礼来逐步退出胰岛素市场，利好国产胰岛素企业 20260325 摘要 礼来计划 2027Q2 前退出欧洲及亚非拉胰岛素市场，仅保留出厂价维持 20 美元以上的高盈利美国市场。 诺和诺德与礼来战略重心转向 GLP-1 及四代胰岛素，通过提价或减产主 动收缩二、三代胰岛素全球供应。 礼来退出将释放欧美以外约 13.5 亿美元市场空间，中国三家企业预计 承接约 7 亿美元规模及 3 亿美元净利增量。 亚非拉等新兴市场胰岛素需求增速达 15%，远高于国内 5%，中国企业 凭借全产业链成本优势实现"中国替代"。 全球胰岛素供应高度集中，除跨国三巨头外，仅中、俄、印、伊少数企 业具备规模化原料药及制剂产能。 未来格局分层：中国企业主导全球二、三代胰岛素存量市场，跨国药企 聚焦四代胰岛素及 GLP-1 等高利润创新药。 Q&A 礼来（Eli Lilly）近期宣布将逐步退出欧洲胰岛素市场，这一决策的背景是什 么？诺和诺德（Novo Nordisk）在此方面有无类似动向？ 礼来逐步退出胰岛素市场的决策并非突然，其根本原因在于 GLP-1 药物的高盈 利性，相较之下，胰岛素业务利润空间有限。将胰岛素的发酵产能转向生产 GLP-1， ...

整理 | GLP1减重宝典内容团队 ▍ 从减重到OSA，甘李开始把GZR18推向更大的肥胖相关市场 ▍GZR18最核心的牌，不是GLP-1，而是双周制剂 甘李这款药最特别的地方，不在于它也是GLP-1，而在于它押中的剂型差异化。公司3月初发布的IIb期研究结果显示，博凡格鲁肽是一款每两 周给药一次的GLP-1受体激动剂，公司将其定位为有望成为全球首个双周制剂GLP-1 RA。对一个已经被周制剂教育成熟的市场来说，双周给药 的意义非常直接：注射频率减少一半，长期依从性的故事自然更容易成立。 3月24日，甘李药业披露，其全资子公司收到国家药监局下发的药物临床试验批准通知书，同意博凡格鲁肽，也就是GZR18注射液，开展成人 肥胖患者中度至重度阻塞性睡眠呼吸暂停适应症临床试验。按照药物临床试验登记信息，这是一项多中心、随机、双盲、平行、安慰剂对照的 III期研究，计划入组140名受试者，主要终点是治疗52周后呼吸暂停低通气指数相对基线的变化。对甘李而言，这不是一次普通的适应症扩 围，而是GZR18在2型糖尿病、肥胖和超重体重管理之外，第一次正式向肥胖并发症市场延伸。 这一步很关键。GLP-1赛道过去几年竞争的重点，是 ...

证券代码：603087 证券简称：甘李药业 公告编号：2026-015 甘李药业股份有限公司 关于获得博凡格鲁肽（研发代号：GZR18）注射液新 增适应症《药物临床试验批准通知书》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。 近日，甘李药业股份有限公司（以下简称"公司"、"甘李药业"）全资子 公司甘李药业山东有限公司收到国家药品监督管理局（以下简称"国家药监局"） 下发的关于在研药品博凡格鲁肽（研发代号：GZR18）注射液新增适应症"成人 肥胖患者的中度至重度阻塞性睡眠呼吸暂停"的《药物临床试验批准通知书》， 受 理 号 为 CXSL2600050 、 CXSL2600051 、 CXSL2600052 、 CXSL2600053 、 CXSL2600054、CXSL2600055、CXSL2600056、CXSL2600057，通知书编号为 2026LP00892、2026LP00893、2026LP00894、2026LP00895、2026LP00896、 2026LP00897、2026LP00898、202 ...

