证券代码：603087 证券简称：甘李药业 公告编号：2024-094 甘李药业股份有限公司 关于《2024 年第三季度权益分派实施公告》的更正 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 甘李药业股份有限公司（以下简称"公司"）于 2024 年 11 月 26 日在《中 国证券报》和《上海证券报》和上海证券交易所网站（www.sse.com.cn）上披露 了《2024 年第三季度权益分派实施公告》（公告编号：2024-093）。现就公告中 "3、差异化分红送转方案"中"除权（息）参考价格"内容进行更正，具体情 况如下： 更正前： 根据《上海证券交易所交易规则》及上海证券交易所的有关规定，公司按照 以下公式计算除权除息开盘参考价格： 除权（息）参考价格＝[（前收盘价格-现金红利）+配股价格×流通股份变动 比例]÷（1+流通股份变动比例） 分派的现金红利=（参与分配的股本总数×实际分派的每股现金红利）÷总股 本=600,668,390×0.5÷601,065,290≈0.4997 元/股。 除权（息）参考价格＝[（前收 ...

[ T able_StockInfo] 2024 年 10 月 29 日 证券研究报告•2024 年三季报点评 持有 （维持） 当前价：48.91 元 甘李药业（603087）医药生物 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 6.01 流通 A 股(亿股) 5.54 52 周内股价区间(元) 33.1-59.6 总市值(亿元) 293.98 总资产(亿元) 122.22 每股净资产(元) 18.64 风险提示：产品价格下降风险、在研管线进展不及市场预期、市场竞争风险。 接续集采中标价格逐步执行，未来增长可期 [Table_Summary 事件：公司发布] 2024年三季报，2024年前三季度实现收入 22.5亿元（+17.8%）， 归母净利润为 5.1 亿元（+90.4%），扣非归母净利润 3.1 亿元（+38.6%）。 三季度业绩符合预期。分季度来看，Q1/Q2/Q3分别实现收入 5.6/7.5/9.3亿元， 同比+0.4%/+12.3%/+37.6%。分板块看三季度，国内制剂+器械实现收入 6.8亿 元（+22.3%），海外胰岛素收入 1.2亿元（+72.1 ...

2024 年 10月 29 日 证券研究报告,2024年三季报,点评 甘李药业(603087)医药生物 基础數据 总股本(亿股) 6.01 流通 A 股(亿股) 5.54 ● 风险提示:产品价格下降风险、在研管线进展不及市场预期、市场竞争风险。 52 周内股价区间(元) 33.1-59.6 总市值(亿元) 293.98 总资产(亿元) 122.22 每股净资产(元) 18.64 相关研究 1. 甘李药业 (603087): 业绩符合预期, 接 续集采中标未来盛利可期 (2024-05-12) 持有 (维持) 当前价：48.91 元 目标价：——元（6个月） 接续集采中标价格逐步执行，未来增长可期 投资买点 ● 事件:公司发布 2024年三季报,2024年前三季度实现收入 22.5亿元(+17.8%), 归母净利润为 5.1 亿元（+90.4%）, 扣非归母净利润 3.1 亿元（+38.6%）。 ● 三季度业绩符合预期。分季度来看,Q1/Q2/Q3分别实现收入 5.6/7.5/9.3 亿元, 同比+0.4%/+12.3%/+37.6%。分板块看三季度，国内制剂+器械实现收入 6.8 亿 元（+22.3%），海外 ...

核心观点 ⚫ 三季度业绩增长优异。公司 2024 年第三季度实现营收 9.3 亿元，同比增长 37.6%， 归母净利润 2.1 亿元，同比增长 57.5%，扣非归母净利润 1.8 亿元，同比增长 50.8%。三季度，公司实现内销 6.8 亿元，同比增长 22.3%，外销 1.2 亿元，同比增 长 72.1%，特许经营权服务收入 1.3 亿元，同比增长 157%，国内外收入均实现较高 增长，主要增长驱动包括：①国内收入增长稳健；②新兴市场拓展成效显著；③欧 美市场合作开发取得新进展。 ⚫ 国内收入增长稳健。2024 年第二季度，公司积极参加了国家组织的全国药品集中采 购（胰岛素专项接续）的投标工作，所有产品均成功中选。随着新一轮胰岛素集采 在二、三季度陆续由各省开始执行，公司制剂产品得到量价齐升，24 年前三季度， 公司国内制剂销售收入 18.0 亿元（+13.9%），其中价格贡献增速 9.49%，销量贡 献增速 4.45%。 ⚫ 新兴市场拓展成效显著，欧美市场取得新进展。公司赢得更多国际客户的信任和订 单，24Q3 公司外销增长优异。公司出口至阿尔及利亚的订单已在第三季度完成发 货，在非洲市场的首次本土化项目 ...

