Core Viewpoint - Tonghua Dongbao (600867.SH), a major domestic insulin manufacturer, has significantly revised its 2024 annual performance forecast, indicating a substantial shift from profit to loss due to various factors including price reductions from a new round of insulin procurement and legal liabilities [1][2][3][4] Financial Performance Summary - The company now expects a net profit attributable to shareholders of approximately -42.72 million yuan for 2024, a decrease of about 1.211 billion yuan or 103.66% year-on-year [1] - The forecast for net profit excluding non-recurring gains and losses is now -9.1954 million yuan, down approximately 1.177 billion yuan or 100.79% compared to the previous year [1] - In January 2024, the initial forecast estimated a profit of 40.53 million yuan, which would have represented a decrease of about 1.127 billion yuan or 96.53% year-on-year [1] Operational Adjustments - The decline in net profit is attributed to the impact of a new insulin procurement policy, which led to price reductions and inventory adjustments by commercial clients, resulting in decreased sales revenue [1] - The company has terminated the clinical research and development of the THDB0207 injection project, which is expected to reduce profits by 270 million yuan in 2024 [2] Legal and Financial Liabilities - The company is required to pay 61.31 million yuan in damages to Ganli Pharmaceutical due to a trademark infringement lawsuit, which was previously estimated at 30 million yuan [2] - This legal ruling necessitated an adjustment in the company's financial liabilities and losses, impacting the overall profit forecast [2] Additional Financial Adjustments - The second revision of the performance forecast indicates a shift from profit to loss for both net profit attributable to shareholders and net profit excluding non-recurring gains and losses [3] - The company plans to transfer three R&D projects from its subsidiaries, which is expected to affect deferred tax assets and reduce net profit by 52.74 million yuan [3] - The previously recognized loss of 254 million yuan related to the THDB0207 project has been adjusted to be classified as a regular loss rather than a non-recurring one, impacting the net profit by 215 million yuan [3] Market Reaction - The repeated adjustments to the performance forecast within a short span of three months have raised concerns and skepticism in the market regarding the company's financial stability and operational transparency [4]

Core Viewpoint - Tonghua Dongbao, one of the domestic insulin "duopoly," has revised its performance forecast, now expecting a net loss of approximately 42.72 million yuan for 2024, marking a significant decline of 103.66% year-on-year [1][4][6]. Financial Performance - The company anticipates a net profit attributable to shareholders of approximately -42.72 million yuan for 2024, a decrease of about 12.11 billion yuan compared to the previous year [4]. - The expected net profit after deducting non-recurring gains and losses is projected to be -9.19 million yuan, down approximately 11.77 billion yuan year-on-year [4]. - This marks the first annual loss for Tonghua Dongbao since 2005, following a profit exceeding 1.1 billion yuan in 2023 [2]. Reasons for Performance Revision - The frequent revisions in performance forecasts are attributed to multiple factors, including the termination of R&D projects, losses from infringement lawsuits, and asset transfers [1][5]. - The company was ordered to pay 61.31 million yuan due to a trademark infringement lawsuit, which has further impacted its profitability [9]. - A significant factor in the loss is the impact of a new round of insulin centralized procurement, leading to price reductions and inventory adjustments by commercial clients, which affected sales revenue [5][10]. R&D and Competitive Position - Tonghua Dongbao's R&D investment has been lower compared to its competitor, Ganli Pharmaceutical, with R&D expenditures from 2021 to 2023 being approximately 3.80 billion yuan, 4.01 billion yuan, and 4.20 billion yuan, representing 11.63%, 14.43%, and 13.66% of revenue, respectively [10]. - In contrast, Ganli Pharmaceutical's R&D investment as a percentage of revenue has consistently exceeded 20% [10]. Shareholder Concerns - The high pledge rate of the major shareholder is a point of concern, with the pledge rate reaching 95.20% [3][12].

