Core Viewpoint - The company has announced the continuation of cash management using idle raised funds, with a maximum amount of RMB 250 million, aimed at improving fund utilization efficiency while ensuring that it does not affect the construction and use of investment projects [1][9]. Investment Overview - **Investment Purpose**: The objective is to enhance the efficiency of fund utilization without impacting the construction of investment projects, thereby increasing returns for the company and its shareholders [3]. - **Investment Amount**: The total amount for the entrusted financial management is RMB 250 million [4]. - **Source of Funds**: The funds are sourced from temporarily idle raised funds [5]. Fundraising Background - The company was approved to publicly issue 40.2 million shares at a price of RMB 63.32 per share, raising a total of RMB 2545.464 million, with a net amount of RMB 2441.1345 million after deducting issuance costs [6]. Investment Types and Management - **Investment Type**: The company will invest in RMB structured deposits [7]. - **Investment Method**: The company will use temporarily idle raised funds to purchase cash management products issued by banks, which are characterized by high safety, good liquidity, and a maximum term of 12 months [8]. Recent Financial Management Situation - As of June 30, 2025, the company has invested RMB 2,081.956 million in projects funded by raised funds, with net interest income from the raised funds account amounting to RMB 7.2489 million [8]. Impact on the Company - The maximum amount of idle raised funds for cash management is RMB 250 million, which represents 12.11% of the company's latest cash balance, and is not expected to significantly impact the company's future operations, financial status, or cash flow [12].

Core Viewpoint - Gland Pharma has undergone significant personnel changes to enhance its global business development and strategic cooperation, reflecting a shift towards innovation and internationalization in its operations [4][5]. Group 1: Personnel Changes - On January 3, Gland Pharma dismissed its Vice President and CFO, Sun Cheng, appointing internal veteran Zhou Li as the acting CFO [1][3]. - On January 13, Dr. John Wang was appointed as Senior Vice President and Chief Strategy Officer, responsible for business development and strategic partnerships [3][4]. - Dr. Wang brings over 30 years of experience in the pharmaceutical industry, having held key positions in major companies such as Sanofi, Merck, and Eli Lilly [3][4]. Group 2: Strategic Shift - Gland Pharma's leadership transition is part of a broader strategy to shift focus from being a domestic insulin leader to innovating and commercializing new drugs globally [5]. - The company aims to enhance its capabilities in global financing, mergers, and acquisitions, necessitating the recruitment of talent with international expertise [5]. - The appointment of Dr. Wang is seen as a move to strengthen global business expansion and transition from "product export" to "global operations" [5]. Group 3: Financial Performance - Gland Pharma reported a 35.73% year-on-year revenue growth and over 122% increase in net profit, despite the personnel changes occurring during a period of strong performance [4][6]. - However, the company faced challenges in the third quarter of 2025, with total revenue declining by 9.4% to 980 million yuan and net profit dropping by 26% [6]. - The accounts receivable surged to 530 million yuan, a 147.86% increase compared to the previous year, indicating potential risks related to credit policies and cash flow [6].

证券代码：603087 证券简称：甘李药业 公告编号：2026-003 甘李药业股份有限公司 关于使用闲置募集资金进行现金管理到期赎回并继 续进行现金管理的进展公告 一、投资情况概述 （一）投资目的 为提高公司资金使用效率，在不影响募集资金投资项目建设的前提下，对闲 置募集资金进行现金管理，增加公司的收益，为公司及股东获取更多回报。 （二）投资金额 公司本次进行委托理财的投资金额为 25,000 万元。 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： 已履行的审议程序：甘李药业股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召开的第五届董事会第二次会议及第五届监事会第二次会议 审议通过了《关于继续使用闲置募集资金进行现金管理的议案》，同意在保障 资金安全及确保不影响募集资金投资项目建设和使用计划的前提下，继续使 用不超过人民币 2.5 亿元的暂时闲置募集资金适时购买安全性高、流动性好、 满足保本要求的投资产品（包括协定性存款、结构性存款、定期存款、大额 存单、收益凭证等），且该等投资产品不得用 ...

Group 1 - The core point of the article is that Ganli Pharmaceutical (603087) reported a cash balance of 260 million yuan in its consolidated cash flow statement, which is available for immediate payment [1] - The cash balance in the consolidated balance sheet is 902 million yuan, indicating a difference of 643 million yuan, which consists of funds that are not readily available for payment [1]

Core Viewpoint - Ganne Li Pharmaceutical (603087) emphasizes its commitment to shareholder returns and compliance with regulatory guidelines, planning to distribute approximately 900 million yuan in cash dividends for the year 2024 [1] Group 1: Shareholder Returns - The company has stated that it places high importance on shareholder returns and actively responds to regulatory calls [1] - For the year 2024, the total cash dividend is expected to be around 900 million yuan [1] - Future profit distribution will strictly adhere to the company's articles of association and the profit distribution policy approved by the shareholders' meeting [1] Group 2: Profit Distribution Policy - The profit distribution will consider factors such as the company's profitability, cash flow status, future investment plans, and industry development trends [1] - The company aims to provide stable and reasonable returns to shareholders while ensuring long-term sustainable development [1]

Core Viewpoint - 甘李药业 has shown a positive financial performance with significant growth in revenue and net profit, indicating strong operational capabilities and market demand for its products [2][3]. Group 1: Stock Performance - On January 8, 甘李药业's stock price decreased by 2.04%, closing at 70.03 CNY per share, with a trading volume of 471 million CNY and a turnover rate of 1.19%, resulting in a total market capitalization of 41.83 billion CNY [1]. - Year-to-date, the stock price has increased by 2.88%, with a 4.58% rise over the last five trading days, a 10.42% increase over the last 20 days, and a 1.20% rise over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, 甘李药业 reported a revenue of 3.05 billion CNY, representing a year-on-year growth of 35.73%, and a net profit attributable to shareholders of 818 million CNY, which is a 61.32% increase compared to the previous year [2]. - Since its A-share listing, 甘李药业 has distributed a total of 1.61 billion CNY in dividends, with 1.02 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for 甘李药业 reached 94,700, an increase of 22.53% from the previous period, while the average number of circulating shares per person decreased by 17.81% to 5,889 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 8.0042 million shares, an increase of 494,300 shares from the previous period [3].

