证券代码：600867 证券简称：通化东宝 公告编号：2026-015 二、回购股份的进展情况 2025 年 11 月 6 日，公司按照股份回购方案实施了首次回购。内容详见公司于 2025 年 11 月 7 日 在 中 国 证 券 报 、 上 海 证 券 报 及 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《通化东宝关于以集中竞价交易方式首次回购公司股 份的公告》（公告编号：2025-078）。 截至 2026 年 3 月末，公司通过集中竞价交易方式已累计回购股份数量为 3,000,000 股，占公司目前总股本的比例为 0.15%，成交的最高价为 9.33 元/股， 成交的最低价为 9.00 元/股，累计成交的总金额为 27,574,286.00 元（不含交易 费用）。 通化东宝药业股份有限公司 关于以集中竞价交易方式回购公司股份进展公告 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： | 回购方案首次披露日 | 2025/10/18，由董事长李佳鸿提议 | | | | | | | ...

Summary of Eli Lilly's Exit from the Insulin Market Industry Overview - Eli Lilly plans to gradually exit the insulin market in Europe and Asia, Africa, and Latin America by Q2 2027, retaining only the high-profit U.S. market where factory prices remain above $20 [1][2] - Novo Nordisk and Eli Lilly are shifting their strategic focus towards GLP-1 and fourth-generation insulin, actively reducing the global supply of second and third-generation insulin through price increases or production cuts [1][2] Key Points - Eli Lilly's exit will release approximately $1.35 billion in market space outside of Europe and the U.S., with three Chinese companies expected to capture about $700 million in market value and a net profit increase of $300 million [1][3][4] - The demand for insulin in emerging markets like Asia and Africa is growing at 15%, significantly higher than the 5% growth in China, allowing Chinese companies to leverage their cost advantages for "China substitution" [1][6] - The global insulin supply is highly concentrated, with only a few companies, including Chinese, Russian, Indian, and Iranian firms, capable of large-scale production of raw materials and formulations [1][5] Competitive Landscape - The global insulin market has been dominated by Eli Lilly, Novo Nordisk, and Sanofi, which together held over 95% market share. Eli Lilly's exit will alter this landscape, particularly in developing countries where 80% of the global diabetes patient population resides [5][6] - Chinese companies are positioned to fill the gap left by Eli Lilly due to their significant cost advantages and large-scale production capabilities, allowing them to offer more affordable insulin options [5][6] Growth Opportunities for Chinese Companies - Chinese firms are expected to gain market share as they replace Eli Lilly's products, facing minimal competition in this transition [6][7] - The ability to offer insulin at half the price of Eli Lilly's products could lead to a market value of approximately $700 million and a net profit increase of around $300 million for Chinese companies [3][4] Future Market Trends - The global insulin market is expected to become stratified, with Chinese companies dominating the second and third-generation insulin markets while multinational corporations focus on high-value products like fourth-generation insulin and GLP-1 [7] - This shift will allow Chinese companies to become the primary suppliers of second and third-generation insulin globally, while multinational firms will concentrate on innovative products to capture higher profits [7]

一、回购股份的基本情况 通化东宝药业股份有限公司（以下简称"公司"或"通化东宝"）于 2025 年 10 月 17 日召开第十一届董事会第十八次会议，审议通过了《关于以集中竞价交易 方式回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购 公司股份，回购后的股份将用于员工持股计划及/或股权激励。在回购股份价格不 超过人民币 10 元/股（含），资金总额不低于人民币 2,000 万元（含），不超过人 民币 4,000 万元（含）。回购期限为自公司董事会审议通过回购股份方案之日起 6 个月内。内容详见公司于 2025 年 10 月 18 日在中国证券报、上海证券报及上海证 券交易所网站（www.sse.com.cn）披露的《通化东宝关于以集中竞价交易方式回 购公司股份方案的公告》《通化东宝关于以集中竞价交易方式回购股份的回购报告 书》。 1 二、回购股份的进展情况 证券代码：600867 证券简称：通化东宝 公告编号：2026-014 通化东宝药业股份有限公司 关于以集中竞价交易方式回购公司股份进展公告 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 ...

