Summary of Key Points Core Viewpoint - On July 25, 2025, a total of 8 stocks in the A-share market will face the lifting of restrictions on share sales, with a total of 1.872 billion shares being unlocked, amounting to a market value of 50.111 billion yuan based on the previous trading day's closing price [1]. Group 1: Stock Unlocking Details - The top three stocks by the number of shares unlocked are: - Daqian Energy (688303) with 1.593 billion shares [1][2] - Jintuo Co., Ltd. (603211) with 204 million shares [1][2] - Wanlang Magnetic Plastic (603150) with 31.966 million shares [1][2] Group 2: Market Value of Unlocked Shares - The top three stocks by market value of unlocked shares are: - Daqian Energy (688303) with a market value of 43.921 billion yuan [1][2] - Jintuo Co., Ltd. (603211) with a market value of 3.692 billion yuan [1][2] - Wanlang Magnetic Plastic (603150) with a market value of 1.066 billion yuan [1][2]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the healthcare sector in China, particularly the medical technology (Medtech), in vitro diagnostics (IVD), retail pharmacies, hospitals, vaccines, and insulin markets [1][2]. Core Insights and Arguments Medtech - **Key Areas of Focus**: 1. Progress of capital equipment value-based procurement (VBP) and the trade-in policy [1] 2. Channel destocking trends [1] 3. Import substitution trends post-VBP, including intraocular lenses (IOLs) and IVD [1] - **VBP Impact**: The June bidding value data showed a year-on-year growth rate of 49%, but a month-on-month decline of 3%, indicating lower unit prices due to VBP [10]. IVD Market - **Weak Demand**: The IVD sector continues to face challenges, with a projected 20% year-on-year decline in the CLIA reagent market size for 2025 [19]. - **AmoyDx Performance**: AmoyDx is expected to grow against the trend due to its strong presence in compliant in-hospital sales channels, benefiting from the anti-corruption campaign [21]. Insulin Market - **Domestic Substitution**: The insulin industry has seen significant growth, particularly for insulin analogs from companies like Gan & Lee and THDB, which reported rapid revenue growth in 1Q25 [22]. Retail Pharmacies - **Market Pressure**: Retail pharmacies are under pressure due to strict reimbursement policies and weak consumer spending. However, there is a potential market-clearing trend expected by year-end [31]. Hospitals - **New Product Feedback**: Hospitals are seeing new product introductions, such as the new version of SMILE surgery and new PIOL products, which are expected to drive consumption recovery [1]. Vaccine Market - **Anti-Corruption Campaign**: The ongoing anti-corruption campaign within the CDC system is impacting vaccine demand and distribution channels [1]. Financial Performance and Estimates Earnings Revisions - **Mindray**: Annual earnings estimates revised down by 2.1% to 5.0% for 2025E-27E due to industry headwinds in medical equipment and IVD [2][37]. - **United Imaging**: Revenue and earnings forecasts adjusted down to reflect lower-than-expected bidding data [39]. - **SNIBE**: Earnings estimates revised down by 1.4% to 7.1% for 2025E-27E due to policy headwinds in the IVD sector [40]. Revenue Growth Expectations - **High Growth Companies**: THDB and Gan & Lee are expected to achieve the highest revenue growth due to a low base from VBP renewal in 2Q24 [6]. - **Mindray's Decline**: Mindray's China business is expected to decline by 26% year-on-year in 2Q25 due to IVD weakness [9]. Other Important Insights - **Trade-in Policy Concerns**: The trade-in stimulus fund is expected to run out, leading to a decline in applications and a reduced stimulus effect in the second half of 2025 [10]. - **Market Dynamics**: The healthcare market is experiencing a shift with increasing government support for procurement and a focus on innovative products [47][48]. Conclusion - The healthcare sector in China is facing various challenges, including policy headwinds, weak demand in certain segments, and the impact of ongoing reforms. However, there are also opportunities for growth, particularly in innovative products and domestic substitution trends. Companies like AmoyDx, Gan & Lee, and THDB are positioned to benefit from these trends, while others like Mindray and SNIBE are facing headwinds that may impact their performance in the near term.

