Investment Rating - The investment rating for the company is "Buy-A" with a target price of 84.00 CNY for the next six months [7][10]. Core Insights - The company has achieved significant revenue and net profit growth in the first three quarters of 2025, with revenues of 30.47 billion CNY and a net profit of 8.18 billion CNY, representing year-on-year increases of 35.73% and 61.32% respectively [2][3]. - Domestic sales revenue reached 26.90 billion CNY, up 44.01%, while international sales revenue was 3.53 billion CNY, up 45.52%, driven by price increases following domestic insulin procurement and expanding international sales [2][4]. - The company is actively participating in domestic insulin procurement, leading to a continuous increase in insulin formulation sales, with domestic formulation revenue growing by 45.6% year-on-year [3]. - The company is advancing its globalization strategy, signing a 10-year technical transfer and supply agreement with Brazil, with a cumulative order amount expected to exceed 30 billion CNY [4]. - The company's pipeline includes promising insulin formulations, with GZR4 in Phase III clinical trials domestically and Phase I in Europe and the US, positioning it as a potential cornerstone drug for diabetes treatment [5]. Financial Performance - The company forecasts net profits of 11.09 billion CNY, 14.32 billion CNY, and 15.95 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 80.4%, 29.1%, and 11.4% [10]. - The projected earnings per share (EPS) for 2026 is 2.40 CNY, with a price-to-earnings (PE) ratio of 35 times [10]. - The company's total market capitalization is approximately 41.75 billion CNY, with a circulating market capitalization of about 38.99 billion CNY [7].

Core Viewpoint - The company has reported a significant increase in revenue for the first three quarters of 2025, driven by domestic insulin product sales and international market expansion [6][7]. Financial Performance - For the first three quarters of 2025, the company's revenue reached 3.047 billion yuan, an increase of 802 million yuan, representing a year-on-year growth of 35.73% [6]. - Domestic insulin product sales contributed 2.624 billion yuan, up 822 million yuan from the previous year, with volume and price increases contributing 492 million yuan and 330 million yuan respectively [6][7]. - International sales revenue was 353 million yuan, a year-on-year increase of 1.1 billion yuan, or 45.52%, attributed to the company's global strategy and improved customer service [7]. - The company experienced a decrease in royalty income of 130 million yuan due to the absence of milestone income recognition in the current period [8]. Corporate Governance Changes - The company plans to abolish its supervisory board and transfer its responsibilities to the audit committee, in compliance with updated regulations [13][19]. - Amendments to the company's articles of association will reflect this change, along with updates to various governance policies to enhance operational efficiency [16][19]. - The company's registered capital has been adjusted from 601,065,290 yuan to 597,304,969 yuan following stock repurchase activities [14].

Core Viewpoint - Gannee Pharmaceutical reported strong financial performance for the first three quarters of 2025, with significant growth in both revenue and net profit driven by increased sales and prices of insulin products [1] Financial Performance - The company achieved a revenue of 3.047 billion yuan, representing a year-on-year increase of 35.73% [1] - The net profit attributable to shareholders reached 818 million yuan, marking a year-on-year growth of 61.32% [1] Product Performance - Domestic sales of insulin preparations increased compared to the same period last year [1] - Following the continuation of centralized procurement for insulin, the company experienced a rise in the prices of its insulin products, which, along with increased sales volume, significantly contributed to revenue growth [1]

Core Viewpoint - Ganli Pharmaceutical (603087.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong business performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters reached 3.047 billion yuan, representing a year-on-year growth of 35.73% [1] - The net profit attributable to shareholders was 818 million yuan, showing a year-on-year increase of 61.32% [1] - The basic earnings per share were reported at 1.38 yuan [1]

Core Viewpoint - Ganli Pharmaceutical is a leading company in the field of recombinant insulin analogs, showcasing strong financial performance and innovative drug development capabilities [1][6][7]. Financial Performance - For Q3 2025, Ganli Pharmaceutical reported revenue of 3.047 billion yuan, ranking third among 34 companies in the industry, with a net profit of 818 million yuan, placing fourth [2]. - The company's revenue from biological products accounted for 95.05% of total revenue, while medical devices and other income contributed 4.69% [2]. - The company achieved a year-on-year revenue growth of 57.18% in the first half of 2025, with a net profit growth of 101.96% [6]. Profitability and Debt Management - As of Q3 2025, Ganli Pharmaceutical's debt-to-asset ratio was 7.09%, significantly lower than the industry average of 26.88%, indicating strong debt management [3]. - The gross profit margin for the same period was 76.18%, higher than the industry average of 70.17%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 22.53% to 94,700, while the average number of shares held per shareholder decreased by 17.81% [5]. Leadership and Compensation - The chairman and general manager, Chen Wei, received a salary of 924,400 yuan in 2024, an increase of 32,200 yuan from the previous year [4]. Innovation and R&D - Ganli Pharmaceutical has several innovative drugs in development, including GZR4 and GZR102, which are in various clinical trial phases and show potential for market expansion [7]. - The company invested 5.52 billion yuan in R&D in the first half of 2025, representing 26.70% of its revenue, indicating a strong commitment to innovation [6].

