证券代码：603087 证券简称：甘李药业 公告编号：2025-031 该产品于 2025 年 4 月获得国家药品监督管理局下发的《药品临床试验批准 通知书》（通知书编号为：2025LP01132）。 本次研究是一项随机、双盲、交叉的 I 期临床研究，旨在比较 GZR102 注射 液单次给药与 GZR4 注射液、GZR18（博凡格鲁肽）注射液分别单次给药的安全 性、耐受性、药代动力学特征和药效动力学特征。 目前国内外临床实践指南均在推荐基础胰岛素联合 GLP-1RA 治疗。与单组 甘李药业股份有限公司 关于 GZR102 注射液Ⅰ期临床试验完成首例受试者给 药的公告 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。 甘李药业股份有限公司（以下简称"公司"、"甘李药业"）自主研发的 GZR102 注射液正在中国开展Ⅰ期临床试验，于近日成功完成首例受试者给药。现将相关 情况公告如下： 一、GZR102 注射液的基本情况 GZR102 注射液是一种基础胰岛素/GLP-1RA 固定比例复方周制剂，由胰岛 素周制剂 GZR4 和 GLP- ...

Core Insights - The biopharmaceutical industry continues to focus on international expansion, with Chinese pharmaceutical companies completing 40 overseas licensing deals worth $38 billion in the first quarter of 2025 [1] - The partnership between Gan Li Pharmaceutical and Brazil's Biomm marks a significant step in local insulin production, addressing the high demand for insulin in Brazil due to rising diabetes rates [2] Group 1: Industry Trends - The global diabetes epidemic is driving demand for insulin, particularly in Brazil, where local production is essential to mitigate supply chain risks [1][2] - The PDP project aims to enhance Brazil's public health system by ensuring the availability of insulin, thereby strengthening the local biopharmaceutical industry [2] Group 2: Company Developments - Gan Li Pharmaceutical has established a long-term partnership with Biomm since 2014, enabling the latter to become Brazil's first local producer of insulin through technology transfer [1][2] - The company's international revenue has significantly increased from 93 million yuan to 528 million yuan between 2020 and 2024, with the international revenue share rising from 2.76% to 17.33% [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 59.21 CNY based on a 31x PE valuation for 2025 [2][5]. Core Insights - The company has shown strong performance with a projected revenue growth of 38.0% in 2025, reaching 4.202 billion CNY, and a net profit growth of 87.1%, amounting to 1.15 billion CNY [4][9]. - The domestic formulation business is experiencing rapid growth driven by both volume and price increases, with Q1 2025 domestic revenue reaching 8.6 billion CNY, up 80.9% year-on-year [9]. - The company is advancing its innovative product pipeline, with significant progress in international markets, including successful clinical trials and product launches [9]. Financial Performance Summary - **Revenue Forecast**: - 2023: 2.608 billion CNY - 2024: 3.045 billion CNY (growth of 16.8%) - 2025: 4.202 billion CNY (growth of 38.0%) - 2026: 5.181 billion CNY (growth of 23.3%) - 2027: 6.115 billion CNY (growth of 18.0%) [4][11] - **Net Profit Forecast**: - 2023: 340 million CNY - 2024: 615 million CNY (growth of 80.7%) - 2025: 1.15 billion CNY (growth of 87.1%) - 2026: 1.445 billion CNY (growth of 25.6%) - 2027: 1.709 billion CNY (growth of 18.3%) [4][11] - **Earnings Per Share (EPS)**: - 2023: 0.57 CNY - 2024: 1.02 CNY - 2025: 1.91 CNY - 2026: 2.40 CNY - 2027: 2.84 CNY [4][11] - **Profitability Ratios**: - Gross Margin: Expected to increase from 73.3% in 2023 to 78.7% in 2025 - Net Margin: Expected to rise from 13.0% in 2023 to 27.4% in 2025 [4][11] - **Valuation Ratios**: - PE Ratio: Expected to decrease from 90.1 in 2023 to 26.7 in 2025 - PB Ratio: Expected to decrease from 2.9 in 2023 to 2.5 in 2025 [4][11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve earnings per share of 1.91, 2.40, and 2.84 yuan for the years 2025, 2026, and 2027 respectively, with a target price of 59.21 yuan based on a 31x PE valuation for 2025 [2] - The company reported a revenue of 30.5 billion yuan in 2024, representing a year-on-year growth of 16.8%, and a net profit of 6.1 billion yuan, up 80.8% [10] - The company’s Q1 2025 revenue reached 9.8 billion yuan, a significant increase of 75.8%, with a net profit of 3.1 billion yuan, reflecting a remarkable growth of 224.9% [10] - The domestic formulation business is experiencing rapid growth driven by both volume and price increases, with domestic formulation revenue in Q1 2025 at 8.6 billion yuan, up 80.9% [10] - The company’s international sales revenue in Q1 2025 was 0.95 billion yuan, an increase of 45.2%, indicating strong overseas order growth [10] - The company has made progress in its innovative product pipeline, with ongoing clinical trials for its new drug GZR18 and successful entry into international markets for its insulin products [10] Financial Information Summary - Revenue projections for the company are as follows: 2,608 million yuan in 2023, 3,045 million yuan in 2024, 4,202 million yuan in 2025, 5,181 million yuan in 2026, and 6,115 million yuan in 2027, with respective growth rates of 52.3%, 16.8%, 38.0%, 23.3%, and 18.0% [4] - The company's net profit is projected to grow from 340 million yuan in 2023 to 1,709 million yuan in 2027, with growth rates of 177.4%, 80.7%, 87.1%, 25.6%, and 18.3% [4] - The gross margin is expected to improve from 73.3% in 2023 to 75.8% in 2027, while the net margin is projected to increase from 13.0% to 27.9% over the same period [4] - The company’s PE ratio is forecasted to decrease from 90.1 in 2023 to 17.9 in 2027, indicating an improving valuation [4]

