通化东宝药业股份有限公司 2023 年年度股东大会会议资料 通化东宝药业股份有限公司 2023 年年度股东大会会议资料 网络投票时间：网络投票起止时间：自 2024 年 4 月 19 日 至 2024 年 4 月 19 日 股票简称：通化东宝 股票代码：600867 二 O 二四年四月十九日 -1- 通化东宝药业股份有限公司 2023 年年度股东大会会议资料 通化东宝药业股份有限公司 2023 年年度股东大会会议议程 一、会议时间： 现场会议时间：2024 年 4 月 19 日上午 10 时 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大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大会召开当日的 9:15-15:00。 二、会议召开地点：公司会议室 三、会议执行主席：董事长李佳鸿先生 四、会议议程： （一）主持人宣布会议开始 （二）推选股东大会监票人和计票人 （三）会议审议内容： | 序号 | 议案名称 | | --- | --- | | | 非累积投票议案 | | 1 | 《2023 年度董事会工 ...

一、公司 2020 年股权激励计划授予的股票期权第二个行权期已于 2023 年 8 月 29 日开始行权，行权期间为 2023 年 8 月 29 日至 2024 年 5 月 25 日，目前尚 处于行权阶段。 证券代码：600867 证券简称：通化东宝 公告编号：2024-035 通化东宝药业股份有限公司 关于 2020 年股权激励计划股票期权 限制行权期间的提示性公告 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。 根据通化东宝药业股份有限公司（以下简称"公司"）2020 年股票期权与 限制性股票激励计划、《上市公司股权激励管理办法》及中国证券登记结算有限 责任公司上海分公司关于股票期权自主行权的相关规定，结合公司 2024 年第一 季度报告披露计划，现对处于自主行权期间的股票期权进行限制，具体情况如下： 二、本次限制行权期为：2024年4月17日至2024年4月26日，上述期间内全部 激励对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司 申请办理限制行权相关事宜。 特此公告。 通化东宝药业 ...

证券代码：600867 证券简称：通化东宝 公告编号：2024-034 通化东宝药业股份有限公司 关于控股股东股份解押公告 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: 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 603,027,966 股，占公司目前股份总额的 30.25%；东宝集团及其一致行 动人持有公司股份累计质押数量（本次解押后）为 478,439,472 股，占其所持有 公司股份总额的 79.34%，占公司目前股份总额的 24.00%。其中：东宝集团持有 公司股份 591,699,387 股，占公司目前股份总额的 29.68%，东宝集团持有公司 股份累计质押数量（本次解押后）为 478,439,472 股，占其所持有公司股份总额 的 80.86%，占公司目前股份总额的 24.00%。 2024 年 4 月 9 日,本公司接到东宝集团关于股份解除质押相关情况的告知 函,具体情况如下: 一、东宝集团本 ...

[Table_StockInfo] 买入 2024年 03月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 10.25元 通化东宝（600867） 医药生物 目标价： ——元（6个月） 三代胰岛素快速增长，加速推进胰岛素国际化 投资要点 西南证券研究发展中心 [T a事bl件e_：Su公m司m发ar布y] 2023年报，实现营业收入 30.8亿元（+10.7%），归属于母公 [分Ta析bl师e_：Au杜th向or阳] 司股东的净利润 13.7亿元（-25.4%），归属于上市公司股东的扣除非经常性损 执业证号：S1250520030002 益的净利润11.7亿元（+38.9%）。 电话：021-68416017 邮箱：duxy@swsc.com.cn  胰岛素类似物 2023年实现销量超 60%增长，利润率稳步提升。2023年公司业 绩保持稳健增长，胰岛素全系列产品销量为8322.12万支，同比增长12.84%， [相Tab对le指_Q数u表ot现eP ic] 尤其胰岛素类似物 2023年实现销量超 60%增长。根据医药魔方数据，2023年 公司人胰岛素市场份额超 40%，稳居行业第一；公司 ...

证券代码：600867 证券简称：通化东宝 公告编号：2024-032 通化东宝药业股份有限公司 关于 2020 年股权激励计划 2024 年第一季度自主行权结果暨股份变动公告 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： ● 本次行权股票结果：通化东宝药业股份有限公司（以下简称"公司"、"通 化东宝"）2020 年股权激励计划第二个行权期股票期权数量为 1,499.16 万份， 行权期为 2023 年 5 月 26 日至 2024 年 5 月 25 日，实际可行权时间为 2023 年 8 月 29 日至 2024 年 5 月 25 日，行权方式为自主行权。截至 2024 年 3 月 31 日， 公司 2020 年股权激励计划第二个行权期暂无激励对象参与行权且完成股份过户 登记的股份。 的相关规定，派息事项发生后，股票期权行权价格由 14.31 元/份调整为 14.10 元/份，限制性股票授予价格由 8.50 元/股调整为 8.29 元/股。监事会同意此次 调整股票期权行权价格及限制性股票授予价格事项。公司独 ...

