Gan & Lee(SH:603087) Xin Lang Cai Jing·2025-07-10 12:56Core Viewpoint - The company, Ganli Pharmaceutical, is experiencing significant profit growth due to the benefits of centralized procurement, with a projected net profit increase of 100.73% to 114.12% in the first half of 2025 compared to the previous year [1][4]. Financial Performance - Ganli Pharmaceutical forecasts a net profit of 600 million to 640 million yuan for the first half of 2025, an increase of 301 million to 341 million yuan year-on-year [1]. - The company's non-recurring net profit is expected to be between 460 million and 500 million yuan, representing a year-on-year increase of 262.47% to 293.99% [1]. Growth Drivers - The revenue growth is attributed to both domestic and international sales increases, with domestic sales benefiting from a renewal of centralized procurement contracts and enhanced market coverage [4]. - The key driver for the profit doubling is the third-generation insulin's performance, which has seen both volume and price increases [4][6]. Procurement Strategy - In the latest round of insulin procurement, Ganli Pharmaceutical maintained a reasonable bidding price while controlling costs, allowing for greater profit retention [4]. - The new procurement rules have clarified price ranges, allowing for some price increases, which helps avoid excessive price wars that could harm profitability [4]. Cost Control Measures - The company employs a comprehensive cost control strategy throughout its operations, from product development to sales, enhancing efficiency and reducing costs [5]. - Ganli Pharmaceutical has established a lean management system across its supply chain, improving the interconnectivity of various operational stages [5]. Market Position and Product Performance - Ganli Pharmaceutical's products, including various insulin formulations, have seen price increases averaging 31% in the latest procurement round, with specific products like glargine insulin seeing a price rise of 48% [5][6]. - The company has secured a total of 46.86 million units in the latest procurement, a 32.6% increase from the previous round, with third-generation insulin products accounting for 30% of the total [6]. International Expansion - Since 2005, Ganli Pharmaceutical has been expanding its international presence, establishing a commercial network in over 20 countries and regions [8]. - The company is actively pursuing partnerships with leading pharmaceutical firms in emerging markets while also working on product certifications in Europe and the U.S. to enhance its global market influence [8].