甘李药业（603087.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 国内收入持续增长，海外市场持续开拓 2024 年 10 月 25 日 ➢ 事件。2024 年 10 月 23 日公司发布三季度报告，2024 年第三季度实现营 业收入 9.3 亿元，同比增长 37.61%；实现归属于母公司所有者的净利润 2.08 亿 元，同比增长 57.47%。 ➢ 胰岛素续约实现量价齐升，国内收入增长稳健。2024 年第三季度，国内收 入为 6.80 亿元，较上年同期增加 1.24 亿元，较上年同期增长 22.25%，主要归 因于公司制剂产品价格的上涨。2024 年前三季度，公司实现国内销售收入 18.68 亿元，较上年同期增长 2.39 亿元，其中国内制剂销售收入 18.02 亿元，较上年 同期增长 2.21 亿元。2024 年第二季度，公司积极参加了国家组织的胰岛素专项 接续的投标工作，所有产品均成功中选。本次集采公司中选产品价格上涨。新一 轮胰岛素集采在二、三季度陆续由各省开始执行，公司产品价格上涨带来的收入 增长效应在三季度初步部分体现。具体而言，价格上涨对 2024 年前三季 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 23 年 月 日 甘李药业（603087.SH） 胰岛素国采续标量价齐升，海外市场拓展不断突破 公司发布 2024 三季报。2024Q1-3，营业收入 22.45 亿元（+17.81%）， 归母净利润 5.07 亿元（+90.36%），扣非后归母净利润 3.11 亿元 （+38.64%）。2024Q3，营业收入 9.30 亿元（+37.61%），归母净利润 2.08 亿元（+57.47%），扣非后归母净利润 1.84 亿元（+50.79%）。 拆分看，2024Q1-3 国内销售收入 18.68 亿元，同比+14.64%；国际销售 收入 2.42 亿元，同比+37.63%；特许经营收入 1.35 亿元，同比+34.49%。 2024Q3 国内销售收入 6.80 亿元，同比+22.25%；国际销售收入 1.17 亿 元，同比+72.10%；特许经营收入 1.33 亿元，同比+156.85%。 从财务指标看，2024Q1-3 毛利率 75.36%，同比增加 0.61 个百分点；销 售费用率 37.03%，同比增加 0.11 个百分点，管理费用率 ...

Investment Rating - Maintains "Overweight" rating with a target price of CNY 60.03 [1][4] Core Views - Strong performance growth driven by insulin procurement price increases and overseas business expansion [1][3] - GLP-1 data shows excellent results, with R&D pipeline progressing steadily [1][3] - Insulin procurement saw both volume and price increases, with core products like insulin glargine securing a 34.1% price hike [3] - Overseas business is accelerating, with emerging markets showing a 37.63% YoY increase in international sales [3] - GLP-1 receptor agonist GZR18 demonstrated a 17.29% weight reduction in Phase IIb trials, indicating best-in-class potential [3] Financial Summary - Revenue for 2024E is projected at CNY 3,418 million, a 31.1% YoY increase [2] - Net profit attributable to parent company for 2024E is forecasted at CNY 715 million, a 110.3% YoY increase [2] - EPS for 2024E is expected to be CNY 1.19, with ROE at 6.2% [2] - Revenue for 2024Q1-Q3 reached CNY 2.245 billion, up 17.81% YoY, with net profit attributable to parent company at CNY 507 million, up 90.36% YoY [3] Business Highlights - Domestic insulin sales for 2024Q1-Q3 reached CNY 1.802 billion, up 13.94% YoY, with volume contributing 4.45% and price contributing 9.49% [3] - International sales for 2024Q1-Q3 reached CNY 242 million, up 37.63% YoY, with Q3 sales up 72.10% YoY [3] - Franchise service revenue for 2024Q1-Q3 reached CNY 135 million, up 34.49% YoY [3] R&D Progress - GLP-1 receptor agonist GZR18 showed a 17.29% weight reduction in Phase IIb trials, indicating strong potential [3] - Insulin weekly formulation GZR4 and dual insulin compound GZR101 are progressing through Phase II trials [3] Valuation Metrics - 2024E P/E ratio is 42.16x, with a P/B ratio of 2.60x [2][6] - 2025E P/E ratio is projected at 24.86x, with a P/B ratio of 2.39x [2][6]

财联社10月22日讯（记者 何凡）今年前三季度，甘李药业（603087.SH）国内外收入均同比有所提高。 其中公司产品在胰岛素专项接续采购中中标，中标产品价格上涨为甘李药业国内销售收入提升做出了积 极贡献，增长效应在Q3开始初步体现。此外，甘李药业也试图将胰岛素产品销往海外，而节点收入增 加也是公司业绩增长的因素之一。 今日晚间，甘李药业发布2024三季报，公告显示，今年前三季度公司实现营业收入22.45亿元，同比增 加17.81%；归母净利润5.07亿元，同比增长90.36%。 分地区来看，前三季度甘李药业国内（销售收入）为18.68亿元，同比增长14.64%，其中国内制剂销售 收入 18.02亿元，较上年同期增长2.21亿元。国际（销售收入）为2.42亿元，同比提高37.63%，国际 （特许经营权服务收入）为1.35亿元，同比增加34.49%。 针对业绩的增长的原因，甘李药业方面表示，得益于国内收入增长稳健。从单季度来看，由于制剂产品 价格的上涨，Q3公司实现营业收入9.30亿元，同比提高37.61%，归母净利润2.08亿元，同比增长 57.47%。Q2公司在胰岛素集采中标，产品价格上涨带来的收入增长效应 ...

甘李药业股份有限公司 2024 年第三季度报告 证券代码：603087 证券简称：甘李药业 甘李药业股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 13 甘李药业股份有限公司 2024 年第三季度报告 一、 主要财务数据 | --- | --- | --- | --- | --- | --- | |----------|---------------------------------------|-------------------|---------------------------------------|---------------------------| ...

