公司发布了2025 年三季度报告，2025 年前三季度公司分别实现营收和归母净利润30.47 亿元和8.18 亿 元，分别同比增长35.73 %和61.32%。 胰岛素制剂国内集采接续提价且国际市场销售放量，公司业绩实现高增长： 2025 年前三季度公司分别实现营收和归母净利润30.47 亿元和8.18亿元，分别同比增长35.73%和 61.32%。其中，2025Q1-Q3 国内销售收入、国际销售收入分别为26.90 亿元（+44.01%）、3.53 亿元 （+45.52%）。得益于胰岛素制剂产品国内集采接续后提价和国际市场销售放量，公司业绩实现高增 长。 胰岛素集采接续量价齐升，带动国内制剂持续增长： 公司积极参与胰岛素集采接续，实现胰岛素制剂产品量价齐升，带动胰岛素制剂销售持续增长。 2025Q1-Q3 国内制剂实现收入26.24 亿元，同比增长45.6%。其中，销量贡献27.3%，价格贡献18.3%。 持续推进全球化战略，国际销售实现高增长： 事件： 公司持续推进全球化战略，推动胰岛素制剂相关订单的持续提升。其中，公司与巴西正式签署为期10 年的《技术转移与供应协议》及《供应框架协议》。根据《供应框架协 ...

2025 年 10 月 31 日 甘李药业(603087.SH) 胰岛素制剂销售放量，2025Q1-Q3 业绩 高增长 事件： 公司发布了 2025 年三季度报告，2025 年前三季度公司分别实现营收 和归母净利润 30.47 亿元和 8.18 亿元，分别同比增长 35.73%和 61.32%。 胰岛素制剂国内集采接续提价且国际市场销售放量，公司业绩 实现高增长： 2025 年前三季度公司分别实现营收和归母净利润 30.47 亿元和 8.18 亿元，分别同比增长 35.73%和 61.32%。其中，2025Q1-Q3 国内销售 收入、国际销售收入分别为 26.90 亿元（+44.01%）、3.53 亿元 （+45.52%）。得益于胰岛素制剂产品国内集采接续后提价和国际市场 销售放量，公司业绩实现高增长。 公司积极参与胰岛素集采接续，实现胰岛素制剂产品量价齐升，带动 胰岛素制剂销售持续增长。2025Q1-Q3 国内制剂实现收入 26.24 亿 元，同比增长 45.6%。其中，销量贡献 27.3%，价格贡献 18.3%。 持续推进全球化战略，国际销售实现高增长： 公司持续推进全球化战略，推动胰岛素制剂相关订单的持 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是√否 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二）非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 √适用 □不适用 单位：元 币种：人民币 ■ （三）主要会计数据、财务 ...

机构：中邮证券 研究员：盛丽华/陈灿 事件 公司公布2025 年上半年业绩，25H1 实现收入75.2 亿元（+4.8%，同比增速，下同）、EBITDA 为27.5 亿元（+23.3%）、归母净利润18.9亿元（+27.0%）。 投资要点 需求影响原料药和中间体业绩，胰岛素制剂业务表现亮眼25H1 拆分来看，中间体业务对外收入10.1 亿 元（-23.1%）、分部利润6.3 亿元（含分部间销售，下同），对应利润率27.5%（-7.2pct）；原料药对外 收入25.3 亿元（-27.0%）、分部利润2.5 亿元，对应利润率27.5%（-4.9pct）；制剂对外收入25.4 亿元 （+6.1%）、分部利润1.6亿元，对应利润率6.1%（-4.0pct）；许可费收入14.3 亿元（主要来自UBT251 授权诺和诺德首付款）。 制剂业务中25H1 人用抗生素类制剂产品收入8.9 亿元（-12.1%），预计主要受集采和需求回落影响；动 保业务收入5.6 亿元（-15.9%），随着新基地的建设与海外注册，未来有望恢复快速增长；胰岛素制剂 收入9.6 亿元（+74.5%），其中二代胰岛素4.6 亿元（+110.2%）、甘精 ...