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 陈秀颖 2025年上半年，中国创新药行业在政策红利与国际化突破的双重助力下迎来高光时刻，Wind数据显 示，A股创新药板块80家企业中，16家已发布中报预告。头部企业凭借技术壁垒与商业化能力实现爆发 式增长。 | 证券简称 | 预告净利润同比增长 | | 预告净利润同比增 董事长 | 总经理 | | --- | --- | --- | --- | --- | | | 上限 | 长下限 | | [交易日期] 最新 [交易日期] 最新 | | | [报告期] 今年中报 | [报告期] 今年中报 | | | | | [单位] %↓ | [单位] % | | | | 双鹭药业 | 356.24 | | 237.95 徐明波 | 徐明波 | | 全诺生物 | 332.10 | | 253.54 文永均 | 文永均 | | 步长制药 | 205.94 | | 110.88 赵涛 | #x15 | | 通化东宝 | 194.30 | | 194.30 李佳鸿 | 冷春生 | | 微芯生物 | 173.00 | | 173.00 X ...

Group 1 - The company held its fifth supervisory board's second meeting on July 21, 2025, with a valid resolution passed by the attending supervisors [1] - The supervisory board unanimously approved the proposal to continue using idle raised funds for cash management, allowing up to RMB 250 million for investment in safe and liquid financial products [1] - The investment products include time deposits, structured deposits, and large certificates of deposit, with a usage period not exceeding 12 months from the date of approval [1][2] Group 2 - The board's decision ensures that the use of idle funds will not affect the normal progress of the fundraising investment plan [1] - The voting results showed 3 votes in favor, with no opposition or abstentions [2]

继续使用闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为甘李 药业股份有限公司（以下简称"甘李药业"或"公司"）持续督导工作的保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上市公司募集 资金监管规则》等有关规定，就甘李药业使用首次公开发行股票闲置募集资金进 行现金管理事项进行了核查，具体情况如下： 一、募集资金基本情况 中信证券股份有限公司 关于甘李药业股份有限公司 （一）投资目的 公司为提高资金的使用效率和收益，在保证募集资金项目投资计划正常实施 的情况下，合理利用部分暂时闲置募集资金购买安全性高、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），实行现金管理为公司和股东谋取较好的投资回报。 （二）资金来源 公司本次委托理财的资金来源系闲置募集资金。 （三）投资额度及期限 公司拟使用不超过 2.5 亿元人民币的暂时闲置募集资金购买安全性高、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 ...

Core Viewpoint - Gann Li Pharmaceutical Co., Ltd. is set to release 4,256,033 shares of restricted stock for public trading on July 25, 2025, following the expiration of the lock-up period for certain shareholders [1][2][6]. Group 1: Stock Listing Details - The stock listing type is an initial public offering (IPO) with a total of 4,256,033 shares being made available for public trading [1]. - The total number of shares listed for circulation is 4,256,033, which represents 0.71% of the company's total share capital [2][8]. - The company received approval from the China Securities Regulatory Commission for the public offering of 40,200,000 shares, which were listed on June 29, 2020 [1][2]. Group 2: Shareholder Commitments - STRONG LINK INTERNATIONAL LIMITED is the shareholder involved in this restricted stock release, and the shares will be unlocked following a written notice from the controlling shareholder, Gan Zhongru [2][6]. - The lock-up period for the shares was initially set for 12 months post-IPO, with an extension contingent upon the controlling shareholder's notification [2][6]. Group 3: Capital Structure Changes - Following the IPO, the company's total share capital increased from 401,100,000 shares to 561,540,000 shares after a cash dividend distribution and stock issuance [3]. - The current total share capital stands at 601,065,290 shares, with 39,666,689 shares under restricted conditions and 561,398,601 shares freely tradable [8]. Group 4: Regulatory Compliance - The company has complied with all relevant regulations and commitments regarding the release of restricted shares, as confirmed by the sponsoring institution [7]. - The release of the restricted shares aligns with the Shanghai Stock Exchange's listing rules and the commitments made during the IPO process [7].

