证券代码：603087 证券简称：甘李药业 公告编号：2025-069 甘李药业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 公司将于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披 露《2025 年第三季度报告》。为便于广大投资者更全面深入地了解公司状况，公 司决定于 2025 年 11 月 3 日上午 9:00-10:00 举行 2025 年第三季度业绩说明会， 对公司的经营成果及财务指标的具体情况进行充分交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 会议召开时间：2025 年 11 月 3 日（星期一）9:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sse ...

10月份以来，国产创新药"出海"进程再提速，多项重量级BD(BusinessDevelopment，商务合作拓展)交易 密集落地。其中，信达生物制药集团有限公司(以下简称"信达生物")凭借与武田制药达成的全球战略合 作，总交易额高达114亿美元，创下国产创新药BD交易的新纪录。 近年来，中国创新药企的研发能力持续提升，已成为全球医药BD最活跃的力量之一。中证鹏元报告显 示，2023年以来中国药企海外授权交易数量及金额呈爆发式增长趋势，2025年仅上半年，交易总额就已 经接近2024年全年水平。 "中国创新药行业正进入商业化放量期，并逐步从本土市场迈向全球市场。目前，创新药'出海'主要有 两种模式：一是自主'出海'，即药企依靠自身团队在海外开展临床试验、注册申报和销售；二是BD'出 海'，即通过授权合作、股权投资等方式实现国际化。由于自主'出海'周期长、成本高、风险大，当前国 产创新药'出海'仍以BD授权模式(License-out)为主。"深度科技研究院院长张孝荣对《证券日报》记者表 示。 深圳市融智私募证券投资基金管理有限公司基金经理兼高级研究员包金刚在接受《证券日报》记者采访 时表示："10月份国产创新药 ...

Group 1 - The core point of the article highlights the acceleration of Chinese innovative drug companies' international expansion, marked by significant business development (BD) transactions, including a record $11.4 billion deal between Innovent Biologics and Takeda Pharmaceutical [1][3] - Innovent Biologics announced a global strategic collaboration with Takeda, integrating their strengths in immuno-oncology and antibody-drug conjugates to expedite the global development of two late-stage drugs, with an upfront payment of $1.2 billion and potential milestone payments [1] - Other Chinese pharmaceutical companies, such as Hansoh Pharmaceutical and Beijing Ausun Pharmaceutical, have also reported significant BD agreements, indicating sustained market interest and high premium recognition for domestic innovative drugs [2] Group 2 - Chinese innovative pharmaceutical companies have significantly improved their R&D capabilities, becoming one of the most active forces in global BD, with a notable increase in overseas licensing transactions in 2023 [3] - The current trend of "going global" for innovative drugs primarily involves two models: self-driven internationalization and BD partnerships, with the latter being favored due to lower costs and risks [3] - The surge in BD activities in October is seen as a reflection of Chinese innovative drug companies entering the global mainstream, as multinational pharmaceutical companies seek to fill revenue gaps from patent expirations by collaborating with Chinese firms [4]

Market Overview - The biopharmaceutical sector experienced a decline of 0.57% on October 22, with Aopumai leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Wendi Pharmaceutical (688488) with a closing price of 14.77, up 4.01% [1] - Dongbao Bio (300239) at 5.78, up 2.66% [1] - Jinke (688670) at 17.03, up 2.59% [1] - Major decliners included: - Aopumai (688293) at 55.19, down 4.40% [2] - Wofu Bio (300357) at 31.63, down 3.18% [2] - Sanofi (688336) at 59.60, down 2.39% [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 192 million yuan from institutional investors, while retail investors contributed a net inflow of 53.82 million yuan [2] - Specific stock capital flows included: - Te Bao Bio (688278) with a net inflow of 19.00 million yuan from institutional investors [3] - Hualan Bio (002007) with a net inflow of 12.05 million yuan from institutional investors [3] - Aopumai (688293) with a net outflow of 4.40% from institutional investors [3]

