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 ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-047 通化东宝药业股份有限公司 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的回复公告 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。 通化东宝药业股份有限公司（以下简称"公司"或"通化东宝"或"我司"）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》"）。公司 对《问询函》高度重视，积极组织各相关方对《问询函》中涉及的事项进行逐项落实， 具体回复如下： 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 ...

通化东宝药业股份有限公司 关于董事会秘书离任的公告 证券代码：600867 证券简称：通化东宝 公告编号：2025-046 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： 根据《公司法》、《公司章程》以及法律法规的相关规定，苏璠女士的辞职报 告自送达董事会之日起生效。 根据《上海证券交易所股票上市规则》等有关规定，在聘任新的董事会秘书 之前，由公司董事长李佳鸿先生代行董事会秘书职责。公司董事会将按照相关规 定尽快聘任新的董事会秘书。苏璠女士所负责的工作已经妥善交接，其职务变动 不会对公司正常经营活动产生不利影响。 公司董事会对苏璠女士在担任公司董事会秘书期间为公司发展所做出的贡 献表示衷心的感谢！ 特此公告。 通化东宝药业股份有限公司董事会 2025 年 7 月 5 日 通化东宝药业股份有限公司（以下简称"公司"）董事会近日收到董事会秘 书苏璠女士递交的书面辞职报告，苏璠女士因个人原因，申请辞去公司董事会秘 书的职务。辞职后，苏璠女士将不再担任公司任何职务。 一、提前离任的基本情况 | 姓名 | 离任职务 | ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-045 通化东宝药业股份有限公司关于 协议转让特宝生物部分股份完成过户登记的公告 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、股份协议转让基本情况 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 5 月 22 日与西藏信托有限公司（代表"西藏信托-金桐 35 号集合资金信托计 划"）（以下简称"西藏信托"）签署了《股份转让协议》，以协议转让方式转 让厦门特宝生物工程股份有限公司（证券代码：688278，以下简称"特宝生物"） 无限售条件流通股股份 23,187,600 股，占特宝生物当前总股本的 5.70%，转让 价格 56.12 元/股,转让价款总额为人民币 1,301,288,112 元。该事项分别已经公 司 2025 年 5 月 22 日、2025 年 6 月 9 日召开的第十一届董事会第十五次会议、 2025 年第一次临时股东会审议通过。 具体内容详见公司分别于 2025 年 5 月 23 日、2025 年 6 月 10 ...

Core Insights - Tonghua Dongbao and Dongfulong have signed a strategic cooperation agreement to collaborate on product development, equipment innovation, process optimization, and commercial cooperation in the diabetes treatment sector [1][2][3] Company Overview - Tonghua Dongbao specializes in diabetes treatment and has a comprehensive product pipeline, including human insulin, glargine insulin, aspart insulin, liraglutide injection, and related medical devices [1] - The company is advancing innovative drugs in other endocrine areas such as weight loss and gout/hyperuricemia, with ongoing research on ultra-rapid insulin, semaglutide, GLP-1/GIP dual receptor agonists, small molecule GLP-1 receptor agonists, URAT1 inhibitors, and XO/URAT1 dual-target inhibitors [1] Strategic Development - The company emphasizes a dual strategy of "independent research and development + external cooperation" to enhance research efficiency and expand its business scope [2] - Tonghua Dongbao's chairman highlighted the commitment to innovation and patient needs, with increased investment in R&D for insulin analogs and GLP-1 receptor agonists [2] Industry Collaboration - Dongfulong provides comprehensive solutions for pharmaceutical companies, with four core divisions and multiple subsidiaries, focusing on drug manufacturing science and equipment [2] - The collaboration between Tonghua Dongbao and Dongfulong aims to integrate resources to advance technology and industry development in diabetes treatment, enhancing the competitiveness of China's pharmaceutical industry [3]