以下为甘李药业的新年来信全文： 致投资者、合作伙伴及所有关心甘李药业的朋友们： 回望2025年，我们对"时间"二字有了更深的体会。这一年，外部环境复杂多变，行业竞争持续加剧，全 球医药产业链重构加速推进。对甘李药业而言，这既是一段承压前行的过程，也是一次能力沉淀与方向 校准的历程。在此，我们谨向长期支持公司的投资者、并肩奋斗的员工、信任合作的伙伴，以及所有关 心甘李发展的朋友们，致以诚挚的感谢。 背景介绍： 岁序更替，华章日新。回望2025，市场浪潮起伏，每一家上市公司都在坚守中前行、在笃行中成长，历 经磨砺却初心未改。值此温情时刻，金融界上市公司研究院向全体上市公司发出诚挚邀约——《你有一 封，上市公司来信》，执笔一封给市场的公开信。这不仅是对过往一年的复盘与致谢，更是与投资者、 员工、合作伙伴的真诚对话，是传递信心、共绘蓝图的重要桥梁。愿以一纸赤诚，承载坚守与担当；以 声声寄语，凝聚力量与希望，共赴市场高质量发展的崭新征程。 展望未来，甘李药业将继续秉持"科学、极致"的企业理念，积极响应国家"一带一路"倡议，持续深化全 球产能协同与技术合作。我们将以更稳健的节奏推进国际化布局，以更扎实的研发成果回应患者需 ...

证券日报网讯 2月5日，甘李药业（603087）在互动平台回答投资者提问时表示，公司将持续关注市场 动态，结合自身发展阶段、战略需求及市场环境等因素综合研判，如未来有H股发行计划且达到信息披 露标准，将严格履行披露义务。 ...

证券日报网讯2月5日，甘李药业（603087）在互动平台回答投资者提问时表示，公司严格按照法律法规 履行信息披露义务。如相关研发/业务进展达到信息披露标准，公司将及时公告。敬请留意公司在上交 所等指定媒体发布的公告。 ...

2026年1月15日，公司甘精胰岛素注射液获得欧盟委员会的上市许可（详情请参考公告：2026-004）。 目前，产品正处于获批后的上市前准备阶段，公司正在全力推进包括市场准入、渠道布局、物流准备等 在内的系列商业化工作，尚未开始商业销售。 公司高度重视全球市场，欧盟是我们重要的战略目标市 场之一。此次获批是公司践行国际化战略的关键一步，未来公司将严格按照上市规则对商业化进展履行 持续信息披露义务。 格隆汇2月5日丨甘李药业(603087.SH)在投资者互动平台表示，在欧美市场，公司和山德士于2018年签 订商业和供货协议。协议约定，在三款生物类似药（甘精、门冬、赖脯）获得批准后，山德士将进行药 品在美国、欧洲及其他特定区域的商业运作，由公司负责药物开发（包括临床研究）及供货等事宜。截 至目前，公司与山德士的合作仍在持续稳步推进。 ...

格隆汇2月5日丨甘李药业(603087.SH)在投资者互动平台表示，在欧美市场，公司和山德士于2018年签 订商业和供货协议。协议约定，在三款生物类似药（甘精、门冬、赖脯）获得批准后，山德士将进行药 品在美国、欧洲及其他特定区域的商业运作，由公司负责药物开发（包括临床研究）及供货等事宜。截 至目前，公司与山德士的合作仍在持续稳步推进。 2026年1月15日，公司甘精胰岛素注射液获得欧盟委员会的上市许可（详情请参考公告：2026-004）。 目前，产品正处于获批后的上市前准备阶段，公司正在全力推进包括市场准入、渠道布局、物流准备等 在内的系列商业化工作，尚未开始商业销售。 公司高度重视全球市场，欧盟是我们重要的战略目标市 场之一。此次获批是公司践行国际化战略的关键一步，未来公司将严格按照上市规则对商业化进展履行 持续信息披露义务。 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