甘李药业股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 20 日 | 序号 | 会议事项 | | --- | --- | | 一 | 宣布会议开始 | | 二 | 致欢迎辞 | | 三 | 宣布大会参加人数、代表股数、会议有效。介绍会议出席人员，介绍律师事务 所见证律师 | | 四 | 主持人提议监票人、计票人与记录人 | | 五 | 提示投票表决方式 | | 六 | 股东逐项审议议案： | | 非累积投票议案 | | | 1 | 关于《公司董事会2024年度工作报告》的议案 | | 2 | 关于《公司监事会2024年度工作报告》的议案 | | 3 | 关于公司《2024年年度报告》及摘要的议案 | | 4 | 关于《公司2024年度决算方案》的议案 | | 5 | 关于公司2024年度利润分配方案的议案 | | 6 | 关于公司2025年度董事薪酬的议案 | | 7 | 关于公司2025年度监事薪酬的议案 | | 8 | 关于续聘公司2025年度会计师事务所及决定其报酬的议案 | 2 甘李药业股份有限公司 2024 年年度股东大会 二〇二五年五月 1 甘李药业股份有限公司 2024 ...

Group 1 - The A500 index (000510) increased by 0.35% as of May 8, 2025, with notable gains from stocks such as Xinyisheng (300502) up 10.38% and AVIC Chengfei (302132) up 9.87% [2] - The A500 ETF fund (512050) rose by 0.54%, marking its fourth consecutive increase, with a trading volume of 1.569 billion yuan and a turnover rate of 9.45% [2] - The A500 ETF fund has shown a significant increase in average daily trading volume over the past year, reaching 3.745 billion yuan, the highest among comparable funds [2] Group 2 - The Central Bank and financial regulatory authorities have indicated a shift towards policies that support liquidity and technological innovation, with a focus on expanding domestic demand [3] - The A500 ETF fund has seen a growth of 26.9 million yuan in size over the past two weeks, ranking first among comparable funds [3] - The A500 ETF fund's share count increased by 15.729 billion shares over the past six months, also ranking second among comparable funds [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the A500 index accounted for 20.8% of the index, with Kweichow Moutai (600519) having the highest weight at 4.28% [4][6] - The top ten stocks include major companies such as Ningde Times (300750), China Ping An (601318), and BYD (002594), reflecting a diverse representation across sectors [4][6]