Financial Performance - Revenue for the first half of 2024 reached 13.15 billion yuan, a year-on-year increase of 6.92%[2] - Net profit attributable to shareholders of the listed company was 2.99 billion yuan, a year-on-year increase of 122.80%[2] - Revenue for the first half of 2024 reached 1,314,892,845.25 yuan, a 6.92% increase compared to the same period last year[19] - Net profit attributable to shareholders of the listed company was 298,904,095.07 yuan, a significant increase of 122.80% year-over-year[19] - Operating income for the reporting period was 1.315 billion yuan, an increase of 6.92% year-on-year[22] - Net profit attributable to shareholders of the listed company increased significantly to 299 million yuan, driven by gains from changes in the fair value of financial assets and investment income[22] - The company achieved a revenue of 1,314.89 million yuan in the first half of 2024, a year-on-year increase of 6.92%, with domestic sales revenue reaching 1,188.33 million yuan, up 10.70% year-on-year[45] - The company's net profit attributable to shareholders was 298.90 million yuan in the first half of 2024, a significant year-on-year increase of 122.80%[45] - Total revenue for the first half of 2024 reached 1,314,892,845.25 RMB, a 6.9% increase compared to 1,229,765,113.65 RMB in the same period of 2023[161] - Net profit attributable to the parent company's shareholders in H1 2024 was 298,904,095.07 RMB, a 122.8% increase from 134,155,242.69 RMB in H1 2023[161] - Basic earnings per share (EPS) for H1 2024 was 0.51 RMB, up 112.5% from 0.24 RMB in H1 2023[162] R&D and Innovation - R&D investment in the first half of 2024 was 2.77 billion yuan, accounting for 21.05% of revenue[2] - The company's GLP-1 receptor agonist GZR18 showed a 17.29% weight reduction in Phase IIb clinical trials[2] - The company's GZR101 injection, a novel premixed dual insulin formulation, is under development for the treatment of diabetes[11] - GZR18 injection, a once-weekly GLP-1RA, has been approved for clinical trials targeting type 2 diabetes and obesity/overweight[12] - The company is developing GZR4 injection, a once-weekly ultra-long-acting insulin formulation for diabetes treatment[12] - GLR1023 injection, a biosimilar targeting IL-17A, is in development for the treatment of moderate to severe plaque psoriasis[12] - The company's GZR18 tablet, an oral peptide formulation using novel absorption technology, is under development for type 2 diabetes[12] - The company is developing GZR18, GZR4, and GZR101 injections for diabetes treatment, aiming to enrich patient options and increase market share[34] - The company is researching a GLP-1RA weekly formulation for overweight/obesity, potentially enabling bi-monthly dosing and creating new profit growth opportunities[34] - The company's product pipeline includes research in eukaryotic and prokaryotic protein engineering, oncology, cardiovascular, and metabolic diseases[34] - The company's GZR18 injection for type 2 diabetes and obesity/overweight weight management entered Ib/IIa phase clinical trials in 8 months and II phase in 12 months, demonstrating high efficiency in project advancement[37] - The company's GZR101, GZR4, and GZR18 injections, as well as GZR18 tablets, are all in clinical trial stages, with GLR1023 injection accelerating towards phase I clinical trials[37] - The company's insulin products, including glargine, lispro, and aspart insulin injections, have received EMA approval for commercialization in the EU, marking the first time a domestic insulin analog has passed EMA GMP inspection[37] - The company's glargine, lispro, and aspart insulin injections have been accepted by the FDA for review in the US, with preliminary feedback received and ongoing improvements being made[37] - The company's GZR18 injection, a long-acting GLP-1RA, completed Phase I clinical trials in the US in March 2022[43] - GZR18 injection showed an average weight loss of 17.8% (QW) and 12.8% (Q2W) in Chinese obese subjects over 35 weeks, compared to a 0.7% weight gain in the placebo group[46] - GZR18 tablet completed the first dosing in a Phase I clinical trial for type 2 diabetes in April 2024, aiming to improve bioavailability and patient compliance[47] - GZR4 injection, a fourth-generation insulin analog, demonstrated 2-3 times better glucose-lowering effects compared to Icodec in preclinical studies[47] - GZR101 injection, a fourth-generation premixed dual insulin formulation, completed the first dosing in a head-to-head Phase II trial against Degludec/Aspart in December 2023[47] - GZR101, a dual insulin formulation, has completed two Phase I