Core Viewpoint - Tonghua Dongbao is a leading company in the domestic insulin industry, with a strong performance in revenue and net profit, showcasing its competitive advantages in the market [1][2]. Group 1: Business Performance - In Q3 2025, Tonghua Dongbao achieved a revenue of 2.18 billion yuan, ranking 5th among 34 companies in the industry, surpassing the industry average of 1.26 billion yuan and the median of 734 million yuan [2]. - The net profit for the same period was 1.188 billion yuan, the highest in the industry, exceeding the average of 166 million yuan and the median of 56.63 million yuan [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 12.46%, an increase from 9.74% year-on-year, but still below the industry average of 26.88%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 71.89%, down from 74.47% year-on-year, yet still above the industry average of 70.17%, reflecting good profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.08% to 82,100, while the average number of circulating A-shares held per account increased by 5.35% to 23,800 [5]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked third with 35.8443 million shares, an increase of 15.839 million shares from the previous period [5]. Group 4: Business Highlights - The company reported that in Q3 2025, revenue from insulin analogs surpassed that of second-generation human insulin for the first time, with an expected 40% growth in insulin sales for the year [6]. - The company is expanding its international presence, with its Aspart insulin having received BLA acceptance in the U.S. and insulin analogs approved for sale in Myanmar and Indonesia [6].

Group 1 - The QFII system has become a significant channel for foreign capital to enter the A-share market since its introduction in 2002, with distinct stock selection preferences and investment styles compared to domestic funds [1][8] - In the third quarter, at least 121 stocks were increased in holdings by QFII, with the most significant increases not in the semiconductor sector but in electrical equipment, machinery, hardware, and chemicals [2][3] - Major QFII institutions like Morgan Stanley and Abu Dhabi Investment Authority have continued to increase their positions in A-shares, with a focus on a diversified portfolio of stocks [1][2] Group 2 - The top five industries with the most significant QFII increases in holdings in the third quarter were machinery, hardware equipment, electrical equipment, semiconductors, and chemicals [2] - Notably, only one stock from the banking sector, Nanjing Bank, was among the top 20 stocks increased by QFII, with a significant increase of 124 million shares by BNP Paribas [4] - Abu Dhabi Investment Authority has a concentrated investment style, holding only 22 stocks, and has made selective increases and decreases in its holdings, including a notable reduction in its stake in Zijin Mining [5][6] Group 3 - The GATES FOUNDATION TRUST has a concentrated portfolio with a preference for small-cap stocks, holding only two stocks at the end of the third quarter [6] - The Macau Monetary Authority has been active in increasing its holdings, particularly in the non-ferrous metals, food and beverage, and automotive sectors [7] - The QFII system is expected to expand further, with over 900 qualified foreign investors and ongoing reforms aimed at making it easier for foreign investors to participate in the Chinese market [8]

证券代码：600867 证券简称：通化东宝 公告编号：2025-075 通化东宝药业股份有限公司 关于控股股东增持公司股份结果公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况：通化东宝药业股份有限公司（以下简称"公司"、 "通化东宝"）于 2024 年 10 月 30 日收到控股股东东宝实业集团股份有限公司（以 下简称"东宝集团"）增持股份计划的通知。基于对公司未来发展前景的信心和 对公司价值的高度认可，控股股东东宝集团计划自 2024 年 10 月 31 日起，通过 上海证券交易所以集中竞价交易方式增持公司股份。本次增持比例不低于公司总 股本 1%，即 19,817,341 股，不超过公司总股本 2%，即 39,634,681 股。若增持 计划实施期间，公司发生有送股、资本公积金转增股本、股份回购注销等股份变 动事项，则对增持数量进行相应调整。实施期限为自 2024 年 10 月 31 日之日起 12 个月内（即 2024 年 10 月 31 日至 2025 年 10 月 3 ...

