Gan & Lee(SH:603087) Chang Jiang Shang Bao·2025-07-10 23:48Core Viewpoint - Gannee Pharmaceutical (甘李药业) is experiencing significant growth in its performance, with a projected net profit increase of 100.73% to 114.12% for the first half of 2025, driven by market share expansion through insulin procurement initiatives [1][3]. Group 1: Financial Performance - For the first half of 2025, Gannee Pharmaceutical expects a net profit of 6 billion to 6.4 billion CNY, and a non-net profit of 4.6 billion to 5 billion CNY, reflecting year-on-year increases of 100.73% to 114.12% and 262.47% to 293.99% respectively [1][3]. - In Q1 2025, the company reported revenues and net profits of 9.85 billion CNY and 3.12 billion CNY, showing year-on-year growth of 75.76% and 224.9% [3]. - The second quarter of 2025 is estimated to yield a net profit between 2.88 billion and 3.28 billion CNY, indicating a year-on-year growth of 41.87% to 61.58% [3]. Group 2: Market Strategy - Gannee Pharmaceutical has successfully expanded its market share through two rounds of insulin procurement, achieving a 32.6% increase in procurement volume for 2024 compared to the previous round, leading to a synergistic effect of volume and price recovery [3]. - The company has a comprehensive insulin research and development pipeline, covering long-acting, rapid-acting, and premixed insulin products, positioning it as a leading player in the domestic market [2]. Group 3: Share Buyback and Dividends - As of June 30, 2025, Gannee Pharmaceutical has repurchased shares worth approximately 1.5 billion CNY, reaching the lower limit of its buyback plan, which aims to repurchase between 1.5 billion and 3 billion CNY [4]. - Since its listing in 2020, the company has conducted six dividend distributions, totaling 16.12 billion CNY, with a dividend payout ratio of 34.45% [4].