证券之星消息，甘李药业(603087)08月15日在投资者关系平台上答复投资者关心的问题。 投资者提问：公司如何有效经营企业稳健，给予投资者良好回报？ 甘李药业回复：尊敬的投资者您好，2025上半年，公司实现营业收入20.67亿元，同比增长57.18%；归 属于上市公司股东的净利润6.04亿元，同比增长101.96%；归属于上市公司股东的扣除非经常性损益的 净利润4.88亿元，同比增长284.47%,盈利能力显著增强。在国内市场，公司紧抓政策机遇，充分发挥集 采中标优势，持续优化市场策略，推动业务高质量发展。在胰岛素接续集采执行过程中，公司凭借卓越 的产品质量和稳定的供应能力，进一步扩大医疗机构覆盖范围，产品市场渗透率持续提升，各产品销 量、收入与上年度相比均有显著增长。2025年上半年，国内销售收入18.45亿元，同比增长55.28%。在 国际市场，公司持续深化全球市场拓展，强化本土化运营能力。2025年上半年，国际销售收入达2.19亿 元，同比增长74.68%。在新兴市场，公司持续深化与关键市场头部合作伙伴的稳定合作关系，依托客 户信任，推广多元产品组合，挖掘合作新潜力，开拓合作新增长点。研发创新方面，公 ...

格隆汇8月14日｜华安证券研报指出，甘李药业2025H1业绩亮眼，国内量价齐升，海外市场保持高增 长。国内市场，通过两轮胰岛素集采，公司成功实现扩大市场份额的战略目标。特别是在2024年接续集 采中，协议量较上次集采大幅增长32.6%，同时产品价格合理回升，形成量价齐升的协同效应。2025年 上半年，国内销售收入18.45亿元，同比增长55.28%。在国际市场，公司持续深化全球市场拓展，强化 本土化运营能力。2025年上半年，国际销售收入达2.19亿元，同比增长74.68%。在新兴市场，公司持续 深化与关键市场头部合作伙伴的稳定合作关系，依托客户信任，推广多元产品组合，挖掘合作新潜力， 开拓合作新增长点。公司近两年在海外市场新完成注册的门冬胰岛素30注射液等产品，已顺利实现市场 放量，为国际业务贡献了新增量。研发创新方面，公司持续加大投入，2025年上半年研发投入达5.52亿 元（其中费用化金额约2.65亿元），占营业收入比例26.70%。截至报告披露日，公司处于临床阶段的主 要研发项目包括博凡格鲁肽注射液、GZR4注射液、GZR101注射液和GZR102注射液。维持"买入"评 级。 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in both domestic and international markets, driven by strategic initiatives and product innovation [1][2][3]. Financial Performance - In the first half of 2025, the company achieved total revenue of 2.067 billion yuan, a year-on-year increase of 57.18%, and a net profit attributable to shareholders of 604 million yuan, up 101.96% [1]. - For Q2 2025, the company recorded revenue of 1.082 billion yuan, a 43.39% increase year-on-year, and a net profit of 292 million yuan, reflecting a 43.80% growth [1]. Domestic Market Growth - The domestic sales revenue reached 1.845 billion yuan in the first half of 2025, marking a 55.28% year-on-year increase, supported by two rounds of insulin procurement that expanded market share [2]. - The agreement volume in the 2024 procurement increased significantly by 32.6% compared to the previous round, contributing to a synergistic effect of volume and price increases [2]. International Market Expansion - International sales revenue for the first half of 2025 was 219 million yuan, a year-on-year increase of 74.68%, indicating strong growth in overseas markets [3]. - The company has deepened partnerships with key market players in emerging markets, leveraging customer trust to promote a diverse product portfolio [3]. R&D Investment and Product Pipeline - The company invested 552 million yuan in R&D in the first half of 2025, accounting for 26.70% of total revenue, with a focus on advancing its innovative product pipeline [3]. - Key projects in clinical stages include the innovative drug Bofangluretin injection and several insulin products, with Bofangluretin injection expected to be the first bi-weekly GLP-1RA on the market [4][5]. Product Innovations - Bofangluretin injection is in Phase III clinical trials for type 2 diabetes in China and Phase II in the U.S., showing high homology with endogenous GLP-1 [4]. - GZR4 injection, a fourth-generation insulin, is in Phase III trials in China and has been approved for Phase I in Europe, aiming to reduce injection frequency significantly [5]. - GZR101 injection, a premixed dual insulin formulation, has shown superior efficacy in lowering HbA1c compared to existing treatments in completed Phase II trials [6]. Future Revenue Projections - The company anticipates revenues of 4.393 billion yuan, 5.229 billion yuan, and 6.247 billion yuan for 2025-2027, with year-on-year growth rates of 44.2%, 19.0%, and 19.5% respectively [8]. - Expected net profits for the same period are projected to be 1.113 billion yuan, 1.425 billion yuan, and 1.787 billion yuan, with corresponding growth rates of 81.0%, 28.1%, and 25.4% [8].