第一章 总则 第一条 为规范甘李药业股份有限公司（以下简称"公司"）董事、高级管 理人员离职管理，保障公司治理稳定性及股东合法权益，根据《上海证券交易所 股票上市规则》《甘李药业股份有限公司章程》（以下简称《公司章程》）及其 他有关法律、法规的规定，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞任、 任期届满、解任以及其他导致董事、高级管理人员实际离职等情形。 第二章 离职情形与生效条件 第三条 公司董事、高级管理人员实际离职包含任期届满未连任、主动辞职、 被解除职务以及其他导致董事、高级管理人员离职等情形。董事可以在任期届满 以前辞任。辞任应向董事会提交书面辞职报告，除《公司章程》及公司制度另有 规定外，公司收到辞职报告之日董事辞任生效，并将在两个交易日内披露有关情 况。 甘李药业股份有限公司 董事、高级管理人员离职管理制度 第五条 非职工代表董事由股东会选举和更换，职工代表董事由职工代表大 会选举和更换，非职工代表董事和职工代表董事任期届满未获连任的，自相关股 东会、职工代表大会新聘董事决议通过之日自动离职。 第六条 股东会可以决议解任董事（职工董事由职工代表大会解任），决 ...

甘李药业股份有限公司 关于取消监事会、修订《公司章程》并办理工商变更 登记、修订公司部分治理制度的公告 证券代码：603087 证券简称：甘李药业 公告编号：2025-072 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。 甘李药业股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开了第 五届董事会第四次会议，审议通过了《关于取消监事会、修订<公司章程>并办 理工商变更登记的议案》和《关于制定及修订公司部分治理制度的议案》。公司 拟取消监事会，修订《甘李药业股份有限公司章程》（以下简称《公司章程》）， 并制定和修订部分公司治理制度。相关情况公告如下： 一、关于取消监事会的情况 根据最新的《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》《上海证券交易所股票上市规则》（以下简称《股票上市规则》）、《上 市公司章程指引》等有关法律、法规、规范性文件的规定，为了全面贯彻落实相 关文件精神的要求，同时结合公司治理的实际情况，公司将取消监事会，由董事 会审计委员会行使《公司法》规定的监事会的职 ...

证券代码：603087 证券简称：甘李药业 公告编号：2025-073 甘李药业股份有限公司 关于召开2025年第一次临时股东大会的通知 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、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 14 点 00 分 召开地点：北京市通州区漷县镇南凤西一路 8 号会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年11月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 不涉及 二、 会议审议事项 本次股东大 ...

公司 2025 年第三季度报告的编制及审议程序符合相关法律、法规、规范性 文件及《公司章程》的规定，公司严格按照上市公司财务制度规范运作；报告真 实、全面地反映了公司本报告期的财务状况和经营成果；报告所披露的信息真实、 准确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏，在监事会做出本 决议前，未发现参与报告编制与审议人员存在违反保密规定的行为。 证券代码：603087 证券简称：甘李药业 公告编号：2025-071 甘李药业股份有限公司 第五届监事会第四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 甘李药业股份有限公司（"公司"）第五届监事会第四次会议于 2025 年 10 月 24 日以电子邮件方式发出会议通知和会议材料，2025 年 10 月 29 日在公司五 层会议室以现场会议的形式召开。本次会议由监事会主席张立主持。应出席监事 3 名，实际出席监事 3 名。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、监事会会议审议情况 经与会监事审议表 ...

证券代码：603087 证券简称：甘李药业 公告编号：2025-070 甘李药业股份有限公司 第五届董事会第四次会议决议公告 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《关于公司<2025 年第三季度报告>的议案》 同意《甘李药业股份有限公司 2025 年第三季度报告》。 具体内容详见公司于同日在上海证券交易所网站披露的《甘李药业股份有限 公司 2025 年第三季度报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 公司审计委员会已对本议案进行事前审议，并发表了同意的意见。 （二）审议通过了《关于取消监事会、修订<公司章程>并办理工商变更登 记的议案》 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"）第五届董事会第四次会议于 2025 年 10 月 24 日以电子邮件方式发出会议通知和会议材料，2025 年 10 月 29 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 ...