Group 1 - The core viewpoint of the articles emphasizes that as the A-share market enters the mid-year performance reporting period, the focus is shifting back to fundamentals, with sectors showing stable profits likely to see valuation increases [1][2] - The CSI A500 ETF (563800) has shown strong performance, with a net asset value increase of 7.60% over the past six months, and its latest scale exceeding 17 billion yuan as of July 20 [1] - Among the CSI A500 index constituents, 129 companies have issued earnings forecasts, with 94 expected to be profitable and 85 anticipating year-on-year net profit growth, indicating a significantly better outlook than the overall market [1][2] Group 2 - The strong performance of the CSI A500 index constituents is attributed to its innovative compilation scheme, which selects leading companies across three industry segments while maintaining industry balance and over-allocating to new productivity sectors [2] - Analysts predict that from 2025 to 2027, the average annual growth rate of net profit attributable to the parent company for the CSI A500 index will reach 10.6%, significantly higher than other broad-based indices [2] - The current phase of the A-share market is characterized by a "profit bottom + policy bottom" resonance, with the CSI A500 index expected to build long-term support above 3,500 points [2]

Core Viewpoint - Tonghua Dongbao, a leading insulin manufacturer, reported a loss of approximately 42.72 million yuan in 2024, marking its first loss in nearly 20 years, attributed to a combination of legal issues, project terminations, and significant price reductions in insulin due to national procurement policies [1][3][8] Financial Performance - In 2024, Tonghua Dongbao achieved revenue of 2.01 billion yuan, a significant decline of 34.66% year-on-year [3] - The net profit attributable to shareholders was -42.72 million yuan, a decrease of 103.66% compared to the previous year [3][8] - The company's earnings forecast changed dramatically within three months, from an initial profit forecast of 40.53 million yuan to a confirmed loss [1][3] Legal Issues - The company lost a long-standing trademark infringement lawsuit against Ganli Pharmaceutical, resulting in a compensation payment of 61.31 million yuan [4][5] - The lawsuit, which began in 2011, concluded with a ruling that Tonghua Dongbao acted with "malice" in using the "Changshulin" trademark [4][5] R&D Challenges - The termination of the soluble insulin project led to impairment losses and prepayment losses totaling approximately 320 million yuan [3][6] - The decision to halt the project was influenced by the high costs of clinical trials and the competitive landscape, which diminished its commercial viability [6] Market Strategy - In response to national procurement policies, the company adopted a "price for volume" strategy, resulting in an average price reduction of 15% across its product line [7] - Despite the price cuts, the company's gross margin for biological products decreased by 5.92 percentage points [7] Future Outlook - In the first quarter of 2025, Tonghua Dongbao showed signs of recovery, with overseas revenue reaching 103 million yuan, a nearly 80% increase year-on-year [8] - The company is exploring international markets and has formed a strategic partnership with Jianyou Co. to enter the U.S. insulin market [8] - The company anticipates a net profit of approximately 21.7 million yuan for the first half of 2025, indicating a potential turnaround [8] R&D Investment - In 2024, the company invested 450 million yuan in R&D, a year-on-year increase of 7.15%, representing 22.42% of its revenue [8][9] - Currently, four products are in Phase III clinical trials, and three innovative drugs are in Phase II trials [9]

Core Viewpoint - Tonghua Dongbao, a leading insulin manufacturer, faced significant challenges in 2024, resulting in a net loss of approximately 42.72 million yuan, marking its first loss in nearly 20 years due to a combination of legal issues, project terminations, and price reductions from national procurement policies [2][4]. Financial Performance - In 2024, the company reported revenue of 2.01 billion yuan, a substantial decline of 34.66% year-on-year [4]. - The net profit attributable to shareholders was -42.72 million yuan, a decrease of 103.66% compared to the previous year [4]. Legal Issues - The company lost a long-standing trademark infringement lawsuit against Ganli Pharmaceutical, resulting in a compensation payment of 61.31 million yuan [4][6]. - The lawsuit, which began in 2011, concluded in February 2025 with a ruling that found Tonghua Dongbao's use of the "Changshulin" trademark constituted unfair competition [4][5]. R&D Challenges - The termination of the soluble insulin project, which required an additional investment of 50 to 70 million yuan for clinical trials, led to a total impairment loss of approximately 318 million yuan [6]. - The decision to halt the project was influenced by the competitive landscape and the diminishing commercial value of the product due to price reductions in the market [6]. Pricing Strategy - In response to national procurement policies, the company implemented a "price for volume" strategy, resulting in an average price reduction of 15% across its product line, with the price of Aspart insulin dropping by 43% [7]. - Despite increasing sales volume by 73%, the low pricing strategy negatively impacted the gross margin of biological products by 5.92 percentage points [7]. Future Outlook - Early 2025 data indicates signs of recovery, with a projected net profit of approximately 21.7 million yuan for the first half of 2025 [8][9]. - The company is exploring international markets, reporting a nearly 80% increase in overseas revenue in 2024, and has formed a strategic partnership to enter the U.S. insulin market [9]. - Domestic sales of Aspart insulin surged over 260% in the first quarter of 2025 compared to the previous year, indicating potential for market recovery [9]. R&D Investment - In 2024, the company invested 450 million yuan in R&D, a year-on-year increase of 7.15%, representing 22.42% of its revenue [10]. - The company has four products in Phase III clinical trials and three in Phase II, indicating a commitment to innovation and development in the pharmaceutical sector [10].