Core Viewpoint - Zhongyou Securities reports that Lianbang Pharmaceutical (03933) is a leading comprehensive pharmaceutical company with business extending into biopharmaceuticals and animal health, entering a harvest period for its research and development [1] Financial Performance - For the first half of 2025, the company achieved revenue of 7.52 billion yuan (+4.8% year-on-year), EBITDA of 2.75 billion yuan (+23.3%), and net profit attributable to shareholders of 1.89 billion yuan (+27.0%) [1] - Revenue projections for 2025, 2026, and 2027 are 13.42 billion yuan, 12.65 billion yuan, and 13.84 billion yuan, with year-on-year growth rates of -2.5%, -5.7%, and +9.4% respectively [1] Business Segment Performance - The intermediate products segment reported external revenue of 1.01 billion yuan (-23.1%) with a profit margin of 27.5% (-7.2 percentage points) [2] - The active pharmaceutical ingredients segment had external revenue of 2.53 billion yuan (-27.0%) with a profit margin of 27.5% (-4.9 percentage points) [2] - The formulation segment generated external revenue of 2.54 billion yuan (+6.1%) with a profit margin of 6.1% (-4.0 percentage points) [2] - Insulin formulation revenue reached 960 million yuan (+74.5%), driven by significant growth in second-generation insulin products [2] Research and Development Focus - R&D investment for the first half of 2025 was 550 million yuan (+14.9%), with several new drugs in the pipeline [3] - The company has received approval for liraglutide in China and has ongoing clinical trials for various indications, including weight loss and metabolic diseases [3] - Six new products or indications are expected to be approved in 2026 and 2027, with further approvals anticipated in 2030 [3]

Core Viewpoint - Zhongyou Securities reports that Lianbang Pharmaceutical (03933) is a leading comprehensive pharmaceutical company with business extending into biopharmaceuticals and animal health, entering a harvest period for its research and development [1] Financial Performance - For the first half of 2025, the company achieved revenue of 7.52 billion yuan (+4.8% year-on-year), EBITDA of 2.75 billion yuan (+23.3%), and net profit attributable to shareholders of 1.89 billion yuan (+27.0%) [2] Business Segment Performance - The intermediate business reported external revenue of 1.01 billion yuan (-23.1%) with a profit margin of 27.5% (-7.2 percentage points) - The raw material drug segment had external revenue of 2.53 billion yuan (-27.0%) with a profit margin of 27.5% (-4.9 percentage points) - The formulation segment generated external revenue of 2.54 billion yuan (+6.1%) with a profit margin of 6.1% (-4.0 percentage points) - Licensing revenue amounted to 1.43 billion yuan, primarily from the UBT251 licensing fee to Novo Nordisk - The insulin formulation segment saw revenue of 960 million yuan (+74.5%), driven by significant growth in second-generation insulin and other products [3] Research and Development Focus - The company invested 550 million yuan (+14.9%) in R&D during the first half of 2025, with several new drugs expected to enter the market starting in 2026 - Key developments include the approval of liraglutide in China and the advancement of several new drugs targeting metabolic and autoimmune diseases - The company anticipates approval for six new products or indications in both 2026 and 2027, with further approvals expected post-2030 [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][10]. Core Insights - The company reported a revenue of 7.52 billion yuan for the first half of 2025, reflecting a year-on-year growth of 4.8%. EBITDA increased by 23.3% to 2.75 billion yuan, and net profit attributable to shareholders rose by 27.0% to 1.89 billion yuan [4][5]. Company Overview - Latest closing price: HKD 13.14 - Total shares: 1.973 billion - Total market capitalization: HKD 29.023 billion - 52-week high/low: HKD 17.774 / HKD 9.309 - Debt-to-asset ratio: 46.96% - Price-to-earnings ratio: 8.3 [3]. Financial Performance - The intermediate products segment saw a revenue decline of 23.1% to 1.01 billion yuan, with a profit margin of 27.5%, down by 7.2 percentage points. The active pharmaceutical ingredients segment's revenue fell by 27.0% to 2.53 billion yuan, with a profit margin of 27.5%, down by 4.9 percentage points. The formulation segment's revenue increased by 6.1% to 2.54 billion yuan, with a profit margin of 6.1%, down by 4.0 percentage points. Licensing income was 1.43 billion yuan, primarily from the UBT251 licensing fee [5][6]. - The insulin formulation business showed significant growth, with revenue reaching 960 million yuan, a 74.5% increase. The second-generation insulin revenue was 460 million yuan, up 110.2%, while the revenue from glargine insulin and aspart insulin increased by 33.7% and 74.0%, respectively [6]. Research and Development - The company invested 550 million yuan in R&D, a 14.9% increase. The GLP-1/GIP/GCG triple-target new drug UBT251 has been licensed to Novo Nordisk, with ongoing clinical trials for weight loss and diabetes indications. The company expects to enter a harvest period starting in 2026, with six new products or indications anticipated for approval in 2026 and 2027 [7][8]. Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 13.42 billion yuan, 12.65 billion yuan, and 13.84 billion yuan, respectively, with year-on-year growth rates of -2.5%, -5.7%, and 9.4%. Net profit attributable to shareholders is forecasted at 2.36 billion yuan, 2.02 billion yuan, and 2.41 billion yuan for the same years, with corresponding growth rates of -11.4%, -14.2%, and 19.4% [12][8].