clinical studies and entered Phase II globally, showing potential for 72-hour glucose control with no significant peak after 24 hours at steady state[48] - GLR1023, a biosimilar of Secukinumab, received clinical trial approval in July 2023 and is expected to address the global psoriasis market, which has a prevalence of 2-3% and generated $4.98 billion in global sales in 2023[48] - Empagliflozin, an SGLT-2 inhibitor, had its market application accepted in July 2023, targeting a global market with $18.9 billion in sales in 2023 and projected growth to $2030[48] - Linagliptin, a DPP-4 inhibitor, had its market application accepted in May 2024, targeting a global market with $2.585 billion in sales in 2023 and a 22% growth in China[49] Market and Sales - The company secured 46.86 million units in the insulin procurement agreement, a 32.6% increase from the previous procurement[2] - The company's third-generation insulin analogs accounted for 30% of the total procurement volume for third-generation insulin[2] - The company completed high-quality product supply to countries with high insulin demand, promoting international market revenue growth[2] - The company's production facilities passed the EU GMP inspection, marking a significant step in internationalization[2] - Domestic preparation sales revenue increased by 10.36% to 1.147 billion yuan[22] - The company sold securities investments worth 644 million yuan, resulting in a total gain of 141 million yuan from fair value changes and disposal[22] - The fair value of the company's remaining securities investments at the end of the reporting period was 261 million yuan[22] - The company's products cover long-acting, rapid-acting, and premixed insulin functional segments, with a focus on diabetes diagnosis and treatment[26] - The national centralized procurement demand for third-generation insulin in 2024 is 168 million units, accounting for 70% of the total demand, a 36% increase compared to the previous procurement[30] - Second-generation insulin accounts for 30% of the total demand in 2024, a 12% decrease compared to the previous procurement[30] - The company's main products, including Glargine Insulin Injection and Aspart Insulin Injection, were selected as Category A in the national insulin procurement, with prices of 65.30 RMB and 25.90 RMB respectively[31] - The company secured a procurement volume of 3.534 million units in the 2022 insulin centralized procurement, gaining access to nearly 10,000 new medical institutions and capturing a significant share from foreign competitors[33] - In the 2024 insulin follow-up procurement, the company obtained a first-year agreement volume of 4.686 million units, a 32.6% increase from the previous procurement, with its third-generation insulin products accounting for 37% of the total third-generation insulin allocation[34] - The company's third-generation insulin procurement demand in the 2024 follow-up procurement reached 1.68 billion units, representing 70% of the total demand, a 36% increase from the first procurement, while second-generation insulin demand decreased by 18%[33] - The company expanded its grassroots market team by recruiting nearly 1,000 medical representatives to enhance terminal market coverage and provide better academic services[33] - Domestic insulin sales are steadily increasing due to the acceleration of third-generation insulin replacing second-generation and domestic products replacing imports, driven by the national centralized procurement policy[35] - The company has established a robust supply chain system, ensuring continuous and timely product supply, and has gained market recognition through excellent quality control processes[35] - The company successfully secured bids for six insulin products in the national insulin procurement, gaining higher agreement volumes and entering nearly 2,000 new medical institutions[45] - The company passed the EMA pre-approval GMP inspection in May 2024, showcasing its potential as an industry leader[43] - The company's international strategy focuses on expanding its global team, investing in local markets, and promoting local distribution to diversify its international presence[42] - The