Core Viewpoint - The company has decided to repurchase and cancel a total of 220,300 restricted stocks due to the departure of certain incentive plan participants and performance evaluations not meeting the required standards [2][3][4]. Summary by Sections Repurchase and Cancellation Reasons - The repurchase is based on the departure of 10 participants from the 2022 incentive plan and 3 from the 2024 plan, leading to the cancellation of their stock options [2][3]. - A total of 241,300 restricted stocks were approved for repurchase, with 220,300 stocks actually being canceled due to one participant's stocks being frozen by the court [2][3]. Repurchase Details - The repurchase includes 168,700 stocks from the 2022 plan and 72,000 stocks from the 2024 plan, with repurchase prices set at 15.65 yuan and 18.09 yuan per stock respectively [3][4]. - The company has established a dedicated securities account for the repurchase process and expects the cancellation to be completed by October 9, 2025 [5]. Impact on Share Structure - After the cancellation, the remaining restricted stocks will total 6,382,480, and the repurchase will not affect the control of the company or its compliance with listing conditions [5][6]. Compliance and Legal Opinions - The board has confirmed that the decision-making process and disclosures comply with relevant regulations and that there are no violations of the rights of the incentive participants or creditors [7][8]. - Legal counsel has affirmed that the repurchase has received necessary approvals and adheres to applicable laws and regulations [8].

Core Viewpoint - 甘李药业 announced the repurchase and cancellation of 220,300 restricted stocks due to the departure of certain incentive plan participants and performance evaluations [2][5][6] Group 1: Reasons for Repurchase - The repurchase involves 13 out of 14 incentive plan participants, with 10 leaving for personal reasons and 1 having a performance evaluation of B [2][5] - The total number of restricted stocks being repurchased is 220,300, with 21,000 stocks frozen due to legal reasons for one participant [3][6] Group 2: Details of the Repurchase - The repurchase includes 168,700 stocks from the 2022 plan and 72,000 stocks from the 2024 plan, with repurchase prices set at 15.65 yuan and 18.09 yuan per stock respectively [5][6] - The company has opened a dedicated securities account for the repurchase and expects the cancellation to be completed by October 9, 2025 [7] Group 3: Impact on Share Structure - After the repurchase, the remaining restricted stocks will total 6,382,480, and the repurchase will not affect the control of the company [7] Group 4: Compliance and Legal Opinions - The board confirmed that the decision-making process and disclosures comply with relevant regulations and that there are no violations of the rights of incentive participants or creditors [8][9] - Legal opinions affirm that the repurchase has received necessary approvals and complies with applicable regulations [9]

回购注销原因：经甘李药业股份有限公司（以下简称"公司"）第五届 董事会第一次会议审议，鉴于公司 2022 年限制性股票激励计划原激励对象中 10 名激励对象因个人原因离职、1 名激励对象绩效考核结果为 B；2024 年限制性股 票激励计划原激励对象中 3 名激励对象因个人原因离职，公司对前述 14 名中 13 名激励对象已获授但未达解除限售条件的 220,300 股限制性股票予以回购注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 220,300 | 220,300 | 2025 | 年 10 | 月 | 日 9 | （注：上述 14 名中的 1 名激励对象持有的 21,000 股限制性股票因个人原因被法院冻结，导 致该 21,000 股限制性股票本次无法注销，故本次回购注销的股份数量为 220,300 股。） 证券代码：603087 证券简称：甘李药业 公告编号：2025-067 甘李药业股份有限公司 关于 2022 年、2024 年限制性股票激励计划部分限制 性股票回 ...

