Core Viewpoint - The demand for insulin in China is rapidly increasing due to the large diabetic patient population, with Aspart insulin being a key product that effectively controls postprandial hyperglycemia and is now more accessible due to its inclusion in the medical insurance catalog [1][7]. Market Overview - Aspart insulin is a commonly used rapid-acting insulin analog, primarily for controlling blood sugar in type 1 and type 2 diabetes patients, with effects starting within 10-20 minutes and lasting about 4-6 hours [2][3]. - The market size for Aspart insulin in China is projected to reach 8.451 billion yuan in 2024, representing a year-on-year growth of 5.33% and accounting for 31.1% of the overall insulin market [1][7]. Market Policies - The Chinese government has implemented various policies to regulate the insulin industry, ensuring quality and safety while promoting healthy and high-quality development [3]. Industry Chain - The upstream of the Aspart insulin industry includes animal-derived insulin raw materials, intermediates, active pharmaceutical ingredients, packaging materials, and pharmaceutical equipment. The midstream consists of Aspart insulin production companies, while the downstream includes medical institutions, pharmacies, e-commerce channels, and end consumers [4][5]. Patient Demographics - The prevalence of diabetes in China is on the rise, with an estimated 148 million diabetic patients by 2024, marking a year-on-year increase of 4.89%, which drives the demand for Aspart insulin [6]. Competitive Landscape - The centralized procurement policy has reshaped the competitive landscape of the insulin market, leading to price reductions but also providing more market opportunities for selected companies. As of April 2024, six companies were selected for Aspart insulin in the national procurement process, indicating a trend towards increased market share for domestic products [8][9]. Company Profiles - **Ganli Pharmaceutical**: Engaged in the research, production, and sales of insulin analogs, with a projected revenue of 3.045 billion yuan and a gross profit of 2.279 billion yuan in 2024, achieving a gross margin of 74.83% [10]. - **Tonghua Dongbao Pharmaceutical**: Focused on drug research and production, with a projected revenue of 2.01 billion yuan and a gross profit of 1.485 billion yuan in 2024, achieving a gross margin of 73.90% [11]. Future Development Trends - The inclusion of Aspart insulin in the medical insurance catalog will continue to impact its market sales, with ongoing adjustments in reimbursement policies and centralized procurement driving companies to optimize pricing strategies and enhance product accessibility in grassroots medical markets [12].

Overview - The demand for insulin in China is rapidly increasing due to a large diabetic patient population, with the market for insulin glargine projected to reach 6.083 billion yuan in 2024, representing a year-on-year growth of 4.13% and accounting for 22.36% of the overall insulin market [1][9]. Market Policy - The Chinese government has implemented a series of policies to regulate the production, sales, and use of insulin, including insulin glargine, to ensure drug quality and safety, promoting healthy and high-quality industry development [4][5]. Industry Chain - The upstream of the insulin glargine industry includes suppliers of raw materials such as gene-engineered strains, culture media, and packaging materials, while the midstream consists of production companies, and the downstream includes medical institutions and pharmacies [6][7]. Current Development - The prevalence of diabetes in China is on the rise, with an estimated 148 million diabetic patients in 2024, marking a year-on-year increase of 4.89%, which drives the demand for insulin glargine [8][9]. Competitive Landscape - The market is transitioning from foreign dominance to the rise of domestic companies, with a multi-faceted competitive landscape involving original research companies, leading domestic firms, and follow-up entrants. Domestic companies like Ganli Pharmaceutical and Tonghua Dongbao have gained market share through centralized procurement policies [10][11]. Company Profiles - **Ganli Pharmaceutical**: Focuses on the research, production, and sales of insulin analogs, with projected revenue of 3.045 billion yuan and a gross profit of 2.279 billion yuan in 2024, achieving a gross margin of 74.83% [11][12]. - **Tonghua Dongbao**: Engaged in drug research and production, with a focus on diabetes and endocrine treatments, reporting a revenue of 2.01 billion yuan and a gross profit of 1.485 billion yuan in 2024, with a gross margin of 73.90% [12]. Future Trends - Domestic companies are expected to continue improving product quality and reducing the gap with imported products, leading to an increase in market share for domestic insulin glargine as centralized procurement policies advance, and more products may enter the international market [10][12].

目 录 | 2025 | 年第二次临时股东会会议议程 | | | 3 | | --- | --- | --- | --- | --- | | 议案 | 1：关于《通化东宝 2025 | 年员工持股计划（草案）》及其摘要的议案 | | 4 | | 议案 | 2：关于《通化东宝 2025 | 年员工持股计划管理办法》的议案 6 | | | | 议案 | 3：关于提请股东会授权董事会办理公司 | 2025 | 年员工持股计划相关事宜的议 | | | | | 案 | | 7 | 2 通化东宝药业股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会 通化东宝药业股份有限公司 2025 年第二次临时股东会会议资料 股票简称：通化东宝 股票代码：600867 二〇二五年九月十八日 通化东宝药业股份有限公司 2025 年第二次临时股东会会议资料 会议议程 一、会议时间： 现场会议时间：2025 年 9 月 18 日上午 10 时 网络投票时间：网络投票起止时间：自 2025 年 9 月 18 日 至 2025 年 9 月 18 日 采用上海证券交易所网络投票系统，通过上海证券交易所交易系统进行网络 ...