证券代码：600867 证券简称：通化东宝 公告编号：2024-033 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: 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 603,027,966 股，占公司目前股份总额的 30.25%；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 528,439,472 股，占 其所持有公司股份总额的 87.63%，占公司目前股份总额的 26.51%。其中：东宝 集团持有公司股份 591,699,387 股，占公司目前股份总额的 29.68%，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 528,439,472 股，占其所 持有公司股份总额的 89.31%，占公司目前股份总额的 26.51%。 2024 年 4 月 1 日,本公司接到东宝集团关于股份解除及再质押相关情况的 告知函,具 ...

公司研究 | 年报点评 通化东宝 600867.SH 买入 （维持） 胰岛素稳健放量，创新与出海不断突破 股价（2024年03月29日） 10.25元 目标价格 14.84元 52周最高价/最低价 12.73/8.4元 总股本/流通A股（万股） 199,362/199,173 A股市值（百万元） 20,435 核心观点 国家/地区 中国 行业 医药生物 ⚫ 集采影响逐步出清，业绩实现稳健增长。2023年公司实现营业收入30.75亿元，同 报告发布日期 2024年03月31日 比增长10.7%；实现归母净利润11.68亿元，同比下降26.2%；实现扣非归母净利 润11.68万元，同比增长38.9%。公司营收实现较快增长，扣非归母净利润实现强 1周 1月 3月 12月 劲增长，在2022年胰岛素国家专项集采落地执行后，公司凭借产品销量的提升抵消 绝对表现% 1.08 -1.35 -5.36 -11.85 了胰岛素集采落地后降价带来的影响，2023年胰岛素全系列产品销量为8,322万支 相对表现% 1.29 -1.96 -8.46 -0.15 （+12.84%），同时公司产品市场份额持续攀升：①人胰岛素销量保持稳定 ...

Financial Performance - The net profit attributable to the parent company for 2023 is CNY 1,167,835,317.79, with undistributed profits amounting to CNY 3,697,417,176.64[6]. - The proposed cash dividend is CNY 2.50 per 10 shares, totaling CNY 495,433,518.50 (including tax), which represents 42.42% of the net profit attributable to shareholders[7]. - The remaining undistributed profits after the dividend distribution will be CNY 3,201,983,658.14, to be carried forward for future distribution[7]. - The company's operating revenue for 2023 was approximately ¥3.08 billion, representing a year-over-year increase of 10.69% compared to ¥2.78 billion in 2022[25]. - Net profit attributable to shareholders decreased by 26.17% to approximately ¥1.17 billion in 2023 from ¥1.58 billion in 2022[25]. - The basic earnings per share for 2023 was ¥0.59, down 25.32% from ¥0.79 in 2022[26]. - The weighted average return on equity decreased to 17.09%, a decline of 7.43 percentage points from 24.52% in 2022[27]. - The total assets increased by 15.13% to approximately ¥7.77 billion at the end of 2023, compared to ¥6.75 billion at the end of 2022[25]. - Cash flow from operating activities was approximately ¥861.52 million, a slight decrease of 0.18% from ¥863.09 million in 2022[25]. - The total net assets attributable to shareholders increased by 10.19% to approximately ¥7.21 billion at the end of 2023 from ¥6.54 billion at the end of 2022[25]. - The total profit for 2023 was 1,365.90 million CNY, a decrease of 25.34% compared to the previous year[84]. - The net profit after deducting non-recurring gains and losses increased by 38.88% to 1,167.51 million CNY[84]. Market and Product Performance - Insulin product sales increased significantly, with insulin analog products achieving over 60% growth in sales volume during the reporting period[34]. - The company signed a strategic cooperation agreement for insulin injection liquids in the U.S. market, contributing to revenue growth[35]. - The company maintained a market share of over 40% in human insulin, ranking first in the industry, while insulin analogs saw a market share growth of nearly 10%[39]. - Total sales volume of insulin products reached 83.22 million units, a year-on-year increase of 12.84%[39]. - The company is expanding its treatment areas beyond diabetes to include gout and hyperuricemia, with ongoing research projects for new drugs[40]. - The company has made progress in developing innovative drugs targeting multiple mechanisms for diabetes treatment, including SGLT1/SGLT2/DPP4 inhibitors[41]. - The company has successfully launched GLP-1RA liraglutide injection and oral hypoglycemic agent empagliflozin, covering a comprehensive range of diabetes treatment products[47]. - The company is advancing its international strategy, with human insulin injection application accepted by the European Medicines Agency in H1 2023 and strategic cooperation established for entering the U.S. insulin market[51]. - The company is focusing on the development of innovative drugs and high-value generics, responding to market pressures and regulatory changes[138]. Research and Development - The company has established R&D institutions in multiple cities, focusing on new drug development and international registration[76]. - The company is actively developing two innovative GLP-1 drugs, with the first phase of clinical trials for both candidates already initiated[68]. - The company has ongoing projects for GLP-1 receptor agonists and SGLT1/SGLT2/DPP4 inhibitors, currently in Phase I clinical trials[118]. - The company reported R&D investment of 420.42 million RMB, an increase of 4.74% compared to the previous year[124]. - The company has a significant pipeline of new products, including various insulin analogs and GLP-1 receptor agonists, with total R&D expenditures reaching 12,679.87 RMB million for the rapid-acting insulin analog[126]. - The company emphasizes innovation as a key strategy to enhance core competitiveness in a stabilizing market[124]. Governance and Compliance - The company held one annual and one temporary shareholders' meeting during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[151]. - The board of directors consists of 9 members, including 3 independent directors, and has held 7 meetings to ensure sound governance practices[151]. - The company has established specialized committees under the board, including the audit committee, strategy committee, nomination committee, and compensation and assessment committee[176]. - The company has not faced any penalties from securities regulatory authorities in the past three years[172]. - The company has established a comprehensive internal control system to improve risk management and operational standards in response to expanding business operations[153]. Employee and Management Structure - The total number of employees in the parent company is 3,164, with 1,361 in sales and 617 in technical roles[186]. - The company has implemented a training program to enhance employee skills, focusing on various areas including quality control and risk management[188]. - The company has established a comprehensive salary policy based on employee qualifications and company performance[187]. - The company has maintained stable leadership with no significant turnover among its senior management team[158]. - The company has appointed new senior management personnel, including a general manager and board secretary, during the recent board meetings[172]. Risk Management - There are no significant risks that materially affect the company's operations during the reporting period[12]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[9]. - The company faced significant industry policy risks due to increased regulatory scrutiny in the pharmaceutical sector, particularly following the national centralized procurement of insulin products, which led to price reductions starting in May 2022[147]. - The company has streamlined operations and enhanced management practices to mitigate the impact of price declines, aiming to increase market share outside of centralized procurement[147].

Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company has achieved a revenue of 3.075 billion yuan in 2023, representing a year-on-year growth of 10.69%, and a net profit attributable to shareholders of 1.168 billion yuan, up 38.88% year-on-year [1][5] - The product structure continues to optimize with a comprehensive increase in the sales of insulin products, leading to a market share of over 40% in human insulin, maintaining the industry leader position [1][5] - The company is expanding its international presence in insulin products, with applications for marketing authorization in Europe and strategic partnerships to enter the U.S. market [1][5] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 3.446 billion yuan, 3.850 billion yuan, and 4.460 billion yuan, respectively, with growth rates of 12.0%, 11.7%, and 15.8% [2][5] - Expected net profits for the same years are 1.352 billion yuan, 1.518 billion yuan, and 1.739 billion yuan, with corresponding growth rates of 15.8%, 12.3%, and 14.6% [2][5] - The report anticipates a PE ratio of 15, 13, and 12 for the years 2024, 2025, and 2026, respectively [2][5] Product Development and Pipeline - The company is advancing its R&D pipeline, focusing on diabetes and expanding into gout and hyperuricemia treatments, with several new drug candidates in various clinical trial phases [1][5] - The company has multiple projects in the diabetes treatment area, including SGLT1/SGLT2/DPP4 inhibitors and GLP-1/GIP receptor dual agonists, all currently in clinical trials [1][5] Market Position and Strategy - The company is accelerating its insulin internationalization efforts and expanding its product offerings in emerging markets [1][5] - The strategic collaboration with Jianyou Co. aims to penetrate the U.S. insulin market, enhancing the company's global footprint [1][5]

\\\\\\\\\\\ 事件简评 2024 年 3月 28 日，公司发布2023 年年度报告，2023年公司实现 收入 30.75 亿元，同比增长11%；实现归母净利润11.68 亿元，同 比减少 26%；实现扣非归母净利润11.68 亿元，同比增长39%。单 季度来看，2023 年第四季度公司实现收入 9.84 亿元，同比增长 45%；实现归母净利润4.08 亿元，同比增长128%；实现扣非归母 净利润4.11 亿元，同比增长128%。 经营分析 胰岛素销量全面增长，国产替代进程加速。自 2022年 5月始，胰 岛素国家专项集采在各省市陆续落地，在胰岛素产品价格出现下 降的同时，国产替代进程大大加速。公司凭借稳健的经营策略、合 人民币(元) 成交金额(百万元) 理的战略安排及强大的商业化能力，实现了胰岛素各系列产品销 13.00 900 量的全面增长，同时推动公司产品市场份额持续攀升，2023 年公 800 12.00 700 司胰岛素全系列产品销量为8322.12 万支，同比增长12.84%，其 600 11.00 500 中胰岛素类似物销量同比增长超60%，产品销量的提升大幅抵消胰 400 10.00 ...