Investment Rating - The report maintains a "Buy" rating for the company [3][2]. Core Views - The company reported a revenue of 2.245 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.81%. The net profit attributable to shareholders reached 507 million yuan, up 90.36% year-on-year [1]. - The increase in domestic revenue is driven by the price increase of insulin products under national procurement, with a revenue increase of 150 million yuan attributed to price hikes in the first three quarters [1]. - The company has successfully expanded its international market presence, with international sales revenue growing by 37.63% year-on-year in the first three quarters and 72.10% in Q3 alone [2]. Financial Performance Summary - For Q1-Q3 2024, the gross margin was 75.36%, an increase of 0.61 percentage points year-on-year. The R&D expense ratio decreased by 1.44 percentage points to 17.97% [1]. - The company expects net profits for 2024, 2025, and 2026 to be 625 million, 1.192 billion, and 1.489 billion yuan, respectively, with corresponding P/E ratios of 48.3, 25.3, and 20.2 [2][6]. - The domestic sales revenue for Q1-Q3 2024 was 1.868 billion yuan, a year-on-year increase of 14.64%, while international sales revenue was 242 million yuan, up 37.63% [1].

胰岛素集采中选产品价格上涨，新一轮集采协议量增加。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，10月22日，甘李药业（603087.SH）发布2024年三季报，前三季度实现收入 22.45亿元，同比增长17.81%；归母净利润5.07亿元，同比增长90.36%，主要系前三季度营业收 入、交易性金融资产公允价值变动收益较上年同期大幅增长所致。其中，今年第三季度营业收入为 9.30亿元，同比增长37.61%；实现归母净利润2.08亿元，同比增长57.47%。 第三季度，公司国内外收入均实现增长。 报告期内国内收入为6.80亿元，同比增加22.25%，主要 归因于公司制剂产品价格的上涨。 2024年前三季度，公司国内销售收入18.68亿元，同比增长2.39亿元，其中国内制剂销售收入 18.02亿元，同比增2.21亿元。 来源：公司财报 今年第二季度，公司参加了全国药品集采（胰岛素专项接续）的投标工作，所有产品均中选，且中选 产品价格上涨。新一轮胰岛素集采在二、三季度陆续由各省开始执行，且产品价格上涨推动2024年 前三季度公司总收入增加了1.50亿元。 此外， 公 ...

Investment Rating - Maintains "Overweight" rating with a target price of CNY 60.03 [1][4] Core Views - Strong performance growth driven by insulin procurement price increases and overseas business expansion [1][3] - GLP-1 data shows excellent results, with R&D pipeline progressing steadily [1][3] - Insulin procurement saw both volume and price increases, with core products like insulin glargine securing a 34.1% price hike [3] - Overseas business is accelerating, with emerging markets showing a 37.63% YoY increase in international sales [3] - GLP-1 receptor agonist GZR18 demonstrated a 17.29% weight reduction in Phase IIb trials, indicating best-in-class potential [3] Financial Summary - Revenue for 2024E is projected at CNY 3,418 million, a 31.1% YoY increase [2] - Net profit attributable to parent company for 2024E is forecasted at CNY 715 million, a 110.3% YoY increase [2] - EPS for 2024E is expected to be CNY 1.19, with ROE at 6.2% [2] - Revenue for 2024Q1-Q3 reached CNY 2.245 billion, up 17.81% YoY, with net profit attributable to parent company at CNY 507 million, up 90.36% YoY [3] Business Highlights - Domestic insulin sales for 2024Q1-Q3 reached CNY 1.802 billion, up 13.94% YoY, with volume contributing 4.45% and price contributing 9.49% [3] - International sales for 2024Q1-Q3 reached CNY 242 million, up 37.63% YoY, with Q3 sales up 72.10% YoY [3] - Franchise service revenue for 2024Q1-Q3 reached CNY 135 million, up 34.49% YoY [3] R&D Progress - GLP-1 receptor agonist GZR18 showed a 17.29% weight reduction in Phase IIb trials, indicating strong potential [3] - Insulin weekly formulation GZR4 and dual insulin compound GZR101 are progressing through Phase II trials [3] Valuation Metrics - 2024E P/E ratio is 42.16x, with a P/B ratio of 2.60x [2][6] - 2025E P/E ratio is projected at 24.86x, with a P/B ratio of 2.39x [2][6]

