Core Points - The Shanghai Composite Index fell by 0.81% on October 31, with 16 industries rising, led by the pharmaceutical and media sectors, which increased by 2.42% and 2.39% respectively [1] - The pharmaceutical sector saw a net inflow of 4.494 billion yuan, with 435 out of 477 stocks in the sector rising, and 11 hitting the daily limit [1] - The top three stocks with the highest net inflow in the pharmaceutical sector were Shuyou Shen (4.64 billion yuan), Lianhuan Pharmaceutical (3.49 billion yuan), and Zhongsheng Pharmaceutical (3.05 billion yuan) [1] Industry Summary - The pharmaceutical industry had a strong performance today, with a 2.42% increase and significant capital inflow [1] - The leading stocks in terms of capital inflow included: - Shuyou Shen: +19.99%, turnover rate 15.01%, capital flow 464.24 million yuan - Lianhuan Pharmaceutical: +10.01%, turnover rate 13.81%, capital flow 348.66 million yuan - Zhongsheng Pharmaceutical: +10.02%, turnover rate 10.14%, capital flow 304.73 million yuan [1] - Conversely, the stocks with the highest capital outflow included: - Xingqi Eye Medicine: -3.73%, turnover rate 12.22%, capital flow -177.64 million yuan - Heng Rui Medicine: +2.02%, turnover rate 1.31%, capital flow -101.30 million yuan - Gan Li Medicine: -2.75%, turnover rate 3.21%, capital flow -80.14 million yuan [2]

Core Insights - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 3.047 billion yuan and net profit at 818 million yuan, representing year-on-year increases of 35.73% and 61.32% respectively [1][2]. Group 1: Revenue Growth - Domestic sales revenue for the first three quarters of 2025 was 2.690 billion yuan, up 44.01%, while international sales revenue was 353 million yuan, up 45.52% [2]. - The growth in revenue is attributed to the price increase following the continuation of domestic insulin procurement and the expansion of international market sales [2][3]. Group 2: Domestic Sales Performance - Domestic insulin formulation revenue reached 2.624 billion yuan, reflecting a year-on-year growth of 45.6%, with volume contributing 27.3% and price contributing 18.3% to this growth [3]. Group 3: Global Strategy - The company is actively pursuing a global strategy, resulting in high growth in international sales, including a 10-year technical transfer and supply agreement with Brazil, with a total order value of no less than 3 billion yuan [4]. Group 4: R&D Pipeline - The company is advancing its insulin weekly formulation, which is expected to become a cornerstone drug for diabetes treatment globally, with several projects in clinical trials progressing well [5]. Group 5: Investment Outlook - The company forecasts net profits of 1.109 billion yuan, 1.432 billion yuan, and 1.595 billion yuan for 2025 to 2027, with respective year-on-year growth rates of 80.4%, 29.1%, and 11.4% [6].

Group 1 - Gannee Pharmaceutical (603087.SH) reported its Q3 2025 results, with 62 institutional investors holding a total of 80.31 million shares, representing 13.44% of the total share capital [1] - The top ten institutional investors collectively hold 11.13% of the shares, a decrease of 1.13 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 21 funds increased their holdings, accounting for a 0.67% increase, while 24 funds decreased their holdings, representing a 0.41% decrease [2] - Seven new public funds disclosed their holdings this period, while 384 funds did not disclose their holdings compared to the previous quarter [2] - In the insurance sector, one insurance company, China Life Insurance Co., Ltd., reduced its holdings slightly [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 84.00 CNY for the next six months [7][10]. Core Insights - The company has achieved significant revenue and net profit growth in the first three quarters of 2025, with revenues of 30.47 billion CNY and a net profit of 8.18 billion CNY, representing year-on-year increases of 35.73% and 61.32% respectively [2][3]. - Domestic sales revenue reached 26.90 billion CNY, up 44.01%, while international sales revenue was 3.53 billion CNY, up 45.52%, driven by price increases following domestic insulin procurement and expanding international sales [2][4]. - The company is actively participating in domestic insulin procurement, leading to a continuous increase in insulin formulation sales, with domestic formulation revenue growing by 45.6% year-on-year [3]. - The company is advancing its globalization strategy, signing a 10-year technical transfer and supply agreement with Brazil, with a cumulative order amount expected to exceed 30 billion CNY [4]. - The company's pipeline includes promising insulin formulations, with GZR4 in Phase III clinical trials domestically and Phase I in Europe and the US, positioning it as a potential cornerstone drug for diabetes treatment [5]. Financial Performance - The company forecasts net profits of 11.09 billion CNY, 14.32 billion CNY, and 15.95 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 80.4%, 29.1%, and 11.4% [10]. - The projected earnings per share (EPS) for 2026 is 2.40 CNY, with a price-to-earnings (PE) ratio of 35 times [10]. - The company's total market capitalization is approximately 41.75 billion CNY, with a circulating market capitalization of about 38.99 billion CNY [7].