关于通化东宝药业股份有限公司 控股股东增持公司股份的 法律意见书 致：通化东宝药业股份有限公司 吉林秉责律师事务所(以下简称"本所")接受通化东宝药业股份 有限公司（以下简称"通化东宝"或"公司"）的委托，指派本所律 师对公司控股股东东宝实业集团股份有限公司（以下简称"东宝集 团"）增持公司股份（以下简称"本次增持"）事宜实施专项核查并 出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证 券法》"）《律师事务所从事证券法律业务管理办法》和《律师事务 所证券法律业务执业规则（试行）》等规定及本法律意见书出具日以 前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责 和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定 的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在 虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 吉林秉责律师事务所 （一）增持主体的基本情况 本次增持的增持主体为公司控股股东东宝集团，本所律师核查， 截至本法律意见书出具之日，增持主体的基本情况如下： 本法律意见书根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《证券法》《上市 ...

南财智讯10月30日电，通化东宝公告，东宝实业集团股份有限公司基于对公司未来发展前景的信心和对 公司价值的高度认可，自2024年11月11日至2025年10月30日通过上海证券交易所集中竞价交易方式累计 增持公司股份2780.14万股，占公司当前总股本的1.42%，增持金额22,800.59万元。本次增持后，东宝集 团及其一致行动人合计持有公司股份比例由增持前的31.06%上升至32.75%。本次增持计划已实施完 毕，未导致公司控股股东及实际控制人发生变化。 ...

证券时报·数据宝统计，截至10月30日，有4271家公司公布2025年三季报，其中2318家净利润同比增 长，1953家同比下降，2534家营业收入同比增长，1737家同比下降，净利润和营业收入同时增长的公司 有方正电机等1768家，利润收入均下降的有维科技术等1187家，业绩增幅翻倍的公司有547家，其中方 正电机增幅最大，达153128.60%。（数据宝） 已公布三季报公司净利润增幅排名 | | 份 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 600184 | 光电股 | 0.0470 | 2466.53 | 2131.96 | 141462.13 | 35.56 | | | 份 | | | | | | | 002171 | 楚江新 | 0.2370 | 35516.98 | 2089.49 | 4419134.89 | 13.29 | | | 材 | | | | | | | 300850 | 新强联 | 1.7800 | 66384.29 | 1939.50 | 361792.49 | 84.10 | | 600867 | 通化东 ...

Core Insights - QFII continues to favor core A-share assets, particularly in high-end manufacturing and defensive sectors, reflecting a strategic approach to investment amidst ongoing market trends [1][2][7] - As of October 28, nearly 40 QFIIs collectively held approximately 119.4 billion yuan in A-shares, indicating significant foreign interest in the Chinese market [1][9] Industry Focus - QFII has notably increased holdings in various sectors, including banking, electrical equipment, building materials, chemicals, software services, machinery, and hardware [3][10] - The banking sector saw a substantial increase, with QFII adding 124 million shares, driven by expectations of improved performance and attractive valuations [7][10] - Electrical equipment and computer sectors also received tactical increases from QFII, supported by favorable policies and growth in demand due to energy transition and infrastructure upgrades [7][10] Notable Stocks - Key stocks with significant QFII increases include Nanjing Bank (12.36 million shares), China Western Power (7.29 million shares), and others in various sectors such as construction materials and chemicals [6][10] - Specific stocks like Huazhi Technology and Huasheng Tiancheng saw multiple QFII firms increase their stakes, indicating strong interest in new productivity concepts [4][5] Investment Strategy - QFII's investment strategy appears to be diversified, focusing on both core assets and emerging opportunities across multiple industries, including machinery, food and beverage, and pharmaceuticals [10][11] - Large foreign institutions, such as Goldman Sachs, are actively seeking diversified investment opportunities in the A-share market, reflecting a positive outlook on Chinese equities [11][12]