法律意见书 北京市中伦律师事务所 关于甘李药业股份有限公司 2022 年与 2024 年限制性股票激励计划 回购注销部分限制性股票的法律意见书 二〇二五年九月 为出具本法律意见书，本所律师审阅了《甘李药业股份有限公司 2022 年限 制性股票激励计划（草案）》及其修订稿（以下统称《2022 年激励计划（草案）》）、 《甘李药业股份有限公司 2022 年限制性股票激励计划实施考核管理办法》《甘 李药业股份有限公司 2022 年限制性股票激励计划授予激励对象名单》、《甘李 药业股份有限公司 2024 年限制性股票激励计划（草案）》及其修订稿（以下统 称《2024 年激励计划（草案）》）、《甘李药业股份有限公司 2024 年限制性股 票激励计划实施考核管理办法》《甘李药业股份有限公司 2024 年限制性股票激 励计划授予激励对象名单》、公司相关股东大会会议文件、董事会会议文件、监 法律意见书 北京市中伦律师事务所 关于甘李药业股份有限公司 2022 年与 2024 年限制性股票激励计划 回购注销部分限制性股票的法律意见书 致：甘李药业股份有限公司 根据甘李药业股份有限公司（以下简称"甘李药业"、"公司"）与北京市 ...

Group 1: 康恩贝 - The company aims to acquire potential large products that align with its strategic direction, with ongoing discussions for relevant targets [1] - The acquisition strategy considers strategic fit, revenue and profit potential, growth opportunities, and compatibility with existing treatment areas and marketing channels [1] - The company has strengthened its business development (BD) system, with a recently approved modified new drug for throat relief as an example of a more efficient and asset-light "acquisition" [1] Group 2: 甘李药业 - The company signed a technology transfer and supply agreement with Fundação Oswaldo Cruz-Bio-Manguinhos and BIOMM for the production of insulin in Brazil [2] - The total amount of the supply framework agreement is expected to be no less than 3 billion RMB, with actual order amounts to be determined [2] - The agreement includes technology transfer for insulin and commitments for future procurement by FZ over the next 10 years [2] Group 3: 天目药业 - The company is focused on the inheritance and innovation of traditional Chinese medicine, accelerating the resumption of production for quality products like pearl eye drops [3] - It has made significant progress in drug re-registration, with 53 drugs receiving approval notifications since the beginning of 2025, surpassing the total for 2024 [3] - The company is leveraging existing product advantages to launch new products to meet diverse consumer needs [3] Group 4: 济民健康 - The company plans to enhance cooperation and increase investment in innovative drug research, aiming to establish Boao International Hospital as a high-level clinical research center [4] - The company holds a 51% stake in Boao International Hospital, with various stakeholders involved in the remaining shares [4] Group 5: 恒瑞医药 - The company signed a licensing agreement with Glenmark Specialty for its innovative drug SHR-A1811, with potential earnings exceeding 1.1 billion USD [5][6] - The drug targets HER2 and is designed to induce apoptosis in tumor cells, enhancing anti-tumor efficacy [5] - Glenmark Specialty will pay an upfront fee of 18 million USD and is eligible for milestone payments based on registration and sales [6] Group 6: 华熙生物 - The company’s strategic investment in Sanofi Pharmaceuticals is aimed at enhancing its presence in the biopharmaceutical sector [7] - The investment allows for collaboration in the development of small nucleic acid innovative drugs, creating synergies across its main business areas [7] - The company is exploring the role of hyaluronic acid and other substances in advanced medical research and applications [7]

