various financing options, including a terminated 500 million yuan private placement and a recent application for a listing on the Hong Kong Stock Exchange to enhance its international financing capabilities [8][9].