S1130525060003 gantanhuan gjzq.com.cn 投资逻辑 受国际石油价格持续上涨及海外能源成本较高的影响，各类化工产品普遍迎来明显涨价，其中溶剂类产品由于其较难 囤货，市场报价持续走高，成为本轮化工品涨价中弹性最显著的品类之一，也直接带动医药中间体、原料药等下游行 业成本抬升。受到上游原材料成本提升影响，下游原料药产品或将迎来提价契机。从供给端看，由于原料药行业在 2020- 2022 年集中扩产，预计供给压力仍然存在，价格有望缓慢传导。从需求端看，下游客户自 23 年 4 月去库存，目前客 户库存水平已长时间处于较低位置。原料药价格已在低位运行较长时间，客户库存水平较低，一旦提价后预计会有较 好持续性，后续可关注价格提升带来的利润弹性。 药品：3 月 20 日，诺华宣布以 20 亿美元预付款及最高 10 亿美元里程碑付款，收购 Synnovation Therapeutics 旗下 泛突变选择性 PI3Kα抑制剂 SNV4818 及相关项目组合，强化 PI3Kα靶点差异化布局，聚焦突变选择性抑制剂在 HR+/HER2-乳腺癌领域的联用潜力，国内建议关注和黄医药 PI3K-ATTC ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The report highlights that the domestic policy environment is continuously releasing positive signals, with the 2026 government work report explicitly listing biomedicine as a "new pillar industry" [6][7] - The report indicates that the pharmaceutical and biotechnology industry index declined by 2.99%, underperforming the CSI 300 index, with medical consumables and in vitro diagnostics showing positive growth [5][15] - The report emphasizes the importance of focusing on "independent innovation" and "policy benefits" as the main investment themes in the pharmaceutical and biotechnology sector [7] Industry Review - The pharmaceutical and biotechnology industry index experienced a decline of 2.99%, ranking 14th among 31 primary industries, and underperformed the CSI 300 index, which declined by 0.88% [5][15] - Medical consumables and in vitro diagnostics had the highest growth rates of 1.42% and 0.93%, respectively, while medical devices and medical research outsourcing saw declines of 6.57% and 6.54% [5][15] - As of March 13, 2026, the industry’s PE (TTM overall method, excluding negative values) was 30.34x, down from 31.06x, indicating a downward trend in valuation [20] Important Industry News - The 2026 government work report has been released, emphasizing biomedicine as a "new pillar industry" and proposing to expand pilot programs in biotechnology and accelerate the development of innovative drugs and medical devices [25][26] - The "14th Five-Year Plan" has been published, mentioning the pharmaceutical industry multiple times, reinforcing support for innovative drugs and related sectors [25][26] - Notable approvals include the global first cAMP biased GLP-1 receptor agonist "Elnoglutide Injection" by Hangzhou Xianweida Biotech and a $30 billion investment by Eli Lilly in China [6][34][43] Investment Recommendations - The report suggests focusing on high-quality pharmaceutical assets with differentiated innovation capabilities and sustainable potential, particularly those benefiting from policy support and high-quality development of innovative drugs [7] - The investment themes should concentrate on companies with strong clinical advancement capabilities and global cooperation potential, as well as those benefiting from the optimization of review and approval processes and payment systems [7]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The report highlights that the domestic policy environment is continuously releasing positive signals, with the 2026 government work report explicitly listing biomedicine as a "new pillar industry" [6][25] - The report indicates that the pharmaceutical and biotechnology industry index declined by 2.99%, underperforming the CSI 300 index, with medical consumables and in vitro diagnostics showing positive growth [5][15] - The report emphasizes the importance of focusing on "independent innovation" and "policy benefits" as the main investment themes in the pharmaceutical and biotechnology sector [7] Industry Review - The pharmaceutical and biotechnology industry index experienced a decline of 2.99%, ranking 14th among 31 primary industries, and underperformed the CSI 300 index, which declined by 0.88% [5][15] - The valuation of the pharmaceutical and biotechnology industry as of March 13, 2026, is 30.34x (TTM overall method, excluding negative values), down from 31.06x in the previous period, indicating a downward trend [20] - Among the sub-industries, the top three in terms of PE (TTM overall method, excluding negative values) are vaccines (54.84x), hospitals (41.28x), and medical consumables (39.52x), while the lowest is pharmaceutical circulation (14.66x) [20] Important Industry News - The 2026 government work report has been released, emphasizing biomedicine as a "new pillar industry" and proposing to further expand pilot programs in biotechnology and accelerate the development of innovative drugs and medical devices [6][25] - The "14th Five-Year Plan" outlines multiple references to the pharmaceutical industry, reinforcing support for innovative drugs and related sectors [25][26] - Notable approvals include the global first cAMP biased GLP-1 receptor agonist "Elnoglutide Injection" by Hangzhou Xianweida Biotech and a $30 billion investment by Eli Lilly in China [6][33][42] Investment Recommendations - The report suggests focusing on high-quality pharmaceutical assets with differentiated innovation capabilities and sustainable potential, particularly those benefiting from the high-quality development of innovative drugs and supportive policies [7] - It is recommended to pay attention to innovative drug companies with strong clinical advancement capabilities and global cooperation potential, as their valuation systems are expected to upgrade from single product logic to platform logic [7]

特此公告。 甘李药业股份有限公司董事会 2026 年 3 月 7 日 甘李药业股份有限公司 关于聘任高级管理人员的公告 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。 根据《公司章程》的有关规定，结合公司经营管理需要，经提名委员会、审 计委员会资格审核，公司于 2026 年 3 月 6 日召开第五届董事会第七次会议，审 议通过《关于聘任公司高级管理人员的议案》，同意聘任王琦先生（简历见附件） 为公司财务负责人兼副总经理，任期自本次董事会决议通过之日起至第五届董事 会任期届满之日止。 王琦先生具备担任公司高级管理人员的资格，符合《公司法》《上海证券交 易所股票上市规则》和《公司章程》等有关规定中对上市公司高级管理人员的任 职资格要求，不存在《公司法》及中国证监会、上海证券交易所规定的禁止任职 情况和市场禁入处罚且尚未解除等情形。 证券代码：603087 证券简称：甘李药业 公告编号：2026-014 1 附件：王琦先生的简历 王琦，1982 年出生，硕士，毕业于上海交通大学。2008 年-2026 年 2 月， 任职于中信证券投 ...