company has established stable business relationships with international pharmaceutical companies and is accelerating the registration of medical devices in emerging markets[44] - The company's first FDA-approved product is the disposable insulin pen needle (Xiu Lin Needle®)[43] - The global GLP-1RA market is expected to reach $155.6 billion by 2030, with significant growth potential in China[46] - GZR18 injection is positioned to become the world's first GLP-1RA bi-weekly formulation, with no similar products currently on the market[46] - The company has a robust commercialization strategy with a 2,000+ member academic promotion team and strong brand presence in the diabetes treatment market[47] - The company has sufficient land and facility reserves to meet future supply demands for both domestic and global markets[47] - The company's pre-mixed insulin products, Su Xiulin® 25 and Rui Xiulin® 30, have seen rapid growth due to China's centralized procurement policy, accelerating the replacement of second-generation insulin with third-generation insulin[48] - The company's insulin procurement demand for 2024 increased by 151% to 41.77 million units, with third-generation insulin accounting for 24% of the total demand, up 10 percentage points from the previous procurement cycle[50] - The company's meal-time and pre-mixed insulin products saw growth rates of 381% and 564%, respectively, in the 2024 insulin procurement cycle[50] - The price line for Class A products in the insulin market shows consistency between second-generation insulin and third-generation meal-time and premixed insulin analogs, with prices at 25.93 yuan per unit[51] - The national insulin procurement results for 2024 show that Novo Nordisk secured a significant portion of the market with 2,103.11 million units of meal-time insulin analogs at 35.55 yuan per unit[52] - Gan & Lee Pharmaceuticals achieved a substantial procurement volume of 1,701.56 million units for basal insulin analogs at 65.30 yuan per unit[53] - The total procurement demand for premixed insulin analogs in 2024 reached 7,294.65 million units, with Novo Nordisk leading with 3,458.28 million units at 35.55 yuan per unit[54] - Tonghua Dongbao secured a procurement volume of 639.49 million units for meal-time human insulin at 25.93 yuan per unit[55] - The total procurement demand for basal human insulin in 2024 was 119.75 million units, with Tonghua Dongbao accounting for 44.27 million units at 25.93 yuan per unit[56] - The company's first-year procurement demand for this round of centralized procurement is 41.77 million units, an increase of 25.13 million units compared to the previous round, with a growth rate of 151%[62] - The company's procurement agreement volume for this round of centralized procurement is 46.86 million units (base volume of 36.19 million units and allocated volume of 10.67 million units), an increase of 11.52 million units compared to the previous round, with a growth rate of 32.6%[64] - The company's first-year procurement demand for basal insulin analogs increased by 4.25 million units compared to the previous round, the highest growth among all products[57] - The company's first-year procurement demand for mealtime and premixed insulin analogs increased by 381% and 564%, respectively, compared to the previous round[59] - The company's market coverage has expanded to 37,000 medical institutions by the end of 2023, with an additional 2,000 new medical institutions added in this round of centralized procurement[65] - The company's third-generation insulin analogs accounted for 30% of the total third-generation insulin agreement volume, with a base volume of 34.38 million units and an allocated volume of 9.17 million units[64] - The total first-year procurement demand for this round of centralized procurement is 242 million units, an increase of 28 million units compared to the previous round, with a growth rate of 13%[60] - The price range for third-generation basal insulin analogs narrowed from a previous gap of 30.49 yuan to 13.78 yuan, promoting market competition and accessibility[57] - The company's third-generation insulin analogs accounted for 70% of the total