Core Viewpoint - The recent half-year reports from domestic insulin manufacturers, Ganli Pharmaceutical and Tonghua Dongbao, reveal ongoing industry differentiation following the centralized procurement of insulin, with Ganli showing a recovery while Tonghua continues to struggle financially [1][3]. Group 1: Financial Performance - Ganli Pharmaceutical reported a net profit of 600 million yuan for the first half of the year, while Tonghua Dongbao projected a net profit of approximately 217 million yuan, marking a turnaround from losses in the previous year [1]. - Tonghua Dongbao's revenue and net profit for the first half of 2024 were 740 million yuan and -230 million yuan, respectively, reflecting a year-on-year decline of 45.84% and 147.54% [1]. - In the first quarter, Tonghua Dongbao's revenue was 650 million yuan, while Ganli's was 1 billion yuan, indicating a significant gap in performance [8]. Group 2: Market Position and Strategy - Ganli Pharmaceutical has regained its position as a leader in the industry, while Tonghua Dongbao has been lagging behind since the centralized procurement began [3][6]. - The sales of insulin analog products at Tonghua Dongbao have seen significant growth, contributing to a substantial increase in domestic sales revenue [1]. - Tonghua Dongbao plans to focus on increasing sales of insulin analog products and has introduced new products like Liraglutide and Empagliflozin to accelerate market penetration [8]. Group 3: Industry Context - The insulin market in China has been impacted by centralized procurement, which has led to significant changes in the financial health of both companies, with Ganli experiencing a sharp decline in revenue and profits initially but showing recovery in subsequent years [6][9]. - The GLP-1 receptor agonists are emerging as a key product in the diabetes treatment market, with both companies incorporating these products into their portfolios [9]. - Clinical applications indicate that GLP-1 receptor agonists and insulin can be used together for better efficacy, highlighting the importance of both product types in diabetes management [9].

Core Viewpoint - The performance forecasts of A-share listed pharmaceutical companies for the first half of 2025 reveal a mixed outlook, with some companies showing significant profit growth while others are expected to incur losses, highlighting both opportunities and challenges in the sector [1][5]. Group 1: Performance Highlights - As of July 15, 97 pharmaceutical stocks have disclosed their performance forecasts, with 20 companies expecting a net profit increase of over 100% and 53 companies anticipating year-on-year profit growth [1]. - WuXi AppTec (药明康德) is projected to have the highest net profit among the disclosed forecasts, expecting approximately 8.561 billion yuan, a year-on-year increase of 101.92% [4]. - Asia-Pacific Pharmaceutical (亚太药业) is noted as the "profit growth king," with an expected net profit increase of 1726.42% to 1909.06%, primarily due to the sale of a subsidiary [3]. Group 2: Loss Forecasts - A total of 42 pharmaceutical stocks are expected to report losses in the first half of 2025, with notable companies like Da An Gene (达安基因) and Hainan Haiyao (海南海药) projecting significant losses [5][7]. - Da An Gene anticipates a loss of 140 million to 200 million yuan, although this represents a reduction in losses compared to the previous year [5]. - 18 companies, including Wantai Biological Pharmacy (万泰生物) and Lianhuan Pharmaceutical (联环药业), are expected to report their first-ever half-year losses since listing [7][9]. Group 3: Market Dynamics - Wantai Biological attributes its expected loss to industry policy adjustments and market competition affecting its vaccine sales, while also banking on the launch of its domestically developed nine-valent HPV vaccine to improve future performance [7][8]. - Lianhuan Pharmaceutical's loss is linked to multiple factors, including national drug procurement policies and increased international market competition, which have pressured its gross margins [9].

