Dongwu Securities: Maintains a "buy" rating on Borui Pharmaceuticals, the major shareholder's equity increase demonstrates confidence.

Dong Wu Securities research report pointed out that the revised draft of Bory Pharmaceutical has not changed much, and is still fully subscribed by Chairman Yuan Jiandong in cash. The purpose of raising funds is still to supplement working capital and repay bank loans. However, the lock-up period has changed from the previous 36 months to 48 months, showing the confidence of the major shareholder in the private placement. The injectable data is outstanding, and the oral medication also has BIC potential. It is believed that since BGM0504 injection has shown superior efficacy, the same molecule BGM0504 tablets also have the potential to become a BIC. Bory's BGM0504 oral dosage form has recently been accepted for IND application by the CDE, and is expected to be approved for clinical trials within the year. As of July 2025, the company's BGM1812 is in the pre-clinical stage. Considering that BGM0504 injection is in Phase 3 clinical trials, BGM0504 tablets and BGM1812 injection are about to enter clinical trials, these valuations have not been fully incorporated yet, maintaining a "buy" rating.