first-year procurement demand, up from 58% in the previous round[61] - The company's third-generation basal insulin analogs saw the highest growth in first-year procurement demand, increasing by 19.75 million units compared to the previous round[61] - International sales revenue increased by 15.90% year-over-year, with optimized product structure and a breakthrough in the export volume of Aspart 30 Insulin Injection[68] - The company successfully entered the Latin American market as a MAH in Bolivia and Mexico, and launched Aspart 30 Insulin Injection in Bangladesh, marking significant progress in overseas localization[67] - The company passed the EMA pre-approval GMP inspection in May 2024, becoming the first domestic insulin analog injection to meet EU GMP standards, enabling commercial production of insulin products in the EU[68] - The company's three innovative drugs, GZR18, GZR4, and GZR101, showcased breakthrough data at the 84th ADA Scientific Sessions, enhancing global academic attention and market competitiveness[68] - The company accelerated the construction of the Linyi production base in Shandong, which includes biopharmaceutical, chemical drug, and medical device facilities, to meet growing market demand and expand global commercialization[69] - The company strengthened supply chain resilience through improved information management, supplier collaboration, and cost optimization, ensuring stable product supply and competitive pricing[71] - The company completed the submission for production of Lispro Insulin Injection and Protamine Zinc Recombinant Lispro Insulin Mixed Injection (25R) at the Shandong facility, with feedback received from the regulatory authority[69] - The company emphasized quality management, passing the EMA GMP inspection and optimizing quality systems to ensure compliance with international standards and enhance product safety[72] Cash Flow and Financial Position - Net cash flow from operating activities improved to 66,235,604.55 yuan, compared to a negative cash flow of -58,165,721.17 yuan in the same period last year[21] - Total assets as of the end of the reporting period were 11,952,557,407.70 yuan, a 2.03% increase from the end of the previous year[21] - The company's total equity attributable to shareholders of the listed company increased by 2.18% to 10,977,088,892.82 yuan compared to the end of the previous year[21] - Basic earnings per share increased by 112.50% to 0.51 yuan per share compared to the same period last year[22] - Diluted earnings per share also increased by 112.50% to 0.51 yuan per share compared to the same period last year[22] - Non-recurring gains and losses amounted to 171.997 million yuan, primarily from gains on financial assets and government subsidies[23] - Total liabilities increased by 19.9% to 688,718,956.65 RMB in H1 2024 compared to 574,335,901.27 RMB in H1 2023[160] - Total equity attributable to the parent company's shareholders grew by 2.6% to 11,930,707,803.72 RMB in H1 2024 from 11,627,383,916.05 RMB in H1 2023[160] - R&D expenses in H1 2024 were 266,476,949.60 RMB, a 1.7% increase from 261,962,985.39 RMB in H1 2023[161] - Sales expenses rose by 5.5% to 490,979,157.99 RMB in H1 2024 compared to 465,243,177.81 RMB in H1 2023[161] - The company's financial income improved significantly, with financial expenses decreasing to -41,637,912.64 RMB in H1 2024 from -54,143,382.04 RMB in H1 2023[161] - Fair value gains surged to 154,127,142.24 RMB in H1 2024, a 1456.5% increase from 9,902,075.97 RMB in H1 2023[161] - The company's total assets increased by 3.4% to 12,619,426,760.37 RMB in H1 2024 from 12,201,719,817.32 RMB in H1 2023[160] - Operating cash flow increased to RMB 66.24 million in H1 2024, compared to a negative RMB 58.17 million in H1 2023[164] - Sales revenue from goods and services reached RMB 1.33 billion in H1 2024, up from RMB 1.16 billion in H1 2023[164] - Investment cash inflow totaled RMB 4.65 billion in H1 2024, a significant increase from RMB 2.79 billion in H1 2023[164] - Net cash outflow from investment activities was RMB 198.23 million in H1 2024, compared to a net inflow of RMB 12.00 million in H1 2023[164] - Cash and cash equivalents decreased by