Core Viewpoint - Tonghua Dongbao (stock code: 600867.SH) is expected to achieve a net profit of 217 million yuan in the first half of 2025, marking a turnaround from losses in the same period last year, primarily driven by significant sales growth of its third-generation insulin products and successful internationalization strategies [1][2]. Group 1: Financial Performance - The company anticipates a net profit of 217 million yuan for the first half of 2025, compared to a loss in the same period last year, with a non-recurring net profit of approximately 220 million yuan [1]. - The sales revenue from third-generation insulin products has significantly increased, contributing to the overall domestic sales growth [1][2]. Group 2: Market Strategy - The company adopted a "price for volume" strategy in the April 2024 national insulin procurement, achieving A-class selection for its entire product line, with key products like glargine insulin and premixed aspart insulin receiving A1 class selection [1]. - This procurement result secures an annual procurement volume of approximately 45 million units for the next three years, representing a 73% increase compared to the first procurement [1]. Group 3: International Expansion - The company has made significant progress in international markets, with notable increases in export revenue and successful product registrations in Uzbekistan and Nicaragua, as well as obtaining GMP certification for liraglutide injection in Colombia [2]. - The international revenue trend from 2024 has continued positively into 2025, indicating the effectiveness of the company's internationalization strategy [2]. Group 4: Research and Development - The company is advancing its product pipeline, with successful clinical trial results for various drugs, including THDBH151 and THDBH120, and has received marketing approval for a gout medication [3]. - Strategic agreements have been signed with Shanghai Kangdelai and Dongfulong Group to enhance collaboration and resource synergy [3]. Group 5: Future Outlook - The company is positioned for a new growth phase from 2025 to 2027, driven by the launch of key products like degludec insulin-liraglutide combination and semaglutide, alongside continued breakthroughs in international markets [3].

[Current Period Performance Forecast (2025 Semi-Annual)](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a return to profitability in the first half of 2025, with net profit attributable to shareholders estimated at approximately RMB 217.35 million and non-recurring net profit at approximately RMB 220.15 million, based on unaudited preliminary figures Estimated Performance (2025 Semi-Annual) | Metric | Estimated Amount (RMB) | Notes | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Approx. 217.35 million | Return to Profitability | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | Approx. 220.15 million | - | - This performance forecast has not been audited by a certified public accountant[5](index=5&type=chunk) [Prior Period Operating Performance (2024 Semi-Annual)](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) In the corresponding period of 2024, the company reported a net loss attributable to shareholders of RMB 230.49 million, a non-recurring net loss of RMB 13.30 million, and earnings per share of RMB -0.12 Prior Period Operating Performance (2024 Semi-Annual) | Metric | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -230.49 million | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -13.30 million | | Earnings Per Share | -0.12 | [Primary Reasons for Current Period Profit Forecast](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Profit%20Forecast) The primary driver for the return to profitability in the first half of 2025 is the increased revenue from the company's insulin product series, attributed to significant growth in domestic sales of insulin analogs and notable increases in export revenue from successful internationalization efforts - The main reason for the return to profitability is the **growth in revenue from the company's insulin product series**, driving profit growth[9](index=9&type=chunk) - In the domestic market, **significant sales growth of insulin analog products** led to a substantial increase in domestic sales revenue[9](index=9&type=chunk) - In the international market, the company's **internationalization strategy achieved remarkable results**, leading to a significant increase in export revenue[9](index=9&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning) The company states there are no significant uncertainties affecting the accuracy of this performance forecast, but emphasizes that the disclosed data are preliminary financial estimates, unaudited, and subject to the final 2025 semi-annual report - The company confirms there are **no uncertain factors** that would significantly impact the accuracy of this performance forecast[10](index=10&type=chunk) - This performance forecast is based on **preliminary calculations by the company's finance department** and has not been audited by a certified public accountant; the final data will be subject to the official semi-annual report for 2025[10](index=10&type=chunk)[11](index=11&type=chunk)

