Financial Performance - The company's revenue for Q1 2023 was approximately ¥558 million, representing a decrease of 19.13% compared to the same period last year[4]. - Net profit attributable to shareholders was approximately ¥49 million, down 56.55% year-on-year[4]. - Total operating revenue for Q1 2023 was approximately ¥558 million, a decrease of 19.0% compared to ¥690 million in Q1 2022[21]. - Net profit for Q1 2023 was approximately ¥49 million, a decline of 56.5% from ¥113 million in Q1 2022[21]. - Basic earnings per share for Q1 2023 were ¥0.09, down from ¥0.20 in Q1 2022, reflecting a decrease of 55.0%[22]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at approximately -¥16 million, a decline of 106.98% compared to the previous year[4]. - Cash flow from operating activities showed a net outflow of approximately ¥16 million in Q1 2023, compared to a net inflow of approximately ¥233 million in Q1 2022[23]. - Cash and cash equivalents at the end of Q1 2023 were approximately ¥333 million, down from ¥529 million at the end of Q1 2022[23]. - The company reported cash and cash equivalents of approximately ¥2.74 billion as of March 31, 2023, down from ¥2.89 billion at the end of 2022[19]. Sales and Market Performance - Domestic sales revenue decreased by ¥158 million, primarily due to significant price reductions following the implementation of centralized procurement in May 2022[8]. - International sales revenue increased by 192.64% year-on-year, with international sales reaching approximately ¥38 million[9]. - The volume of domestic insulin products sold increased by 173.98% year-on-year, with non-long-acting insulin products seeing a volume increase of 552.36%[13]. - The marketing team expansion and academic promotion strategies led to significant sales growth in the current quarter[14]. - The company plans to continue enhancing the efficiency of sales expenses and focus on grassroots market penetration[14]. Costs and Expenses - Total operating costs increased to approximately ¥528 million in Q1 2023, up 5.6% from ¥500 million in Q1 2022[21]. - The sales expense ratio decreased from 63.46% in 2022 to 40.27% in the current reporting period, indicating improved efficiency in sales expenditure[14]. - The company reported a significant increase in sales expenses, which totaled approximately ¥225 million in Q1 2023, down from ¥288 million in Q1 2022, a decrease of 21.7%[21]. - Research and development expenses rose to approximately ¥120 million in Q1 2023, an increase of 22.5% compared to ¥98 million in Q1 2022[21]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥10.60 billion, a slight decrease of 0.10% from the previous year[4]. - Total assets amounted to ¥10.60 billion as of March 31, 2023, slightly down from ¥10.61 billion at the end of 2022[20]. - The company’s total liabilities decreased from approximately ¥1.02 billion in 2022 to ¥950.58 million in the current period[20]. - The company’s inventory increased to approximately ¥688.68 million from ¥648.65 million year-over-year[19]. - The total liabilities to equity ratio as of January 1, 2023, is approximately 10.65%[26]. Shareholder Information - The number of common shareholders reached 78,598 by the end of the reporting period[15]. - The company’s net profit retained increased to approximately ¥6.28 billion from ¥6.23 billion year-over-year[20]. New Projects and Developments - The company is in the clinical stage for several new drug projects, including GZR101 and GZR4, which are expected to enter the market upon approval[14]. Accounting and Reporting Changes - The company implemented new accounting standards starting January 1, 2023, affecting the presentation of financial statements[24].

证券代码：603087 证券简称：甘李药业 公告编号：2023-037 甘李药业股份有限公司 关于召开 2023 年第一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： 会议召开时间：2023 年 5 月 9 日(星期二)上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址：http://roadsho w.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 4 月 28 日(星期五)至 5 月 8 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过甘李药业股份有限公司 (以下简称"公司")邮箱 ir@ganlee.com 进行提问。公司将在信息披露允许的范 围内，在说明会上对投资者普遍关注的问题进行回答。 公司于 2023 年 4 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了 《2023 年第一季度报告》。为使广大投资者更加全面、深入地了解公司情况，公 司决定于 2023 ...

