Core Insights - Gan Li Pharmaceutical announced the appointment of Jia Ting as Corporate Vice President and Chief Medical Officer, responsible for the company's operations in Europe and the United States [1] - The Chairman and CEO of Gan Li Pharmaceutical, Chen Wei, expressed confidence that Jia Ting's involvement will accelerate the global registration and clinical development of new drugs [1] Company Overview - Jia Ting holds a medical doctorate from Karolinska Institute in Sweden and has over 15 years of experience in research and global clinical development in metabolic diseases, focusing on diabetes, obesity, kidney diseases, and other chronic metabolic conditions [1] - Prior to joining Gan Li Pharmaceutical, Jia Ting worked at Novo Nordisk, overseeing the lifecycle management of multiple innovative drugs and successfully facilitating product approvals and indication expansions in major markets including the US, Europe, and China [1]

民生加银中证500指数增强发起式A（012926）基金经理为何江、周帅。 截至发稿，何江累计任职时间14年147天，现任基金资产总规模7.7亿元，任职期间最佳基金回报 60.55%， 任职期间最差基金回报-49.3%。 周帅累计任职时间2年125天，现任基金资产总规模3.51亿元，任职期间最佳基金回报36.01%， 任职期 间最差基金回报-10.13%。 10月14日，甘李药业跌3.99%，截至发稿，报69.22元/股，成交10.39亿元，换手率2.64%，总市值413.45 亿元。甘李药业股价已经连续7天下跌，区间累计跌幅13.06%。 资料显示，甘李药业股份有限公司位于北京市通州区漷县镇南凤西一路8号，成立日期1998年6月17日， 上市日期2020年6月29日，公司主营业务涉及重组胰岛素类似物原料药及注射剂的研发、生产和销售。 主营业务收入构成为：生物制品(原料药及制剂产品)95.05%，医疗器械及其他4.69%，特许权服务收入 0.14%，化药0.12%。 从基金十大重仓股角度 数据显示，民生加银基金旗下1只基金重仓甘李药业。民生加银中证500指数增强发起式A（012926）二 季度持有股数9800股 ...

Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare - **Quarter**: 3Q25 Key Companies and Revenue Growth Companies with Higher Revenue Growth 1. **United Imaging** - Expected revenue growth: **44% YoY** in 3Q25 - Growth driven by improved hospital bidding data in China [1][6] 2. **Lepu** - Expected revenue growth: **38% YoY** in 3Q25 - Growth factors: - Low base effect from 3Q24 due to "Four Same" policy impacting pharmaceutical business - Incremental revenue from consumer healthcare segment, particularly medical aesthetics [1][6] 3. **Gan & Lee Pharmaceuticals** - Expected revenue growth: **23% YoY** in 3Q25 - Benefits from insulin VBP renewal and progress in overseas expansion [1][6] Companies Under Pressure 1. **Zhifei** - Currently in the trough of its revenue cycle - Revenue expected to decline by **30% YoY** in 3Q25 - Increased competition following Wantai's launch of a 9-valent HPV vaccine - Offering discounts to accelerate inventory destocking [2][6] 2. **ICL Companies (Kingmed and Dian Diagnostics)** - Expected to post negative revenue growth in 3Q25 - Industry pricing pressure has stabilized, indicating potential for positive growth in 4Q25 [2][6] Financial Estimates and Changes - **Tonghua Dongbao**: Revised annual earnings estimates upward due to market share gains post-insulin VBP renewal [7] - **Kelun**: Revised net profit estimates downward due to ongoing price war in the API industry, while revenue estimates remain unchanged [7][10] Detailed Financial Estimates Exhibit 1: Revenue and Earnings Growth Preview - **United Imaging**: Revenue from **1,621 million** to **2,327 million** (44% YoY) - **Lepu**: Revenue from **1,402 million** to **1,937 million** (38% YoY) - **Gan & Lee**: Revenue from **930 million** to **1,140 million** (23% YoY) - **Zhifei**: Revenue from **4,528 million** to **3,177 million** (-30% YoY) [6] Exhibit 2: Updated Estimates for Tonghua Dongbao (2025E to 2027E) - **Revenue**: Increased from **2,612 million** to **2,689 million** (3.0% change) - **Net Profit**: Increased from **401 million** to **408 million** (1.5% change) [8] Exhibit 3: Updated Estimates for Kelun (2025E to 2027E) - **Revenue**: Remains at **19,029 million** (0.0% change) - **Net Profit**: Decreased from **2,791 million** to **2,686 million** (-3.8% change) [10] Risks and Methodology - **Mindray**: Target price of **Rmb314** with risks including VBP impacts and market penetration challenges [12][13] - **SNIBE**: Target price of **Rmb73** with risks from competition and policy changes [14] - **Hualan**: Target price of **Rmb19** with risks from regulatory changes and competition [15] - **Tonghua Dongbao**: Neutral rating with target price of **Rmb9**, risks from product sales ramp-up and competition [17] - **Kelun**: Neutral rating with target price of **Rmb38**, risks from API price declines [18] Conclusion - The China healthcare sector is experiencing varied growth dynamics, with certain companies like United Imaging and Lepu showing strong revenue growth, while others like Zhifei face significant challenges. The financial estimates reflect these trends, with adjustments made based on market conditions and competitive pressures.

