Investment Rating - The report maintains a "Recommendation" rating for Ganli Pharmaceutical (603087.SH) [1][8] Core Views - The company's main business is steadily increasing, with significant growth in both domestic and international markets. The domestic revenue reached 1.845 billion yuan, a year-on-year increase of 55.28%, while international revenue was 222 million yuan, growing by 75.08% [4][8] - The company is actively expanding its international presence and has received approvals for its products in several countries, including Malaysia, Pakistan, and Argentina [8] - The report highlights the successful implementation of insulin procurement strategies, which have led to both volume and price increases for insulin products [7][8] - The company is advancing its innovation pipeline, particularly in the GLP-1 segment, with several products in various stages of clinical trials [7][8] Summary by Sections 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%, and a net profit attributable to shareholders of 604 million yuan, up 101.96% [4] - The projected operating revenues for 2025-2027 are 4.173 billion yuan, 5.226 billion yuan, and 6.201 billion yuan, respectively, with year-on-year growth rates of 37.0%, 25.2%, and 18.7% [6][9] - The net profit for the same period is expected to be 1.207 billion yuan, 1.530 billion yuan, and 1.834 billion yuan, with growth rates of 96.4%, 26.7%, and 19.9% [6][9] Market Strategy - The company has successfully expanded its market share through two rounds of insulin procurement, achieving a 32.6% increase in procurement agreement volume for the upcoming 2024 procurement [7] - The report emphasizes the importance of innovation in the company's growth strategy, particularly in the development of new drug formulations and clinical trials [7][8] International Expansion - The international revenue growth reflects the company's successful entry into new markets and the approval of its products in various countries [8] - The report notes that the company has achieved a significant milestone with the approval of its insulin production technology in Brazil, marking a key step in its international strategy [8]