通化东宝药业股份有限公司 关于控股股东股份解押及再质押公告 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: 证券代码：600867 证券简称：通化东宝 公告编号：2025-039 通化东宝药业股份有限公司（以下简称"公司"或"本公司"）控股股东东 宝实业集团股份有限公司（以下简称"东宝集团"）及其一致行动人合计持有公 司股份 623,593,436 股，占公司目前股份总额的 31.84%；东宝集团及其一致行 动人持有公司股份累计质押数量（本次解押及再质押后）为 557,439,472 股，占 其及一致行动人所持有公司股份总额的 89.39%，占公司目前股份总额的 28.46%。 其中：东宝集团持有公司股份 601,731,257 股，占公司目前股份总额的 30.72%， 东宝集团持有公司股份累计质押数量（本次解押及再质押后）为 557,439,472 股， 占其所持有公司股份总额的 92.64%，占公司目前股份总额的 28.46%。 2025 年 5 月 28 日,本公司接到东宝集团关于股份解押及再质押相关情况 ...

通化东宝药业股份有限公司 2025 年第一次临时股东会会议资料 股票简称：通化东宝 股票代码：600867 二〇二五年六月九日 通化东宝药业股份有限公司 2025 年第一次临时股东会会议资料 目 录 | 2025 | 年第一次临时股东会会议议程 | 3 | | --- | --- | --- | | 议案 | 1：关于协议转让特宝生物部分股份的议案 | 4 | 2 通化东宝药业股份有限公司 2025 年第一次临时股东会会议资料 2025 年第一次临时股东会 会议议程 一、会议时间： 现场会议时间：2025 年 6 月 9 日上午 10 时 网络投票时间：网络投票起止时间：自 2025 年 6 月 9 日 至 2025 年 6 月 9 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 投 票 时 间 为 股 东 会 召 开 当 日 的 交 易 时 间 段 ， 即 9:15-9:25,9:30-11:30 ， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、会议召开地点：公司会议室 三、会议议程： （一）主持人宣布会议开始 （二）推选股东会 ...

Group 1 - The company is actively expanding its international market presence, particularly in the U.S. insulin market through strategic partnerships and ongoing clinical trials for three types of insulin [1] - The company has achieved sales of approximately 200,000 units of liraglutide injection in Q1 2025, with a strong foundation for annual sales growth due to successful procurement results [2] - The company is focusing on the sales of insulin analog products and expanding its market presence for GLP-1 receptor agonists and SGLT-2 inhibitors to meet diverse patient needs [2] Group 2 - The company has received approvals for insulin products in several developing countries, including Nicaragua and Uzbekistan, and is working on expanding registrations for insulin products in these markets [1] - The company is advancing its clinical trials for new products, including THDBH120 for weight loss, which has completed its Phase II clinical trial [2][3] - The company is not currently developing oral insulin products due to technical challenges but will monitor industry advancements for potential future adjustments in R&D strategy [3] Group 3 - The company’s parent group, Dongbao Group, is working to reduce its share pledge ratio, which is currently high due to long project cycles and financial pressures [3] - The long-term outlook for Dongbao Group is positive, with ongoing projects and products expected to enter a recovery phase, improving operational capabilities [4]

胰岛素系列产品毛利率下降，以及销售费用、管理费用增加，是业绩下滑的主要原因。 截至今年一季度末，通化东宝货币资金6.88亿元，有息负债7.9亿元。 通化东宝的大股东东宝实业集团似乎也缺钱。截至目前，其所持通化东宝的股权质押率仍然达 91.64%。 长江商报记者发现，通过协议转让、二级市场减持，以及借助通化东宝现金分红，东宝实业集团累计套 现40亿元左右。 长江商报消息●长江商报记者 沈右荣 国产胰岛素"双雄"之一的通化东宝（600867.SH）正在通过减持套现渡劫。 5月22日晚间，通化东宝公告，公司拟通过协议转让方式，减持A股公司特宝生物5.70%的股权，交易价 款逾13亿元。 通化东宝称，套现13亿元，是为布局创新药提供资金支持。 实际上，通化东宝经营、财务双承压。2024年，公司出现有史以来的首次年度亏损，今年一季度，公司 归属母公司股东的净利润（以下简称"归母净利润"）又下降逾49%。 通化东宝能否顺利渡劫？ 累计减持套现12.8亿仍缺钱 通化东宝投资特宝生物是成功的，但投资获得的收益似乎难以填补公司自身的财务缺口。 根据最新公告，5月22日，通化东宝与西藏信托签署了股权转让协议，拟将所持特宝生物23 ...