Financial Performance - In 2022, the net profit attributable to shareholders of the listed company was negative, leading to a decision not to distribute profits or increase capital reserves[7]. - The company reported a total revenue of 1.2 billion in 2022, representing a year-over-year growth of 15%[17]. - The company's operating revenue for 2022 was CNY 1.71 billion, a decrease of 52.60% compared to CNY 3.61 billion in 2021[26]. - The net profit attributable to shareholders for 2022 was a loss of CNY 439.52 million, a decline of 130.25% from a profit of CNY 1.45 billion in 2021[26]. - The net cash flow from operating activities decreased by 72.48% to CNY 296.68 million, down from CNY 1.08 billion in the previous year[26]. - The company reported a significant increase in sales expenses and R&D expenses during the reporting period, contributing to the net loss[28]. - The company achieved a gross margin of 60% for 2022, maintaining a stable margin compared to 2021[121]. - The company’s revenue has been impacted by price reductions due to the implementation of centralized procurement policies, leading to a noticeable decline in operating income[54]. Research and Development - The company is committed to high investment in R&D to enhance treatment efficacy and patient compliance in diabetes care[4]. - The company has allocated 200 million for R&D in 2023, focusing on innovative drug development[18]. - In 2022, the company invested a total of 718.54 million RMB in R&D, a 30.80% increase year-on-year, accounting for 41.96% of sales revenue[37]. - The company’s capitalized R&D investment reached 15,606.68 million RMB, a significant increase of 108.73% year-on-year[37]. - Major R&D projects include insulin aspart and insulin lispro, both in the preparation for market application stage, with respective investments of CNY 5.91 million and CNY 5.68 million[91]. - The company is focusing on innovative drug development in autoimmune and oncology fields, alongside its diabetes treatment advancements[37]. - The company is actively investing in drug research and development to continuously break through the treatment ceiling for diabetes[49]. Market Expansion and Strategy - The company aims to expand its product line and become a leading innovative pharmaceutical company globally, with new drugs entering clinical trials[4]. - The company is expanding its market presence in Europe, targeting a 30% market share by 2025[17]. - The company is exploring partnerships with international firms to enhance its global distribution network[18]. - The company aims to increase production capacity by 40% in the next two years to meet growing demand[17]. - The company is committed to expanding its international market presence and increasing brand awareness through strategic partnerships and participation in global diabetes-related events[40]. - The company is actively pursuing international expansion and collaboration with local partners to enhance its global market presence[53]. - The company is focusing on expanding its product line through external acquisitions while managing costs and quality to counteract price declines from centralized procurement[108]. Product Development and Innovation - The company’s long-acting insulin product, Insulin Glargine (秀霖®), has been approved in China since 2005 and is now under review by the FDA for marketing in the U.S.[4]. - New product GZR101, a novel insulin combination therapy, is currently in Phase I clinical trials[18]. - The company plans to launch a new GLP-1 receptor agonist, GZR18, in Q3 2023[18]. - The company is developing a new ultra-long-acting insulin formulation, GZR4, which is expected to require only one injection per week, improving patient compliance and quality of life[48]. - The company launched the phosphate sitagliptin tablet, the first approved oral DPP-4 inhibitor, in June 2022, expanding its diabetes product line and enhancing market competitiveness[38]. - The company has multiple innovative research projects in clinical stages, including GZR101, GZR4, and GZR18, aimed at expanding treatment options for diabetes patients[49]. Regulatory and Compliance - The company successfully passed the new EU medical device regulations and obtained CE marking for its insulin pen and disposable pen needles, becoming one of the first Chinese manufacturers to achieve MDR certification[40]. - The company has implemented a comprehensive safety management system to ensure stable operations and prevent safety incidents[42]. - The company is enhancing its quality management system and has integrated quality culture initiatives to enhance employee awareness of quality standards[41]. - The company has established a robust internal control system to ensure compliance with laws and regulations, enhancing governance and operational transparency[113]. Corporate Governance and Shareholder Relations - The company has a clear and complete decision-making process for profit distribution, ensuring the protection of minority shareholders' rights[144]. - The company has established a remuneration and assessment committee responsible for evaluating the performance of senior management based on annual operational goals[148]. - The company has committed to a 36-month lock-up period for major shareholders, with automatic extensions under specific conditions, ensuring stability in shareholding[168]. - The company has not faced any penalties from securities regulatory authorities in the past three years[127]. - The company has established measures to stabilize stock prices if the closing price falls below the audited net asset value per share for 20 consecutive trading days[172]. Social Responsibility and Environmental Impact - The company invested CNY 9.24 million in environmental protection during the reporting period[152]. - The company has committed to a 36-month lock-up period for major shareholders, with automatic extensions under specific conditions, ensuring stability in shareholding[168]. - The company donated 10 million yuan to support education in economically underdeveloped areas, specifically in Gansu Province[164]. - The company has implemented carbon reduction measures, resulting in a reduction of 508 tons of CO2 equivalent emissions[160]. - The company completed the environmental self-monitoring plan for 2022, with all monitored pollutants meeting discharge standards[158].

