Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 54.95 RMB, based on a 30x PE valuation for 2025, leading to a target market capitalization of 330 billion RMB [4]. Core Views - The company has been a leader in the insulin market for nearly 20 years, being the first domestic company to industrialize the production of third-generation insulin. It holds a 37% share of the total volume of third-generation insulin in the recent procurement, surpassing Novo Nordisk [1]. - Following the recent procurement renewal, the industry is entering a new cycle with both volume and price increases, indicating a reversal of the company's performance bottom. The gross margin is expected to reach 84% in 2025 [2]. - The company is advancing its international commercialization efforts, with a leading position in the industry. It has received FDA and EMA acceptance for its insulin products, indicating strong potential for revenue growth from overseas markets [3]. Summary by Sections Investment Logic - The company has a strong foothold in the insulin market, being the first to produce third-generation insulin in China. Its products cover long-acting, rapid-acting, and premixed insulin segments [1]. Industry Cycle - The recent procurement renewal has led to a price increase of 5-48% for the company's insulin products, with a significant 34% increase for its core product, glargine insulin. The company secured a procurement volume of 46.86 million units, a 32.6% increase from the last procurement [2]. International Commercialization - The company has established a comprehensive international network and is actively expanding its presence in various global markets. It has successfully registered its products in several countries, enhancing its international sales capabilities [3][24]. Financial Forecast - The company is projected to achieve net profits of 6.41 billion, 11.01 billion, and 15.12 billion RMB from 2024 to 2026, with year-on-year growth rates of 88.6%, 71.7%, and 37.4% respectively [4][6].

证券代码：603087 证券简称：甘李药业 公告编号：2025-007 甘李药业股份有限公司 关于胰岛素周制剂GZR4中国Ⅲ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 GZR4正在中国开展Ⅲ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、GZR4的基本情况 GZR4是甘李药业在研的每周皮下注射给药一次的超长效胰岛素周制剂， 适应症为糖尿病。 在目前已上市的胰岛素类药物中，胰岛素类似物因其相对良好的安全性 和更低的免疫原性占据着胰岛素市场的主要份额。现阶段市面上的长效基础 胰岛素类似物半衰期大约都在10-26小时，作用持续时间仅为一天左右。超长 效胰岛素周制剂具有半衰期更长、给药频率低、血药浓度与药效更加平稳、 患者血糖日间变异小、低血糖风险更小等特点，成为糖尿病药物研发企业目 前新药研发的重要方向之一。 二、GZR4的研发情况及进展 GZR4于2022年7月7日获得了中国国家药品监督管理局开展临 ...

Core Viewpoint - Ganli Pharmaceutical Co., Ltd. has announced the initiation of a large-scale Phase III clinical study (SUPER-2) for its self-developed basal insulin GZR4 injection in China, marking the first global Phase III clinical study for this product [1] Group 1 - The Phase III clinical study targets type 2 diabetes mellitus (T2DM) patients who have previously received basal insulin treatment [1] - The first subject has been dosed in this significant clinical trial, indicating progress in the development of GZR4 injection [1] - This study represents a key milestone for Ganli Pharmaceutical in its research and development efforts for diabetes treatment [1]

证券代码：603087 证券简称：甘李药业 公告编号：2025-006 甘李药业股份有限公司 关于全资子公司获得药品注册批件的公告 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"）的全资子公司甘李 药业山东有限公司于近日收到国家药品监督管理局（以下简称"国家药监局"） 下发的恩格列净片产品注册批件，受理号为 CYHS2301895，药品注册证书编号 为 2025S00268。现将相关情况公告如下： 一、药物基本情况 1、产品名称：恩格列净片 7、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 本品符合药品注册的有关要求，批准注册，发给药品注册证书。质量标准、说明 书、标签及生产工艺照所附执行。药品生产企业应当符合药品生产质量管理规范 要求方可生产销售。 2、剂 型：片剂 3、注册分类：化学药品 4 类 4、申请事项：药品注册（境内生产） 5、上市许可持有人：甘李药业山东有限公司 6、生产企业：华益药业科技（安徽）有限公司 根据公开数据，恩格列净片 2014 ...

证券代码：603087 证券简称：甘李药业 公告编号：2025-005 甘李药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，上市公司应当在每个月的前三个 交易日内，公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如 下： 2025 年 1 月，公司通过集中竞价交易方式已累计回购股份 35.6721 万股，占 公司总股本的比例为 0.0593%，成交最高价为 44.13 元/股，成交最低价为 41.07 元 /股，已支付的资金总额约为人民币 1,502.9523 万元（不含交易费用）。 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： | 回购方案首次披露日 | 2024/9/6 | | | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 月 5 日~2025 年 9 月 4 | 日 | | 预计回购金额 | 15, ...