Core Points - Beijing Xute Hongda Technology Co., Ltd. holds 32,073,734 shares of Ganli Pharmaceutical Co., Ltd., accounting for 5.37% of the total share capital. Recently, Xute Hongda completed the release of 600,000 shares from pledge, reducing the total pledged shares to 23,410,000, which is 72.99% of its holdings and 3.92% of the total share capital [1] - The controlling shareholder, Mr. Gan Zhongru, and Xute Hongda together hold 237,717,491 shares, representing 39.80% of the total share capital. After the release of the pledge, the total pledged shares amount to 23,410,000, which is 9.85% of their holdings and 3.92% of the total share capital [1] Pledge Release Situation - The announcement details the situation regarding the release of share pledges by the shareholders [1] Cumulative Pledged Shares Situation - As of the announcement date, the cumulative pledged shares by the shareholders and their concerted actions are outlined [1] Impact of Pledged Shares on the Company - The 5% shareholder, Xute Hongda, has a good credit status and sufficient repayment capability. The pledged shares currently do not pose a risk of forced liquidation or transfer, indicating that the pledge risk is manageable and will not materially affect the company's operations [1]

甘李药业股份有限公司 关于公司持股5%以上股东部分股份解押的公告 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: ● 北京旭特宏达科技有限公司（以下称"旭特宏达"）持有甘李药业股份有限公司（以下简称"公司"）无 限售条件流通股32,073,734股，占公司总股本的5.37%。2025年10月20日公司收到通知，旭特宏达已于 近日办理完毕600,000股公司股份的解押登记手续。本次股份解除质押后，旭特宏达累计质押公司股份 数量为23,410,000股，占其持股数量的72.99%，占公司总股本的3.92%。 ● 控股股东、实际控制人甘忠如先生及其控制的北京旭特宏达科技有限公司（以下简称"旭特宏达"）合 计持有公司股份237,717,491股，占公司总股本的39.80%。本次股份解除质押后，甘忠如先生及旭特宏 达累计质押公司股份数量为23,410,000股，占其持股数量的9.85%，占公司总股本的3.92%。 一、本次股份质押解除情况 ■ 二、股东累计质押股份情况 证券代码：603087 证券简称：甘李药业 公告编号 ...

Core Points - Gannee Pharmaceutical announced that Beijing Xute Hongda Technology Co., Ltd. holds 32,073,734 shares of the company, accounting for 5.37% of the total share capital [1] - On October 20, 2025, the company received notification that Xute Hongda has completed the release registration procedures for 600,000 shares [1] - After the release of the pledge, Xute Hongda has pledged a total of 23,410,000 shares, which is 72.99% of its holdings and 3.92% of the company's total share capital [1]

北京旭特宏达科技有限公司（以下称"旭特宏达"）持有甘李药业股份 有限公司（以下简称"公司"）无限售条件流通股 32,073,734 股，占公司总股本 的 5.37%。2025 年 10 月 20 日公司收到通知，旭特宏达已于近日办理完毕 600,000 股公司股份的解押登记手续。本次股份解除质押后，旭特宏达累计质押公司股份 数量为 23,410,000 股，占其持股数量的 72.99%，占公司总股本的 3.92%。 控股股东、实际控制人甘忠如先生及其控制的北京旭特宏达科技有限公 司（以下简称"旭特宏达"）合计持有公司股份 237,717,491 股，占公司总股本 的 39.80%。本次股份解除质押后，甘忠如先生及旭特宏达累计质押公司股份数 量为 23,410,000 股，占其持股数量的 9.85%，占公司总股本的 3.92%。 | 股东名称 | 旭特宏达 | | | | --- | --- | --- | --- | | 本次解除质押股份 | 股 600,000 | | | | 占其所持股份比例 | 1.87% | | | | 占公司总股本比例 | 0.10% | | | | 解除质押/冻结/标记时间 | 年 ...

