Core Insights - The company reported a total revenue of 2.067 billion yuan for the first half of 2025, marking an increase of 755.2 million yuan compared to the same period last year, achieving a 57.18% year-on-year growth [1] - The net profit attributable to shareholders reached 604 million yuan, an increase of 305 million yuan year-on-year, reflecting a 101.96% growth [1] - The net cash inflow from operating activities was 249 million yuan, up by 182 million yuan year-on-year, representing a 275.25% increase [1] Financial Performance - The latest debt-to-asset ratio stands at 7.68%, a decrease of 0.23 percentage points from the previous quarter and a reduction of 0.48 percentage points year-on-year [3] - The gross profit margin is reported at 76.25%, an increase of 2.80 percentage points compared to the same period last year [3] - The return on equity (ROE) is 5.51%, up by 2.78 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 1.02 yuan, an increase of 0.51 yuan year-on-year, achieving a 100.00% growth [3] - The total asset turnover ratio is 0.17 times, an increase of 0.06 times year-on-year, reflecting a 55.54% growth [3] - The inventory turnover ratio is 0.45 times, up by 0.07 times year-on-year, representing a 17.45% increase [3] Shareholder Structure - The number of shareholders is reported at 77,300, with the top ten shareholders holding a total of 282 million shares, accounting for 46.92% of the total share capital [3] - The largest shareholder, Gan Zhongru, holds 34.21% of the shares [3] - Other notable shareholders include Beijing Xute Hongda Technology Co., Ltd. with 5.90% and Hong Kong Central Clearing Limited with 1.25% [3]

Group 1 - Xinda Biologics reported a total product revenue exceeding 5.2 billion yuan in the first half of 2025, achieving a strong growth of over 35% year-on-year, driven by both oncology and comprehensive pipeline [1] - Eli Lilly's orforglipron demonstrated significant weight loss results in the ATTAIN-1 clinical trial, with the highest dose group (36 mg) achieving an average weight reduction of 12.4 kg, enhancing market confidence in the company's weight loss portfolio [1] Group 2 - AstraZeneca's Fasenra received approval for a new indication in China for the maintenance treatment of severe eosinophilic asthma in children aged 6 to <12 years, further solidifying its market position in respiratory diseases [2] Group 3 - Gan & Lee Pharmaceuticals reported a 57.18% increase in revenue to 2.067 billion yuan and a 101.96% increase in net profit to 604 million yuan in the first half of 2025, indicating strong business growth and enhanced profitability [3] Group 4 - Buchang Pharma announced an exclusive supply agreement with GOODFELLOW in the Philippines for the new biological drug Efparepoetin alfa, marking a significant step in the company's internationalization strategy and enhancing its brand value [4]

Core Points - The company has reported its fundraising management and usage situation for the first half of 2025, ensuring compliance with relevant regulations and confirming the accuracy of the report [2][11][24] Group 1: Fundraising Overview - The company raised a total of RMB 2,545,464,000 through the issuance of 40,200,000 shares at a price of RMB 63.32 per share, with a net amount of RMB 2,441,134,463.77 after deducting issuance costs [2][3] - As of June 30, 2025, the company has utilized RMB 2,081,956,363.27 of the raised funds, with RMB 264,416,471.27 remaining in the fundraising account [3][7] Group 2: Fundraising Management - The company has established a fundraising management system in accordance with relevant laws and regulations, ensuring that funds are stored in a dedicated account and managed under a three-party supervision agreement [4][5] - The company has not used idle funds for temporary working capital during the reporting period [8] Group 3: Investment Projects - The company has approved the use of RMB 1,521,624,608.07 of the raised funds to replace self-raised funds previously invested in fundraising projects [7][11] - The insulin industrialization project has achieved significant financial results, with a cumulative profit of RMB 1,120,138.69 million and a net profit of RMB 952,117.89 million as of June 30, 2025 [12]

