12月18日，甘李药业盘中下跌2.02%，截至13:51，报65.45元/股，成交3.12亿元，换手率0.85%，总市值 390.94亿元。 资金流向方面，主力资金净流出2387.04万元，特大单买入2520.06万元，占比8.07%，卖出1941.13万 元，占比6.22%；大单买入6818.46万元，占比21.83%，卖出9784.44万元，占比31.33%。 甘李药业今年以来股价涨51.84%，近5个交易日涨0.28%，近20日涨4.99%，近60日跌9.96%。 资料显示，甘李药业股份有限公司位于北京市通州区漷县镇南凤西一路8号，成立日期1998年6月17日， 上市日期2020年6月29日，公司主营业务涉及重组胰岛素类似物原料药及注射剂的研发、生产和销售。 主营业务收入构成为：生物制品(原料药及制剂产品)95.05%，医疗器械及其他4.69%，特许权服务收入 0.14%，化药0.12%。 甘李药业所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：中盘、基金重仓、 融资融券、医疗器械、多肽药等。 截至9月30日，甘李药业股东户数9.47万，较上期增加22.53%；人均流通股5889股， ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002880 | 卫光生物 | 25.31 | -1.02% | 7083.18 | 1790.31万 | | 002252 | 十件與上 | 6.36 | -0.47% | 26.50万 | 1.68亿 | | 301393 | 吴帆生物 | 49.17 | -0.45% | 1.01万 | 4922.42万 | | 688670 | 金迪克 | 22.19 | -0.31% | 4.31万 | 9611.75万 | | 301080 | 百普赛斯 | 52.13 | -0.29% | 2.41万 | 1.24亿 | | 000661 | 长春高新 | 95.31 | -0.23% | 7.81万 | 7.35亿 | | 300239 | 东宝生物 | 5.27 | -0.19% | 9.38万 | 4908.25万 | | 300318 | 博晖创新 | 6.24 | -0.16% | 10.33万 | 6417.65万 | | 688105 ...

Core Insights - The report emphasizes the continuous improvement of the global competitiveness of Chinese innovative pharmaceutical companies, focusing on innovation from both "therapeutic areas" and "technology platforms" [5][6] - The growth of commercial health insurance premiums is expected to provide new payment sources for medical expenses, as the scale of commercial health insurance is projected to reach 977.4 billion yuan by 2024 [29][30] - The report identifies potential therapeutic areas such as metabolic diseases (e.g., weight loss), chronic diseases (e.g., hypertension, hyperlipidemia), and central nervous system diseases (e.g., Alzheimer's, Parkinson's) as key focus areas for innovation [5][38] - Emerging technology platforms like small nucleic acid drugs, radioactive drugs (RDC), and CAR-T therapies are highlighted as significant areas for investment [5][38] Market Review - As of November 15, 2025, the pharmaceutical sector has outperformed the market, with the pharmaceutical index rising by 22.09% compared to a 17.62% increase in the CSI 300 index, resulting in a 4.47 percentage point outperformance [11] - The chemical preparation sector showed the best performance, increasing by 40.52%, followed by medical services (+36.98%) and chemical raw materials (+25.34%) [20] - The overall PE valuation of the pharmaceutical sector is at 30.89 times, which is relatively low compared to historical averages, indicating potential for future growth [22][23] Innovative Drugs - The report notes that the growth of health expenditures in China, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating a robust market for innovative drugs [26][27] - The analysis of multinational corporations (MNCs) reveals that innovation is a core competitive advantage, with companies like Eli Lilly and Novartis showing significant growth driven by innovative products in advanced technology fields such as GLP-1 and ADC [31][32] - The report highlights the strong sales performance of GLP-1 drugs, with Eli Lilly's Mounjaro generating $6.515 billion in revenue in Q3 2025, reflecting a 109% year-on-year increase [44] CXO and Upstream - The report indicates a slight increase in pharmaceutical financing, with a recovery in business development transactions and H-share IPOs, which is expected to stimulate innovation [5] - The demand for external CXO services is growing, particularly in emerging fields such as peptides and small nucleic acids, while internal CXO orders are also showing signs of recovery [5][39] Medical Devices - The domestic medical device market is currently under pressure due to policy impacts, but improvements are anticipated as companies continue to innovate and expand internationally [5] - The report suggests that the industry fundamentals are expected to improve, with a focus on companies like Mindray Medical and Microelectrophysiology [5][39]