Investment Rating - The report initiates coverage with a "Buy" rating for Gannee Pharmaceutical [10] Core Views - Gannee Pharmaceutical is a leading player in the insulin market in China, with a comprehensive product pipeline covering long-acting, rapid-acting, and premixed insulin [3][18] - The domestic business is entering a stable growth phase, driven by the implementation of insulin procurement policies that enhance product pricing and volume [4][26] - The company is expanding into overseas markets, particularly in emerging regions, and has significant potential in the U.S. market for biosimilar insulin products [5][8] Summary by Sections Company Overview - Gannee Pharmaceutical has been focused on diabetes treatment for over 20 years and is the first in China to master recombinant insulin manufacturing [18] - The company has a stable shareholding structure, with its founder being a well-known expert in the insulin industry [20][21] Domestic Market - The insulin procurement policy has led to a significant increase in the volume and price of Gannee's products, with a 33% increase in agreement volume compared to the first round of procurement [4][26] - The company achieved a revenue of 26.08 billion yuan in 2023, a 52.31% increase year-on-year, and turned a profit after a previous loss [25][26] Overseas Market - Gannee is actively expanding into emerging markets, with its insulin products approved in 20 countries and commercial sales in 18 [5][8] - The U.S. insulin market is projected to be worth approximately $28.4 billion in 2023, with Gannee's products expected to capture a significant share due to their competitive pricing [5][8] R&D Pipeline - The company is not only focused on insulin but is also advancing into the GLP-1 receptor agonist market, with promising results from clinical trials [9][18] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 32.25 billion, 46.21 billion, and 54.40 billion yuan, with corresponding net profits of 6.26 billion, 11.19 billion, and 14.67 billion yuan [10][12]

证券时报•数据宝统计显示，甘李药业今日收于43.02元，上涨1.22%，日换手率为0.68%，成交额为1.62 亿元，近5日上涨3.29%。 证券时报网讯，甘李药业（603087）1月20日发布2024年业绩预增公告，预计实现净利润为6.00亿元 ~6.50亿元，净利润同比增长76.44%~91.14%。 通过对2024年业绩预增50%以上的个股走势进行统计发现，预告发布后当日股价上涨的占比71.43%，股 价发布当日股价涨停的有16家。 预告发布后5日股价上涨的占比84.69%。 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 600 million and 650 million CNY, an increase of 259.93 million to 309.93 million CNY compared to the previous year, representing a year-on-year increase of 76.44% to 91.14%[3] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 is projected to be between 410 million and 460 million CNY, an increase of 112.84 million to 162.84 million CNY compared to the previous year, reflecting a year-on-year increase of 37.97% to 54.80%[3] - The total profit for the previous year was 306.14 million CNY, with a net profit attributable to shareholders of 340.07 million CNY and a net profit after deducting non-recurring gains and losses of 297.16 million CNY[6] - The performance forecast is based on preliminary estimates and has not been audited by certified public accountants[5] - There are no major uncertainties affecting the accuracy of this performance forecast[8] - The data provided is preliminary and the final financial figures will be disclosed in the official 2024 annual report[9] Revenue Growth - The company achieved steady growth in domestic and international revenue, with significant sales increases in key markets such as Indonesia, India, and Algeria[7] - The company has maintained its product selection status in the new round of centralized procurement, contributing to sustained domestic revenue growth[7] Impact of Non-Recurring Gains - Non-recurring gains and losses significantly impacted net profit, primarily due to increased fair value gains on trading financial assets influenced by market fluctuations[7] Announcement Details - The announcement was made by the board of directors on January 21, 2025[11]

| 回购方案首次披露日 | 2024/9/6 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 5 日~2025 年 月 | 4 日 | 9 | 月 | | 预计回购金额 | 万元 15,000 万元~30,000 | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 累计已回购股数 | 万股 39.69 | | | | | 累计已回购股数占总股本比例 | 0.0660% | | | | | 累计已回购金额 | 1,512.5293 万元 | | | | | 实际回购价格区间 | 37.65 元/股~38.42 元/股 | | | | 证券代码：603087 证券简称：甘李药业 公告编号：2025-001 甘李药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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 ...