Core Viewpoint - 甘李药业 reported significant growth in its half-year performance, driven by domestic market expansion, internationalization efforts, and increased R&D investment [2][5]. Group 1: Financial Performance - The company achieved a revenue of 20.67 billion yuan, representing a year-on-year increase of 57.18% [2]. - The net profit attributable to shareholders reached 6.04 billion yuan, with a growth of 101.96% [2]. - The non-recurring net profit surged by 284.47% [2]. Group 2: Domestic Market Dynamics - Domestic sales revenue amounted to 18.45 billion yuan, up 55.28% year-on-year, with domestic formulation sales at 18.02 billion yuan, increasing by 57.09% [2]. - The company secured a procurement agreement for 46.86 million units in the 2024 collection, a 32.6% increase from the previous collection, with its third-generation insulin products accounting for 30% of the total procurement volume [2][3]. Group 3: R&D Investment and Innovation - R&D investment reached 5.52 billion yuan, constituting 26.7% of total revenue [4]. - Key breakthroughs in the metabolic disease field include the GLP-1 dual-week formulation, which outperformed weekly alternatives in reducing hemoglobin A1c and weight [4]. - The GZR4 injection, the first domestic weekly formulation in phase III clinical trials, showed superior efficacy in lowering hemoglobin A1c compared to daily insulin alternatives [4]. Group 4: International Expansion - International revenue grew to 2.22 billion yuan, marking a 75.08% increase [5]. - The company has engaged in partnerships across over 20 countries, with recent approvals for products in Malaysia, Pakistan, and Argentina [5]. - The approval of the insulin production technology in Brazil is seen as a significant milestone for the company [5]. Group 5: Corporate Social Responsibility and Shareholder Returns - The company distributed cash dividends totaling 5.98 billion yuan, with a cumulative total of 8.98 billion yuan for the year, representing 146.07% of the annual net profit [5]. - 甘李药业 was included in the S&P Global "Sustainable Development Yearbook (China Edition) 2025" as an "Industry Best Progress Company" [5].

□适用 √不适用 | 股东性 | | 持股比 | | 持股 | 持有有限售 | | 质押、标记或冻 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 结的 | | | | | | | | 股东名称 | | | | | | | | | 质 | | 例(%) | | 数量 | 条件的股份 | | 股份数量 | | 甘李药业股份有限公司 | | | | | | | 2025 年 | | 半年度报告摘要 | | | | | | | | | | | | | | 数量 | | | | 境内自 | | | | | | | | | 34.21 | 甘忠如 | | | 205,643,757 | 28,508,550 | 无 | | | 然人 | | | | | | | | | 境内非 | | | | | | | | | 北京旭特宏达科技有限公司 | | | 国有法 | 5.90 | 35,473,235 | | 质 | | 24,010,000 | 押 | | | | | | | | 人 | | | | | | | | | 香港中央结算有限公司 其他 | | | ...

Core Viewpoint - Gan & Lee Pharmaceuticals has achieved significant growth in the first half of 2025, with a focus on innovation and research in diabetes treatment, particularly in insulin products and GLP-1 receptor agonists [2][3][21]. Financial Performance - The company reported a revenue of 2.067 billion yuan, a year-on-year increase of 57.18%, and a net profit of 604 million yuan, up 101.96% compared to the previous year [2][8]. - Domestic business revenue reached 1.845 billion yuan, growing by 55.28%, while international business revenue was 222 million yuan, increasing by 75.08% [2][8][9]. - The company distributed cash dividends totaling 598 million yuan, representing 97.21% of the net profit attributable to shareholders for 2024 [2]. Research and Development - R&D investment for the first half of 2025 was 552 million yuan, accounting for 26.70% of total revenue [2][3][21]. - The company is advancing its third-generation insulin technology and is in the global Phase III clinical stage for its GZR4 insulin product and GLP-1RA drug, Bo Fang Ge Lu Tai [2][3][21]. Market Expansion - Gan & Lee has expanded its international market presence, receiving product approvals in countries like Malaysia, Pakistan, and Argentina [4][22]. - The company aims to provide more accessible treatment options globally, leveraging its innovative products and competitive pricing [4][22]. Industry Context - The Chinese pharmaceutical industry is experiencing a shift towards innovation-driven development, with government policies supporting the rapid approval and clinical application of new drugs [13][19]. - The insulin procurement policy in China is enhancing the competitiveness of domestic companies, allowing them to capture a larger market share [14][20]. Strategic Focus - The company is committed to integrating scientific excellence into daily operations and quantifying patient benefits through reliable clinical data [4][21]. - Gan & Lee is actively pursuing global partnerships and expanding its capabilities in compliance, production, and commercialization to strengthen its international presence [22].

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 2025 年半年度报告及摘要的议案》 公司 2025 年半年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。 证券代码：603087 证券简称：甘李药业 公告编号：2025-059 甘李药业股份有限公司 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 甘李药业股份有限公司（"公司"）第五届监事会第三次会议于 2025 年 7 月 议室以现场会议的形式召开。本次会议由监事会主席张立主持。应出席监事 3 名，实际出席监事 3 名。本次会议的召开符合《公司法》和《公司章程》的有关 规定，会议决议合法有效。 具体内容详见公司于同日在上海证券交易所 ...