Group 1 - The core point of the news is that Tonghua Dongbao plans to transfer 23.1876 million shares of Tebao Bio, reducing its stake from 16.03% to 10.33% after the transfer, which amounts to a total transaction value of 1.301 billion yuan at a price of 56.12 yuan per share [1] - Tonghua Dongbao has been a long-term partner of Tebao Bio since its establishment in 2000 and has gradually reduced its stake since the lifting of share restrictions, realizing investment returns [1][2] - The share transfer is part of Tonghua Dongbao's strategy to enhance its innovation-driven transformation and improve asset utilization, which is expected to significantly boost its net profit and earnings per share in the second quarter [2] Group 2 - Tebao Bio's stock price increased by 6.31% in the first quarter, with a current market value of 30.3 billion yuan, and it has entered the top ten heavy stocks of 32 funds [2] - Tebao Bio's revenue has grown from 794 million yuan in 2020 to 2.817 billion yuan in 2024, while net profit increased from 117 million yuan to 828 million yuan during the same period [2] - Tonghua Dongbao's recent financial struggles are attributed to a new round of insulin procurement that began last year, leading to a decline in sales and profits, with a projected revenue of 2.009 billion yuan for 2024, a decrease of 34.66% year-on-year [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.00 CNY based on a 25x PE valuation for 2025 [2][5]. Core Insights - The impact of centralized procurement is gradually clearing, and the company's innovative pipeline is progressing smoothly [1]. - The company has adjusted its revenue and gross margin expectations downward due to the effects of centralized procurement, while overall expense ratios have been adjusted upward [2]. - The company reported a significant decline in revenue and net profit for 2024, primarily due to the implementation of a new round of insulin centralized procurement and inventory control by commercial clients [10]. - Despite the challenges, overseas revenue showed strong growth, with a nearly 80% year-on-year increase in the first quarter of 2025 [10]. - The company is making progress in its research and development pipeline, with positive results from clinical trials for several products [10]. Financial Information Summary - **Revenue Forecast**: The company expects revenues of 2,708 million CNY in 2025, up from 2,010 million CNY in 2024, reflecting a growth rate of 34.7% [4]. - **Net Profit Forecast**: The forecasted net profit for 2025 is 630 million CNY, a significant recovery from a loss of 43 million CNY in 2024 [4]. - **Earnings Per Share**: The expected earnings per share for 2025 is 0.32 CNY, with projections of 0.40 CNY and 0.47 CNY for 2026 and 2027, respectively [4]. - **Gross Margin**: The gross margin is projected to decline slightly from 73.9% in 2024 to 71.8% in 2025 [4]. - **Net Margin**: The net margin is expected to recover to 23.3% in 2025 from a negative margin in 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.00 CNY based on a 25x PE valuation for 2025 [2][5]. Core Views - The impact of centralized procurement is gradually clearing, and the progress of the innovation pipeline is smooth [1]. - The company has adjusted its revenue and gross margin expectations downward due to the effects of centralized procurement, while overall expense ratios have been adjusted upward [2]. - The company is expected to recover in revenue in 2025, with projected earnings per share of 0.32 CNY, 0.40 CNY, and 0.47 CNY for 2025, 2026, and 2027 respectively [2]. Financial Information Summary - **Revenue Forecast**: The company is projected to generate revenues of 2,708 million CNY in 2025, 3,216 million CNY in 2026, and 3,546 million CNY in 2027, reflecting a growth of 34.7%, 18.8%, and 10.3% respectively [4]. - **Net Profit**: The forecasted net profit attributable to the parent company is expected to be 630 million CNY in 2025, 788 million CNY in 2026, and 911 million CNY in 2027, showing significant growth of 1575.4% in 2025 [4]. - **Gross Margin**: The gross margin is projected to decline from 80.1% in 2023 to 71.3% in 2027 [4]. - **Earnings Per Share**: The earnings per share are expected to recover from a loss of 0.02 CNY in 2024 to 0.32 CNY in 2025, 0.40 CNY in 2026, and 0.47 CNY in 2027 [4]. Market Performance - The company's stock price was 7.67 CNY as of May 21, 2025, with a 52-week high of 9.8 CNY and a low of 7 CNY [5]. - The company has shown a relative performance of 2.67% over the past month compared to the CSI 300 index [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.00 CNY, based on a 25x PE valuation for 2025 [2][5]. Core Insights - The impact of centralized procurement is gradually clearing, and the progress of the innovation pipeline is smooth [1]. - The company has adjusted its revenue and gross margin expectations downward due to the effects of centralized procurement, while also raising overall expense ratio expectations [2]. - The company reported a significant decline in revenue and net profit for 2024, primarily due to the implementation of a new round of insulin centralized procurement and inventory control by commercial clients [10]. - However, overseas revenue showed strong growth, with a nearly 80% year-on-year increase in the first quarter of 2025, indicating a recovery in revenue [10]. - The research pipeline is progressing well, with positive results from various clinical trials, including a dual-target inhibitor for gout [10]. Financial Summary - The company’s revenue for 2023 was 3,075 million CNY, with a projected decline to 2,010 million CNY in 2024, followed by a recovery to 2,708 million CNY in 2025 [4]. - The net profit attributable to the parent company is expected to recover from a loss of 43 million CNY in 2024 to 630 million CNY in 2025 [4]. - The gross margin is projected to decrease from 80.1% in 2023 to 71.8% in 2025, while the net margin is expected to improve from -2.1% in 2024 to 23.3% in 2025 [4]. - The earnings per share (EPS) is forecasted to be 0.32 CNY in 2025, up from a loss of 0.02 CNY in 2024 [4].