Summary of the Conference Call on Insulin Market Industry Overview - The domestic insulin market in China is approximately 22 billion RMB, with an expected industry growth rate of 5%-8% [1][2] - Leading companies are likely to achieve higher growth rates of 10%-20% through a price-volume strategy, driven by the replacement of second-generation insulin with third-generation insulin, domestic substitutes for imports, and increased penetration in grassroots medical institutions [1][2] Key Companies - Major players in the domestic insulin market include Ganli Pharmaceutical, Tonghua Dongbao, and Lianbang Pharmaceutical [2][4] - Ganli Pharmaceutical is expected to receive European administrative approval in January 2025 and secure a large order in Brazil by the end of 2024, with plans to enter markets in Latin America and India [1][4] Market Strategies - In developed markets like Europe and the U.S., companies focus on partnerships with local leading firms to maximize profits. For instance, the price of long-acting insulin in the U.S. is three times that in China [5] - In developing regions such as Africa and Latin America, companies aim to increase market penetration by offering lower prices, including exporting raw materials for local filling [5] Production Capacity - Chinese companies have significant production capacity advantages, with Ganli Pharmaceutical producing 600 million doses, Tonghua Dongbao over 300 million, and Lianbang Pharmaceutical around 100 million doses [4][8] - The gross margin for raw materials in filling operations is about 50%, with a net profit margin of approximately 25% [6] Future Growth Potential - The overseas revenue share for Ganli Pharmaceutical and Tonghua Dongbao is around 10%, indicating substantial growth potential [3][7] - By 2027, Ganli Pharmaceutical is projected to achieve a profit of 1.6 billion RMB, with overseas contributions reaching 1.8 billion RMB, while Tonghua Dongbao is expected to reach 900 million RMB in profit, with 750 million RMB from overseas [7] Competitive Advantages - Domestic companies like Tonghua Dongbao and Ganli Pharmaceutical possess comprehensive product lines and significant production capabilities, which provide a competitive edge in global markets [8][9] - The focus on differentiated strategies in the endocrine field, including GLP-1 drugs and peptide therapies, is expected to help avoid intense competition [11] Innovation and Development - Besides international expansion, innovation remains a crucial focus. The potential for business development (BD) in emerging markets is high, particularly for weight-loss drugs [10] - Ganli Pharmaceutical plans to focus on the endocrine field and has several pipelines expected to enter clinical stages in the first half of 2025, which investors should closely monitor [11]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

Core Viewpoint - Ganli Pharmaceutical announced the dismissal of its financial officer and vice president, Sun Cheng, due to the strategic need for global upgrades in innovative drug research and marketing, effective immediately upon board approval [1][6]. Group 1: Personnel Changes - Sun Cheng's departure means he will no longer hold any position within the company, with his original term set to expire on May 20, 2028 [1][6]. - The board has appointed Ms. Zhou Li to act as the financial officer following Sun Cheng's departure [5][10]. Group 2: Financial Performance - For the third quarter of 2025, Ganli Pharmaceutical reported a revenue of 3.05 billion yuan, representing a year-on-year increase of 35.7% [5][10]. - The net profit attributable to shareholders reached 818 million yuan, up 61.3% year-on-year, while the net profit excluding non-recurring items was 692 million yuan, reflecting a significant increase of 122.8% [5][10]. - The growth in revenue was driven by increased sales of domestic insulin preparations, and the company has strengthened its market share internationally through improved product quality and customer service [5][10].

2026年1月1日，上交所主板上市公司甘李药业(603087.SH)发布了《关于公司解聘高级管理人员及指定人员代行财务负责人职 责的公告》。公告显示，因公司业务调整，公司董事会同意解除孙程先生的财务负责人和副总经理职务，孙程先生离职后不再 担任公司任何职务。本次解聘事项，是基于公司创新药研发、营销及投融资业务全球化升级的战略需要，而实施的高级管理人 员优化调整举措。 截至该公告披露日，孙程先生作为公司2022年限制性股票激励计划和2024年限制性股票激励计划的激励对象，持有已解除限售 的限制性股票18.22万股(注：按2025年12月31日收盘价68.07元/股计算，孙程先生持股市值约1,240万元)；已获授但尚未解除限 售的限制性股票共计32.8万股，根据公司规定，该部分已获授但尚未解除限售的限制性股票不得解除限售，由公司以授予价格 （扣除已分配股利）进行回购注销。 被解聘财务负责人孙程简历如下： 孙程，1979年出生，澳洲注册会计师，硕士研究生，毕业于清华大学。2003年至2010年，任职于毕马威华振会计师事务所，担 任审计经理；2010年至2018年，任职于亚美能源控股有限公司（2686.hk），担任财 ...