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].

Core Viewpoint - Gann Li Pharmaceutical (603087.SH) announced the dismissal of its CFO, Sun Cheng, due to business adjustments aimed at globalizing its innovative drug research, marketing, and investment strategies [2][13]. Group 1: Management Changes - The board of directors approved the termination of Sun Cheng's roles as CFO and Vice General Manager, effective immediately, with no further positions held in the company [2][13]. - Sun Cheng held 182,200 shares of restricted stock, valued at approximately 12.4 million yuan based on the closing price of 68.07 yuan per share as of December 31, 2025 [2][13]. - The company will repurchase and cancel 328,000 shares of restricted stock that were granted but not yet released from restrictions [2][13]. Group 2: Background of Sun Cheng - Sun Cheng, born in 1979, is a registered CPA in Australia and holds a master's degree from Tsinghua University. He has held various financial roles, including positions at KPMG and Asia Energy Holdings [3][13]. - His total pre-tax compensation for the year 2024 was reported at 694,900 yuan [5][15]. Group 3: New Acting CFO - Zhou Li, born in 1983 and a master's graduate from Central University of Finance and Economics, has been appointed as the acting CFO. She has been with Gann Li Pharmaceutical since 2012 and served as the finance department director since October 2019 [7][17].

Core Insights - The surge in BD (business development) transactions in China's innovative pharmaceutical sector is a reflection of the industry's maturation and increasing global recognition, with 2025 marking a significant year for License-out agreements [3][4][5] Group 1: BD Transactions Overview - In December 2025, several Chinese pharmaceutical companies, including Ganli Pharmaceutical and Heng Rui Medicine, announced significant BD agreements, indicating a trend towards increased collaboration and innovation in the sector [2] - The total value of BD transactions for Chinese innovative drugs reached $135.655 billion in 2025, with upfront payments totaling $7 billion, marking a historical high in both transaction volume and value [3] - The number of BD transactions involving Chinese companies and top multinational corporations (MNCs) increased from 3 in 2015 to 35 in 2025, highlighting the growing interest from global players [3] Group 2: Market Dynamics and Future Outlook - The BD transaction boom is expected to continue into 2026, with industry experts predicting sustained high activity levels, although the focus may shift from quantity to value [5][14] - The NewCo model, which allows for "technology equity + capital cooperation," is emerging as a new pathway for Chinese pharmaceutical companies to engage in international markets, although its prevalence may decrease in 2026 [14][15] - The overall trend indicates a shift from isolated transactions to a more collaborative ecosystem, where companies leverage partnerships to enhance their global market presence [16][20] Group 3: Transaction Structures and Strategies - The structure of BD transactions is evolving, with companies increasingly engaging in co-development and co-commercialization agreements, allowing for shared risks and benefits [10][11] - The pricing of BD transactions is becoming more rational, with companies focusing on the clinical value and market potential of their products, which influences upfront payment amounts [19][18] - Legal and advisory services are becoming integral to BD transactions, reflecting the increasing complexity and importance of these deals in the pharmaceutical landscape [17]

证券代码：603087 证券简称：甘李药业 公告编号：2026-001 甘李药业股份有限公司 第五届董事会第六次会议决议公告 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。 一、董事会会议召开情况 甘李药业股份有限公司（"公司"）第五届董事会第六次会议于 2025 年 12 月 25 日以电子邮件方式发出会议通知和会议材料，2025 年 12 月 31 日在公司五 层会议室以现场结合通讯方式召开。本次会议由董事长陈伟先生主持。应出席董 事 9 名，实际出席董事 9 名，公司高级管理人员列席会议。本次会议的召开符合 《公司法》和《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 经与会董事审议表决，一致通过如下议案： （一）审议通过了《关于解聘高级管理人员的议案》 同意解聘孙程先生财务负责人和副总经理职务，孙程先生本次离职后将不在 公司担任任何职务。 具体内容详见公司于同日在上海证券交易所网站披露的《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》（公告编号：2026-002）。 表决结果：9 票同 ...