证券代码：603087 证券简称：甘李药业 公告编号：2023-029 甘李药业股份有限公司 关于召开 2022 年年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： 会议召开时间：2023 年 4 月 7 日（星期五）上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址：http://roadsho w.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2022 年年度的经营业 绩、公司战略等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。 1 二、说明会召开的时间、地点 1、会议召开时间：2023 年 4 月 7 日(星期五)上午 10:00-11:00 2、会议召开地点：上海证券交易所上证路演中心（网址：http://roadsho w.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 三、说明会出席人员 投资者可于 2023 年 3 月 3 ...

Financial Performance - In the first half of 2022, the company achieved revenue of 835 million CNY, a year-on-year decrease of 43.42%, and a net profit attributable to shareholders of -198 million CNY[2]. - The company's operating revenue for the first half of 2022 was ¥834,799,215.95, a decrease of 43.42% compared to ¥1,475,429,759.92 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥197,607,134.96, representing a decline of 153.01% from ¥372,769,630.83 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥208,858,516.23, down 161.45% from ¥339,870,808.38 in the same period last year[18]. - The net cash flow from operating activities was ¥281,247,985.16, a decrease of 36.94% compared to ¥445,995,750.73 in the previous year[18]. - The company's revenue decreased significantly due to the impact of the insulin centralized procurement results, leading to a decline in product prices[32]. - The company reported a total comprehensive loss of approximately ¥193.60 million for the first half of 2022, compared to a comprehensive income of ¥370.57 million in the same period of 2021[95]. Research and Development - Research and development investment reached 319.51 million CNY, accounting for 38.27% of sales revenue, with a year-on-year increase of 28.36%[3]. - The company completed the first human dosing in the Phase I clinical trial of its innovative GLP-1 analog GZR18 in the U.S. and China[4]. - The company is actively investing in research areas including chemical drugs, protein engineering, oncology, and cardiovascular diseases[22]. - The company is focusing on advanced research projects in diabetes and related fields to mitigate the risk of new product substitution[58]. - The company has a strong R&D team, with nearly 60% holding master's or doctoral degrees, and is enhancing its capabilities through partnerships with top universities[33]. Product Development and Market Strategy - The company plans to submit marketing authorization applications for its insulin products to the FDA and EMA, marking a significant step in its internationalization strategy[4]. - The company aims to expand its product line in diabetes diagnosis and treatment, enhancing its market competitiveness[22]. - The company has launched its first oral hypoglycemic drug, Phosphate Sitagliptin Tablets, which will enhance its competitiveness in the DPP-4 inhibitor market[30]. - The company is actively developing the fourth generation of insulin and other advanced diabetes treatments, with ongoing projects including GZR101, GZR4, and GZR18[30]. - The company has established a comprehensive product line covering long-acting, rapid-acting, and premixed insulin, with five insulin analogs and one human insulin product currently on the market[30]. Market Expansion and Procurement - The company secured a total procurement volume of 35.34 million insulin units in the first year of the procurement agreement, covering over 21,000 medical institutions[2]. - The company aims to leverage its high-ranking procurement results to rapidly increase market share in the upcoming year[2]. - The implementation of the insulin centralized procurement policy is expected to significantly reduce patient medication costs and reshape the competitive landscape of the insulin industry[26]. - The company achieved high-ranking bids for all six insulin products in the centralized procurement, aligning with the DRG/DIP payment reform direction, which encourages the selection of cost-effective products by medical institutions[26]. - The company is strategically positioning itself in the primary healthcare market to enhance its brand image among family doctors and increase its drug usage in initial consultations[26]. Financial Management and Investments - The company is implementing a cost leadership strategy by optimizing production processes and enhancing cost control across the entire supply chain[34]. - The