Core Insights - Tonghua Dongbao's liraglutide injection has received GMP certification from Brazil's ANVISA, marking a significant step in the product's compliance process for the Latin American market [1] - The GMP certification is recognized globally as a high-standard quality management system, indicating that the product meets rigorous international standards [1] - The increasing prevalence of diabetes in emerging markets like Latin America creates a growing demand for high-quality biopharmaceuticals, positioning Tonghua Dongbao's product as a valuable treatment option for local patients [1] Company Developments - Since the partnership with Sinovac Biotech, Tonghua Dongbao has efficiently advanced the overseas registration and GMP auditing of liraglutide injection, achieving multiple regulatory milestones in Latin America [2] - The product has already received GMP certification in Colombia and approval for market launch in Peru, establishing a strong presence in the Latin American market [2] - The company is accelerating its international strategy and enhancing collaboration with Sinovac to expedite the registration and commercialization of liraglutide injection in target markets [2]

Group 1 - The core viewpoint of the news is that Tonghua Dongbao has signed a commercialization cooperation agreement with Huisheng Bio, aiming to enhance their presence in the diabetes treatment sector through resource complementarity and collaborative development [1][2]. - The agreement grants Tonghua Dongbao exclusive commercialization rights for Huisheng Bio's insulin products in mainland China, specifically the biosimilar insulin injections, which are expected to improve the accessibility of diabetes treatments [2][3]. - Tonghua Dongbao, as a leading domestic insulin manufacturer, has a strong market foundation and a mature commercialization system, which positions it well to rapidly promote and distribute the new products [3]. Group 2 - The collaboration is expected to enrich Tonghua Dongbao's product matrix in the endocrine metabolism field and strengthen its competitive edge in diabetes treatment, contributing to sustainable long-term growth [1][2]. - The partnership will leverage both companies' strengths, with Tonghua Dongbao focusing on market promotion and clinical application, while Huisheng Bio will enhance its R&D and technical support for stable product supply [3].

Core Viewpoint - Tonghua Dongbao's liraglutide injection has received GMP certification from Brazil's ANVISA, marking a significant step in the product's compliance process in the Latin American market and strengthening its internationalization strategy for GLP-1 products [1][2] Group 1: Product and Market Development - Liraglutide, a GLP-1 analog, activates GLP-1 receptors to promote insulin secretion, improve blood sugar levels, and provide cardiovascular protection and weight loss benefits, gaining global recognition for its efficacy and safety [1] - Brazil, with a population of approximately 210 million and a growing diabetes patient base, presents a strong market demand for GLP-1 products, which are effective in glycemic control and weight management [2] Group 2: International Strategy and Achievements - Since 2025, Tonghua Dongbao has accelerated its internationalization strategy, achieving significant progress in overseas registrations and expanding its product matrix in international markets [2] - The recent GMP certification in Brazil, following similar achievements in Colombia and Peru, indicates a systematic layout in the Latin American market and lays a foundation for entering other PIC/S member countries [2] Group 3: Competitive Landscape - The domestic market for GLP-1 drugs in China is highly competitive, and obtaining the GMP certification in Brazil opens a new sales channel for Tonghua Dongbao, helping to extend the product lifecycle and realize incremental value in overseas markets [2]

Group 1 - The core viewpoint of the news is that Tonghua Dongbao has completed its governance rectification and is expected to achieve a profit in 2025, with a projected net profit of approximately 1.242 billion yuan, driven by the rapid growth of insulin analog products and international expansion [1] - The company emphasizes adherence to the "Code of Corporate Governance for Listed Companies" to ensure operational independence across various aspects [1] - Recent industry analysis indicates that the disruptions from centralized procurement have largely cleared, with innovation and international expansion becoming new growth points for the company [1] Group 2 - In the recent stock performance, Tonghua Dongbao's share price has shown a downward trend, closing at 8.70 yuan on February 13, down 4.19% from the previous week [2] - The stock's trading range has been 10.02%, with a net outflow of 6.6366 million yuan from major investors on February 13, reflecting cautious market sentiment [2] - The pharmaceutical and biotechnology sector has seen a decline of 5.30% during the same period, with Tonghua Dongbao's performance slightly better than the industry average [2] Group 3 - Institutional views indicate a neutral sentiment towards Tonghua Dongbao, with a target price of 10.92 yuan, suggesting a potential upside of 25.52% from the current price [3] - Profit forecasts from 21 institutions estimate a net profit of 1.242 billion yuan for 2025, representing a year-on-year growth of 3007.39%, although a decline to 815 million yuan is expected in 2026 due to reduced non-recurring income [3] - Analysts note that the company's revenue from insulin analogs has surpassed that of second-generation insulin, and internationalization is progressing steadily, though competition and R&D risks should be monitored [3]

