Core Viewpoint - The company and its wholly-owned subsidiary in Europe have received marketing authorization from the European Commission for its insulin injection product, Ondibta®, which is intended for diabetes treatment [1] Group 1: Product Development and Approval - The product Ondibta® has been granted marketing authorization in the EU, Iceland, Liechtenstein, and Norway [1] - The company has invested a total of 936 million yuan in research and development for this project as of September 30, 2025 [1] Group 2: Market Considerations - The expansion progress and sales scale of the product in the aforementioned regions are subject to uncertainties due to market demand, policies, exchange rates, and competition [1]

Core Viewpoint - The company has received marketing authorization for its long-acting insulin product, Ondibta®, in the EU and select European countries, which is expected to enhance its international market presence [1] Group 1: Product Approval - The company's European subsidiary has been granted marketing authorization by the European Commission for Ondibta®, a long-acting insulin injection [1] - Ondibta® is indicated for the treatment of diabetes in adults, adolescents, and children aged 2 years and older [1] - The product provides a stable blood concentration and maintains blood sugar control for up to 24 hours [1] Group 2: Market Expansion - The approval is a significant step for the company in expanding its international market footprint [1] - Future sales of the product may be influenced by market demand, regulatory environment, currency fluctuations, and competition [1]

Core Viewpoint - 甘李药业 has shown positive stock performance and financial growth, indicating a strong position in the biopharmaceutical industry, particularly in the production of insulin analogs and related products [1][2]. Financial Performance - As of September 30, 2025, 甘李药业 achieved a revenue of 30.47 billion yuan, representing a year-on-year growth of 35.73% [2]. - The net profit attributable to shareholders for the same period was 8.18 billion yuan, reflecting a year-on-year increase of 61.32% [2]. - The company has distributed a total of 16.12 billion yuan in dividends since its A-share listing, with 10.18 billion yuan distributed over the past three years [3]. Stock Market Activity - On January 14, 甘李药业's stock price increased by 2.01%, reaching 71.51 yuan per share, with a trading volume of 2.42 billion yuan and a turnover rate of 0.61% [1]. - The stock has risen by 5.05% year-to-date, with a 0.03% increase over the last five trading days, a 6.64% increase over the last 20 days, and a 2.79% increase over the last 60 days [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 94,700, an increase of 22.53% from the previous period [2]. - The average number of circulating shares per shareholder was 5,889, a decrease of 17.81% from the previous period [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 8.0042 million shares, an increase of 494,300 shares from the previous period [3].

Core Viewpoint - The company has announced the continuation of cash management using idle raised funds, with a maximum amount of RMB 250 million, aimed at improving fund utilization efficiency while ensuring that it does not affect the construction and use of investment projects [1][9]. Investment Overview - **Investment Purpose**: The objective is to enhance the efficiency of fund utilization without impacting the construction of investment projects, thereby increasing returns for the company and its shareholders [3]. - **Investment Amount**: The total amount for the entrusted financial management is RMB 250 million [4]. - **Source of Funds**: The funds are sourced from temporarily idle raised funds [5]. Fundraising Background - The company was approved to publicly issue 40.2 million shares at a price of RMB 63.32 per share, raising a total of RMB 2545.464 million, with a net amount of RMB 2441.1345 million after deducting issuance costs [6]. Investment Types and Management - **Investment Type**: The company will invest in RMB structured deposits [7]. - **Investment Method**: The company will use temporarily idle raised funds to purchase cash management products issued by banks, which are characterized by high safety, good liquidity, and a maximum term of 12 months [8]. Recent Financial Management Situation - As of June 30, 2025, the company has invested RMB 2,081.956 million in projects funded by raised funds, with net interest income from the raised funds account amounting to RMB 7.2489 million [8]. Impact on the Company - The maximum amount of idle raised funds for cash management is RMB 250 million, which represents 12.11% of the company's latest cash balance, and is not expected to significantly impact the company's future operations, financial status, or cash flow [12].

Core Viewpoint - Gland Pharma has undergone significant personnel changes to enhance its global business development and strategic cooperation, reflecting a shift towards innovation and internationalization in its operations [4][5]. Group 1: Personnel Changes - On January 3, Gland Pharma dismissed its Vice President and CFO, Sun Cheng, appointing internal veteran Zhou Li as the acting CFO [1][3]. - On January 13, Dr. John Wang was appointed as Senior Vice President and Chief Strategy Officer, responsible for business development and strategic partnerships [3][4]. - Dr. Wang brings over 30 years of experience in the pharmaceutical industry, having held key positions in major companies such as Sanofi, Merck, and Eli Lilly [3][4]. Group 2: Strategic Shift - Gland Pharma's leadership transition is part of a broader strategy to shift focus from being a domestic insulin leader to innovating and commercializing new drugs globally [5]. - The company aims to enhance its capabilities in global financing, mergers, and acquisitions, necessitating the recruitment of talent with international expertise [5]. - The appointment of Dr. Wang is seen as a move to strengthen global business expansion and transition from "product export" to "global operations" [5]. Group 3: Financial Performance - Gland Pharma reported a 35.73% year-on-year revenue growth and over 122% increase in net profit, despite the personnel changes occurring during a period of strong performance [4][6]. - However, the company faced challenges in the third quarter of 2025, with total revenue declining by 9.4% to 980 million yuan and net profit dropping by 26% [6]. - The accounts receivable surged to 530 million yuan, a 147.86% increase compared to the previous year, indicating potential risks related to credit policies and cash flow [6].

