Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, emphasizing the transition from "Made in China" to "Created in China" for innovative drugs [10]. Core Insights - The report highlights that domestic innovative drugs are gaining global competitiveness and are currently in the first and second stages of international expansion, primarily through licensing agreements and partnerships [10][12]. - The report identifies key areas of focus for investment, including PD-(L)1 plus, ADCs, and GLP-1 drugs, which are expected to drive future growth and business development (BD) opportunities [10][51]. Summary by Sections Section 1: Transition from "Manufacturing" to "Innovation" - The policy reforms initiated in 2015 have stimulated a shift from generic to innovative drug development in China, with significant increases in R&D investment since 2018 [19][21]. - The number of First-in-Class (FIC) drugs developed in China has risen from 9 in 2015 to 120 in 2024, indicating a substantial increase in innovation [25][26]. Section 2: Continued BD Opportunities - PD-(L)1 plus is identified as a cornerstone for next-generation cancer treatments, with significant demand and potential for new products [51]. - The report notes that ADCs are transitioning towards more differentiated targets, focusing on unmet clinical needs, with promising candidates like PD-L1, DLL3, and EGFR [51]. - The GLP-1 market is experiencing rapid growth, with a focus on multi-target, oral, combination, and long-acting formulations [51]. Section 3: Investment Recommendations - For PD-(L)1 plus, companies such as Kangfang Biotech, Shansheng Pharmaceutical, and Junshi Biosciences are recommended for investment due to their strong pipelines [5]. - In the ADC space, companies like Fuhong Hanlin and Zai Lab are highlighted for their potential in addressing unmet clinical needs [5]. - In the GLP-1 sector, firms such as Borui Pharmaceutical and Zai Lab are noted for their promising developments [5].

Group 1 - The core viewpoint is that the innovative pharmaceutical ETF (560900) has shown significant growth in both scale and trading activity, indicating strong market interest in the sector [1][2] - As of July 31, the innovative pharmaceutical ETF (560900) experienced a scale increase of 28.2 million yuan over the past two weeks, with a notable weekly share increase of 15 million shares, ranking first among comparable funds [1] - The underlying index, the CSI Innovative Pharmaceutical Industry Index (931152), rose by 0.26%, with key constituent stocks such as Ganli Pharmaceutical (603087) and Yifan Pharmaceutical (002019) showing substantial price increases of 6.48% and 3.67% respectively [1][2] Group 2 - In terms of capital inflow, the innovative pharmaceutical ETF (560900) recorded net inflows for 4 out of the last 5 trading days, totaling 16.87 million yuan [2] - Ganli Pharmaceutical's stock price surged over 7% on August 1, following positive developments in its international expansion, including approvals for its winter insulin formulation in Argentina and Malaysia [2] - Ganli Pharmaceutical's half-year profit forecast indicates a net profit of 600 million to 640 million yuan, representing a year-on-year growth of 100.73% to 114.12%, driven by significant revenue increases and effective cost management [2] Group 3 - The innovative pharmaceutical ETF (560900) closely tracks the CSI Innovative Pharmaceutical Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development [3] - The rise of AI-driven technology is creating new investment opportunities, prompting firms like Morgan Asset Management to integrate their global technology investment products to help investors capitalize on these trends [3]

