证券日报网讯12月24日，甘李药业（603087）在互动平台回答投资者提问时表示，博凡格鲁肽注射液还 在临床中，商业化产生的具体收益，取决于产品后续研发、注册及市场导入的实际成功与进度。后续的 药品试验安排及商业化重要进展，公司将及时履行信息披露义务。 ...

甘李药业（603087.SH）12月24日在投资者互动平台表示，博凡格鲁肽注射液还在临床中，商业化产生 的具体收益，取决于产品后续研发、注册及市场导入的实际成功与进度。后续的药品试验安排及商业化 重要进展，公司将及时履行信息披露义务。 每经AI快讯，有投资者在投资者互动平台提问：公众号中文中明确写到"甘李药业将博凡格鲁肽注射液 在拉丁美洲地区(包括墨西哥、巴西等重点国家)开发及商业化的独家权利有偿许可给PC，开启甘李创新 药博凡格鲁肽在拉美的全新商业化布局。"，请问一下能否公布预计商业量化金额和预计时间线？ （记者 张明双） ...

Investment Rating - The investment rating for the company is "Buy" with a first-time coverage [1]. Core Insights - The company is a leading insulin manufacturer in China, focusing on innovative drug development for metabolic diseases, with a complete product line for diabetes treatment [3][13]. - The company has successfully transitioned from price reduction to volume and price increases in its insulin business due to two rounds of centralized procurement [3][5]. - The innovative pipeline includes the GLP-1RA injection, which is expected to be the first globally approved biweekly formulation, showing superior weight loss and glycemic control data [4][62]. Summary by Sections Company Overview - The company is a high-tech biopharmaceutical enterprise that pioneered the industrialization of insulin analogs in China, with a comprehensive product line covering long-acting, rapid-acting, and premixed insulin [13]. - The company aims to provide integrated diabetes treatment solutions and is expanding into other therapeutic areas such as oncology and cardiovascular diseases [15]. Financial Performance - The company experienced a revenue decline in 2022 due to centralized procurement impacts but has since begun a recovery, with 2023 revenue reaching 26.08 billion yuan, a 52.31% increase year-on-year [33][34]. - For 2025, the company expects significant revenue growth, with projected revenues of 30.47 billion yuan in the first three quarters, a 35.73% increase year-on-year [34]. Market Position and Competitive Advantage - The company has increased its market share in the insulin sector, with a notable rise from 8% to 24% in the third-generation insulin market during the procurement rounds [51][61]. - The company has expanded its medical institution coverage significantly, from 18,000 in 2021 to over 41,000 by the end of 2024, enhancing its market reach [59]. Research and Development - The company has a strong focus on R&D, with a dedicated team and increasing R&D expenditure, reaching 6.46 billion yuan in 2024, representing 21.2% of revenue [20][19]. - The innovative pipeline includes several promising products, such as GZR4, which is in Phase III clinical trials and aims to reduce injection frequency for diabetes patients [62][64]. Future Outlook - The company is well-positioned for future growth, with a robust pipeline and a strong market presence, particularly in the insulin and GLP-1RA segments [5][62].

中证报中证网讯(王珞)11月27日，甘李药业（603087）宣布，其自主研发的胰高血糖素样肽-1受体激动 剂(GLP-1RA)博凡格鲁肽注射液正式启动中国首个"每月一次"给药的减重III期临床研究(GRADUAL- 3)。 该研究标志着中国首个启动III期的GLP-1RA月制剂进入关键阶段，有望显著提升患者用药依从性，为 长期体重管理提供更优解决方案。 据了解，甘李药业此次启动的GRADUAL-3研究是一项旨在评估每月一次皮下注射博凡格鲁肽的减重疗 效和安全性的随机对照试验。该研究已在药物临床试验登记与信息公示平台登记(登记号： CTR20254659)，由北京大学人民医院纪立农教授牵头，主要终点为治疗24周后体重较基线的变化值和 变化百分比。 与当前市场上周制剂GLP-1药物相比，博凡格鲁肽月制剂方案有望将每年注射次数从52次大幅减少至12 次，注射频次降低近80%，并显著改善患者治疗体验和长期用药依从性。在需要长期维持的体重管理领 域，用药依从性已成为影响临床结果的关键因素。月制剂GLP-1方案直击这一临床痛点，通过减少注射 频率，可降低治疗负担，提高患者生活质量。 GRADUAL系列研究是博凡格鲁肽注射 ...