Core Viewpoint - Tonghua Dongbao's performance meets expectations with a recovery in revenue during the first half of the year, driven by new procurement opportunities and expansion of insulin product access [1] Financial Performance - The company achieved revenue of 1.37 billion yuan, representing a year-on-year increase of 85.6% [1] - Net profit attributable to shareholders reached 220 million yuan, with a non-recurring net profit also at 220 million yuan, indicating a turnaround in profitability [1] Strategic Initiatives - The company is accelerating its international expansion, with significant growth in overseas revenue during the first half of the year [1] - Tonghua Dongbao is actively advancing innovation and expanding its treatment areas, particularly in gout and hyperuricemia [1] Clinical Development - The company's URAT1 inhibitor (THDBH130) and dual-target inhibitor (THDBH151) for gout treatment are both in Phase II clinical trials, with THDBH151 completing its Phase IIa trial in April 2025 and achieving its primary endpoint [1] Valuation and Rating - Based on the average price-to-earnings ratio of comparable companies, a 2026 PE valuation of 28 times is assigned, corresponding to a target price of 8.96 yuan, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has experienced a recovery in revenue during the first half of 2025, achieving a revenue of 1.37 billion yuan, representing a year-on-year growth of 85.6% [11] - The company is accelerating its overseas expansion, with overseas revenue reaching 110 million yuan, a year-on-year increase of nearly 187% [11] - The company is actively advancing its innovation pipeline, with several products in various stages of clinical trials [11] Financial Forecast and Investment Recommendations - The report adjusts the sales and R&D expense ratios due to increased hospital access and R&D investments, forecasting earnings per share of 0.24, 0.32, and 0.38 yuan for 2025-2027 [3] - The target price is set at 8.96 yuan based on a 28 times PE valuation for 2026 [3] - The company is expected to recover from a net loss in 2024 to a net profit of 462 million yuan in 2025, with a significant year-on-year growth of 1181.5% [5][11] Financial Information - The company’s revenue is projected to grow from 2.01 billion yuan in 2024 to 3.54 billion yuan in 2027, with a compound annual growth rate of approximately 10.3% [5] - The gross margin is expected to decline slightly from 80.1% in 2023 to 71.3% in 2027 [5] - The net profit margin is projected to improve from -2.1% in 2024 to 20.9% in 2027 [5]

北京市中伦律师事务所 关于通化东宝药业股份有限公司 2025 年员工持股计划的 法律意见书 二〇二五年九月 北京市中伦律师事务所 关于通化东宝药业股份有限公司 2025 年员工持股计划的 法律意见书 致：通化东宝药业股份有限公司 北京中伦律师事务所（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"、"公司"）委托，担任公司 2025 年员工持股计划（以下简称 "本期员工持股计划"）的法律顾问。本所律师根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中 国证券监督管理委员会（以下简称"中国证监会"）《关于上市公司实施员工持股 计划试点的指导意见》（以下简称"《指导意见》"）、《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》（以下简称"《监管 1 号指引》"）等有关规范 性文件的规定，就公司本期员工持股计划相关事宜出具本法律意见书。 为出具本法律意见书，本所律师根据有关法律、法规、规范性文件的规定和 本所业务规则的要求，本着审慎性及重要性原则对本期员工持股计划的有关的文 件资料和事实进行了核查和验证。 对本法律意见书 ...

北京市中伦律师事务所 关于通化东宝药业股份有限公司 法律意见书 二〇二五年九月 北京市中伦律师事务所 关于通化东宝药业股份有限公司 法律意见书 致：通化东宝药业股份有限公司 北京中伦律师事务所（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"、"公司"）委托，担任公司 2025 年员工持股计划（以下简称 "本期员工持股计划"）的法律顾问。本所律师根据《中华人民共和国公司法》 （以 下简称"《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证券法》"）、中 国证券监督管理委员会（以下简称"中国证监会"）《关于上市公司实施员工持股 计划试点的指导意见》 以任何形式向本所所做陈述、说明或声明及所提供文件资料（包括但不限于书面 文件、电子邮件、电子版文件及传真件等，无论是否加盖公章）真实、有效，不 存在任何隐瞒、疏漏、误导之处；所提供的其他形式的文件资料与原件完全一致； 法律意见书 一切足以影响法律意见书的事实和文件均已向本所披露。 《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之 日以前已经发生或者存在的事实，严格履行了法定 ...

证券日报网讯 9月2日晚间，通化东宝发布公告称，公司第十一届监事会第十一次会议审议通过了《关 于〈通化东宝2025年员工持股计划（草案）〉及其摘要的议案》《关于的议案》。 （文章来源：证券日报） ...

证券日报网讯 9月2日晚间，通化东宝发布公告称，公司将于2025年9月18日召开2025年第二次临时股东 会。本次股东会将审议《关于及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-054 通化东宝药业股份有限公司 第十一届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 通化东宝药业股份有限公司（以下简称"公司"或"通化东宝"）第十一届 董事会第十七次会议，于 2025 年 9 月 2 日在公司会议室以现场结合通讯方式召 开。会议通知于 2025 年 8 月 27 日以书面和电子邮件方式发出。本次会议应参加 会议董事 9 人，实际出席会议董事 9 人，本次会议由董事长李佳鸿先生主持。监 事会成员及高级管理人员列席了会议。会议符合《公司法》和《公司章程》的有 关规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议通过了《关于〈通化东宝 2025 年员工持股计划（草案）〉及其 摘要的议案》； 本次员工持股计划旨在充分调动核心骨干员工的积极性，有效地将股东利 益、公司利益和员工个人利益紧密结合在一起，提高员工凝聚力和公司竞争力， 建立和完善利益共享机制，促进公司健康可持续发展，同意公司依据 ...