Market Overview - The Hang Seng Index fell by 0.9% last week, closing at 25,077 points, while the Hang Seng Tech Index rose by 0.6% to 5,674 points[1] - Daily average trading volume increased by 31.2% week-on-week to HK$357.3 billion, with net inflows of HK$22.1 billion through the Stock Connect[1] Sector Performance - The materials sector index surged by 9.1%, driven by strong mid-term earnings in gold and non-ferrous metal stocks[1] - Financials and consumer discretionary sectors underperformed, declining by 2.0% and 1.9% respectively[1] Interest Rates and Liquidity - As of August 29, the overnight and 1-month Hibor rates rose to 4.0% and 3.3%, respectively, narrowing the HIBOR-SOFR spread to 0.98%[2] - Despite rising Hibor rates, overall liquidity in the Hong Kong stock market remains positive, with an average daily trading volume of HK$279 billion since August[2] Earnings and Valuation - The Hang Seng Index's forecast PE and risk premium indicate that valuations are not particularly cheap, with mixed mid-term earnings across sectors[3] - Notable earnings revisions include upward adjustments in technology and materials sectors, while consumer discretionary and utilities saw downward revisions[3] Automotive Sector Highlights - Li Auto reported Q2 revenue of HK$30.2 billion, up 16.7% quarter-on-quarter, with a significant profit increase of 76.7% year-on-year[4] - BYD is expected to report Q2 net profits between HK$10.5 billion and HK$12.9 billion, reflecting a year-on-year growth of 15.9% to 42.5%[4] Healthcare Sector Insights - The Hang Seng Healthcare Index fell by 3.4% last week but rebounded by 3.5% on Friday[5] - A pharmaceutical company reported a 4.8% increase in revenue to HK$7.52 billion, with net profit rising by 27% to HK$1.89 billion[5] New Energy and Utilities - Weisheng Holdings and Harbin Electric saw significant stock price increases of 28.9% and 12.1%, respectively, due to strong mid-term earnings[6] - Despite mixed performance, CGN Mining rose by 16.4% on the back of rising uranium prices and positive sentiment in the US nuclear sector[6]

国际收入为2.22亿元，较上年同期增加0.95亿元，同比增长75.08%。主要得益于公司持续推进的全球化 战略。报告期内，公司持续深化与关键市场头部合作伙伴的稳定合作关系，依托客户信任，推广多元产 品组合，挖掘合作新潜力，开拓合作新增长点。 智通财经APP讯，甘李药业(603087.SH)披露2025年半年度报告，报告期实现营收20.67亿元，同比增长 57.18%，归属于上市公司股东的净利润6.04亿元，同比增长101.96%;扣非净利润4.88亿元，同比增长 284.47%;基本每股收益1.02元。 国内销售收入为18.45亿元，较上年同期增加6.57亿元，同比增长55.28%。其中，国内制剂销售收入为 18.02亿元，同比增长57.09%。通过两轮胰岛素集采，公司成功实现扩大市场份额的战略目标。尤其在 2024年接续集采中，集采首年采购协议量较上次集采增长32.6%，同时产品价格合理回升。报告期内， 随着新一轮胰岛素集采政策的深度执行，公司借助集采获得的市场覆盖优势，深耕各层级市场，量价齐 升的协同效应充分释放，为收入增长提供了有力支撑，销量增长对收入增长的影响和价格增长对收入增 长的影响分别为3.85 ...

人民财讯8月7日电，甘李药业（603087）8月7日晚间披露2025年半年度报告，公司上半年实现营业收入 20.67亿元，同比增长57.18%；归母净利润6.04亿元，同比增长101.96%；基本每股收益1.02元。2025年 上半年，公司胰岛素制剂产品在国内市场销量和销售额实现显著增长。 ...