company plans to enhance R&D investment and product pipeline in response to insulin procurement policies[55]. - The company aims to diversify its product structure to mitigate risks associated with reliance on insulin sales[56]. - The company is actively pursuing international clinical trials and market expansion to create new profit growth points[56]. - The company has received FDA approval for its first product, a single-use injection pen needle, which supports its global market expansion strategy[35]. Environmental and Governance Practices - The company is classified as a key pollutant discharge unit by environmental protection authorities, indicating its commitment to sustainable practices[64]. - The company has implemented low-nitrogen combustion technology in its boilers to ensure compliance with nitrogen oxide emission standards[66]. - The company has established a comprehensive emergency plan for sudden environmental incidents, filed with the local ecological environment bureau[69]. - The company has committed to resolving land ownership issues and competition in the industry, with long-term effectiveness of these commitments[74]. - The company has appointed new independent directors and management personnel as part of its governance restructuring[61]. Shareholder and Equity Information - The company reported a total share capital of 561,540,000 shares, with 48.62% being restricted shares and 51.38% being unrestricted shares[82]. - The largest shareholder, Gan Zhongru, holds 177,135,207 shares, representing 31.54% of the total shares[85]. - Major shareholders have pledged to limit their annual stock transfers to no more than 25% of their total holdings during their tenure and will not transfer shares within six months post-departure[75]. - The company has committed that any stock reduction by major shareholders will not occur below the initial public offering price, with a lock-up period extending if stock prices fall below this threshold[75]. - The company has not proposed any profit distribution or capital reserve increase plans for the half-year period[63].

Product Development and Innovation - The company successfully launched six insulin products that ranked high in the national centralized procurement, aiming to improve accessibility for diabetes patients [2]. - The company has been dedicated to the insulin drug field for nearly 30 years, emphasizing its commitment to improving drug accessibility for diabetes patients [2]. - The company held its first R&D Day to reflect on the development of insulin drugs and advancements in the field, showcasing its commitment to innovation [2]. - The company successfully completed Phase III clinical trials for its candidate drug GLR2007, which received EMA recognition for glioma treatment and FDA fast track designation for glioblastoma [3]. - The company expanded its product pipeline, including the development of a fourth-generation insulin (GZR4) and a new formulation (GZR18) that has completed clinical trials [3]. - The company’s new drug GLR2007, a CDK4/6 inhibitor, received orphan drug designation from the FDA and EMA, indicating its potential in treating glioblastoma [30]. - The company’s innovative cancer drug GLR2007 has received orphan drug designation from the FDA and EMA, and is currently in Phase I clinical trials in the U.S. [72]. - The company has launched new products such as Aspart Insulin Injection (30R) and is advancing in the oncology field with CDK4/6 inhibitors approved for clinical trials in the US and China [99]. Financial Performance - In 2021, the company achieved a revenue of 36.12 billion yuan, representing a year-on-year growth of 18.04% [3]. - The net profit attributable to shareholders reached 14.53 billion yuan, with a year-on-year increase of 7.44% [3]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2021, representing a year-over-year growth of 15% [14]. - The company’s revenue for the reporting period reached CNY 3,612,043,827.88, representing a year-on-year increase of 7.44% [74]. - The company’s total revenue for the year was CNY 3,612,043,827.88, representing a year-on-year increase of 7.44% [78]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 25% year-over-year growth [129]. Research and Development Investment - The company's R&D investment for the year amounted to 5.49 billion yuan, accounting for 15.21% of total revenue [3]. - The company invested a