Ping An Securities Research Report points out that Gan Li Pharmaceutical has accelerated its overseas strategic layout and is progressing steadily in its innovation pipeline. The company recently signed an exclusive licensing agreement with the multinational biopharmaceutical company Menarini Group. Bofan Glutide is a class 1 innovative drug independently developed by Ganli Pharmaceutical. The core competitiveness of this drug lies in its mechanism of administration every two weeks. Compared with traditional GLP-1RA weekly formulations, the frequency of injections is reduced by about 50%, which is expected to improve patients' adherence to medication and help patients manage their long-term weight. Considering that the company changed value-added tax from simple collection to a general tax calculation method in January 2026, changes in the tax system affected revenue recognition, but the company accelerated its overseas layout, and the innovation pipeline entered the harvest period one after another, and adjusted the 2026-2028 profit forecast to net profit of 14.53, 16.89, and 2,454 billion yuan. Considering that the company uses insulin renewals to accelerate the pace of domestic substitution, the overseas layout continues to accelerate, maintaining a “recommended” rating.

Ping An Securities Research Report points out that Gan Li Pharmaceutical has accelerated its overseas strategic layout and is progressing steadily in its innovation pipeline. The company recently signed an exclusive licensing agreement with the multinational biopharmaceutical company Menarini Group. Bofan Glutide is a class 1 innovative drug independently developed by Ganli Pharmaceutical. The core competitiveness of this drug lies in its mechanism of administration every two weeks. Compared with traditional GLP-1RA weekly formulations, the frequency of injections is reduced by about 50%, which is expected to improve patients' adherence to medication and help patients manage their long-term weight. Considering that the company changed value-added tax from simple collection to a general tax calculation method in January 2026, changes in the tax system affected revenue recognition, but the company accelerated its overseas layout, and the innovation pipeline entered the harvest period one after another, and adjusted the 2026-2028 profit forecast to net profit of 14.53, 16.89, and 2,454 billion yuan. Considering that the company uses insulin renewals to accelerate the pace of domestic substitution, the overseas layout continues to accelerate, maintaining a “recommended” rating.