东方证券研报指出，甘李药业创新药数据频出，GZR18降糖效果亮眼。公司研发开支行业领先，2025年 以来有多款重磅产品逐步披露II期临床数据，其中GZR18（博凡格鲁肽）降糖效果优异，胰岛素周制剂 GZR4效果良好，这些产品有望提升公司未来增长潜力。具体来看：1）2型糖尿病患者经每两周一次 GZR18注射液治疗24周后，HbA1c和体重的降幅均高于司美格鲁肽组，且总体安全性与耐受性良好；在 体重管理方面，给药23周后，GZR18受试者体重较基线降低6.92kg，体重降幅达9.3%；2）胰岛素周制 剂GZR4的II期临床数据显示：在2型糖尿病患者中治疗16周后安全性良好，且与每日一次德谷胰岛素 （诺和达）相比，GZR4注射液在既往基础胰岛素控制不佳的患者中降低HbA1c幅度更为显著。认为 2024年接续集采中，公司三代胰岛素协议量较上次集采大幅增长32.6%，同时产品价格有所回升，借助 集采获得的市场覆盖优势，全年业绩预期确定性进一步增强。给予公司2025年37倍PE估值，对应目标 价70.67元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company is expected to achieve significant growth in earnings per share, with projections of 1.91, 2.40, and 2.84 yuan for 2025-2027 respectively [3]. - The target price is set at 70.67 yuan based on a 37x PE valuation for 2025, reflecting a strong growth outlook [3]. - The company has demonstrated impressive revenue growth, with a forecasted increase in revenue from 2,608 million yuan in 2023 to 6,115 million yuan in 2027, representing a compound annual growth rate (CAGR) of 38.0% from 2025 to 2026 [5][12]. Financial Performance Summary - Revenue is projected to grow from 2,608 million yuan in 2023 to 6,115 million yuan in 2027, with year-on-year growth rates of 52.3%, 16.8%, 38.0%, 23.3%, and 18.0% respectively [5][12]. - Operating profit is expected to increase significantly, from 315 million yuan in 2023 to 2,014 million yuan in 2027, with growth rates of 155.4%, 100.3%, 115.5%, 25.4%, and 18.0% [5][12]. - Net profit attributable to the parent company is forecasted to rise from 340 million yuan in 2023 to 1,704 million yuan in 2027, with growth rates of 177.4%, 80.7%, 87.0%, 25.5%, and 18.1% [5][12]. - The company’s gross margin is projected to improve from 73.3% in 2023 to 75.8% in 2027, while net margin is expected to increase from 13.0% to 27.9% over the same period [5][12]. Clinical and Product Development Insights - The company has several promising products in its pipeline, including GZR18, which has shown superior glucose-lowering effects compared to competitors in clinical trials [10]. - GZR4, an insulin formulation, has also demonstrated significant efficacy in clinical trials, indicating strong potential for future revenue growth [10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603087 证券简称：甘李药业 公告编号：2025-055 甘李药业股份有限公司 关于股东权益变动的提示性公告 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： ■ （二）本次权益变动时间及方式 ● 本次权益变动后，信息披露义务人北京旭特宏达科技有限公司（以下简称"旭特宏达"）及其一致行动 人甘忠如先生合计持有公司股份比例从42.60%减少至40.00%。 一、本次权益变动基本情况 公司于2025年7月29日，收到信息披露义务人旭特宏达的书面通知和《简式权益变动报告书》。现将有 关权益变动情况公告如下： （一）信息披露义务人基本情况 1、北京旭特宏达科技有限公司 ■ 2、甘忠如 ● 本次权益变动属于主动减持和被动稀释，不触及要约收购。 ● 本次权益变动不会导致甘李药业股份有限公司（以下简称"公司"）控股股东及实际控制人发生变化。 本次权益变动前，信息披露义务人旭特宏达及其一致行动人甘忠如先生合计持有公司股份数量为 253,138,194股，占当时公司总 ...

证券代码：603087 证券简称：甘李药业 公告编号：2025-055 （二）本次权益变动时间及方式 本次权益变动前，信息披露义务人旭特宏达及其一致行动人甘忠如先生合计 持有公司股份数量为 253,138,194 股，占当时公司总股本的持股比例为 42.60%。 旭特宏达自 2024 年 5 月 24 日至 2025 年 7 月 29 日期间，因公司总股本增加被动 稀释，总股份减少被动增加及其通过集中竞价方式减持公司股份 12,712,002 股， 导致权益变动比例约为 2.20%，甘忠如先生因公司总股本增加被动稀释，总股份 减少被动增加，导致权益变动比例约为 0.40%。 本次权益变动后旭特宏达及其一致行动人甘忠如先生合计持有公司股份数 量为 240,426,192 股，占公司当前总股本比例为 40.00%。 公司于 2025 年 7 月 29 日，收到信息披露义务人旭特宏达的书面通知和《简 式权益变动报告书》。现将有关权益变动情况公告如下： 咨询。(市场主体依法自主选择经营项目，开展经营活动;依法须经 经营范围 | | 批准的项目，经相关部门批准后依批准的内容开展经营活动;不得 | | --- | --- ...