Core Viewpoint - The leading companies in the insulin market, namely Ganli Pharmaceutical and Tonghua Dongbao, have shown signs of recovery in their financial performance, indicating a positive trend following two rounds of centralized procurement [1][2]. Group 1: Financial Performance - Tonghua Dongbao expects a net profit of approximately 217 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [1]. - Ganli Pharmaceutical reported a revenue of 2.067 billion yuan and a net profit of 604 million yuan for the first half of 2025, representing year-on-year increases of 57.18% and 101.96%, respectively [3]. Group 2: Revenue Growth Drivers - Tonghua Dongbao attributes its turnaround to significant sales growth of insulin analog products and successful international expansion, leading to a notable increase in export revenue [2]. - Ganli Pharmaceutical's domestic revenue reached 1.845 billion yuan, a year-on-year increase of 55.28%, with its formulation sales growing by 57.09% [2]. Group 3: International Expansion - Ganli Pharmaceutical has received approvals for its products in countries such as Malaysia, Pakistan, and Argentina, and has successfully introduced insulin production technology in Brazil [4]. - Tonghua Dongbao has also expanded its international presence, with its insulin products approved for sale in Uzbekistan and Nicaragua [4]. Group 4: R&D Focus - The companies are shifting their focus towards developing new products, including fourth-generation insulin and GLP-1 class hypoglycemic drugs, as traditional insulin products face profit pressures from centralized procurement [5]. - Ganli Pharmaceutical is advancing several clinical projects, including GZR4 and GZR101, which are in different phases of clinical trials, and its GLP-1RA dual-week formulation, Bofanglure, is in phase III clinical research [5][6].

Mergers and Acquisitions - Tengjing Technology has decided to terminate the acquisition of 100% shares of Xunke Communication due to changes in market conditions and difficulties in reaching an agreement on the transaction plan [1] Earnings Disclosure - Ganli Pharmaceutical reported a 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 of 604 million yuan, up 101.96% year-on-year [2] - Shangwei New Materials announced a revenue of 784 million yuan for the first half of 2025, a year-on-year increase of 12.50%, but a net profit of 29.90 million yuan, down 32.91% year-on-year [3] - SMIC reported a sales revenue of 2.209 billion USD for the second quarter of 2025, a quarter-on-quarter decrease of 1.7%, with a gross margin of 20.4%, down 2.1 percentage points quarter-on-quarter [4] Shareholding Changes - Babai Co. announced that its major shareholder, Guangzhou Yunmei Industrial Investment Partnership, plans to reduce its holdings by no more than 2% of the company's shares, equivalent to 223.08 million shares [5] - Xianheng International disclosed that its major shareholder, Goldman Sachs Asia, intends to reduce its holdings by no more than 3%, which amounts to 12.30 million shares [6] - Linuo Pharmaceutical Packaging announced that its shareholders plan to reduce their holdings by no more than 3%, totaling 697.87 million shares [7] Risk Events - Fangsheng Pharmaceutical announced that its actual controller, Zhang Qinghua, has been placed under residential surveillance starting from August 6, 2025 [8]

Core Viewpoint - 甘李药业 reported strong financial performance for the first half of 2025, with significant growth in both revenue and net profit, driven by domestic and international market expansion, innovative product development, and a robust dividend policy [1][2][5]. Financial Performance - The company achieved a revenue of 2.067 billion yuan, representing a year-on-year increase of 57.18% [1]. - Net profit attributable to shareholders reached 604 million yuan, marking a year-on-year growth of 101.96% [1]. Domestic Market Performance - Domestic sales reached 1.845 billion yuan, up 55.28% year-on-year, largely due to the renewal of insulin national procurement agreements, which increased procurement volume by 32.6% [2]. - The overall sales volume of domestic formulations grew by 33.55% year-on-year [2]. - The company's market share in third-generation insulin rose to second in the industry, following Novo Nordisk [2]. International Market Expansion - International sales amounted to 219 million yuan, reflecting a year-on-year increase of 74.68% [2]. - The company is actively pursuing globalization through initiatives aligned with the Belt and Road Initiative, establishing partnerships in over 20 countries [2]. Research and Development - R&D investment totaled 552 million yuan, accounting for 26.70% of revenue, focusing on fourth-generation insulin and GLP-1 drugs [3]. - The fourth-generation insulin GZR4 has entered Phase III clinical trials domestically and has been approved for Phase I trials in Europe and the U.S. [3]. - The GLP-1 RA drug, Bo Fang Ge Lu Tai, is in Phase III trials in China and Phase II in the U.S., showing promising results in head-to-head trials [3]. International Milestones - The company achieved significant milestones in international markets, including the registration of multiple insulin products in Malaysia and the approval of its insulin product in Pakistan [4]. - A collaboration with Brazil's Ministry of Health marks the company's entry into Brazil's public health system, enhancing its international strategy [4]. Dividend Policy and Market Confidence - The company implemented a cash dividend of 1 yuan per share, totaling 598 million yuan, which represents 97.21% of the net profit attributable to shareholders for 2024 [5]. - Since its listing in 2020, the company has distributed cash dividends totaling 1.612 billion yuan, with an average cash dividend rate of 592.80% over the past three years [5]. Long-term Outlook - With improved operations, successful innovation, and international expansion, the sustainability of profit distribution is expected to enhance, along with the company's long-term investment value and competitiveness in the global metabolic disease sector [6].