Ping An Securities: Maintains "Recommendation" rating for Ganli Pharmaceuticals, with innovative pipeline steadily advancing.

The research report from Ping An Securities indicates that Gan Li Pharmaceutical is accelerating its overseas strategic layout, with its innovative pipeline steadily advancing. The company recently signed an exclusive licensing agreement with the multinational biopharmaceutical company Menarini Group. Bofang Glucagon-like Peptide-1 (GLP-1) is a Class 1 innovative drug independently developed by Gan Li Pharmaceutical. Its core competitive advantage lies in its bi-weekly dosing mechanism, which reduces the injection frequency by approximately 50% compared to traditional weekly GLP-1 receptor agonists, is expected to enhance patient adherence to medication, and aid in long-term weight management for patients. Considering that the company will change its value-added tax method from simplified assessment to general taxation beginning January 2026, which will impact revenue recognition due to changes in tax regulations, the company is accelerating its overseas expansion and its innovative pipeline is entering a period of harvest. The profit forecast for 2026-2028 has been adjusted to a net profit attributable to the parent company of 1.453 billion, 1.689 billion, and 2.454 billion yuan, respectively. Given that the company is leveraging the renewal of its insulin agreements to accelerate the pace of domestic substitution and continues to accelerate its overseas expansion, it maintains a "Recommendation" rating.