Core Viewpoint - The diabetes medication market in China is experiencing rapid growth due to the increasing prevalence of diabetes driven by an aging population and rising obesity rates, alongside improvements in healthcare infrastructure and public awareness [1][8]. Industry Overview - Diabetes is characterized by chronic hyperglycemia due to insulin secretion and/or utilization defects, classified into Type 1, Type 2, gestational diabetes, and other specific types [2]. - Diabetes medications are categorized into eight classes, including insulin secretagogues, biguanides, thiazolidinediones, alpha-glucosidase inhibitors, DPP-4 inhibitors, SGLT-2 inhibitors, insulin, and GLP-1 receptor agonists [2]. Market Growth - The market size for diabetes medications in China is projected to grow from 47 billion yuan in 2016 to 80.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.91% [1][8]. - By 2025, the market size is expected to reach approximately 85.7 billion yuan [1]. Patient Demographics - The number of diabetes patients in China is expected to increase from 118 million in 2016 to 148 million by 2024, with a CAGR of 2.87% [6][8]. - The adult diabetes prevalence rate in China is currently at 13.79%, which is significantly higher than the global average [6]. Competitive Landscape - The diabetes medication industry in China features a tiered competitive structure, with multinational companies like Novo Nordisk, Sanofi, Eli Lilly, and AstraZeneca leading the first tier due to their innovative drug development capabilities [8]. - Domestic companies such as Tonghua Dongbao, Gan & Lee Pharmaceuticals, and Huadong Medicine are emerging as strong competitors in the second tier, particularly in insulin and oral hypoglycemic agents [8]. Industry Trends - Future research and development in diabetes medications will focus on precision and individualized treatment, targeting specific mechanisms of Type 2 diabetes [12]. - The industry is expected to prioritize long-acting, multi-target drugs that modify disease progression, moving beyond mere blood sugar control [13]. - Companies will shift from being mere drug providers to comprehensive health management partners for diabetes patients, utilizing digital health technologies for continuous monitoring and personalized care [14].

Group 1 - The core viewpoint of the news highlights the positive performance of the medical innovation sector, with the CSI Medical and Medical Device Innovation Index showing mixed results among its constituent stocks, led by Aimeike with a 2.18% increase [1] - The Medical Innovation ETF has seen continuous net inflows over the past 12 days, with a peak single-day net inflow of 41.83 million yuan, totaling 234 million yuan, averaging 19.54 million yuan per day [1] - Policy support for the pharmaceutical industry is ongoing, with Shanghai accelerating the implementation of major industrial projects in fields such as integrated circuits, biomedicine, and artificial intelligence [1] Group 2 - The CSI Medical and Medical Device Innovation Index consists of 30 listed companies with good profitability, growth potential, and research innovation capabilities, reflecting the overall performance of profitable and growth-oriented pharmaceutical and medical device companies [2] - As of January 30, 2026, the top ten weighted stocks in the index include WuXi AppTec, Mindray Medical, and Heng Rui Medicine, accounting for 63.9% of the total index weight [2] - The success rate of Phase I clinical trials for dozens of AI-derived pipelines entering trials in 2025 is projected to be as high as 80%-90%, significantly exceeding traditional levels of 40%-65% [1]