Summary of Gan & Lee Pharmaceuticals Co. (603087.SS) Conference Call Company Overview - **Company**: Gan & Lee Pharmaceuticals Co. (603087.SS) - **Industry**: Pharmaceuticals, specifically focusing on insulin products Key Points and Arguments 1. **New Agreements**: Gan & Lee has signed a technology transfer and supply agreement with Brazil's Fundação Oswaldo Cruz-Bio-Manguinhos (FZ) and BIOMM S.A. The total contract value is expected to exceed Rmb3 billion over a term of 10 years [1][2] 2. **Insulin Technology Transfer**: The agreements involve the transfer of insulin glargine technology to FZ, with Gan & Lee supplying insulin glargine API and injections to BIOMM. FZ will procure these products from BIOMM for the next decade [1][2] 3. **Brazil's PDP Initiative**: This cooperation is part of Brazil's Partnerships for Productive Development (PDP), aimed at enhancing local manufacturing capabilities and ensuring a stable supply of essential medicines [1] 4. **Earnings Forecasts**: Following the agreements, earnings forecasts for 2025E to 2027E have been raised by 1-4%, with the price target increased to Rmb77 from Rmb69 [2] 5. **Growth Drivers**: Key growth drivers for Gan & Lee include: - Exporting insulin biosimilars to the US and EU - Import substitution opportunities in China's insulin market - Expansion into emerging markets - Entry of insulin biosimilars into developed markets [2][7] 6. **Long-term Value**: The long-term value of Gan & Lee's innovative drug pipeline is highlighted as a significant factor for future growth [2] 7. **Market Capitalization**: The company has a market cap of Rmb43.6 billion (approximately $6.1 billion) [9] 8. **Revenue and Profit Estimates**: Updated revenue and net profit estimates for 2025E to 2027E are as follows: - 2025E Revenue: Rmb4,400 million (up 1.6%) - 2026E Revenue: Rmb5,411 million (up 5.6%) - 2027E Revenue: Rmb6,348 million (up 5.0%) - 2025E Net Profit: Rmb1,173 million (up 1.3%) - 2026E Net Profit: Rmb1,507 million (up 1.8%) - 2027E Net Profit: Rmb1,892 million (up 4.1%) [6] 9. **Price Target Risks**: Risks associated with the price target include slower-than-expected launches of insulin biosimilars in the US and slower R&D progress of its pipelines [8] Additional Important Information - **Investment Rating**: The company is rated as a "Buy" by Goldman Sachs, reflecting optimism about its growth potential in both domestic and international markets [2][7] - **Market Position**: Gan & Lee is recognized as a leader in China's insulin industry, with a strong focus on both domestic and export markets [7] - **Analyst Contact Information**: Analysts from Goldman Sachs involved in this report include Tianyi Yan, Michael Zheng, and Jenny Du [3][4] This summary encapsulates the essential information regarding Gan & Lee Pharmaceuticals Co. and its recent developments, providing insights into its market position, growth prospects, and financial outlook.

Core Viewpoint - 甘李药业 has signed a technology transfer and supply agreement with Brazil's Fiocruz and local biopharmaceutical company BIOMM, focusing on the production and development of insulin, which is expected to significantly impact the company's performance in 2025 and beyond [2][3]. Group 1: Partnership and Agreements - The agreements include a supply framework worth at least RMB 3 billion (including tax) and cover the transfer of technology related to insulin, raw materials, injection solutions, and syringes for a period of ten years [2]. - The PDP project aims to strengthen Brazil's public health system and ensure a stable supply of essential medicines through local production [2][4]. Group 2: Market Context and Demand - Brazil has faced insulin supply shortages, leading to an urgent tender for over a million insulin products in 2023, which 甘李药业 successfully supplied [3]. - The project is expected to generate a demand for at least 70 million units of insulin annually, with an initial focus on supplying insulin injection solutions to alleviate clinical shortages [3]. Group 3: Company Performance and Recovery - 甘李药业 has been recovering from the impact of national drug procurement policies, with a reported revenue of RMB 2.067 billion in the first half of 2025, a year-on-year increase of 57.18% [5][6]. - The company has successfully entered the national procurement process, with six products selected, and has achieved a market share of nearly 30% in the third-generation insulin market, ranking second in the industry [6]. Group 4: International Expansion - 甘李药业 is actively pursuing international markets, with a reported revenue of RMB 220 million from international sales in the first half of 2023, a 75.08% increase year-on-year [7]. - The company has established a local production facility in Brazil and is also seeking to penetrate the African market with successful local projects [7][8].