Core Viewpoint - Hanbang Technology (688755.SH) has initiated its subscription with an issue price of 22.77 yuan per share and a price-to-earnings ratio of 26.35 times, focusing on chromatography technology for pharmaceutical and life sciences sectors [1] Company Overview - Hanbang Technology is a high-tech enterprise that integrates research and development, production, and sales, primarily providing separation and purification equipment, consumables, application technology services, and related technical solutions for the pharmaceutical and life sciences industries [1] - The company's products are widely used in the research and production of antibodies, recombinant proteins, vaccines, insulin, peptides, contrast agents, antibiotics, and natural products [1] Product Segmentation - The main products are categorized into small molecule drug separation and purification equipment and large molecule drug separation and purification equipment, applicable in various industrial production and laboratory research scenarios [1] - The small molecule liquid chromatography equipment is divided into laboratory instruments and production-grade equipment, with Hanbang Technology ranking second in the production-grade liquid chromatography separation equipment market in China, holding approximately 12.7% market share [4] Financial Performance - The company reported revenues of approximately 321 million yuan, 482 million yuan, and 619 million yuan for the years 2021, 2022, and 2023, respectively [6] - Net profits for the same years were approximately 4.86 million yuan, 38.56 million yuan, and 51.50 million yuan [6] Market Position - According to data from Sullivan, the total market size for liquid chromatography equipment in China exceeded 2.7 billion yuan in 2023, with Agilent holding the largest market share at 23.2% [4] - Hanbang Technology has sold its products to over 2,000 customers domestically and internationally, including well-known pharmaceutical companies such as Sitaly, Ganli Pharmaceutical, and China National Pharmaceutical Group [3] Investment Projects - The company plans to use the raised funds for projects including the annual production of 1,000 units of liquid chromatography series separation equipment, the establishment of a chromatography separation equipment R&D center, and the annual production of 2,000 laboratory chromatography separation and purification instruments [9]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [8][29]. Core Insights - The industry is experiencing a return to normal growth, with a notable performance in chemical pharmaceuticals, while the overall revenue growth for 2024 is projected to decline by 0.6% year-on-year, marking the first decline in recent years [12][14]. - The report highlights a significant disparity among sectors, with chemical pharmaceuticals showing a remarkable net profit growth of 97.7%, while biological products face substantial short-term performance pressure [17][18]. - The current low allocation and valuation levels present a high cost-performance ratio for investments in the pharmaceutical sector, suggesting it is an excellent time to allocate resources [19][28]. Summary by Sections 1. Innovation in the Pharmaceutical Chain - The report notes that the impact of national procurement and anti-corruption measures is gradually diminishing, leading to a normal release of rigid demand in hospitals [11]. - The overall revenue growth for the industry in 2024 is projected at -0.6%, with net profit and non-recurring net profit declining by 8.1% and 5.9% respectively [12][13]. 2. Investment Recommendations - The report suggests focusing on the innovation drug supply chain (Biotech + CXO + upstream) and certain overseas medical devices, recommending companies such as Aosaikang, Yifang Bio, and WuXi AppTec for investment [29]. - For in-hospital products (traditional Chinese medicine, chemical pharmaceuticals, and medical devices), companies like Hengrui Medicine and Mindray Medical are highlighted as having more certain growth prospects [29]. 3. Market Positioning - The report indicates that the allocation of public fund products in pharmaceutical stocks has decreased from 11.2% in Q1 2024 to 8.7% in Q4 2024, with a slight recovery to 9.1% by Q1 2025 [19][21]. - The pharmaceutical sector's price-to-earnings ratio is at a 10-year low, suggesting potential for growth as innovative products continue to emerge [22][24].

甘李药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/9/6 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2024 9 9 4 | 5 日~2025 | 年 | 日 | | 预计回购金额 | 15,000万元~30,000万元 | | | | | 回购用途 | √减少注册资本 | | | | | | □用于员工持股计划或股权激励 | | | | | | □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 累计已回购股数 | 354.0021万股 | | | | | 累计已回购股数占总股本比例 | 0.5890% | | | | | 累计已回购金额 | 15,006.9654万元 | | | | | 实际回购价格区间 | 37.65元/股~45.14元/股 | | | | 证券代码：603087 证券 ...

中信证券股份有限公司 关于甘李药业股份有限公司 2024年度持续督导报告书 | 上市公司：甘李药业股份有限公司（以下简称"甘李药业"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：王琦 | 联系电话：010-60833007 | | 保荐代表人姓名：赵陆胤 | 联系电话：010-60837513 | 经中国证券监督管理委员会《关于同意甘李药业股份有限公司向特定对象发 行股票注册的批复》（证监许可［2023］1284 号）核准，并经上海证券交易所 同意，公司于 2023 年 11 月 27 日向特定对象发行股票 28,508,550 股，每股发行 价格为 27.12 元，募集资金总额为 773,151,876.00 元，扣除各类发行费用之后实 际募集资金净额 759,727,968.07 元。大华会计师事务所（特殊普通合伙）于 2023 年11月14日对甘李药业股份有限公司向特定对象发行股票的资金到位情况进行 了审验，并出具了"大华验字［2023］000678 号"验资报告。 4、本持续督导期间，保荐人根据相 ...