北京市中伦律师事务所 关于甘李药业股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京市中伦律师事务所 关于甘李药业股份有限公司 2024 年年度股东大会的 法律意见书 致：甘李药业股份有限公司 根据《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》（以下简称"《证券法》"）、中国证券监督管理委员会发布的《上 市公司股东会规则》（以下简称"《股东会规则》"）的规定，北京市中伦律师 事务所（以下简称"本所"）接受甘李药业股份有限公司（以下简称"公司"） 的委托，指派本所律师出席公司 2024 年年度股东大会（以下简称"本次股东大 会"），对本次股东大会的相关事项进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司提供的相关文件，该等文件包括 但不限于： 1.现行有效的公司章程； 2.于 2025 年 4 月 25 日发布在上海证券交易所网站（www.sse.com.cn）上的 公司关于召开 2024 年年度股东大会的通知的公告； 3.公司本次股东大会股权登记日（2025 年 5 月 12 日）的股东名册、出席现 1 法律意见书 场会议的股东的到会登记 ...

Investment Rating - The industry investment rating is "Recommended" (Maintained) [1] Core Viewpoints - The trend of "going abroad" remains a major focus, with short-term impacts from tariffs diminishing. In Q1 2025, China's pharmaceutical exports reached $26.632 billion, a year-on-year increase of 4.39%, with exports to the U.S. at $4.639 billion, up 9.6% [3] - The market for gout and uric acid reduction presents significant potential, with the number of patients expected to rise from 1.7 billion in 2020 to 2.4 billion by 2030 in China. Current treatments show poor adherence and efficacy, indicating a need for safer and more effective drugs [4] - The oral weight loss drug sector is seeing major players like Novo Nordisk intensifying their efforts, with significant collaborations and clinical advancements. Chinese companies are also making rapid progress in this area [6] - Breakthroughs in universal CAR-T and autoimmune applications are emerging, with promising clinical data from companies like Kintor Pharmaceutical and Bangyao Biotech [8] Summary by Sections 1. Pharmaceutical Export Trends - Pharmaceutical exports are on the rise, with a notable increase in trade volume and value. The U.S. remains the largest single market for Chinese pharmaceutical exports [3] 2. Gout Treatment Market Potential - Gout is a global health issue, particularly in China, where the prevalence is increasing. The market for gout treatments is expected to grow significantly due to the high number of patients and the need for better treatment options [4] 3. Weight Loss Drug Developments - Major pharmaceutical companies are investing heavily in oral weight loss drugs, with significant collaborations and clinical trials underway. Chinese firms are also positioned to capitalize on this growing market [6] 4. Advances in CAR-T Therapy - New developments in universal CAR-T therapies are showing promise, with initial clinical results indicating high efficacy and safety. This could lead to broader applications in various diseases [8] 5. Stock Recommendations - The report recommends several companies based on their potential in various segments, including those focusing on international collaborations, innovative drug development, and market expansion [10]

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology industry, suggesting it is at a turning point for profit improvement and has high allocation value [3][4]. Core Insights - The pharmaceutical sector is showing signs of recovery after three years of declining profitability, with a notable increase in net profit margin by 0.3% in Q1 2025 compared to the previous year [3][5]. - Key sub-sectors such as CXO, innovative drugs, biological products, private hospitals, and medical consumables have demonstrated strong performance in Q1 2025, with several leading companies exceeding expectations [3][4]. - The report recommends focusing on sub-sectors and companies with clear upward trends in performance, including innovative drugs and CXO services [3][4]. Overall Performance of the Sector - In 2024, 473 A-share pharmaceutical companies achieved total revenue of 24,588 billion yuan, a year-on-year decrease of 0.9%, and a net profit of 1,412 billion yuan, down 12.1% [3][5]. - For Q1 2025, the sector reported revenue of 6,104 billion yuan, a decline of 4.2% year-on-year, with net profit at 487 billion yuan, down 8.7% [3][5]. Sub-sector Performance - The CXO sector has shown a turnaround since Q4 2024, with Q1 2025 revenue of 225 billion yuan, reflecting an 11.6% year-on-year increase, and net profit of 50 billion yuan, up 72.8% [3][23]. - The innovative drug sector continues to grow rapidly, with leading companies like Heng Rui Medicine and Bai Jie Shen Zhou performing above expectations [3][18]. - The hospital sector is beginning to show signs of recovery, with Q1 2025 revenue of 144 billion yuan, a year-on-year increase of 4.9%, and net profit of 11 billion yuan, up 19.2% [3][28]. Investment Analysis - The report emphasizes the importance of investing in sectors and companies that are showing clear signs of upward trends, particularly in innovative drugs and CXO services [3][4]. - Specific companies recommended for investment include Heng Rui Medicine, Bai Jie Shen Zhou, and Wu Xi AppTec in the innovative drug and CXO sectors [3][4].

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

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 ...

甘忠如带领团队开启了艰苦卓绝的研发征程，历经三年不懈努力，成功攻克基因重组人胰岛素技术难 题。1998年，中国首支拥有自主知识产权的第二代胰岛素惊艳问世，这一突破让我国成为全球第三个掌 握该技术的国家，不仅打破了国际垄断的坚冰，更将胰岛素价格降低了近40%，让无数患者受益。2005 年，他创立的甘李药业再接再厉，率先研发出第三代长效、速效胰岛素类似物，进一步填补了国内技术 空白。如今，甘李药业已成长为亚洲最大的胰岛素生产基地，产品畅销全球30多个国家，年销售额超过 40亿元。 凭借在胰岛素研发领域的卓越贡献，甘忠如被誉为"中国胰岛素之父"，并荣获国家科学技术进步奖、中 国医药产业十大人物等众多殊荣。 此次捐赠的1亿元资金，将精准投入到多个关键领域。在科研教学设施升级方面，用于改造生命科学大 楼实验室，引进国际顶尖的仪器设备，为科研人员打造更加先进、高效的实验环境；在青年人才培养计 划上，设立"甘忠如科研创新基金"，激励年轻学子在科研道路上勇攀高峰；同时，资助学生参与国际学 术交流活动，让他们有机会前往顶尖学府深造，拓宽国际视野；此外，还将搭建学科交叉融合平台，推 动生物技术与人工智能、大数据等前沿领域的协同创 ...