Core Viewpoint - 甘李药业's stock has experienced fluctuations, with a notable increase of 71.97% year-to-date, but a recent decline of 6.90% over the past five trading days [1] Financial Performance - For the first half of 2025, 甘李药业 reported 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, reflecting a growth of 101.96% [2] - Cumulative cash dividends since the company's A-share listing amount to 1.612 billion yuan, with 1.018 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for 甘李药业 increased to 77,300, up by 3.08%, while the average number of circulating shares per person decreased by 2.99% to 7,165 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 7.5099 million shares, an increase of 174,800 shares from the previous period [3]

Wind数据显示，截至10月9日记者发稿时，9月以来超170家医药生物行业上市公司接受机构调研。值得 关注的是，迈威生物、甘李药业等多家创新药企备受机构青睐。其中，创新药管线研发投入、研发进 展、BD(商务拓展)交易等是机构重点关注的话题。 机构表示，"创新+国际化"的产业趋势将保持不变，继续看好创新药主线。预计接下来，围绕2025年欧 洲肿瘤内科学会(ESMO)大会前后相关的临床数据披露与BD交易有望带来板块新一轮投资机遇。 创新药研发进展备受关注 根据Wind数据，截至10月9日记者发稿时，9月以来接受机构调研频次前十的医药生物公司中，迈威生 物获机构关注度最高，累计接受机构调研超330家次；甘李药业、兴齐眼药并列第二，接受机构调研频 次均为84家次；博瑞医药、恩华药业、信立泰等紧随其后，接受机构调研频次均在75家次以上。 兴齐眼药日前在机构调研中表示，目前公司的1类治疗用生物制品SQ-22031滴眼液已经完成Ⅰ期临床试 验，正在开展神经营养性角膜炎Ⅱ期临床试验。公司开发的SQ-129玻璃体缓释注射液已完成临床前研 究，经国家药品监督管理局审批后将开展用于治疗黄斑水肿的临床试验研究。"未来公司将持续加大在 ...