total of 549.36 million yuan in R&D projects in 2021, an increase of 9.17% year-over-year, accounting for 15.21% of sales revenue [29]. - The company’s R&D investment in the oncology sector is highlighted by the CDK4/6 inhibitor GLR2007, which is currently in clinical stages in both China and the US [101]. - The company’s R&D expenditure increased by 9.17% compared to the previous year, with a focus on enhancing core competitiveness through innovation [105]. - The company has maintained a high level of R&D investment, continuously expanding its R&D team and product pipeline [66]. Market Expansion and Strategy - The company aims to become a "world-class pharmaceutical enterprise" within the next 3-5 years, focusing on domestic market advantages and accelerating internationalization [2]. - The company plans to accelerate the implementation of R&D results and expand its global market presence in 2022 [4]. - The company is expanding its market presence in Europe, targeting a 25% increase in market share by 2023 [14]. - The company aims to enhance its market share in the third-generation insulin segment by leveraging its established reputation and competitive pricing strategies [52]. - The company is actively expanding into emerging markets through local production and operational strategies, enhancing its international business footprint [72]. - The company plans to strengthen cost and quality management to cope with the downward price trend of drugs following the insulin centralized procurement policy [119]. Corporate Governance and Shareholder Relations - The company expresses gratitude to shareholders, partners, and employees for their support during challenging times, looking forward to a brighter future [2]. - The company has implemented measures to ensure the independence of its operations from its controlling shareholders [123]. - The company is focused on maintaining transparency and governance through commitments made by its major shareholders and management [177]. - The company has a clear and transparent profit distribution policy, ensuring the protection of minority shareholders' rights [152]. - The company has committed to ensuring independent operations and minimizing related party transactions [181]. Social Responsibility and Community Engagement - The company emphasized its commitment to social responsibility, engaging in various patient care projects and collaborations with international diabetes organizations [4]. - The company launched a "Chronic Disease Health Education Public Welfare Project" in collaboration with 23 major retail chains, training 621 staff and reaching over 50,000 patients [31]. - The company has engaged in various charitable activities, including providing support to nearly 90 severely disabled individuals and donating winter clothing to schools in need [173]. - The company is committed to green development, focusing on ecological civilization and clean production initiatives [163]. Production and Supply Chain Management - The company is enhancing its production efficiency and supply chain management to ensure the safety of supply for the procurement agreements [61]. - The company is optimizing supply chain management to enhance resilience and ensure stable supply amid global uncertainties [39]. - The company plans to cover the entire product line in diabetes diagnosis and treatment, enhancing its market competitiveness [66]. Employee Development and Corporate Culture - The company has established various talent development programs, including leadership and skills training initiatives [149]. - The company has implemented a comprehensive training program focusing on core business and strategic direction, including partnerships with top universities for talent development [148]. - The company has a performance evaluation mechanism for senior management, linked to annual operational goals [158]. Environmental Compliance and Sustainability - The company is classified as a key pollutant discharge unit, with total emissions of chemical oxygen demand at 95.28 tons and ammonia nitrogen at 9.53 tons for the reporting period [164]. - The company has established a comprehensive emergency response plan for environmental incidents, filed with the local ecological environment bureau [168]. - The company has implemented measures to reduce carbon emissions and enhance energy efficiency as part of its green development strategy [172].