证券代码：603087 证券简称：甘李药业 公告编号：2024-084 一、GLR1023 的基本情况 GLR1023 注射液是已上市药品可善挺®（通用名：Secukinumab，司库奇尤单 抗）的生物类似药，是一种全人源重组单克隆 IgG1κ 抗体，其 Fab 段的抗原结合 位点可与人白细胞介素 IL-17A 特异性结合，抑制它与 IL-17A 受体相互作用，用 于治疗符合系统治疗或光疗指征的成年中度至重度斑块状银屑病。 甘李药业股份有限公司 关于 GLR1023 注射液中国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"）收到国家药品 监督管理局下发的关于公司在研药品 GLR1023 注射液的《药物临床试验批准通 知书》后，已经启动中国 I 期临床试验，并于近日成功完成首例受试者给药。现 将相关情况公告如下： 截至公告发布日，国内仅有原研厂家诺华生产的司库奇尤单抗注射液获批上 市。2023 年度，司库奇尤单抗注射液可善挺®（Cose ...

财联社10月22日讯（记者 何凡）今年前三季度，甘李药业（603087.SH）国内外收入均同比有所提高。 其中公司产品在胰岛素专项接续采购中中标，中标产品价格上涨为甘李药业国内销售收入提升做出了积 极贡献，增长效应在Q3开始初步体现。此外，甘李药业也试图将胰岛素产品销往海外，而节点收入增 加也是公司业绩增长的因素之一。 今日晚间，甘李药业发布2024三季报，公告显示，今年前三季度公司实现营业收入22.45亿元，同比增 加17.81%；归母净利润5.07亿元，同比增长90.36%。 分地区来看，前三季度甘李药业国内（销售收入）为18.68亿元，同比增长14.64%，其中国内制剂销售 收入 18.02亿元，较上年同期增长2.21亿元。国际（销售收入）为2.42亿元，同比提高37.63%，国际 （特许经营权服务收入）为1.35亿元，同比增加34.49%。 针对业绩的增长的原因，甘李药业方面表示，得益于国内收入增长稳健。从单季度来看，由于制剂产品 价格的上涨，Q3公司实现营业收入9.30亿元，同比提高37.61%，归母净利润2.08亿元，同比增长 57.47%。Q2公司在胰岛素集采中标，产品价格上涨带来的收入增长效应 ...

证券代码：603087 证券简称：甘李药业 公告编号：2024-077 甘李药业股份有限公司 第四届监事会第二十二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 二、监事会会议审议情况 经与会监事审议表决，一致通过如下议案： （一）审议通过了《关于公司<2024 年第三季度报告>的议案》 公司 2024 年第三季度报告的编制及审议程序符合相关法律、法规、规范性 文件及公司章程的规定，公司严格按照上市公司财务制度规范运作；报告真实、 全面地反映了公司本报告期的财务状况和经营成果；报告所披露的信息真实、准 确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏，在监事会做出本决 议前，未发现参与报告编制与审议人员存在违反保密规定的行为。 具体内容详见公司于同日在上海证券交易所网站披露的《甘李药业股份有限 公司 2024 年第三季度报告》。 表决结果：3 票同意、0 票反对、0 票弃权。 （二）审议通过了《关于聘任公司 2024 年度会计师事务所及决定其报酬的 议案》 甘李药业股份有限公司（"公 ...