Core Viewpoint - The partnership between Ganli Pharmaceutical and Brazil's public health sector marks a significant shift in the insulin market, breaking the long-standing monopoly of multinational companies and enhancing local production capabilities [1][4]. Group 1: Agreement Details - Ganli Pharmaceutical signed a technology transfer and supply agreement with Brazil's Funda??o Oswaldo Cruz-Bio-Manguinhos and BIOMM S.A., valued at no less than 30 billion RMB (approximately 4.2 billion USD) over a 10-year period [1]. - The agreement will cover 60% of Brazil's basic insulin demand, with a commitment from FZ to purchase at least 120 million doses at a price 35% lower than current imported products [3]. Group 2: Market Impact - The collaboration is expected to significantly improve the accessibility of insulin in Brazil, where there are approximately 16.8 million diabetes patients and a self-sufficiency rate of less than 20% [1][4]. - The Brazilian insulin market is valued at around 900 million USD, with Ganli expected to capture a market share of 30% by 2030, reshaping the competitive landscape [5]. Group 3: Financial Projections - If the agreement is executed smoothly, Ganli's net profit is projected to reach 1.8 billion RMB in 2026, aligning with industry average PE ratios [2]. - Ganli's international revenue reached 219 million RMB in the first half of 2025, a year-on-year increase of 74.68%, with expectations for overseas revenue to exceed 25% by 2026 [3]. Group 4: Strategic Considerations - Brazil's pharmaceutical market is the largest in Latin America, with a projected size of 42 billion USD by 2024, providing a strategic entry point for Ganli into other markets like Mexico and Argentina [4]. - The partnership is part of Brazil's broader initiative to enhance local production capabilities and reduce reliance on foreign pharmaceutical companies [6].

Market Overview - The biopharmaceutical sector experienced a decline of 0.21% on September 25, with Nossland leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Aopu Mai (688293) with a closing price of 62.85, up 7.42% and a trading volume of 30,600 [1] - Rongchang Biotech (688331) closed at 108.50, up 3.43% with a trading volume of 89,200 [1] - Baipusais (301080) closed at 62.16, up 3.43% with a trading volume of 43,500 [1] - Major decliners included: - Nossland (430047) closed at 22.99, down 3.69% with a trading volume of 57,000 [2] - Wufan Biotech (301393) closed at 53.12, down 3.42% with a trading volume of 24,600 [2] - Kexing Pharmaceutical (688136) closed at 38.75, down 3.34% with a trading volume of 53,500 [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 207 million yuan from institutional investors, while retail investors contributed a net inflow of 45.07 million yuan [2] - Notable capital flows included: - Rongchang Biotech (688331) with a net inflow of 1.021 billion yuan from institutional investors [3] - Junshi Biosciences (688180) with a net inflow of 35.36 million yuan from institutional investors [3] - Aopu Mai (688293) with a net inflow of 9.41 million yuan from institutional investors [3]

Core Viewpoint - Gannee Pharmaceutical has made a significant step in internationalization by signing a 10-year insulin supply framework and technology transfer agreement worth no less than 3 billion RMB, marking a milestone in local insulin production in Brazil [1][2][3] Group 1: Business Expansion - The agreement with Brazil's Funda??o Oswaldo Cruz-Bio-Manguinhos and BIOMM S.A. is part of a public health initiative aimed at ensuring stable supply of essential medicines through local production [2][3] - Gannee Pharmaceutical's market is expanding, with successful domestic insulin procurement rounds leading to increased market share [8] - The company has achieved rapid growth, with a reported revenue of 2.22 billion RMB from international markets in the first half of 2025, a 75.08% increase year-on-year [8] Group 2: Financial Performance - In the first half of 2025, Gannee Pharmaceutical reported a revenue of 20.67 billion RMB and a net profit of 6.04 billion RMB, representing year-on-year growth of 57.18% and 101.96% respectively [7] - The company has a high dividend payout ratio of 97.21%, distributing 5.98 billion RMB in dividends for the 2024 fiscal year [1] Group 3: Research and Development - Gannee Pharmaceutical emphasizes R&D as a primary driver of production, with R&D investment reaching 5.52 billion RMB in the first half of 2025, accounting for 26.70% of revenue [7] - The company has successfully developed multiple third-generation insulin products and is advancing in the fourth-generation insulin innovation track [7] - Gannee Pharmaceutical is also entering the GLP-1 market with its innovative drug, which is currently in Phase III clinical trials [7]