胰岛素专题：出海正当时 20260106 摘要 国内胰岛素市场规模约 220 亿人民币，预计行业增速 5%-8%，头部企 业通过以价换量策略，有望实现 10%-20%的更高增速，主要驱动力包 括三代胰岛素替代、国产替代进口及基层医疗渗透率提升。 国内药企积极布局海外市场，如甘李药业预计 2025 年 1 月获欧洲行政 批件，2024 年底获巴西大单，并通过授权进入拉美、印度等市场，有 望在未来两三年内转化为订单和利润。 中国药企具备产能优势，甘李药业、通化东宝和联邦制药分别拥有 6 亿 支、3 亿支以上和 1 亿支制剂产能，可通过性价比优势抢占全球市场份 额。 欧美发达国家市场策略侧重与当地头部企业合作，实现利润最大化，如 美国长效甘精胰岛素价格是国内 3 倍。亚非拉发展中国家则通过提供更 低价格提高渗透率，如出口原液进行当地灌装。 通过灌装业务，企业可显著提升市场份额，原料毛利率达 50%，净利润 约 25%。建议投资者关注企业拓展海外市场，以实现更大的增量。 Q&A 在当前市场环境下，企业如何通过灌装业务获取更大的市场份额？ 国内胰岛素市场目前主要集中在甘李药业、通化东宝和联邦制药这几家企业。 整体来看， ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

Core Viewpoint - Ganli Pharmaceutical announced the dismissal of its financial officer and vice president, Sun Cheng, due to the strategic need for global upgrades in innovative drug research and marketing, effective immediately upon board approval [1][6]. Group 1: Personnel Changes - Sun Cheng's departure means he will no longer hold any position within the company, with his original term set to expire on May 20, 2028 [1][6]. - The board has appointed Ms. Zhou Li to act as the financial officer following Sun Cheng's departure [5][10]. Group 2: Financial Performance - For the third quarter of 2025, Ganli Pharmaceutical reported a revenue of 3.05 billion yuan, representing a year-on-year increase of 35.7% [5][10]. - The net profit attributable to shareholders reached 818 million yuan, up 61.3% year-on-year, while the net profit excluding non-recurring items was 692 million yuan, reflecting a significant increase of 122.8% [5][10]. - The growth in revenue was driven by increased sales of domestic insulin preparations, and the company has strengthened its market share internationally through improved product quality and customer service [5][10].

2026年1月1日，上交所主板上市公司甘李药业(603087.SH)发布了《关于公司解聘高级管理人员及指定人员代行财务负责人职 责的公告》。公告显示，因公司业务调整，公司董事会同意解除孙程先生的财务负责人和副总经理职务，孙程先生离职后不再 担任公司任何职务。本次解聘事项，是基于公司创新药研发、营销及投融资业务全球化升级的战略需要，而实施的高级管理人 员优化调整举措。 截至该公告披露日，孙程先生作为公司2022年限制性股票激励计划和2024年限制性股票激励计划的激励对象，持有已解除限售 的限制性股票18.22万股(注：按2025年12月31日收盘价68.07元/股计算，孙程先生持股市值约1,240万元)；已获授但尚未解除限 售的限制性股票共计32.8万股，根据公司规定，该部分已获授但尚未解除限售的限制性股票不得解除限售，由公司以授予价格 （扣除已分配股利）进行回购注销。 被解聘财务负责人孙程简历如下： 孙程，1979年出生，澳洲注册会计师，硕士研究生，毕业于清华大学。2003年至2010年，任职于毕马威华振会计师事务所，担 任审计经理；2010年至2018年，任职于亚美能源控股有限公司（2686.hk），担任财 ...

Core Insights - The surge in BD (business development) transactions in China's innovative pharmaceutical sector is a reflection of the industry's maturation and increasing global recognition, with 2025 marking a significant year for License-out agreements [3][4][5] Group 1: BD Transactions Overview - In December 2025, several Chinese pharmaceutical companies, including Ganli Pharmaceutical and Heng Rui Medicine, announced significant BD agreements, indicating a trend towards increased collaboration and innovation in the sector [2] - The total value of BD transactions for Chinese innovative drugs reached $135.655 billion in 2025, with upfront payments totaling $7 billion, marking a historical high in both transaction volume and value [3] - The number of BD transactions involving Chinese companies and top multinational corporations (MNCs) increased from 3 in 2015 to 35 in 2025, highlighting the growing interest from global players [3] Group 2: Market Dynamics and Future Outlook - The BD transaction boom is expected to continue into 2026, with industry experts predicting sustained high activity levels, although the focus may shift from quantity to value [5][14] - The NewCo model, which allows for "technology equity + capital cooperation," is emerging as a new pathway for Chinese pharmaceutical companies to engage in international markets, although its prevalence may decrease in 2026 [14][15] - The overall trend indicates a shift from isolated transactions to a more collaborative ecosystem, where companies leverage partnerships to enhance their global market presence [16][20] Group 3: Transaction Structures and Strategies - The structure of BD transactions is evolving, with companies increasingly engaging in co-development and co-commercialization agreements, allowing for shared risks and benefits [10][11] - The pricing of BD transactions is becoming more rational, with companies focusing on the clinical value and market potential of their products, which influences upfront payment amounts [19][18] - Legal and advisory services are becoming integral to BD transactions, reflecting the increasing complexity and importance of these deals in the pharmaceutical landscape [17]