Core Insights - The internet healthcare sector experienced a slight increase of 0.21% on October 29, with notable gains from companies like Jiangyu Pingmin, which rose by 6.29% [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Company Performance - Jiangyu Pingmin (301017) closed at 11.99 with a gain of 6.29%, trading volume of 201,100 shares and a transaction value of 242 million [1] - Furuishi (300049) closed at 74.48, up 6.20%, with a trading volume of 150,500 shares and a transaction value of 1.104 billion [1] - Xingqi Eye Medicine (300573) closed at 82.01, increasing by 5.29%, with a trading volume of 309,400 shares and a transaction value of 2.518 billion [1] - Other notable performers include Maidi Technology (603990) with a 2.98% increase and a transaction value of 384 million, and Hanhui Technology (300007) with a 2.68% increase and a transaction value of 1.402 billion [1] Market Dynamics - The internet healthcare sector saw a net outflow of 1.125 billion from institutional investors, while retail investors contributed a net inflow of 926 million [2][3] - The overall market sentiment indicated a mixed response, with some stocks experiencing significant declines, such as Jiayuan Technology (301117) which fell by 13.29% [2] - The trading activity highlighted a divergence in investor behavior, with institutional investors pulling back while retail investors remained active [2][3]

证券研究报告 通化东宝 (600867 CH) 三代胰岛素高增长下 3Q25 收入稳健 2025 年 10 月 28 日│中国内地 生物医药 研发管线多点开花 公司研发管线布局全面：1）GLP-1 系列：利拉鲁肽已于 23 年 12 月获批降 糖适应症，国产第二家，我们预期 25 年翻倍增长；司美格鲁肽类似药（24 年 5 月自质肽生物引进）降糖 3 期临床，有望 26 年申报上市；THDBH 120/121（GLP-1/GIP）减重 2 期临床；THDBH 110/111（GLP-1 小分子） 1 期临床结束；2）URAT1 系列：THDBH 150/151（XO/URAT1）2a 期临 床结束；3）胰岛素系列：赖脯 25R 胰岛素（3 期临床结束）、超速效赖辅 胰岛素（3 期临床结束）、德谷胰岛素利拉鲁肽（3 期临床）。 加速出海，布局全球 我们预期 25 年海外快速增长：1）法规市场：23 年 9 月，公司与健友就甘 精、门冬、赖脯三款胰岛素注射液在美国市场的开发和生产达成合作，其中 门冬胰岛素已于 3Q25 在美国申报 BLA 并获 FDA 受理，公司后续将继续推 进甘精胰岛素和门冬胰岛素的 BLA， ...

值得注意的是，在国内市场产品结构升级的同时，通化东宝也在谋求海外市场更大的发展与出口产品的 结构升级。尽管通化东宝已拥有二十多年的出口经验，但出口产品基本以胰岛素原料药为主，缺乏更高 附加值的制剂产品出口。 公司胰岛素制剂"出海"陡然提速：二代胰岛素制剂先后拿下乌兹别克斯坦、尼加拉瓜两张"通行证"，三 代胰岛素制剂又相继在缅甸、印尼获批上市，一口气叩开四国大门。密集落地的海外批件，是近年来国 际注册工作持续深耕的集中兑现，也标志着国际化战略从"蓄力"迈入"收获"，阶段性战果正在快速放 大。 除了以上"一带一路"或新兴市场，通化东宝同样在重要的欧美市场持续推进，三季度公司门冬胰岛素的 美国 BLA（生物制品许可申请）获 FDA（美国食品药品监督管理局）受理；后续将推进甘精胰岛素、 赖脯胰岛素的美国 BLA 申报，并有序筹备欧洲市场注册资料与申请工作。 10 月 27 日晚间，国产胰岛素龙头通化东宝（以下简称"公司"）发布了 2025 年三季度报告，核心经营 数据与战略进展亮点突出。 报告显示，第三季度，通化东宝实现营业收入 8.06 亿元，同比增长 13.90%；归母净利润 9.84 亿元，同 比激增 499. ...