Group 1 - Baiyoutai adjusts the development strategy for BAT3306, terminating the ongoing BAT3306-002 study due to reduced necessity for efficacy comparison studies in the approval of biosimilars by regulatory authorities [1] - The decision reflects the intense competition in the PD-1 sector and the challenges in developing biosimilars [1] Group 2 - Tonghua Dongbao plans to transfer 23.1876 million shares of Tebao Bio, accounting for 5.7% of its total share capital, at a price of 56.12 yuan per share, totaling 1.301 billion yuan [2] - This transfer is part of Tonghua Dongbao's long-term strategy for innovation and transformation [2][3] Group 3 - Lijun Group intends to acquire 64.81% of the shares of Imexpharm Corporation (IMP) in Vietnam for approximately 1.587 billion yuan [4] - The acquisition aims to enhance Lijun Group's presence in the overseas market and support its long-term strategy for internationalization and sustainable development [4] Group 4 - The KRAS G12C inhibitor, developed by Jakkos and Elysium, has been approved for use in China for adult patients with locally advanced or metastatic non-small cell lung cancer who have received at least one line of systemic therapy [5] - The domestic market for KRAS G12C inhibitors is highly competitive, with 31 candidates in clinical development and several others nearing approval [5]

Group 1 - Hongchuang Holdings plans to acquire 100% equity of Shandong Hongtuo Industrial for 63.518 billion yuan, transforming from a single aluminum deep processing business to a full industry chain including electrolytic aluminum, alumina, and aluminum deep processing [3] - LIZHU Group intends to acquire 64.81% of Vietnam's Imexpharm Corporation for approximately 1.587 billion yuan, enhancing its presence in the pharmaceutical sector [4][5] - China Power Construction reported a new contract amount of 386.49 billion yuan from January to April, a year-on-year decrease of 4.9% [7] Group 2 - Wanhua Chemical announced a scheduled maintenance for its production facilities, including a five-month technical upgrade for its Yantai ethylene unit, which will not significantly impact operations [8] - Changhong High-Tech received a warning letter from the Ningbo Securities Regulatory Bureau for failing to disclose related party transactions in a timely manner [9] - Highgreat plans to invest 10 million yuan in Blue Core Computing, which focuses on RISC-V architecture chips [10] Group 3 - Xidi Micro plans to increase capital by 30 million USD in its wholly-owned subsidiary Hong Kong Xidi Micro to support its expanding business [12] - Bichuang Technology lost its high-tech enterprise qualification, resulting in an increase in corporate income tax rate from 15% to 25% for the years 2023 to 2025 [13] - Tonghua Dongbao intends to transfer 5.7% of its shares in Xiamen Tebao Biological Engineering for a total of 1.301 billion yuan [16] Group 4 - Tian Tie Technology signed a strategic cooperation agreement with Shenzhen Xinjie Energy to collaborate on solid-state battery lithium metal anode materials [23] - Nanjing Port disclosed that its stock trading has shown signs of market sentiment overheating, indicating potential irrational trading behavior [24] - Zhongnan Media signed a government procurement contract worth 1.009 billion yuan, ensuring stable revenue for its main business [25]