Investment Rating - The report indicates a strong growth outlook for the company, with projected net profit for 2025 expected to reach between 1.1 billion to 1.2 billion, representing a year-on-year growth of 79%-95% [1] Core Insights - The company's growth is primarily driven by a significant improvement in its domestic insulin business, which saw a revenue increase of 45.6% in the first three quarters of 2025, characterized by both volume and price increases [2][4] - The successful selection of all six products in the 2024 national procurement for insulin has led to a more than 30% increase in procurement volume compared to the previous round, providing a substantial boost in sales certainty [4] - The company's gross margin has stabilized above 73% over the past two years, indicating effective cost control and product structure optimization, allowing it to convert procurement pressure into market share and profit [4][6] Domestic Business Performance - The company has captured a 30% market share in the third-generation insulin procurement, positioning itself as the leading domestic player, second only to Novo Nordisk, amidst a trend of domestic products replacing imports [6] - The company’s products are now available in over 40,000 medical institutions, with rapid growth particularly in grassroots markets [6] International Expansion - International sales revenue reached 350 million in the first three quarters of 2025, marking a 45.5% year-on-year increase [7] - A significant 10-year technology transfer and supply agreement with Brazil, valued at no less than 3 billion, positions the company as the sole approved solution for Brazil's national public health system [7][9] - The company is transitioning from merely exporting products to a more sophisticated model of technology output, which includes local production technology transfer and talent development [9] Research and Development Focus - The company is heavily investing in R&D, with R&D expenses accounting for 13.4% of revenue in the first three quarters of 2025 [10] - Key products in development include GZR4 (ultra-long-acting insulin), which is in Phase III clinical trials and aims to revolutionize patient treatment habits, and GZR18 (GLP-1 dual-week formulation), which has received FDA approval and shows promising weight loss results [11][12] - The company is also advancing GZR101 (premixed dual insulin) into Phase II clinical trials, aiming to provide more convenient treatment options [12] - The successful launch of either GZR4 or GZR18 could elevate the company from an "insulin expert" to a "comprehensive solution provider for metabolic diseases" [14]

甘李药业（603087.SH，公司）2025年预计净利润达到11亿到12亿元，同比增长79%-95%；扣非净利 润7亿到8亿元，增长超过六成。 这不仅仅是简单的业务复苏。今天，我们就来拆解一下，甘李到底是如何在集采压力之下，获得如此 增长的。 （来源：公司2025年业绩预增公告） 从产品输出到技术输出。 作者 | beyond 编辑 | 小白 核心业务：不止是回血，更是抢地盘 甘李这轮增长，根基在于国内胰岛素业务实实在在地好了起来。2025年前三季度，这块收入大涨45. 6%，而且难得的出现了"量价齐升"的局面——销量贡献一部分增长，价格也回升贡献了另一部分。 （来源：公司2025年三季报） 关键转折点在于2024年的胰岛素国家集采接续采购。甘李打了个漂亮仗，六款产品全部中选，协议采 购量比上一轮直接增长了超30%。这意味着，集采带来的确定性销量大幅增加。 更厉害的是盈利能力修复。相比2022年集采后毛利率大跌、甚至亏损的窘境，近两年公司毛利率稳定 在73%以上，并呈逐年回升的态势。这说明公司通过成本控制和产品结构优化，把集采的压力逐步转 化成了市场份额和利润空间。 （来源：市值风云APP） 市场格局也在悄然 ...

Group 1 - The core viewpoint of the news highlights the performance of the China Medical and Medical Device Innovation Index, with notable stock movements, including a leading increase of 8.29% by Sangfor Technologies [1] - The Medical Innovation ETF has seen continuous net inflows over the past week, with a maximum single-day net inflow of 40.537 million yuan, totaling 114 million yuan [1] - A significant research breakthrough was reported regarding the oral nucleoside drug VV116, which shows promising antiviral activity against the Nipah virus, providing a potential treatment option for high-risk populations [1] Group 2 - Guosen Securities noted that the innovative drug sector exhibited significant excess returns in 2025, driven by international business development, continuous positive clinical data, and supportive policies [2] - The Medical Innovation ETF closely tracks the China Medical and Medical Device Innovation Index, which selects 30 profitable and growth-oriented companies to reflect the overall performance of the sector [2] - As of December 31, 2025, the top ten weighted stocks in the index include WuXi AppTec, Heng Rui Medicine, and Mindray Medical, collectively accounting for 63.75% of the index [2]