甘李药业股份有限公司简式权益变动报告书 甘李药业股份有限公司 甘李药业股份有限公司简式权益变动报告书 上市公司名称：甘李药业股份有限公司 股票上市地点：上海证券交易所 股票简称：甘李药业 股票代码：603087 信息披露义务人 1：北京旭特宏达科技有限公司 住所及通讯地址：北京市通州区南凤西一路 205 号院 2 号楼 2 层 信息披露义务人 2：甘忠如 住所及通讯地址：北京市朝阳区*** 权益变动性质：股份减少，权益变动触及 5%整数倍刻度 签署日期：二〇二五年七月二十九日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司收购管理办法》、《公开发行证券的公司信息披露内容与格式准则第 15 号 ——权益变动报告书》等相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反信息 披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定，本报告 书已全面披露信息披露义务人在甘李药业拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露 ...

证券代码：603087 证券简称：甘李药业 公告编号：2025-055 甘李药业股份有限公司 关于股东权益变动的提示性公告 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： 一、本次权益变动基本情况 公司于 2025 年 7 月 29 日，收到信息披露义务人旭特宏达的书面通知和《简 式权益变动报告书》。现将有关权益变动情况公告如下： （一）信息披露义务人基本情况 1、北京旭特宏达科技有限公司 | 公司名称 | 北京旭特宏达科技有限公司 | | --- | --- | | 注册地址 | 北京市通州区南凤西一路 205 号院 2 号楼 2 层 | | 法定代表人 | 甘忠如 | | 注册资本 | 万元 701.1955 | | 统一社会信用代码 | 91110112565832509N | | 企业类型 | 有限责任公司(自然人投资或控股) | | 姓名 | 甘忠如 | | --- | --- | | 性别 | 男 | | 国籍 | 中国 | | 身份证件号码 | 110108************ | | 住所 ...

甘李药业股份有限公司简式权益变动报告书 甘李药业股份有限公司 简式权益变动报告书 上市公司名称：甘李药业股份有限公司 股票上市地点：上海证券交易所 股票简称：甘李药业 股票代码：603087 信息披露义务人 1：北京旭特宏达科技有限公司 住所及通讯地址：北京市通州区南凤西一路 205 号院 2 号楼 2 层 信息披露义务人 2：甘忠如 住所及通讯地址：北京市朝阳区*** 权益变动性质：股份减少，权益变动触及 5%整数倍刻度 签署日期：二〇二五年七月二十九日 1 甘李药业股份有限公司简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司收购管理办法》、《公开发行证券的公司信息披露内容与格式准则第 15 号 ——权益变动报告书》等相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反信息 披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定，本报告 书已全面披露信息披露义务人在甘李药业拥有权益的股份变动情况。 截至本报告书 ...

Core Insights - Multiple domestic GLP-1 weight loss drug developers are targeting overseas markets and have established several licensing agreements with multinational companies, indicating that competition for Chinese GLP-1 weight loss drugs will extend to the global market [1][5] - The U.S. market, known for its strong payment capabilities, is becoming a key focus for Chinese weight loss drug companies as they accelerate their research and development efforts [1][6] Industry Developments - Companies such as Heng Rui Medicine, Cheng Yi Biology, East China Medicine, Gan Li Pharmaceutical, and Hansoh Pharmaceutical have entered the GLP-1 weight loss drug market, including next-generation oral small molecule drugs [1] - Recent breakthroughs include the approval of the dual receptor agonist Masitide injection by the National Medical Products Administration (NMPA) for long-term weight control in adults, marking it as the only domestic GLP-1 weight loss drug competing with international giants [3][5] Clinical Progress - Several companies have reported positive clinical data, with Heng Rui Medicine and its U.S. partner Kailera Therapeutics announcing successful Phase III trial results for their GLP-1/GIP dual receptor agonist HRS9531, with plans to submit a New Drug Application (NDA) [4] - The drug Ecnoglutide developed by Xianweida has submitted an NDA for weight management and type 2 diabetes indications, although it has not yet been approved [4][6] Market Potential - The global GLP-1 drug market is projected to exceed $60 billion by 2025, with the Chinese market expected to reach 20 billion RMB, growing at over 28% annually [6] - The U.S. market presents significant opportunities, with high profit margins for weight loss drugs, despite the current dominance of two major players, Eli Lilly and Novo Nordisk [6][7] Patient Engagement - A recent survey indicated that 63% of U.S. patients continued using the weight loss drug Semaglutide after one year, highlighting the growing acceptance and adherence to GLP-1 medications [7] - The expansion of insurance coverage for these drugs is expected to further increase the patient population eligible for GLP-1 weight loss treatments [7]