证券代码：603087 证券简称：甘李药业 公告编号：2026-003 甘李药业股份有限公司 关于使用闲置募集资金进行现金管理到期赎回并继 续进行现金管理的进展公告 一、投资情况概述 （一）投资目的 为提高公司资金使用效率，在不影响募集资金投资项目建设的前提下，对闲 置募集资金进行现金管理，增加公司的收益，为公司及股东获取更多回报。 （二）投资金额 公司本次进行委托理财的投资金额为 25,000 万元。 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： 已履行的审议程序：甘李药业股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召开的第五届董事会第二次会议及第五届监事会第二次会议 审议通过了《关于继续使用闲置募集资金进行现金管理的议案》，同意在保障 资金安全及确保不影响募集资金投资项目建设和使用计划的前提下，继续使 用不超过人民币 2.5 亿元的暂时闲置募集资金适时购买安全性高、流动性好、 满足保本要求的投资产品（包括协定性存款、结构性存款、定期存款、大额 存单、收益凭证等），且该等投资产品不得用 ...

Group 1 - The core point of the article is that Ganli Pharmaceutical (603087) reported a cash balance of 260 million yuan in its consolidated cash flow statement, which is available for immediate payment [1] - The cash balance in the consolidated balance sheet is 902 million yuan, indicating a difference of 643 million yuan, which consists of funds that are not readily available for payment [1]

Core Viewpoint - Ganne Li Pharmaceutical (603087) emphasizes its commitment to shareholder returns and compliance with regulatory guidelines, planning to distribute approximately 900 million yuan in cash dividends for the year 2024 [1] Group 1: Shareholder Returns - The company has stated that it places high importance on shareholder returns and actively responds to regulatory calls [1] - For the year 2024, the total cash dividend is expected to be around 900 million yuan [1] - Future profit distribution will strictly adhere to the company's articles of association and the profit distribution policy approved by the shareholders' meeting [1] Group 2: Profit Distribution Policy - The profit distribution will consider factors such as the company's profitability, cash flow status, future investment plans, and industry development trends [1] - The company aims to provide stable and reasonable returns to shareholders while ensuring long-term sustainable development [1]

Core Viewpoint - 甘李药业 has shown a positive financial performance with significant growth in revenue and net profit, indicating strong operational capabilities and market demand for its products [2][3]. Group 1: Stock Performance - On January 8, 甘李药业's stock price decreased by 2.04%, closing at 70.03 CNY per share, with a trading volume of 471 million CNY and a turnover rate of 1.19%, resulting in a total market capitalization of 41.83 billion CNY [1]. - Year-to-date, the stock price has increased by 2.88%, with a 4.58% rise over the last five trading days, a 10.42% increase over the last 20 days, and a 1.20% rise over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, 甘李药业 reported a revenue of 3.05 billion CNY, representing a year-on-year growth of 35.73%, and a net profit attributable to shareholders of 818 million CNY, which is a 61.32% increase compared to the previous year [2]. - Since its A-share listing, 甘李药业 has distributed a total of 1.61 billion CNY in dividends, with 1.02 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for 甘李药业 reached 94,700, an increase of 22.53% from the previous period, while the average number of circulating shares per person decreased by 17.81% to 5,889 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 8.0042 million shares, an increase of 494,300 shares from the previous period [3].

Summary of the Conference Call on Insulin Market Industry Overview - The domestic insulin market in China is approximately 22 billion RMB, with an expected industry growth rate of 5%-8% [1][2] - Leading companies are likely to achieve higher growth rates of 10%-20% through a price-volume strategy, driven by the replacement of second-generation insulin with third-generation insulin, domestic substitutes for imports, and increased penetration in grassroots medical institutions [1][2] Key Companies - Major players in the domestic insulin market include Ganli Pharmaceutical, Tonghua Dongbao, and Lianbang Pharmaceutical [2][4] - Ganli Pharmaceutical is expected to receive European administrative approval in January 2025 and secure a large order in Brazil by the end of 2024, with plans to enter markets in Latin America and India [1][4] Market Strategies - In developed markets like Europe and the U.S., companies focus on partnerships with local leading firms to maximize profits. For instance, the price of long-acting insulin in the U.S. is three times that in China [5] - In developing regions such as Africa and Latin America, companies aim to increase market penetration by offering lower prices, including exporting raw materials for local filling [5] Production Capacity - Chinese companies have significant production capacity advantages, with Ganli Pharmaceutical producing 600 million doses, Tonghua Dongbao over 300 million, and Lianbang Pharmaceutical around 100 million doses [4][8] - The gross margin for raw materials in filling operations is about 50%, with a net profit margin of approximately 25% [6] Future Growth Potential - The overseas revenue share for Ganli Pharmaceutical and Tonghua Dongbao is around 10%, indicating substantial growth potential [3][7] - By 2027, Ganli Pharmaceutical is projected to achieve a profit of 1.6 billion RMB, with overseas contributions reaching 1.8 billion RMB, while Tonghua Dongbao is expected to reach 900 million RMB in profit, with 750 million RMB from overseas [7] Competitive Advantages - Domestic companies like Tonghua Dongbao and Ganli Pharmaceutical possess comprehensive product lines and significant production capabilities, which provide a competitive edge in global markets [8][9] - The focus on differentiated strategies in the endocrine field, including GLP-1 drugs and peptide therapies, is expected to help avoid intense competition [11] Innovation and Development - Besides international expansion, innovation remains a crucial focus. The potential for business development (BD) in emerging markets is high, particularly for weight-loss drugs [10] - Ganli Pharmaceutical plans to focus on the endocrine field and has several pipelines expected to enter clinical stages in the first half of 2025, which investors should closely monitor [11]