Core Viewpoint - The company has reported a significant increase in revenue for the first three quarters of 2025, driven by domestic insulin product sales and international market expansion [6][7]. Financial Performance - For the first three quarters of 2025, the company's revenue reached 3.047 billion yuan, an increase of 802 million yuan, representing a year-on-year growth of 35.73% [6]. - Domestic insulin product sales contributed 2.624 billion yuan, up 822 million yuan from the previous year, with volume and price increases contributing 492 million yuan and 330 million yuan respectively [6][7]. - International sales revenue was 353 million yuan, a year-on-year increase of 1.1 billion yuan, or 45.52%, attributed to the company's global strategy and improved customer service [7]. - The company experienced a decrease in royalty income of 130 million yuan due to the absence of milestone income recognition in the current period [8]. Corporate Governance Changes - The company plans to abolish its supervisory board and transfer its responsibilities to the audit committee, in compliance with updated regulations [13][19]. - Amendments to the company's articles of association will reflect this change, along with updates to various governance policies to enhance operational efficiency [16][19]. - The company's registered capital has been adjusted from 601,065,290 yuan to 597,304,969 yuan following stock repurchase activities [14].

Core Viewpoint - Gannee Pharmaceutical reported strong financial performance for the first three quarters of 2025, with significant growth in both revenue and net profit driven by increased sales and prices of insulin products [1] Financial Performance - The company achieved a revenue of 3.047 billion yuan, representing a year-on-year increase of 35.73% [1] - The net profit attributable to shareholders reached 818 million yuan, marking a year-on-year growth of 61.32% [1] Product Performance - Domestic sales of insulin preparations increased compared to the same period last year [1] - Following the continuation of centralized procurement for insulin, the company experienced a rise in the prices of its insulin products, which, along with increased sales volume, significantly contributed to revenue growth [1]

Core Viewpoint - Ganli Pharmaceutical (603087.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong business performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters reached 3.047 billion yuan, representing a year-on-year growth of 35.73% [1] - The net profit attributable to shareholders was 818 million yuan, showing a year-on-year increase of 61.32% [1] - The basic earnings per share were reported at 1.38 yuan [1]

Core Viewpoint - Ganli Pharmaceutical is a leading company in the field of recombinant insulin analogs, showcasing strong financial performance and innovative drug development capabilities [1][6][7]. Financial Performance - For Q3 2025, Ganli Pharmaceutical reported revenue of 3.047 billion yuan, ranking third among 34 companies in the industry, with a net profit of 818 million yuan, placing fourth [2]. - The company's revenue from biological products accounted for 95.05% of total revenue, while medical devices and other income contributed 4.69% [2]. - The company achieved a year-on-year revenue growth of 57.18% in the first half of 2025, with a net profit growth of 101.96% [6]. Profitability and Debt Management - As of Q3 2025, Ganli Pharmaceutical's debt-to-asset ratio was 7.09%, significantly lower than the industry average of 26.88%, indicating strong debt management [3]. - The gross profit margin for the same period was 76.18%, higher than the industry average of 70.17%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 22.53% to 94,700, while the average number of shares held per shareholder decreased by 17.81% [5]. Leadership and Compensation - The chairman and general manager, Chen Wei, received a salary of 924,400 yuan in 2024, an increase of 32,200 yuan from the previous year [4]. Innovation and R&D - Ganli Pharmaceutical has several innovative drugs in development, including GZR4 and GZR102, which are in various clinical trial phases and show potential for market expansion [7]. - The company invested 5.52 billion yuan in R&D in the first half of 2025, representing 26.70% of its revenue, indicating a strong commitment to innovation [6].

第一章 总则 第一条 为规范甘李药业股份有限公司（以下简称"公司"）董事、高级管 理人员离职管理，保障公司治理稳定性及股东合法权益，根据《上海证券交易所 股票上市规则》《甘李药业股份有限公司章程》（以下简称《公司章程》）及其 他有关法律、法规的规定，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞任、 任期届满、解任以及其他导致董事、高级管理人员实际离职等情形。 第二章 离职情形与生效条件 第三条 公司董事、高级管理人员实际离职包含任期届满未连任、主动辞职、 被解除职务以及其他导致董事、高级管理人员离职等情形。董事可以在任期届满 以前辞任。辞任应向董事会提交书面辞职报告，除《公司章程》及公司制度另有 规定外，公司收到辞职报告之日董事辞任生效，并将在两个交易日内披露有关情 况。 甘李药业股份有限公司 董事、高级管理人员离职管理制度 第五条 非职工代表董事由股东会选举和更换，职工代表董事由职工代表大 会选举和更换，非职工代表董事和职工代表董事任期届满未获连任的，自相关股 东会、职工代表大会新聘董事决议通过之日自动离职。 第六条 股东会可以决议解任董事（职工董事由职工代表大会解任），决 ...

甘李药业股份有限公司 关于取消监事会、修订《公司章程》并办理工商变更 登记、修订公司部分治理制度的公告 证券代码：603087 证券简称：甘李药业 公告编号：2025-072 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 2025 年 10 月 29 日召开了第 五届董事会第四次会议，审议通过了《关于取消监事会、修订<公司章程>并办 理工商变更登记的议案》和《关于制定及修订公司部分治理制度的议案》。公司 拟取消监事会，修订《甘李药业股份有限公司章程》（以下简称《公司章程》）， 并制定和修订部分公司治理制度。相关情况公告如下： 一、关于取消监事会的情况 根据最新的《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》《上海证券交易所股票上市规则》（以下简称《股票上市规则》）、《上 市公司章程指引》等有关法律、法规、规范性文件的规定，为了全面贯彻落实相 关文件精神的要求，同时结合公司治理的实际情况，公司将取消监事会，由董事 会审计委员会行使《公司法》规定的监事会的职 ...