行业研究丨深度报告丨医疗保健 [Table_Title] 复苏中前行，聚焦出海、创新——非药行业 2026 年度投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 突破量价限制，出海、创新成为关键。2025 年非药板块业绩持续承压，集采降价、医保控费， 零售药店关店优化、非必需医疗需求尚未恢复，行业面临量价限制，但仍然有公司通过出海、 创新等关键抓手实现戴维斯双击。展望 2026 年，我们认为胰岛素出海、医疗器械出海、中药 的创新转型、创新器械等仍会创造个股α机会。 分析师及联系人 [Table_Author] SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 32 %% %% %% %% research.95579.com 2 彭英骐 徐晓欣 张楠 SAC：S0490524030005 SAC：S0490522120001 SAC：S0490524070006 医疗保健 cjzqdt11111 [Table_Title 复苏中前行，聚焦出海、创新——非药行业 2] 2026 年度投资策略 [Table_Summa ...

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

Investment Rating - The investment rating for the company is "Buy" with a first-time coverage [1]. Core Insights - The company is a leading insulin manufacturer in China, focusing on innovative drug development for metabolic diseases, with a complete product line for diabetes treatment [3][13]. - The company has successfully transitioned from price reduction to volume and price increases in its insulin business due to two rounds of centralized procurement [3][5]. - The innovative pipeline includes the GLP-1RA injection, which is expected to be the first globally approved biweekly formulation, showing superior weight loss and glycemic control data [4][62]. Summary by Sections Company Overview - The company is a high-tech biopharmaceutical enterprise that pioneered the industrialization of insulin analogs in China, with a comprehensive product line covering long-acting, rapid-acting, and premixed insulin [13]. - The company aims to provide integrated diabetes treatment solutions and is expanding into other therapeutic areas such as oncology and cardiovascular diseases [15]. Financial Performance - The company experienced a revenue decline in 2022 due to centralized procurement impacts but has since begun a recovery, with 2023 revenue reaching 26.08 billion yuan, a 52.31% increase year-on-year [33][34]. - For 2025, the company expects significant revenue growth, with projected revenues of 30.47 billion yuan in the first three quarters, a 35.73% increase year-on-year [34]. Market Position and Competitive Advantage - The company has increased its market share in the insulin sector, with a notable rise from 8% to 24% in the third-generation insulin market during the procurement rounds [51][61]. - The company has expanded its medical institution coverage significantly, from 18,000 in 2021 to over 41,000 by the end of 2024, enhancing its market reach [59]. Research and Development - The company has a strong focus on R&D, with a dedicated team and increasing R&D expenditure, reaching 6.46 billion yuan in 2024, representing 21.2% of revenue [20][19]. - The innovative pipeline includes several promising products, such as GZR4, which is in Phase III clinical trials and aims to reduce injection frequency for diabetes patients [62][64]. Future Outlook - The company is well-positioned for future growth, with a robust pipeline and a strong market presence, particularly in the insulin and GLP-1RA segments [5][62].