证券代码：603087 证券简称：甘李药业 公告编号：2026-001 甘李药业股份有限公司 第五届董事会第六次会议决议公告 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。 一、董事会会议召开情况 甘李药业股份有限公司（"公司"）第五届董事会第六次会议于 2025 年 12 月 25 日以电子邮件方式发出会议通知和会议材料，2025 年 12 月 31 日在公司五 层会议室以现场结合通讯方式召开。本次会议由董事长陈伟先生主持。应出席董 事 9 名，实际出席董事 9 名，公司高级管理人员列席会议。本次会议的召开符合 《公司法》和《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 经与会董事审议表决，一致通过如下议案： （一）审议通过了《关于解聘高级管理人员的议案》 同意解聘孙程先生财务负责人和副总经理职务，孙程先生本次离职后将不在 公司担任任何职务。 具体内容详见公司于同日在上海证券交易所网站披露的《关于公司解聘高级 管理人员及指定人员代行财务负责人职责的公告》（公告编号：2026-002）。 表决结果：9 票同 ...

近日，因公司业务调整，甘李药业股份有限公司（以下简称"公司"）董事 会召开第五届董事会第六次会议，审议通过了《关于解聘高级管理人员的议案》 《关于指定周丽女士代行财务负责人职责的议案》，现将相关情况公告如下： 一、高级管理人员离任情况 (一) 提前离任的基本情况 证券代码：603087 证券简称：甘李药业 公告编号：2026-002 甘李药业股份有限公司 关于公司解聘高级管理人员及指定人员代行财务负 责人职责的公告 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。 二、指定人员代行财务负责人职责情况 为确保公司的日常运作及财务管理工作的平稳有序开展，在董事会聘任新财 务负责人之前，经公司提名委员会、审计委员会审议通过，董事会同意指定公司 周丽女士代行公司财务负责人职责。公司将尽快根据相关法律法规的规定聘任财 务负责人，并及时履行相关信息披露义务。 三、审计委员会的意见 公司于 2025 年 12 月 31 日召开第五届董事会审计委员会第三次会议，审议 通过了《关于解聘高级管理人员的议案》《关于指定周丽女士代行财务负责人职 责的议 ...

证券之星消息，12月30日生物制品板块较上一交易日下跌0.34%，万泽股份领跌。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。生物制品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603087 | 甘李药业 | -3473.26万 | 6.62% | -2733.80万 | -5.21% | -739.46万 | -1.41% | | 300239 | 东宝生物 | 596.06万 | 6.85% | -725.42万 | -8.34% | 129.36万 | 1.49% | | 301047 义翘神州 | | 568.49万 | 16.34% | -190.93万 | -5.49% | -377.57万 | -10.85% | | 002007 | 华兰生物 | 430.99万 | 4.84% | -520.49万 | -5.84% | 8 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688293 | 奧浦迈 | 49.23 | -5.91% | 1.46万 | 7313.40万 | | 300357 | 我武生物 | 28.23 | -3.42% | 8.14万 | 2.32 Z | | 002581 | ST未名 | 7.36 | -3.41% | 5.71万 | 4244.92万 | | 603087 | 甘李药业 | 66.15 | -3.13% | 1 8.20万 | 5.48亿 | | 002773 | 康弘药业 | 29.85 | -2.96% | 6.82万 | 2.05亿 | | 688670 | 金過完 | 21.25 | -2.88% | 2.79万 | 5955.49万 | | 000534 | 万泽股份 | 23.53 | -2.85% | 13.98万 | 3.31亿 | | 300841 | 康华生物 | 72.66 | -2.85% | 2.29万 | 1.68亿 | | 920047 | 诺思兰 ...

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].