Group 1 - The core viewpoint of the articles highlights that Tonghua Dongbao has significantly revised its 2024 annual performance forecast from a profit of approximately 11.64 million yuan to a loss of 42.72 million yuan, marking the second major revision within the year [1][2] - The company attributes the substantial loss to adjustments in deferred tax assets related to subsidiary R&D project transfers and the recognition of losses from prepayments made to SAADOCIA for commercialization rights [1] - The frequent revisions and significant adjustments in financial forecasts indicate serious deficiencies in the company's internal financial accounting and risk control mechanisms, which could undermine investor confidence and create uncertainties for future financing and operations [1][2] Group 2 - The challenges faced by Tonghua Dongbao are not solely due to accounting practices but also stem from a disconnect between strategic execution and industry changes, particularly in response to price pressures from medical insurance procurement [2] - Despite adopting a strategy of exchanging price for volume, the company has not seen significant improvements in sales revenue and profits, indicating weaknesses in pricing, channel management, and market expansion capabilities [2] - In contrast, competitors like Ganli Pharmaceutical have managed to achieve revenue and profit growth under similar procurement conditions, highlighting the disparities in product competitiveness, brand influence, cost control, and internal governance between companies [2]

证券代码：600867 证券简称：通化东宝 公告编号：2025-023 通化东宝药业股份有限公司 2024 年年度业绩预告更正公告 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: 业绩预告的具体适用情形：净利润为负值。 通化东宝药业股份有限公司（以下简称"公司"）预计 2024 年年度实现 归属于上市公司股东的净利润约为-4,272.32 万元，与上年同期相比，将减少约 121,055.85 万元，同比减少约 103.66%。 预计 2024 年度实现归属于上市公司股东的扣除非经常性损益后的净利 润约为-919.54 万元，与上年同期相比，将减少约 117,670.86 万元，同比减少约 100.79%。 一、本期业绩预告情况 （一）业绩预告期间 103.66%。预计 2024 年度实现归属于上市公司股东的扣除非经常性损益后的净利 润约为-919.54 万元，与上年同期相比，将减少约 117,670.86 万元，同比减少约 100.79%。 二、上年同期经营业绩和财务状况情况 （一）2023 年年度，利润总额 ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately 11.64 million yuan for 2024, a decrease of about 115.62 million yuan or 99.00% compared to the previous year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be around 26.35 million yuan, a decrease of approximately 90.40 million yuan or 77.43% year-on-year[2]. - In 2023, the total profit was 136.59 million yuan, with a net profit attributable to shareholders of 116.78 million yuan[3]. Legal Issues - The company faced a legal ruling requiring compensation of approximately 61.31 million yuan due to trademark infringement, which significantly impacted the financial outlook[5]. - The company had previously estimated the compensation amount to be around 30 million yuan before receiving the final court ruling[5]. - The company has ceased production of the "Changshulin" insulin and has adopted a new brand "Pingshulun," mitigating potential impacts from the legal ruling[7]. Forecasting and Communication - The board of directors expressed sincere apologies for the discrepancies in the earnings forecast and committed to improving the accuracy of future forecasts[7]. - The revised earnings forecast is based on preliminary calculations, and the final audited financial data will be disclosed in the annual report[6]. - The company emphasizes the importance of cautious communication with auditors to enhance the scientific basis of performance predictions[7]. - Investors are advised to pay attention to investment risks associated with the revised earnings forecast[6].

Core Viewpoint - Tonghua Dongbao (600867) has revised its 2024 annual performance forecast, expecting a significant decline in net profit attributable to shareholders, indicating potential financial distress for the company [1] Financial Performance Summary - The company anticipates a net profit of approximately -42.72 million yuan for 2024, representing a year-on-year decrease of about 103.66% [1] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be around -9.19 million yuan, reflecting a year-on-year decline of approximately 100.79% [1] - Previously, the company had estimated a net profit of about 116.42 million yuan for 2024, with a forecasted net profit of approximately 264 million yuan after excluding non-recurring items [1]

