保瑞药业（6472.TW，未覆盖）：2026年亚洲医疗健康CDMO日要点：供应链回流顺风与产品结构升级驱动增长

Management emphasized Bora Pharma (Not Covered)'s strategic repositioning toward higher-value specialty pharma and CDMO services, supported by an expanding North American manufacturing network and integrated biologics platform. Against the backdrop of pharmaceutical supply chain diversification and onshoring trends, the company believes its differentiated capacity, regulatory track record and technology investments position it to capture a growing share of complex and higher-margin outsourcing opportunities. Key takeaways: transitioning from generics to specialty pharma to improve growth quality and cash flow visibility; M&A remains the primary vehicle for global expansion and capability building, with an 11-site manufacturing network across Taiwan and North America; North American onshoring trends are converting into tangible CDMO opportunities; the biologics platform build-out creates a fully integrated CDMO offering;