Core Viewpoint - Ganli Pharmaceutical showcased its self-developed GLP-1 receptor agonist, Bofanglureptide (GZR18), and insulin formulation GZR4 at the 85th American Diabetes Association (ADA) conference, attracting significant attention in the global metabolic disease community [1] Group 1: Company Performance and Market Position - Ganli Pharmaceutical's performance has significantly reshaped investor expectations, with multiple institutions recognizing it as a leading domestic insulin provider, entering a performance release phase due to price and volume increases from procurement renewals and breakthroughs in innovative pipelines [2][3] - The company achieved a 32.6% overall increase in procurement volume, with its three generations of insulin accounting for 30% of the market, leading to substantial sales growth [4] - The international revenue reached 528 million yuan, a year-on-year increase of 23.89%, demonstrating Ganli's capability in global supply chain and cost efficiency management [5] Group 2: Research and Development - Ganli Pharmaceutical invested 646 million yuan in R&D in 2024, representing 21.2% of its revenue, focusing on metabolic diseases [4] - The II phase clinical results for GZR4 and Bofanglureptide showed significant potential in improving HbA1c levels and weight loss compared to existing treatments, indicating a strong clinical advantage [4][7] Group 3: Competitive Landscape and Market Strategy - The implementation of centralized procurement policies has led to a structural shift in the Chinese insulin market, with Ganli's market share increasing from 19% to 37% [6] - Ganli's pricing strategy positions its insulin products at 70%-80% of the prices of competitors like Novo Nordisk, while demonstrating equivalent efficacy through equivalence studies [6][7] Group 4: Future Outlook and Globalization - If Bofanglureptide successfully enters the market, it could tap into a global obesity treatment market worth $20 billion, highlighting the long-term growth potential for Ganli [2] - Ganli is positioned as a benchmark for Chinese innovative drugs on a global scale, with the potential to capture significant market share in the evolving diabetes treatment landscape [8]

2025 年 7 月 7 日 银河观点集萃 责任编辑 每日晨报 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 OPEC+同意将 8 月份的石油产量提高约 55 万 桶/日 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:官方劳动数据与 ADP 就业为何背离?——美国 6 月劳动数据。偏强数 据下,美股、美元和美债收益率回升,7月降息预期消散:CME 数据显示联邦 基金利率期货交易者预期 2025年在 9 月、10月出现 2 次降息, 累计 50BP, 7 月有 94.8%的概率不降息。资产方面,标普 500、纳斯达克和道琼斯指数均 明显上涨；10年期美债收益率大幅上行 6.3BP 至 4.342%，2 年期升 9.92BP 至 3.880%;美元指数上行至 97.1185;伦敦黄金下跌至 3326.085美元/盎司。 资产方面,我们认为美股短期依靠估值修复反弹后虽然创下新高,但三季度如 果硬数据进一步恶化,持续上行的趋势形成可能要等 ...

证券研究报告·行业点评报告 2025 年 6 月 11 日 江海证券研究发展部 执业证书编号：S1410524050001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 8.85 10.28 3.81 绝对收益 9.35 8.29 11.96 数据来源：聚源 注：相对收益与沪深 300 相比 业：中美关税缓和叠加医疗器械审批加速， 相关企业估值修复可期 – 2025.05.15 2. 江海证券-行业点评报告-医药生物行 业：药品关税问题悬而未决，美国药品"最 惠国定价"来袭，或将影响全球药品定价 体系重构与产业链转移 – 2025.05.15 3. 江海证券-行业点评报告-医药生物行 业：减肥药或将首次纳入基本药物目录 （EML），推动 GLP-1 类药物需求增长 – 2025.05.08 业：NIH 数据跨境管控升级对创新药影响 几何？ – 2025.04.11 5. 江海证券-行业点评报告-医药生物行 2025.04.09 医药行业研究组 分析师：吴春红 聚焦 ADA 会议催化剂，关注 GLP 产 业链相关投资机会 事件： 行业评级：增持（维持） 美国糖尿病协会（ADA）官网显示，其第 ...