Core Insights - Over 170 pharmaceutical and biotechnology companies have been investigated by institutions since September, with a focus on innovative drug companies like Maiwei Biotech and Ganli Pharmaceutical, highlighting the trend of "innovation + internationalization" in the industry [1][6] Group 1: Company Research and Development - Maiwei Biotech has received the highest institutional attention, with over 330 institutional investigations, and recently signed exclusive licensing and preferred stock purchase agreements for the 2MW7141 project [2] - Ganli Pharmaceutical aims to become a large multinational pharmaceutical company and has been investing in innovative drug development for about a decade, focusing on technologies like PROTAC and ADC [2] - Xingqi Eye Medicine has completed Phase I clinical trials for its SQ-22031 eye drops and is conducting Phase II trials for neurotrophic keratitis [3] Group 2: AI Applications in Pharmaceuticals - Xiangsheng Medical is integrating AI and robotics in ultrasound technology to enhance cancer screening capabilities [4] - Haoyuan Pharmaceutical is developing an AI-driven drug screening platform and aims to improve operational efficiency through AI applications in drug development [4][5] - Enhua Pharmaceutical is exploring the use of AI in early-stage drug development and plans to establish a system for this purpose [5] Group 3: Market Outlook and Trends - The innovative drug sector is expected to maintain a high level of activity, with significant opportunities arising from clinical data disclosures and business development transactions around the 2025 ESMO conference [6] - The Chinese pharmaceutical industry has transitioned to a new growth model, with traditional companies like Heng Rui and Han Sen successfully pivoting to innovation [6] - The trend of "innovation + internationalization" remains a core direction for the pharmaceutical sector, with ongoing policy support expected to enhance the global competitiveness of domestic innovative drug companies [6]

Core Insights - Over 170 pharmaceutical and biotechnology companies have been investigated by institutions since September, with a focus on innovative drug companies like Maiwei Biotech and Ganli Pharmaceutical, highlighting the trend of "innovation + internationalization" in the industry [1] Group 1: Company Developments - Maiwei Biotech has received the highest institutional attention, with over 330 institutional investigations, and signed exclusive licensing and preferred stock purchase agreements with Kalexo Bio for the 2MW7141 project [2][1] - Ganli Pharmaceutical aims to become a large multinational pharmaceutical company and has been investing in innovative drug development for about a decade, focusing on various disease treatment areas and technologies like PROTAC and ADC [2][1] - Xingqi Eye Medicine has completed Phase I clinical trials for its SQ-22031 eye drops and is conducting Phase II trials for neurotrophic keratitis, while also developing SQ-129 for macular edema [3][1] Group 2: AI Applications in Pharmaceuticals - Xiangsheng Medical is integrating AI technologies into ultrasound devices to enhance cancer screening capabilities, creating a collaborative system that combines AI, high-definition imaging, and robotic precision [4][1] - Haoyuan Pharmaceutical is focusing on AI in drug development, creating a one-stop drug screening platform and enhancing operational efficiency through AI algorithms [4][5] - Enhua Pharmaceutical is exploring the application of AI in early drug development and plans to establish a system for this purpose [5][1] Group 3: Industry Outlook - The innovative drug sector is expected to maintain a high level of activity, with predictions of new investment opportunities arising from clinical data disclosures and business development transactions around the 2025 ESMO conference [1][6] - The Chinese pharmaceutical industry has transitioned to new growth drivers, with traditional companies like Heng Rui and Han Sen completing their transformation into innovative firms, while new companies are emerging rapidly [6][1] - The trend of "innovation + internationalization" remains a core direction for the pharmaceutical sector, with continued policy support expected to enhance the global competitiveness of domestic innovative drug companies [6][1]

Investment Rating - The report maintains an "Increase" rating for the pharmaceutical and biotechnology industry [2] Core Viewpoints - Ganli Pharmaceutical has signed a significant "Technology Transfer and Supply Agreement" with Brazil's Ministry of Health and local biopharmaceutical company Biomm, with a total order amount expected to exceed 3 billion RMB over ten years [2][3] - The collaboration aims to enhance the stability of insulin supply in Brazil, addressing the urgent demand for insulin among diabetes patients in the country [3] - The partnership is structured to create a closed loop of "technology output - localization - long-term procurement," ensuring high-quality insulin accessibility and affordability in Brazil [3] Summary by Sections Industry Overview - The report highlights the increasing market position of Ganli Pharmaceutical in the insulin sector, being the first Chinese pharmaceutical company to participate in Brazil's PDP project, breaking the monopoly of multinational pharmaceutical companies [5] Company Performance - Ganli Pharmaceutical's insulin product agreement volume for the 2024 national insulin centralized procurement is 43.55 million units, an increase of 11.56 million units compared to the previous procurement, representing 30% of the total volume for this category [4] - The company's sales revenue for domestic insulin formulations reached 1.802 billion RMB in the first half of 2025, marking a year-on-year growth of 57.09% [4] Future Outlook - The report suggests that investors should pay attention to Ganli Pharmaceutical, given its strengthened market position and commitment to global healthcare governance through its participation in the PDP project [5]

