Gan & Lee(SH:603087) Xin Lang Cai Jing·2025-09-23 15:46Core Viewpoint - Gannee Pharmaceutical has signed significant agreements with Brazilian entities, marking a new high in overseas cooperation, which is expected to positively impact the company's performance in the coming years [1][2]. Group 1: Cooperation Agreements - Gannee Pharmaceutical has entered into a technology transfer and supply agreement with Brazil's Fundação Oswaldo Cruz-Bio-Manguinhos and local company BIOMM, with a supply framework agreement valued at no less than 3 billion RMB [1]. - The agreements involve transferring the production technology for glargine insulin and ensuring a long-term supply of raw materials and injection solutions, with a contract duration of 10 years [1][2]. Group 2: Market Context - The Brazilian insulin market is dominated by multinational corporations, with Novo Nordisk holding over 55% market share, while local companies have previously only participated through contract manufacturing [2]. - The Brazilian diabetes patient population exceeds 15.7 million, representing over 47% of South America's total, indicating a strong demand for insulin products [2]. Group 3: Product Portfolio - Gannee Pharmaceutical's insulin product matrix includes six core products across long-acting, rapid-acting, and premixed categories, such as the long-acting glargine insulin injection "Changxiulin®" [2]. - The company has successfully commercialized various insulin products, enhancing its competitive position in the market [2]. Group 4: Domestic Market Performance - Gannee Pharmaceutical has seen significant growth in domestic market share, with all six products included in two rounds of centralized procurement, and four products achieving Class A selection [3]. - The company reported a 57.18% year-on-year increase in revenue for the first half of 2025, reaching 2.067 billion RMB, with net profit growing by 101.96% to 604 million RMB [3][4]. Group 5: R&D Investment - Gannee Pharmaceutical invested 552 million RMB in R&D during the first half of 2025, accounting for 26.7% of its revenue, focusing on the development of fourth-generation insulin and GLP-1 drugs [4]. - The company is advancing its pipeline with a fourth-generation insulin product entering Phase III clinical trials and a GLP-1 drug showing promising results in Phase II trials [4].