Core Viewpoint - The company reported a decline in revenue and profit for the fiscal year ending December 31, 2024, with a focus on improving market accessibility and product approvals despite challenging market conditions [1][2]. Group 1: Financial Performance - The company's revenue for the year was HKD 57.73 billion, a decrease of 10.67% year-on-year [1]. - Shareholders' profit was HKD 10.61 billion, down 19.53% compared to the previous year [1]. - Basic earnings per share were HKD 0.3582, with a proposed final dividend of HKD 0.095 per share [1]. Group 2: Product Approvals and Market Access - The company successfully completed the market access for 44 generic names and 56 specifications, with significant approvals in various provinces [2]. - The company participated in over a thousand bidding activities, achieving notable success in national and regional procurement initiatives [2]. - The company has 162 products listed in the national medical insurance directory, with new products successfully entering the 2024 updated directory [2]. Group 3: Business Segments Performance - The infusion and ampoule water products maintained stable performance, with total sales volume reaching 2.036 billion bottles (bags), a year-on-year increase of 6.7% [3]. - Sales revenue for infusion products was HKD 37.35 billion, a decrease of 7.6% due to market demand and pricing pressures [3]. - The oral formulation segment saw significant growth, with sales revenue reaching approximately HKD 5.02 billion, up about 4.9% year-on-year [4]. Group 4: Raw Material Drug Segment - The raw material drug segment experienced a sales revenue decline of 11.7%, totaling approximately HKD 7.85 billion [4]. - Caffeine sales volume increased by about 44% to 5,478 tons, while sales of metronidazole decreased by 43% [4]. - The company anticipates a stabilization and recovery in the raw material drug business in the coming year [4].

Investment Rating - The report indicates a positive outlook for the pharmaceutical industry, particularly for innovative drug development, with a focus on quality and regulatory improvements [1][10]. Core Insights - The government emphasizes the importance of supporting innovative drug development, optimizing drug procurement policies, and enhancing quality assessments and regulations [1][3][10]. - The report highlights the expected improvement in the competitive landscape of the pharmaceutical industry due to policy support, which will shorten the return period on R&D investments for innovative drug companies [1][4][10]. - The increasing aging population and enhanced medical insurance payment capabilities are projected to sustain growth in downstream demand for the pharmaceutical industry [1][10]. Summary by Sections Encouragement of Innovative Drug Development - The 2025 government report reiterates support for innovative drugs, including the establishment of a pricing mechanism and a directory for innovative drugs [3][4]. - Policies introduced in 2024 aim to protect innovative drug companies from early price reductions due to procurement [3][4]. Focus on Quality in Drug Procurement - The report states that drug procurement policies will be optimized to emphasize quality assessments and regulations, transitioning from merely promoting procurement to optimizing it [5][6]. - Historical data shows that the average price reduction in drug procurement has been between 52% and 59%, with the most competitive procurement round in 2024 seeing reductions exceeding 70% [5][7]. Enhancement of Medical Insurance Payment Capabilities - The government plans to increase per capita financial subsidies for medical insurance and improve the overall payment capabilities of the medical insurance fund [7][8]. - The expansion of the medical insurance coverage to include innovative drugs is anticipated as the new drug directory is implemented [7][8]. Encouragement of Traditional Chinese Medicine Development - The report outlines ongoing support for the development of Traditional Chinese Medicine (TCM), including the establishment of innovation centers and the integration of digital technologies [9][10]. - Policies aimed at modernizing and industrializing TCM are expected to enhance the operational efficiency of TCM enterprises [9][10]. Conclusion - The report concludes that the pharmaceutical industry is poised for recovery in growth rates, with improved external environments for innovative drugs and TCM enterprises [10][11].

胰岛素集采中选产品价格上涨，新一轮集采协议量增加。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，10月22日，甘李药业（603087.SH）发布2024年三季报，前三季度实现收入 22.45亿元，同比增长17.81%；归母净利润5.07亿元，同比增长90.36%，主要系前三季度营业收 入、交易性金融资产公允价值变动收益较上年同期大幅增长所致。其中，今年第三季度营业收入为 9.30亿元，同比增长37.61%；实现归母净利润2.08亿元，同比增长57.47%。 第三季度，公司国内外收入均实现增长。 报告期内国内收入为6.80亿元，同比增加22.25%，主要 归因于公司制剂产品价格的上涨。 2024年前三季度，公司国内销售收入18.68亿元，同比增长2.39亿元，其中国内制剂销售收入 18.02亿元，同比增2.21亿元。 来源：公司财报 今年第二季度，公司参加了全国药品集采（胰岛素专项接续）的投标工作，所有产品均中选，且中选 产品价格上涨。新一轮胰岛素集采在二、三季度陆续由各省开始执行，且产品价格上涨推动2024年 前三季度公司总收入增加了1.50亿元。 此外， 公 ...