Core Viewpoint - Ganli Pharmaceutical (603087) has officially launched a Phase III clinical trial (GRADUAL-3) for its self-developed glucagon-like peptide-1 receptor agonist (GLP-1RA) Bofanglutide (development code: GZR18) targeting obesity or overweight indications [1] Group 1 - The Phase III clinical trial is the third large-scale study for Bofanglutide in the obesity/overweight field [1] - The study will utilize a monthly injection regimen, administering the drug subcutaneously once every four weeks [1] - The aim of the trial is to explore the clinical potential of Bofanglutide injection in controlling and maintaining weight [1]

Core Viewpoint - The company is experiencing rapid growth in the diabetes and metabolic disease sector, with multiple products in advanced clinical stages and significant revenue increases reported in the first half of 2025 [1][2]. Product Development - The company has successfully expanded its market share through two rounds of insulin procurement, achieving a 32.6% increase in procurement volume for the first year of the 2024 procurement cycle [2]. - The company has several products in clinical trials, including GLP-1RA GZR18 injection, GZR4 injection, GZR101 injection, and GZR102 injection, with GZR4 being the first domestic insulin injection to enter Phase III trials [3][4]. Financial Performance - In the first half of 2025, the company reported revenue of 2.067 billion yuan, a year-on-year increase of 57.18%, and a net profit of 604 million yuan, up 101.96% [1]. Market Expansion - The company has increased its hospital coverage to 41,000 in 2024, with an additional 4,000 hospitals added in the first half of 2025, and plans to further penetrate grassroots medical institutions [2]. - International revenue reached 222 million yuan in the first half of 2025, a 75.08% increase year-on-year, with operations in over 20 countries [6]. Clinical Advancements - The company has made significant progress with its pipeline products, including the completion of Phase III clinical trials for GZR18 and the initiation of large-scale studies for GZR4 [3][4]. - The GZR102 injection has received approval for clinical trials, and the company is actively pursuing the development of fourth-generation insulin products [5]. Competitive Positioning - The company emphasizes the importance of product differentiation in the competitive GLP-1RA market, alongside its established production capabilities and commercial sales strength [5][6]. - The company has successfully passed GMP inspections for its insulin products in the EU, positioning itself for commercialization in European and American markets [7].

Core Viewpoint - 甘李药业 has demonstrated significant growth in both revenue and net profit for the first half of 2025, indicating strong operational performance and effective market strategies [1]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.067 billion yuan, a year-on-year increase of 57.18% [1]. - The net profit attributable to shareholders reached 604 million yuan, reflecting a year-on-year growth of 101.96% [1]. - The net profit excluding non-recurring gains and losses was 488 million yuan, showing a substantial increase of 284.47% year-on-year [1]. Market Strategy - The company is leveraging policy opportunities and its advantages in centralized procurement to optimize market strategies and drive high-quality business development [1]. - Domestic sales revenue amounted to 1.845 billion yuan, with a year-on-year growth of 55.28% [1]. - International sales revenue reached 219 million yuan, marking a year-on-year increase of 74.68% [1]. Research and Development - 甘李药业 has increased its R&D investment to 552 million yuan in the first half of 2025, accounting for 26.70% of operating revenue [1]. - Key R&D projects currently in clinical stages include 博凡格鲁肽 injection, GZR4 injection, GZR101 injection, and GZR102 injection [1]. Future Outlook - The company aims to continue its commitment to "quality first and continuous innovation," focusing on deepening its presence in the domestic centralized procurement market and accelerating international business expansion [1]. - Through ongoing technological innovation, the company seeks to contribute to the implementation of the Healthy China strategy and provide better medical solutions for global diabetes patients [1].