Core Viewpoint - The company has received a regulatory decision from the Jilin Securities Regulatory Bureau, requiring it to rectify issues related to its governance and independence, particularly concerning its relationship with its controlling shareholder, Dongbao Group [1][2]. Group 1: Regulatory Decision and Company Response - The company has acknowledged the regulatory decision and has communicated it to relevant stakeholders, including its controlling shareholder and management [2]. - A board meeting was held to review and approve a rectification report in response to the regulatory decision [2]. Group 2: Identified Issues and Rectification Measures - The company and its controlling shareholder have been found to have overlapping property usage without formal rental agreements, indicating a lack of independence [3]. - To address this, the company signed a property lease agreement with Dongbao Group, specifying the rental terms for shared properties, ensuring market-based pricing for rent [4][5]. - The company will enhance training for its management and board members on compliance with relevant laws and regulations to improve operational standards [6]. Group 3: Rectification Status and Future Plans - The company has appointed specific individuals and departments responsible for the rectification process, and the measures have been completed [7]. - The company plans to maintain a focus on standardized governance and independence management in the long term [7]. - The regulatory inspection has provided valuable guidance for improving the company's governance level, and the company aims to strengthen its compliance and risk management systems [8].

证券代码：600867 证券简称：通化东宝 公告编号：2026-013 通化东宝药业股份有限公司 关于对吉林证监局监督管理措施决定的整改报告 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。 通化东宝药业股份有限公司（以下简称"公司"）于近日收到中国证券监督管理委 员会吉林监管局（以下简称"吉林证监局"）出具的《关于对通化东宝药业股份有限公 司采取责令改正并对李佳鸿采取出具警示函监督管理措施的决定》（吉证监决[2026]3 号)（以下简称"《决定书》"），要求公司就《决定书》中所提出的问题进行整改。 内容详见公司于2026年1月31日在上海证券交易所网站（www.sse.com.cn）披露的《关 于收到吉林证监局行政监管措施决定书的公告》（公告编号：2026-011）。 收到《决定书》后，公司及董事长高度重视，立即向控股股东东宝实业集团股份有 限公司（以下简称"东宝集团"）、公司董事、高级管理人员及相关部门负责人进行 通报和传达，对《决定书》中涉及的事项进行全面梳理和深入分析，严格遵照《公司 法》《证券法》《上市公司治理准则》《 ...

Group 1: Market Overview - The global sales of GLP-1 drugs have surpassed Merck's Keytruda, with Eli Lilly's Tirzepatide generating $36.5 billion and Novo Nordisk's Semaglutide achieving $36.1 billion in 2025 [1] - The sales of Tirzepatide's weight loss indication increased by 175% year-on-year, while the diabetes indication grew by 99% [1] - The potential patient market for weight loss is significantly large, indicating a strong demand for GLP-1 drugs [1] Group 2: Company Developments - Several domestic companies, including Innovent Biologics, Jiangsu Hengrui Medicine, Tonghua Dongbao, and East China Pharmaceutical, are actively developing GLP-1 drugs to meet weight loss market demands [2] - Innovent Biologics' GLP-1 weight loss drug, Sema, has been approved for sale in China, contributing to the company's revenue growth, which is expected to exceed 10 billion yuan in 2025 [3] - Hengrui Medicine is developing HRS9531, which shows promising results in weight loss and blood sugar control, while also improving cardiovascular and renal risk factors [4] Group 3: Competitive Strategies - Companies are adopting differentiated strategies in drug development, such as creating oral formulations, extending drug half-lives, and innovating sales models [5] - Hengrui Medicine is focusing on developing a GLP-1/GIP dual receptor agonist, which aims to enhance efficacy and safety [5] - Tonghua Dongbao is also working on a GLP-1/GIP dual receptor agonist, with clinical trials progressing smoothly [5] Group 4: Research and Development Focus - Innovent Biologics is expanding its research pipeline to include long-acting, oral, and multi-target projects, aiming to provide more effective treatment options [6] - East China Pharmaceutical is developing an oral small molecule GLP-1 drug, with successful completion of all subject enrollments for its clinical phase III study in weight management [6]