Financial Performance - The company achieved a revenue of 1.475 billion CNY, representing a year-on-year growth of 22.20%[2] - The net profit attributable to shareholders reached 373 million CNY, with a year-on-year increase of 21.17%[2] - The company's revenue for the first half of 2021 reached ¥1,475,429,759.92, representing a 22.20% increase compared to ¥1,207,404,179.39 in the same period last year[19] - The net profit attributable to shareholders for the same period was ¥372,769,630.83, up 21.17% from ¥307,647,505.02 year-on-year[19] - The basic earnings per share for the first half of 2021 was ¥0.66, an increase of 11.86% compared to ¥0.59 in the same period last year[20] - The net profit after deducting non-recurring gains and losses was ¥339,870,808.38, reflecting a 22.03% increase from ¥278,524,951.70 in the previous year[19] - The total comprehensive income of ¥370,569,464.43 for the first half of 2021, up from ¥308,492,312.23 in the previous year, marking a growth of 20.1%[102] Research and Development - Research and development investment amounted to 249 million CNY, accounting for 16.87% of total sales revenue[2] - The company has applied for 108 patents, including 20 domestic invention patents and 14 PCT international patents[35] - The company has established R&D centers in Beijing and Jiangsu, with plans to expand to Europe to enhance its R&D capabilities[34] - The company is committed to enhancing its product competitiveness and expanding its product pipeline to mitigate risks associated with a single product structure[57] Market Expansion - International sales revenue reached 74 million CNY, showing a significant year-on-year growth of 171.70%[3] - The company confirmed revenue of 7.8728 million CNY from a commercial supply agreement with Sanofi for biosimilar insulin products[4] - The company has registered products in 18 countries and has commercial sales in 14 countries, with clinical trials ongoing in 12 countries[3] - The company aims to enhance the accessibility of insulin medications in line with national healthcare policies[2] - The company is focusing on localizing production and operations in emerging markets to enhance competitiveness and market share[38] Production and Operations - The company is expanding its production base in Linyi, which is progressing as planned to become a world-class modern production facility[2] - The company’s insulin products have covered mainstream long-acting, rapid-acting, and premixed products in the market, with sufficient production capacity[2] - The company has successfully launched the Aspart Insulin 30 Injection and the Protamine Human Insulin Mixture Injection (30R), enhancing its competitive position in the domestic market[36] - The company is developing a new production base in Linyi, Shandong, which is its largest investment project to date, aimed at enhancing global insulin supply capabilities[42] Financial Position - The total assets at the end of the reporting period were ¥9,841,483,870.77, an increase of 3.51% from ¥9,507,448,846.15 at the end of the previous year[19] - The net assets attributable to shareholders at the end of the reporting period were ¥9,084,474,077.08, reflecting a 1.63% increase from ¥8,938,520,381.40 at the end of the previous year[19] - The company's total liabilities reached RMB 757,172,300.16, up from RMB 569,090,739.97, indicating a rise of about 33.1%[98] - Cash and cash equivalents stood at RMB 3,012,532,130.89, compared to RMB 2,824,811,610.48, marking an increase of about 6.6%[97] Regulatory and Market Environment - The national centralized procurement of drugs and high-value medical consumables is becoming institutionalized, with the fourth batch of drug procurement results implemented in May 2021[30] - The company is closely monitoring the trends in centralized procurement policies while accelerating the layout of innovative drugs[30] - The establishment of a basic medical insurance outpatient mutual aid guarantee mechanism is expected to improve drug accessibility and increase drug volume[31] - The company faces industry policy risks due to ongoing reforms in China's healthcare system, which may lead to significant changes in the regulatory environment affecting the pharmaceutical market[56] Environmental and Social Responsibility - The company is focused on maintaining a green development approach and has been recognized as a key pollutant discharge unit by environmental protection authorities[67] - The average concentration of chemical oxygen demand (COD) emissions is 150 mg/L, with a total discharge of 52.79 tons in the first half of the year[68] - The wastewater treatment station has a designed processing capacity of 1800 m³/d for clean wastewater and 800 m³/d for heavy wastewater[69] - The company has implemented low-nitrogen combustion technology in new boilers since April 2017 to ensure compliance with nitrogen oxide emission standards[69] Shareholder and Corporate Governance - The controlling shareholder and actual controller Gan Zhongru has committed to not transferring or entrusting the management of shares held before the issuance for 36 months from the date of the company's stock listing[77] - The company has established a commitment to avoid competition with its controlling shareholder, ensuring no conflicts of interest arise[78] - The company has a plan for gradual share reduction by major shareholders after the lock-up period, contingent on market conditions and legal compliance[78] - The company has not engaged in any competitive products or businesses since the signing of the commitment letter[80] Risk Management - The company relies heavily on insulin products for revenue, which poses a risk of revenue volatility if market demand decreases or if competitors introduce superior products[57] - New product development is subject to high risks and long timelines, with potential impacts on profitability if new drugs fail to gain approval or meet market needs[58] - The company is actively seeking partnerships with profitable pharmaceutical firms to enhance its R&D capabilities and expand its product offerings[59]