证券代码：603087 证券简称：甘李药业 公告编号：2026-013 履行的审议程序：2026 年 3 月 6 日，公司召开的第五届董事会第七次会 议审议通过了《关于使用闲置自有资金进行现金管理的议案》，无需提交公司股 东会审议。 特别风险提示：尽管公司购买安全性高、流动性好、风险较低且投资回 报相对较好的理财产品，但金融市场受宏观经济的影响较大，不排除该项投资受 到市场剧烈波动的影响。公司将根据经济形势以及金融市场的变化适时适量介入， 因此短期投资的实际收益不可预期。 公司于 2026 年 3 月 6 日召开的第五届董事会第七次会议，审议通过了《关 于使用闲置自有资金进行现金管理的议案》，同意在保障资金安全及确保不影响 公司正常经营的情况下，使用不超过 40 亿元的闲置自有资金适时购买安全性高、 流动性好、风险较低且投资回报相对较好的理财产品，期限自公司第五届董事会 第七次会议审议通过之日起 12 个月。在上述期限及额度范围内，资金可循环滚 动使用。详细情况如下： 一、投资情况概述 甘李药业股份有限公司 关于使用闲置自有资金进行现金管理的公告 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 ...

证券代码：603087 证券简称：甘李药业 公告编号：2026-012 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《关于使用闲置自有资金进行现金管理的议案》 同意在保障资金安全及确保不影响公司正常经营的情况下，使用不超过 40 亿元的闲置自有资金适时购买安全性高、流动性好、风险较低且投资回报相对较 好的理财产品，有效期自公司第五届董事会第七次会议审议通过之日起 12 个月。 在上述额度和期限范围内，资金可循环滚动使用，同时授权管理层在经审定事项 的范围内决定拟购买的具体产品并签署相关合同文件，具体事项由公司财务部负 责组织实施。 具体内容详见公司于同日在上海证券交易所网站披露的《甘李药业股份有限 公司关于使用闲置自有资金进行现金管理的公告》（公告编号：2026-013）。 甘李药业股份有限公司 第五届董事会第七次会议决议公告 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"）第五届董事会第七次会议于 2026 年 2 月 28 日以电子 ...

Core Viewpoint - Obesity is a chronic and progressive disease that poses significant public health challenges globally, with a sharp increase in prevalence since 1975, affecting over 2.5 billion adults worldwide, including 34.8% of Chinese adults classified as overweight and 14.1% as obese [2][3]. Group 1: Obesity and Its Implications - The clinical consequences of obesity are severe, being a recognized risk factor for multiple complications such as insulin resistance, type 2 diabetes, dyslipidemia, hypertension, cardiovascular diseases, and metabolic dysfunction-related fatty liver disease [2]. - There is an urgent need for effective and sustainable interventions to control obesity and its related complications [2]. Group 2: Treatment Advances - The foundation of weight management remains comprehensive lifestyle interventions, including dietary adjustments, increased physical activity, and behavioral therapy, although achieving and maintaining clinically significant weight loss through these methods can be challenging [5]. - Recent advancements in pharmacological treatments for obesity, particularly with the development of GLP-1 receptor agonists, have shown significant weight loss effects and various beneficial multi-faceted effects, including improved blood glucose control, reduced blood pressure, and improved lipid profiles [5]. Group 3: Bofanglutide Clinical Trials - Bofanglutide, a long-acting GLP-1 receptor agonist developed by Ganli Pharmaceutical, has a pharmacokinetic profile that allows for bi-weekly dosing, showing promise as a potential treatment option for weight management and type 2 diabetes [6]. - In a phase 2b clinical trial involving overweight or obese adults in China, Bofanglutide demonstrated good overall tolerability and significant weight loss, with participants losing between 9.75% to 16.69% of their body weight over 30 weeks compared to a mere 1.15% in the placebo group [8][10]. - The trial included 340 participants, with a majority completing the study, and highlighted the need for less frequent dosing to improve treatment adherence and sustainability [8][10]. Group 4: Safety and Efficacy - The study indicated that Bofanglutide treatment resulted in a dose-dependent reduction in weight and significant improvements in cardiovascular metabolic risk factors, with manageable safety profiles even at higher doses [10]. - The findings support the further development of Bofanglutide as a bi-weekly administered formulation for effective weight management [10].