Core Viewpoint - Tonghua Dongbao Pharmaceutical Co., Ltd. has faced significant financial adjustments due to legal disputes and changes in market conditions, leading to a substantial revision of its expected net profit for 2024 from a profit of 40.53 million yuan to a loss of 42.72 million yuan [1][2][3]. Financial Adjustments - The company initially estimated a net profit of 40.53 million yuan, which was later revised to 11.64 million yuan due to a legal ruling requiring compensation of 61.31 million yuan for trademark infringement, significantly higher than the previously expected 30 million yuan [1][2]. - The final adjustment resulted in a net loss of 42.72 million yuan, primarily due to the inability to recognize deferred tax assets from the transfer of three R&D projects from a wholly-owned subsidiary, which was expected to generate 52.74 million yuan in deferred tax assets [1][3][4]. Legal Disputes - The company has been involved in a series of legal battles regarding trademark rights, particularly with Ganli Pharmaceutical over the "Changshulin" trademark, which has resulted in significant financial implications [2][3]. - The legal proceedings included multiple court rulings, with the final judgment requiring the company to pay over 60 million yuan in damages, impacting its financial statements and leading to the recognition of liabilities [2][3]. Market Conditions - The company has been affected by the national drug procurement policy, which has led to a decrease in sales prices for its insulin products, resulting in a revenue decline of approximately 0.90 billion yuan for 2024 [9][11]. - The sales volume of insulin products dropped significantly, with a 58% decrease in the first half of 2024 compared to the second half of 2023, although there was a recovery in the second half of 2024 [9][11]. Strategic Responses - In response to the challenges posed by the procurement policy, the company has implemented a "volume protection and expansion" strategy, achieving significant breakthroughs in hospital access for its insulin products [12][19]. - The company has also launched new products, including GLP-1 receptor agonists and SGLT-2 inhibitors, to enhance its market presence and competitiveness [12][19]. Internal Controls and Financial Management - The company has maintained that its financial accounting practices are prudent and that its internal control systems are effective, despite the significant adjustments to its financial forecasts [15][21]. - The audit committee has confirmed that the adjustments made to the financial statements were based on the best estimates available at the time and that the internal controls regarding sales expenses and financial reporting are robust [15][21].

关于对通化东宝药业股份有限公司 2024 年年报的信息披露监管问询函的回复 德皓函字[2025]00000105 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) 关于对通化东宝药业股份有限公司 2024 年年度报告的信息披露监管问询函的回复 德皓函字[2025] 00000105号 上海证券交易所上市公司管理一部： 由通化东宝药业股份有限公司（以下简称"通化东宝"或"公 司"）转来的《关于通化东宝药业股份有限公司 2024 年年度报告的 信息披露监管问询函》（上证公函【2025】0898 号）（以下简称"《问 询函》"）奉悉，本所作为通化东宝 2024 年度财务报表审计的会计 师事务所，现就《问询函》中需要年审会计师发表意见的有关事项 核查说明如下： 1．关于公司业绩。前期公告显示，公司对于年度业绩预告先后 进行两次更正：公司原预计归母净利润 4,053 万元，2 月 26 日进行 第一次更正，将预计 ...

通化东宝药业股份有限公司董事会审计委员会 关于上海证券交易所对公司 2024 年年度报告的信息 披露监管问询函中相关问题的回复意见 通化东宝药业股份有限公司（以下简称"公司"或"通化东宝"）于近期收 到上海证券交易所《关于通化东宝药业股份有限公司 2024 年年度报告的信息披 露监管问询函》（上证公函【2025】0898 号，以下简称"《问询函》"）。现将《问 询函》相关事项回复如下： 1、关于公司业绩。前期公告显示，公司对于年度业绩预告先后进行两次更 正：公司原预计归母净利润 4,053 万元，2 月 26 日进行第一次更正，将预计归 母净利润调整为 1,164 万元，主要系侵害商标权诉讼终审判决公司赔付 6,131 万，较此前预计的 3,000 万元差异较大；4 月 28 日进行第二次更正，将预计归 母净利润调整为-4,272 万元，主要系 2024 年年底全资子公司将三个研发项目转 让给公司事项，原预计短期内能完成而确认递延所得税资产，但相关手续仍未 完成，导致利润减少约 5,274 万元。此外，报告期公司由盈转亏，业绩大幅下 滑，原因还包括集采续标前对库存进行控制与调整，对流通环节库存产品原供 货价与 ...