Borui Pharmaceutical: Net profit expected to decrease by 67.28%-78.17% in 2025, with progress in research and development of multiple drugs.

The Boeray Pharmaceuticals announced that it is expected to achieve a net profit attributable to shareholders of 41.3 million to 61.9 million yuan in 2025, a year-on-year decrease of 67.28% to 78.17%; non-GAAP net profit of 4.3 million to 24.9 million yuan, a year-on-year decrease of 86.21% to 97.62%. The main reasons for the decrease are the decrease in revenue and gross profit due to trends in flu, changes in competition landscape, and customer demand, as well as increased depreciation from the conversion of construction in progress, and increased research and development investment. The company has made progress in multiple research projects, such as completing patient enrollment for domestic phase III clinical trials of BGM0504 injection for type 2 diabetes and weight reduction, and conducting phase I clinical trials of BGM0504 tablets in China and the United States. However, the innovative drugs are still in the early stages, and the commercialization carries uncertainties.