Core Viewpoint - The report highlights the impressive performance of Ganli Pharmaceutical in the first half of 2025, with significant growth in both domestic and international markets, driven by strategic market share expansion and product innovation [1] Domestic Market Performance - The company successfully achieved its strategic goal of expanding market share through two rounds of insulin procurement, with a substantial 32.6% increase in agreement volume compared to the previous procurement [1] - Domestic sales revenue reached 1.845 billion yuan, representing a year-on-year growth of 55.28% in the first half of 2025 [1] International Market Performance - Ganli Pharmaceutical continued to deepen its global market expansion, with international sales revenue reaching 219 million yuan, a year-on-year increase of 74.68% in the first half of 2025 [1] - The company has established stable partnerships with key market leaders in emerging markets, leveraging customer trust to promote a diverse product portfolio and explore new growth opportunities [1] Research and Development Investment - The company increased its R&D investment, with a total of 552 million yuan in the first half of 2025, of which approximately 265 million yuan was capitalized, accounting for 26.70% of total revenue [1] - Key R&D projects in clinical stages include Bofang Glucagon-like Peptide Injection, GZR4 Injection, GZR101 Injection, and GZR102 Injection [1]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in both domestic and international markets, driven by strategic initiatives and product innovation [1][2][3]. Financial Performance - In the first half of 2025, the company achieved total revenue of 2.067 billion yuan, a year-on-year increase of 57.18%, and a net profit attributable to shareholders of 604 million yuan, up 101.96% [1]. - For Q2 2025, the company recorded revenue of 1.082 billion yuan, a 43.39% increase year-on-year, and a net profit of 292 million yuan, reflecting a 43.80% growth [1]. Domestic Market Growth - The domestic sales revenue reached 1.845 billion yuan in the first half of 2025, marking a 55.28% year-on-year increase, supported by two rounds of insulin procurement that expanded market share [2]. - The agreement volume in the 2024 procurement increased significantly by 32.6% compared to the previous round, contributing to a synergistic effect of volume and price increases [2]. International Market Expansion - International sales revenue for the first half of 2025 was 219 million yuan, a year-on-year increase of 74.68%, indicating strong growth in overseas markets [3]. - The company has deepened partnerships with key market players in emerging markets, leveraging customer trust to promote a diverse product portfolio [3]. R&D Investment and Product Pipeline - The company invested 552 million yuan in R&D in the first half of 2025, accounting for 26.70% of total revenue, with a focus on advancing its innovative product pipeline [3]. - Key projects in clinical stages include the innovative drug Bofangluretin injection and several insulin products, with Bofangluretin injection expected to be the first bi-weekly GLP-1RA on the market [4][5]. Product Innovations - Bofangluretin injection is in Phase III clinical trials for type 2 diabetes in China and Phase II in the U.S., showing high homology with endogenous GLP-1 [4]. - GZR4 injection, a fourth-generation insulin, is in Phase III trials in China and has been approved for Phase I in Europe, aiming to reduce injection frequency significantly [5]. - GZR101 injection, a premixed dual insulin formulation, has shown superior efficacy in lowering HbA1c compared to existing treatments in completed Phase II trials [6]. Future Revenue Projections - The company anticipates revenues of 4.393 billion yuan, 5.229 billion yuan, and 6.247 billion yuan for 2025-2027, with year-on-year growth rates of 44.2%, 19.0%, and 19.5% respectively [8]. - Expected net profits for the same period are projected to be 1.113 billion yuan, 1.425 billion yuan, and 1.787 billion yuan, with corresponding growth rates of 81.0%, 28.1%, and 25.4% [8].

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company reported a total revenue of 2.067 billion yuan for the first half of 2025, representing a year-on-year increase of 57.18%, and a net profit attributable to shareholders of 604 million yuan, up 101.96% year-on-year [5][11] - Domestic sales revenue reached 1.845 billion yuan in the first half of 2025, a year-on-year increase of 55.28%, driven by two rounds of insulin procurement that significantly expanded market share [5] - International sales revenue was 219 million yuan, reflecting a year-on-year growth of 74.68%, as the company deepened its global market expansion and strengthened local operational capabilities [5] Financial Performance - The company achieved a net profit of 292 million yuan in Q2 2025, a year-on-year increase of 43.80%, with a non-GAAP net profit of 273 million yuan, up 149.03% year-on-year [5] - R&D investment for the first half of 2025 reached 552 million yuan, accounting for 26.70% of total revenue [6] - The company expects revenues of 4.393 billion yuan, 5.229 billion yuan, and 6.247 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 44.2%, 19.0%, and 19.5% [11][13] Product Pipeline - The company has several key products in clinical stages, including the long-acting GLP-1 receptor agonist, Bo Fang Gu Lu Tai injection, which is in Phase III clinical trials in China and Phase II in the U.S. [7] - GZR4 injection, a fourth-generation insulin product, is in Phase III clinical trials in China and has received Phase I approval in Europe and the U.S. [8] - GZR101 injection, a premixed dual insulin formulation, has completed Phase II clinical trials in China and has shown superior efficacy compared to existing treatments [9]