Investment Rating - The report maintains a "Positive" investment rating for the insulin industry [10] Core Insights - The insulin market is stabilizing post-collection procurement, with companies focusing on innovation and steady progress in R&D pipelines, creating a closed-loop advantage in insulin, diabetes, endocrine, and metabolism sectors [3][9] - The progress of insulin exports is promising, expected to contribute to new growth [8] - The cash flow of companies is gradually stabilizing, and the valuation of innovative pipelines is likely to be reshaped [9] Summary by Sections Domestic Insulin Collection Procurement - The domestic insulin market is broad, with insulin analogs becoming the main driving force. In 2021, there were approximately 14.1 million diabetes patients in China, with an expected increase to 29.3 million by 2030. The market size for insulin in China is projected to be 22.3 billion yuan in 2024, reflecting a year-on-year decrease of 14.23% [20] - The first round of national collection procurement was moderate, ensuring basic procurement volume and expanding external market channels. Nearly 50% of the insulin market share was not included in the procurement, allowing leading companies to significantly increase sales volume [27][20] - The second round of procurement renewal has seen price increases for some companies, reflecting a balanced approach by the National Medical Insurance Administration [30][27] Insulin Export Progress - Companies like Ganli Pharmaceutical and Tonghua Dongbao are making significant progress in exporting insulin to developed regions like Europe and the US, where the insulin market is valued at $13.2 billion. The market in developing regions such as Asia, Africa, and Latin America is estimated to be between $4.3 billion and $6.5 billion [8][20] Innovative Drug Pipeline - The innovative drug pipeline is gradually yielding results, with a focus on GLP-1 research and development. Insulin companies are expected to leverage their advantages in sales terminals, process development, and production capacity in the GLP-1 sector [9][8] - The management teams and innovation systems of these companies are undergoing significant changes, which may lead to a reshaping of their valuations [9]

Summary of Gannee Pharmaceutical Conference Call Company Overview - Gannee Pharmaceutical is a leading player in the domestic insulin market, focusing on diabetes treatment. The company has achieved significant growth in market share and product pricing due to recent procurement policies [2][3]. Key Points Industry and Market Performance - Gannee Pharmaceutical's six insulin products saw an average price increase of 31% during the procurement process, with a procurement demand of 41.77 million units for 2025, an increase of over 25 million units from the previous round [2][3]. - The company holds approximately 40% of the domestic insulin market share, ranking second after Novo Nordisk, with its procurement demand share rising from 8% to 17% [3]. Financial Impact of Procurement Policies - The procurement policies have significantly impacted Gannee's financials, allowing the company to turn a profit in 2023 after a substantial decline in revenue and profit in 2022. The company anticipates a profit target of 1.1 billion for 2025, having already achieved 600 million in profit in the first half of the year [2][7]. - The company has maintained stable expense ratios, although costs related to academic promotion have increased [7]. Innovation and Product Development - Gannee is actively developing innovative drugs, including oral hypoglycemic agents and long-acting insulin products. The GLP-1 receptor agonist GZR18 has shown significant efficacy and safety in obese populations, while GZR4 has entered Phase III clinical trials, positioning it as the first domestic and third global weekly formulation [2][4][5]. - The company has a comprehensive insulin research pipeline covering long-acting, rapid-acting, and premixed segments, with expectations for continued market share growth [4][12]. International Market Expansion - Gannee has made significant strides in international markets, with a 16% year-on-year increase in international revenue. The company has successfully exported aspart insulin and passed the European EMA pre-market GMP inspection, marking a significant milestone for domestic insulin analogs [2][6]. - The global insulin market is valued at approximately $26.4 billion, with long-acting insulin accounting for $15 billion. Gannee aims to leverage its competitive pricing and first-mover advantage in international markets [16]. Future Growth and Profitability Projections - The company has set ambitious profit targets as part of its equity incentive plan, aiming for a net profit of no less than 1.1 billion in 2025 and 1.43 billion in 2026, reflecting strong confidence in future growth [2][8]. - Gannee's growth projections for its biopharmaceutical segment are 26%, 31%, and 25% for 2024, 2025, and 2026, respectively, driven by the positive effects of procurement policies [18]. Competitive Landscape - Gannee's insulin product line includes five third-generation insulin analogs and one human insulin, with strong product stickiness expected to enhance market share further. The company is also exploring cutting-edge diabetes therapies, including oral GLP-1, DPP-4, and SGLT-2 agents [12][14]. Clinical Advancements - GZR18 has demonstrated a weight loss of 17.29% in obese adults, showcasing its potential in the market. The ongoing clinical trials for GZR4 are expected to improve patient adherence significantly [5][15]. Conclusion Gannee Pharmaceutical is well-positioned in the insulin market, with strong financial recovery, innovative product development, and strategic international expansion. The company's proactive approach to procurement policies and commitment to innovation are expected to drive future growth and profitability.