Group 1 - The A500ETF by Jiashi has a turnover rate of 3.57% and a transaction volume of 4.41 billion yuan, with an average daily transaction of 22.80 billion yuan over the past year as of September 26, 2025 [3] - The latest scale of A500ETF by Jiashi reached 116.54 billion yuan, with a net value increase of 18.59% over the past year as of September 26, 2025 [3] - The highest monthly return since inception for A500ETF by Jiashi was 11.71%, with the longest consecutive monthly gains being 4 months and a maximum gain of 22.93% [3] Group 2 - The top ten weighted stocks in the CSI A500 index as of August 29, 2025, include Kweichow Moutai, CATL, Ping An Insurance, and others, accounting for a total of 19.11% [4] - The individual weightings of the top stocks are as follows: Kweichow Moutai at 3.87%, CATL at 2.89%, and Ping An Insurance at 2.60% [6] - Investors without stock accounts can access the A500ETF Jiashi linked fund (022454) for exposure to the top 500 A-shares [6]

Core Viewpoint - Ganli Pharmaceutical has become the first Chinese pharmaceutical company to enter Brazil's PDP medical project, signing agreements with Fiocruz and BIOMM, with a total expected amount of no less than 3 billion yuan, which will positively impact the company's performance in 2025 and beyond [1][3]. Group 1: Project Details - The PDP model involves technology transfer, production line establishment, and national procurement, with Ganli Pharmaceutical responsible for delivering cell lines and process packages, and training for 168 technical tasks within 30 months [2]. - The total investment for the project is 130 million Brazilian Reais (approximately 160 million yuan), with a commitment from the SUS system to purchase 200 million units of insulin over 10 years, starting with a target of 20 million units in the first year, accounting for 58% of Brazil's total demand [2]. Group 2: Financial Implications - The contract's total amount is expected to contribute approximately 10% to the company's revenue over 10 years, averaging 300 million yuan annually, although the gross margin may be lower than domestic operations [3]. - In the first half of 2025, Ganli Pharmaceutical reported revenue of 2.067 billion yuan, a year-on-year increase of 57.18%, and a net profit of 604 million yuan, a year-on-year increase of 101.96% [6]. Group 3: Risks and Challenges - The project faces challenges such as exchange rate fluctuations, policy changes, and technical hurdles, with the Brazilian Real having fluctuated by 17% against the US dollar in the past 18 months [5]. - Ganli Pharmaceutical must deliver 160 key devices within 18 months, with 40% of these dependent on Chinese manufacturing, which could delay the construction plan if shipping routes are disrupted [5]. Group 4: Market Position and Strategy - Following the first round of centralized procurement, Ganli Pharmaceutical adjusted its business model, reducing its sales team by 37% and shifting its strategy towards digital marketing and grassroots penetration [6]. - The company has increased its R&D investment to 5.52 billion yuan in the first half of 2025, representing 26.7% of its revenue, indicating a focus on accelerating product development in response to market changes [7]. Group 5: International Expansion - Ganli Pharmaceutical has signed preliminary cooperation agreements with Egypt and Indonesia, which could potentially contribute over 1 billion yuan in revenue if similar terms to Brazil are replicated [10]. - The company's international revenue reached 222 million yuan in the first half of 2025, a year-on-year increase of 75.08%, accounting for 10.72% of total revenue, indicating significant growth potential in international markets [10].