Financial Performance - The company's revenue for Q3 2024 reached CNY 930.11 million, an increase of 37.61% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2024 was CNY 208.36 million, reflecting a growth of 57.47% year-over-year[4] - The basic earnings per share for Q3 2024 was CNY 0.35, up 45.83% from the previous year[4] - Domestic sales revenue in Q3 2024 was CNY 680 million, a 22.25% increase year-over-year, driven by rising prices of formulation products[10] - International sales revenue for Q3 2024 was CNY 117 million, showing a significant growth of 72.10% compared to the same period last year[10] - The net profit attributable to shareholders for the year-to-date period reached CNY 507.27 million, a substantial increase of 90.36% year-over-year[4] - Total revenue for the first three quarters of 2024 reached ¥2,245,006,087.12, a 17.8% increase from ¥1,905,670,877.67 in the same period of 2023[19] - Net profit for the first three quarters of 2024 was ¥507,265,199.52, compared to ¥266,475,847.45 in 2023, representing a 90.2% increase[19] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to CNY 12.22 billion, a 4.32% increase from the end of the previous year[4] - Total assets as of September 30, 2024, amounted to ¥12,221,620,665.54, up from ¥11,715,023,471.80 at the end of 2023[18] - Current assets totaled ¥6,488,421,495.55, an increase from ¥6,175,749,710.54 in the previous year[18] - The total liabilities as of September 30, 2024, were ¥1,014,756,330.68, compared to ¥972,517,044.16 at the end of 2023[18] - The company's total equity reached ¥11,206,864,334.86, an increase from ¥10,742,506,427.64 at the end of 2023[18] Cash Flow - The company reported a net cash flow from operating activities of CNY 465.34 million for the year-to-date period, reflecting an increase due to higher cash receipts from sales[8] - In the first three quarters of 2024, the company generated cash inflows from operating activities amounting to CNY 2,482,539,982.35, a significant increase from CNY 1,772,951,330.30 in the same period of 2023, representing a growth of approximately 40.0%[21] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 465,340,293.85, compared to a negative cash flow of CNY -76,956,258.80 in the first three quarters of 2023, indicating a turnaround in operational performance[21] - The company reported cash and cash equivalents at the end of the third quarter of 2024 amounting to CNY 272,242,587.07, down from CNY 393,508,471.53 at the end of the same period in 2023[23] - The total cash outflow from financing activities in the first three quarters of 2024 was CNY 137,407,531.31, compared to CNY 3,503,968.02 in the same period of 2023, indicating a significant increase in financing activities[23] - The net cash flow from financing activities for the first three quarters of 2024 was CNY 1,914,068.69, recovering from a negative cash flow of CNY -3,503,968.02 in the same period of 2023[23] Research and Development - Research and development expenses for the first three quarters of 2024 were ¥403,442,931.89, compared to ¥369,945,734.16 in 2023, indicating an increase of 9.0%[19] Sales and Procurement - The company expects continued growth in revenue driven by successful bidding in national drug procurement and price increases in insulin products[9] - The company secured a first-year agreement volume of 46.86 million insulin units in the latest round of centralized procurement, representing a 32.6% increase compared to the previous procurement[11] - International sales revenue reached 242 million RMB in the first three quarters of 2024, marking a 37.63% year-on-year growth, with Q3 sales revenue increasing by 72.10% compared to the same period last year[11] - The company's franchise service revenue amounted to 135 million RMB in the first three quarters of 2024, a 34.49% increase year-on-year, primarily due to increased milestone revenue recognition[11]

证券代码：603087 证券简称：甘李药业 公告编号：2024-078 甘李药业股份有限公司 关于聘任公司 2024 年度审计机构的公告 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。 重要内容提示： ●拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙）（以下 简称"致同会计师事务所"） ●原聘任的会计师事务所名称：大华会计师事务所（特殊普通合伙）（以下 简称"大华会计师事务所"） ●变更会计师事务所的简要原因及前任会计师的异议情况：为充分保障甘李 药业股份有限公司（以下简称"公司"）年报审计工作安排，更好地适应公司未 来业务发展及规范化需要，综合考虑公司对审计服务的需求，根据《国有企业、 上市公司选聘会计师事务所管理办法》的相关规定，履行相应的选聘程序，公司 拟聘任致同会计师事务所为公司 2024 年度审计机构。公司已就会计师事务所变 更事宜与大华会计师事务所进行了沟通，大华会计师事务所对变更事宜无异议。 公司于 2024 年 10 月 21 日召开第四届董事会第二十四次会议，审议通过了 《关于聘任公司 2024 年 ...

北京市中伦律师事务所 关于甘李药业股份有限公司 终止实施 2021 年股票期权激励计划 并注销相关股票期权的 法律意见书 $$\Xi\,{\cal O}\,{\underline{{{-\,}}}}\,\vert\!\vert\Psi\!\vert\!\vert\,\not\!\vert\,\Xi\,{\cal+}\,\vert\!\vert\,\Xi$$ 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于甘李药业股份有限公司 终止实施 2021 年股票期权激励计划 为出具本法 ...

甘李药业股份有限公司 关于终止实施 2021 年股票期权激励计划 暨注销股票期权的公告 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。 证券代码：603087 证券简称：甘李药业 公告编号：2024-079 2024 年 10 月 21 日，甘李药业股份有限公司（以下简称"公司"）召开了第 四届董事会第二十四次会议和第四届监事会第二十二次会议，分别审议通过了 《关于终止实施 2021 年股票期权激励计划暨注销股票期权的议案》，根据《上市 公司股权激励管理办法》、公司《2021 年股票期权激励计划（草案）》（以下简称 "激励计划"或"本激励计划"、"本次激励计划"）的有关规定，结合公司实际 情况，公司拟终止实施 2021 年股票期权激励计划并注销激励计划已授予但尚未 行权的股票期权，本事项尚需提交公司股东大会审议。现将有关事项说明如下： 一、本次激励计划已履行的决策程序和信息披露情况 1、2021 年 9 月 27 日，公司董事会召开第三届董事会第二十四次会议、第 三届监事会第十九次会议，审议通过了《关于<甘李药业股份有限公司 ...