华安证券8月13日发布研报称，给予甘李药业（603087.SH）买入评级。评级理由主要包括：1）2025H1 业绩亮眼，国内量价齐升，海外市场保持高增长；2）创新产品管线有序推进，核心产品进入三期临 床。风险提示：胰岛素海外注册审批进度不及预期的风险；国际贸易摩擦风险；新品研发进度不及预期 的风险。 （文章来源：每日经济新闻） ...

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company reported a total revenue of 2.067 billion yuan for the first half of 2025, representing a year-on-year increase of 57.18%, and a net profit attributable to shareholders of 604 million yuan, up 101.96% year-on-year [5][11] - Domestic sales revenue reached 1.845 billion yuan in the first half of 2025, a year-on-year increase of 55.28%, driven by two rounds of insulin procurement that significantly expanded market share [5] - International sales revenue was 219 million yuan, reflecting a year-on-year growth of 74.68%, as the company deepened its global market expansion and strengthened local operational capabilities [5] Financial Performance - The company achieved a net profit of 292 million yuan in Q2 2025, a year-on-year increase of 43.80%, with a non-GAAP net profit of 273 million yuan, up 149.03% year-on-year [5] - R&D investment for the first half of 2025 reached 552 million yuan, accounting for 26.70% of total revenue [6] - The company expects revenues of 4.393 billion yuan, 5.229 billion yuan, and 6.247 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 44.2%, 19.0%, and 19.5% [11][13] Product Pipeline - The company has several key products in clinical stages, including the long-acting GLP-1 receptor agonist, Bo Fang Gu Lu Tai injection, which is in Phase III clinical trials in China and Phase II in the U.S. [7] - GZR4 injection, a fourth-generation insulin product, is in Phase III clinical trials in China and has received Phase I approval in Europe and the U.S. [8] - GZR101 injection, a premixed dual insulin formulation, has completed Phase II clinical trials in China and has shown superior efficacy compared to existing treatments [9]

Core Viewpoint - Dongfang Securities' report indicates that Ganli Pharmaceutical's interim report meets expectations and actively promotes business development (BD) progress [1] Group 1: Company Development - Ganli Pharmaceutical is advancing its BD strategy by pushing GLP-1 analogs and fourth-generation insulin projects onto the international BD stage by 2025 [1] - The company is showcasing its clinical data to international pharmaceutical giants to seek deals in key clinical stages [1] Group 2: Clinical Research and Results - The IIb clinical study of GZR18 (Bofang Glucagon-like Peptide-1 injection) in overweight/obese patients in China demonstrated significant weight loss, with an average reduction of up to 17.3% from baseline after 30 weeks of treatment [1] - GZR4, as the first insulin weekly formulation to enter phase III clinical trials in China, shows a longer half-life, which can reduce injection frequency and significantly improve patient compliance [1] Group 3: Market Potential and Valuation - The company maintains a target price of 70.67 yuan based on a 37 times price-to-earnings (PE) ratio for 2025, reflecting its market potential [1] - The report maintains a "buy" rating for the company, indicating confidence in its future performance [1]