文/华夏大健康研究院 11月21日下午，由华夏时报社主办的"2025第五届华夏大健康产业发展暨康复服务大会"在北京成功举 行。本次大会以"智领健康未来"为主题，汇聚产业界、学术界、研究机构及投资方等多方代表，旨在整 合全链条资源，把脉行业趋势，探索发展路径。 现场设置了多场高水平圆桌对话，聚焦创新药、脑机接口、AI医疗、中医药转化等前沿议题，深入探 讨行业热点与突破方向。会议还集中发布并展示了一批具有示范意义与前瞻价值的创新典型案例，涵盖 赋能美好生活、ESG、创新药、中医药、生物科技、AI医疗、硬核科技与社会心理服务等八大类别，从 企业实践、技术应用、品牌建设与人物故事等多维度，展现了大健康领域的活力、深度与创新成果。 甘李药业：深耕胰岛素技术，为全球患者提供优质治疗方案 甘李药业是中国第一家掌握产业化生产重组胰岛素类似物技术的公司，公司在研发生产生物合成人胰岛 素及其类似物方面处于中国糖尿病市场的领先地位。近期，甘李药业取得两大突破性成果：自主研发的 甘精胰岛素注射液（长秀霖®）获得欧洲药品管理局积极意见，国际化进程迈出关键一步；同时，公司 与拉美知名企业PC达成博凡格鲁肽独家商业协议，实现创新药产品全球 ...

（编辑 任世碧） 证券日报网讯 12月11日晚间，德冠新材发布2025年前三季度权益分派实施公告称，公司2025年前三季 度权益分派方案为每10股派2元人民币现金（含税），股权登记日2025年12月18日，除权除息日2025年 12月19日。 ...

本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 甘李药业股份有限公司（下称"甘李药业"，股票代码：603087.SH）近日宣布，其全资子公司甘李药业 山东有限公司已获得国家药品监督管理局下发的《药物临床试验批准通知书》，同意在研药品GLR1044 注射液开展临床试验。 该药物是原研药达必妥®（度普利尤单抗）的生物类似药，瞄准了一个全球年销售额高达130.72亿欧元 的重磅产品市场，旨在切入特应性皮炎这一广阔赛道——该疾病全球患者约2.04亿，其中中国成人患病 率约为10.6%，预计2025年国内患者总数将突破7500万。截至2025年9月30日，公司在此项目上已累计 投入研发费用6572.45万元。 然而，纵观整个赛道，甘李药业在研发进度、市场竞争及未来商业化层面可能都面临不小的挑战。公告 显示，公司GLR1044目前仅获得临床试验批件，意味着其尚未开始患者入组，后续需完成I期、Ⅲ期临 床试验，整个周期预计至少需要3至5年。而目前国内已有包括齐鲁制药、信达生物在内的多家企业的同 类药物临床进展领先，甘李药业作为"追赶者"，其GLR1044的临床进度已显著落后于头部同行。与此同 时，国内目 ...

提及此次合作对公司的影响，上述负责人进一步表示："最直接的是研发效率的提升，AI能够帮助我们 在早期发现环节更快、更准地找到有潜力的候选药物，加速管线布局。更深层的意义在于推动创新能力 实现跨越式提升，我们有望借此加速公司在代谢病领域的布局，为开发'下一代'疗法开辟新空间。" 12月9日，甘李药业（603087）股份有限公司(以下简称"甘李药业")宣布与晶泰控股有限公司(以下简 称"晶泰控股")达成代谢疾病领域AI多肽创新药的研发合作及AI技术平台使用授权协议。 "此次合作是甘李药业战略升级的主动抉择。"甘李药业相关负责人对《证券日报》记者表示，"公司在 代谢疾病领域深耕近三十年，深知患者的需求以及研发面临的挑战。我们期望通过此次合作，将自身对 疾病和药物的深刻认知，与晶泰控股前沿的AI计算能力相结合，探寻更高效、更智能的研发新途径。" 根据协议，甘李药业将基于晶泰控股的AI多肽研发专有平台PepiX，聚焦代谢疾病领域核心未满足治疗 需求，加速新型多肽创新药物的发现与开发进程。 随着人工智能技术的发展，医疗行业正经历着一场深刻的变革。在研发端，AI已成为突破"研发效率 低、成本高"瓶颈的关键工具。从细分领域来 ...