奥司他韦需求下滑，博瑞医药Q1归母净利暴跌79%，押注减肥药能掀起多大波澜

Core Viewpoint - The recent financial report of Biopharmaceutical Company Borui Pharmaceutical (688166.SH) indicates a significant decline in performance, with revenue dropping by 26.81% year-on-year to 249 million yuan and net profit plunging by 79.77% to 12.96 million yuan in Q1 2025 [1][2] Group 1: Financial Performance - The company's revenue for Q1 2025 was 249 million yuan, a decrease of 26.81% compared to the previous year [1] - The net profit attributable to shareholders fell to 12.96 million yuan, representing a year-on-year decline of 79.77% [1] - The net cash flow from operating activities also saw a significant drop of 27.93% to 107 million yuan [1] Group 2: Product Sales and Market Dynamics - Borui Pharmaceutical's core revenue source is product sales, which accounts for over 90% of total revenue, primarily from antiviral, antifungal, immunosuppressive, respiratory, oncology, and metabolic treatment areas [2] - The demand for Oseltamivir, a key antiviral product, surged in 2023 due to a flu outbreak, with sales volume increasing by 759.04% for raw materials and 119.73% for formulations compared to the previous year [2] - However, the demand for Oseltamivir raw materials declined by 35.64% in 2024, leading to a 70.08% drop in antiviral product revenue year-on-year [2] Group 3: Research and Development Focus - Borui Pharmaceutical is shifting its R&D focus towards GLP-1 weight loss drugs, with its BGM0504 injection currently in Phase III clinical trials [1][4] - The investment in BGM0504 has increased from an initial estimate of 20 million yuan to 357 million yuan, now accounting for 47.6% of the total expected investment [5] - The company has also introduced an oral formulation of BGM0504, expanding its product pipeline [5] Group 4: Challenges and Strategic Adjustments - The company reported a significant decline in revenue from its formulation products, which fell by 24.40% year-on-year to 42.78 million yuan in Q1 2025, primarily due to the drop in demand and price for Oseltamivir formulations [3] - Technical revenue, which includes income from technology transfer and support for generic drug registration, plummeted by 97.67% to 373,500 yuan, attributed to a strategic shift in resource allocation [3] - The company faces increasing financial pressure, with a rise in debt levels; the asset-liability ratio increased from 21.62% in 2020 to 50.5% in Q1 2025, indicating a significant challenge in financial management [6]