Investment Rating - The report indicates a positive outlook for the weight loss drug sector within the pharmaceutical and biotechnology industry, suggesting potential acceleration in business development (BD) opportunities [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of -0.36% from April 14 to April 18, underperforming compared to the Wind All A index (0.39%) and the CSI 300 index (0.59). The market showed a preference for defensive sectors, with chemical preparations (0.62%), traditional Chinese medicine (0.6%), and offline pharmacies (0.19%) showing minor gains, while blood products (-4.39%), other biological products (-1.78%), and vaccines (-1.49%) saw significant pullbacks [2][7]. - The GLP-1 receptor agonists are expected to catalyze growth in the weight loss drug sector. Notably, Eli Lilly announced positive results from the Phase III ACHIEVE-1 study for its oral drug Orforglipron, which is set to expand the application of GLP-1 drugs. This class of drugs is becoming a focal point for multinational corporations (MNCs) in the metabolic disease space, with domestic companies poised to benefit from rapid innovation and lower R&D costs [2][12]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from April 14 to April 18 showed a decline of -0.36%, with the market favoring defensive stocks. The top gainers included Shuangcheng Pharmaceutical (56.4%), Kangpeng Technology (56.3%), and Lifang Pharmaceutical (47.1%), while the largest losers were *ST Jiyuan (-50.7%), Hasanlian (-19.1%), and Changyao Holdings (-18.5%) [7][10]. Industry News and Key Company Announcements - On April 17, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved positive results in its Phase III study, showing significant reductions in A1C levels and weight loss compared to placebo [12]. - Pfizer terminated the development of its GLP-1 small molecule receptor agonist Danuglipron due to potential liver damage in trial participants [12]. - The report highlights several companies making strides in the industry, including the approval of new indications for Merck's Gardasil 9 HPV vaccine and the progress of various clinical trials for innovative drugs [13][14].

Core Viewpoint - The U.S. has announced a new tariff policy on pharmaceuticals, but the company Tonghua Dongbao is not affected as its products are exempt and it does not currently export to the U.S. [1] Company Impact - Tonghua Dongbao stated that according to the U.S. tariff policy announced on April 2, pharmaceuticals are classified as exempt goods [1] - The company does not have any products exported to the U.S., thus the new tariff policy has no impact on its production and operations [1] - The company's overseas revenue is projected to be approximately 100 million yuan in 2024, which represents a small proportion of total revenue [1] Market Environment - The countries to which Tonghua Dongbao currently exports are all part of the "Belt and Road" initiative, indicating a relatively stable policy environment [1] - The company will continue to monitor international environmental changes and respond flexibly to the complex and changing external environment to ensure long-term stable development [1]

证券代码：600867 证券简称：通化东宝 公告编号：2025-022 通化东宝药业股份有限公司 关于痛风双靶点抑制剂（THDBH151片） Ⅱa期临床试验完成总结报告的公告 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。 通化东宝药业股份有限公司（以下简称"公司"）全资子公司东宝紫星（杭州） 生物医药有限公司收到国家药品监督管理局签发的关于痛风双靶点XO/URAT1抑 制剂（THDBH151片）药物临床试验批准通知书后，已经完成了一项关键Ⅱa期临床 试验并获得临床试验总结报告，研究结果显示达到主要终点目标。现对相关信息公 告如下： 一、药物基本情况 药物名称：THDBH151片 适 应 症：痛风 剂 型：片剂 规 格：5mg、20mg、50mg THDBH151片获得国家药品监督管理局的药物临床试验批准后，申请人已在健康 受试者中完成一项I期临床试验，并于2024年启动了"一项在成人痛风患者中评价 THDBH151片的安全性、耐受性、初步临床有效性及药代/药效动力学特征的多中心、 随机、双盲、双模拟、非布司他和安慰剂对照Ⅱa ...

3月31日，通化东宝宣布，董事会近日收到副总经理Du Zhiqiang(杜治强)、苏璠、陈红递交的书面辞职 报告。 三位副总经理同日辞职 具体而言，Du Zhiqiang(杜治强)因个人原因，申请辞去通化东宝副总经理的职务。辞职后，Du Zhiqiang(杜治强)将不再担任公司任何职务。苏璠、陈红因公司组织架构及管理分工安排调整原因，申 请辞去副总经理职务。辞职后，苏璠继续担任公司董事会秘书职务；陈红担任公司其他职务。根据《公 司法》、《公司章程》以及法律法规的相关规定，Du Zhiqiang(杜治强)、苏璠、陈红的辞职报告自送达 董事会之日起生效。 其中，Du Zhiqiang(杜治强)主要研究涉及内分泌代谢、心血管及肿瘤等治疗领域，于2021年9月入职通 化东宝，同年11月被聘任为副总经理，主要负责公司的研发工作。入职通化东宝前，其曾先后在诺华 (中国)研发中心、强生制药中国研发中心、安进亚太研发中心等跨国企业研发中心履职，还曾担任上海 仁会生物制药股份有限公司研发副总。 3月31日，通化东宝（600867）宣布，公司三位副总经理辞职。在此之前不久，通化东宝刚刚公布了一 份并不理想的业绩预告单，2024年 ...