Investment Rating - The report maintains a "Recommendation" rating for Ganli Pharmaceutical (603087.SH) [1][8] Core Views - The company's main business is steadily increasing, with significant growth in both domestic and international markets. The domestic revenue reached 1.845 billion yuan, a year-on-year increase of 55.28%, while international revenue was 222 million yuan, growing by 75.08% [4][8] - The company is actively expanding its international presence and has received approvals for its products in several countries, including Malaysia, Pakistan, and Argentina [8] - The report highlights the successful implementation of insulin procurement strategies, which have led to both volume and price increases for insulin products [7][8] - The company is advancing its innovation pipeline, particularly in the GLP-1 segment, with several products in various stages of clinical trials [7][8] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.067 billion yuan, a year-on-year increase of 57.18%, and a net profit attributable to shareholders of 604 million yuan, up 101.96% [4] - The projected operating revenues for 2025-2027 are 4.173 billion yuan, 5.226 billion yuan, and 6.201 billion yuan, respectively, with year-on-year growth rates of 37.0%, 25.2%, and 18.7% [6][9] - The net profit for the same period is expected to be 1.207 billion yuan, 1.530 billion yuan, and 1.834 billion yuan, with growth rates of 96.4%, 26.7%, and 19.9% [6][9] Market Strategy - The company has successfully expanded its market share through two rounds of insulin procurement, achieving a 32.6% increase in procurement agreement volume for the upcoming 2024 procurement [7] - The report emphasizes the importance of innovation in the company's growth strategy, particularly in the development of new drug formulations and clinical trials [7][8] International Expansion - The international revenue growth reflects the company's successful entry into new markets and the approval of its products in various countries [8] - The report notes that the company has achieved a significant milestone with the approval of its insulin production technology in Brazil, marking a key step in its international strategy [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.07 billion yuan in the first half of 2025, representing a year-on-year growth of 57.2%, and a net profit attributable to the parent company of 600 million yuan, up 102.0% year-on-year, which aligns with expectations [8] - The company is actively advancing its business development (BD) process, focusing on global expansion with promising clinical data for its core products, including GZR18 and GZR4, which show significant market potential [8][9] - The company completed a board restructuring, with a new chairman who has extensive experience in drug development, indicating a commitment to innovation and global market strategies [8] Financial Forecasts and Investment Recommendations - The earnings per share (EPS) are projected to be 1.91 yuan, 2.40 yuan, and 2.84 yuan for 2025, 2026, and 2027 respectively [2] - The company is expected to maintain a revenue growth rate of 38.0% in 2025, with a target price set at 70.67 yuan based on a 37 times price-to-earnings (PE) ratio for 2025 [2][5] - Key financial metrics include a gross margin of 78.7% and a net margin of 27.2% for 2025, reflecting strong profitability [4][9]

长江商报消息 胰岛素生产企业甘李药业（603087.SH）业绩表现亮眼。 近日，甘李药业发布2025年半年报，公司上半年实现营业收入20.67亿元，同比增长57.18%；归母净利 润6.04亿元，同比增长101.96%。 研发投入接近翻倍 从业绩表现来看，甘李药业已走出集采阵痛，且集采已转化为优势。公司称，上半年，公司胰岛素制剂 产品在国内市场销量和销售额实现显著增长，量价齐升的协同效应充分释放。 长江商报记者注意到，2025年上半年，甘李药业的国内销售收入为18.45亿元，同比增长55.28%，是公 司的营业收入的主要来源。与此同时，公司毛利率提升明显，2025年上半年毛利率为76.25%，创出近 三年同期新高。 毛利率创近三年同期新高 甘李药业是国产胰岛素"双雄"之一，具备完整胰岛素研发管线，产品覆盖长效、速效、预混三个胰岛素 功能细分市场。2020年，甘李药业登陆A股。 上市次年，即2021年，甘李药业迎来业绩巅峰，营业收入、归母净利润分别达36.12亿元、14.53亿元。 2021年11月，胰岛素专项集采正式启动，甘李药业6款产品以较低价格中标。受此影响，2022年，甘李 药业的营业收入腰斩，归母净利 ...

Core Viewpoint - The article discusses the development and clinical trial progress of GZR102, a fixed-dose combination long-acting weekly injection of basal insulin and GLP-1 receptor agonist, by Gan Li Pharmaceutical, aimed at improving treatment for type 2 diabetes mellitus (T2DM) patients [2][4]. Group 1: Product Development - Gan Li Pharmaceutical has initiated the first dosing of GZR102 in a Phase II clinical trial for adult T2DM patients in China [2]. - The trial compares the efficacy, safety, and tolerability of GZR102 administered weekly versus GZR18 administered biweekly, with a target enrollment of 90 patients [4]. - GZR102 aims to simplify T2DM treatment pathways while significantly reducing blood sugar levels and minimizing weight gain and hypoglycemia risks associated with basal insulin alone [4]. Group 2: Clinical Trial Details - The primary endpoint of the study is the change in glycated hemoglobin (HbA1c) from baseline after 24 weeks [4]. - The innovative formulation of GZR102 maximizes the synergistic effects of its two components, potentially enhancing glycemic control while reducing the daily insulin dosage [5]. Group 3: Market Potential - GZR102 represents a novel product in the diabetes combination therapy space, with no similar fixed-dose combination long-acting weekly injections currently available globally [4]. - The product's entry into Phase II clinical trials positions it as a potential preferred option in the diabetes treatment market in China, further enriching Gan Li Pharmaceutical's product portfolio [4].