甘李药业2025年归母净利最高预增95% 近五年研发费24.87亿推进全球化

Core Insights - The company, Ganli Pharmaceutical, is expected to achieve a net profit of 1.1 billion to 1.2 billion yuan in 2025, representing a year-on-year increase of 78.96% to 95.23% [1][2] - The significant growth in performance is driven by both domestic market advantages from centralized procurement and strong international market expansion [1][2] Domestic Market Performance - The company has leveraged its market coverage advantage from centralized procurement to significantly increase the sales volume and revenue of its insulin products [2] - The net profit growth is also supported by the transfer of 55% equity in its subsidiary, Gan Medical Technology Jiangsu Co., Ltd., which contributed to investment income [2] International Market Expansion - Ganli Pharmaceutical has made notable strides in its internationalization strategy, particularly along the "Belt and Road" initiative and in emerging markets, resulting in increased sales in key markets [2] - The company secured a 10-year insulin supply framework agreement in Brazil worth no less than 3 billion yuan, marking a significant milestone in its global expansion [3] Research and Development Investment - The company views R&D as its primary productivity driver, with total R&D expenses amounting to 2.487 billion yuan over the past five years [4] - R&D expenses for the years 2021 to the first three quarters of 2025 were 475 million, 562 million, 501 million, 541 million, and 408 million yuan respectively [4] Innovation Pipeline - Ganli Pharmaceutical is transitioning from a traditional insulin manufacturer to a global platform for innovative drugs, with a focus on diabetes and metabolic disease treatment [4] - The company’s core GLP-1 biweekly formulation, Bofanglure, is leading its internationalization efforts, with partnerships established for its commercialization in Latin America and India [3]