证券代码：603087 证券简称：甘李药业 公告编号：2025-054 甘李药业股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为4,256,033 股。 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准甘李药业股份有限公司首次公开发行 股票的批复》（证监许可[2020]1075 号）核准，甘李药业股份有限公司（以下简称"甘 李药业"、"公司"）获准向社会公众公开发行人民币普通股（A 股）股票 40,200,000 股，于 2020 年 6 月 29 日在上海证券交易所上市。公司首次公开发行前总股本为 360,900,000 股,首次公开发行后总股本为 401,100,000 股，其中有限售条件流通股 为 360,900,000 股，无限售条件流通股为 40,200,000 股。 本次上市流通的限售股为公司首次公开发行限售股，涉及股东为 STRONG LINK INTERNATIONAL LI ...

中信证券股份有限公司关于甘李药业股份有限公司 首次公开发行部分限售股上市流通的核查意见 公司于 2020 年 7 月 23 日召开 2020 年第二次临时股东大会审议通过《2019 年年度利润分配预案》，公司以利润分配实施前的公司总股本 401,100,000 股为基 数，向全体股东每股派发现金红利 0.5 元（含税），每股派送红股 0.4 股，共计派 发现金红利 200,550,000 元，派送红股 160,440,000 股。上述利润分配方案已实施 完毕，公司总股本由 401,100,000 股增加至 561,540,000 股。 2022 年 11 月 15 日，公司召开 2022 年第一次临时股东大会，审议通过了 《关于<甘李药业股份有限公司 2022 年限制性股票激励计划（草案）>及其摘要 的议案》《关于<甘李药业股份有限公司 2022 年限制性股票激励计划实施考核管 理办法>的议案》及《关于提请股东大会授权董事会办理股权激励相关事宜的议 案》等议案，同意公司采用限制性股票作为激励工具，向激励对象定向发行公司 股票。本次授予的 4,113,200 股限制性股票已于 2022 年 12 月 20 日在 ...

中信证券股份有限公司 关于甘李药业股份有限公司 继续使用闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为甘李 药业股份有限公司（以下简称"甘李药业"或"公司"）持续督导工作的保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上市公司募集 资金监管规则》等有关规定，就甘李药业使用首次公开发行股票闲置募集资金进 行现金管理事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准甘李药业股份有限公司首次公开发行 股票的批复》（证监许可[2020]1075 号）核准，公司获准向社会公众公开发行人 民币普通股（A 股）股票 4,020 万股，发行价为每股人民币 63.32 元，共计募集 资金 254,546.40 万元，扣除发行费用后，实际募集资金净额为 244,113.45 万元。 上述募集资金已于 2020 年 6 月 22 日到位，已经安永华明会计师事务所（特殊普 通合伙）验证，并由其出具安永华明（2020）验字第 61234813_A01 ...

关于继续使用闲置募集资金进行现金管理的公告 证券代码：603087 证券简称：甘李药业 公告编号：2025-053 甘李药业股份有限公司 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： 投资种类：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）。 投资金额：不超过人民币 2.5 亿元，该额度自董事会审议通过之日起不 超过 12 个月，单笔投资产品的期限不超过 12 个月。 履行的审议程序：2025 年 7 月 21 日，甘李药业股份有限公司（以下简 称"公司"）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》。 特别风险提示：公司拟投资安全性高、流动性好、满足保本要求的产品， 但金融市场受宏观经济的影响较大，不排除该项投资受到宏观经济因素影响存在 一定的系统性风险。 公司于 2025 年 7 月 21 日召开的第五届董事会第二次会议，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》， ...