证券代码：600867 证券简称：通化东宝 公告编号：2025-016 （三）更正后的业绩预告情况 经财务部门再次测算，预计 2024 年年度实现归属于上市公司股东的净利润 约为 1,164.21 万元，与上年同期相比，将减少约 115,619.32 万元，同比减少约 99.00%。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 26,354.25 万元，与上年同期相比，将减少约 90,397.08 万元，同比减少约 77.43%。 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。 一、本期业绩预告情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 12 月 31 日。 （二）前次业绩预告情况 公司于 2025 年 1 月 21 日披露了《通化东宝 2024 年年度业绩预减公告》（公 告编号：2025-009）。前次业绩预告具体情况如下： 预计 2024 年年度实现归属于上市公司股东的净利润约为 4,052.77 万元， ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-015 通化东宝药业股份有限公司 关于GLP-1/GIP双靶点受体激动剂（注射用 THDBH120） 获得降糖适应症Ib期临床试验总结报告的公告 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（以下简称"东宝紫星"）完成了一项关键Ib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 9. 药物临床试验批准：国家药品监督管理局核准签发药物临床试验批准通知 书（2023LP02467、2023LP02468、2023LP02469），同意开展临床试验。 二、研发投入 截至本公告日，公司在该项目中研发投入人民币约10,027.22万元。 三、研发情况及进展 公司在获得注射用THDBH120药物临床试验批准后，根据国内化学药品创 新药相关指导原则，近日完成了一项"在中国成人2型糖尿病患者中评价注射 1 四、其他情况说明 多重激 ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-014 中准会计师事务所（特殊普通合伙）已于 2016 年 7 月 21 日对公司非公开发 行股票的资金到位情况进行了审验，并出具了《验资报告》（中准验字(2016)第 1126 号）。 二、募集资金专户情况 为规范本公司募集资金的管理和使用，提高募集资金的使用效率，保障投资 者的利益，本公司根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》等有关法 律、行政法规的具体要求，并结合公司实际情况，于 2015 年进一步修订了《公 司募集资金管理制度》。本公司依照该制度严格执行，确保了募集资金存放与使 用的规范。 2016 年 8 月 12 日，公司及保荐机构华泰联合证券有限责任公司对募集资金 采取了专户存储管理，与中国工商银行股份有限公司通化县支行、中国农业银行 1 通化东宝药业股份有限公司 关于募集资金专户注销的公告 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、募集资金基本情况 经中 ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-013 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 621,611,966 股，占公司目前股份总额的 31.74%；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 587,439,472 股，占 其及一致行动人所持有公司股份总额的 94.50%，占公司目前股份总额的 29.99%。 其中：东宝集团持有公司股份 599,749,787 股，占公司目前股份总额的 30.62%， 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 587,439,472 股， 占其所持有公司股份总额的 97.95%，占公司目前股份总额的 29.99%。 2025 年 2 月 19 日,本公司接到东宝集团关于股份解押及再质押相关情况 ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-012 通化东宝药业股份有限公司 关于控股股东增持公司股份计划进展公告 本公司董事会、全体董事及相关股东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。 限合伙）（以下简称"盛睿企业管理中心"）持有公司股份 5,253,700 股,占公司当 时总股本的 0.27%；董事长李佳鸿先生持有公司股份 5,279,900 股，占公司当时总 股本的 0.27%。 重要内容提示： 通化东宝药业股份有限公司（以下简称"公司"、"通化东宝"）控股股东东 宝实业集团股份有限公司（以下简称"东宝集团"）计划自 2024 年 10 月 31 日之日 起 12 个月内（即 2024 年 10 月 31 日至 2025 年 10 月 30 日）通过上海证券交易所 交易系统以集中竞价交易方式增持公司股份，增持比例不低于公司总股本 1%，即 19,817,341 股，不超过公司总股本 2%，即 39,634,681 股。若增持计划实施期间， 公司发生有送股、资本公积金转增股本、股份回购注销等股份变动事项，则对增持 数 ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-011 通化东宝药业股份有限公司 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（以下简称"东宝紫星"）完成了一项关键Ib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 8. 适应症：超重或肥胖 9. 药物临床试验批准：国家药品监督管理局核准签发药物临床试验批准通知书 （2024LP00990；2024LP00991；2024LP00992），同意开展临床试验。 二、研发投入 截至本公告日，公司在该项目中研发投入人民币约9,964.49万元 三、研发情况及进展 公司在获得注射用THDBH120药物临床试验批准后，根据国内化学药品创新药 相关指导原则，近日完成了一项"在中国肥胖受试者中评价注射用 THDBH120多次 关于GLP-1/GIP双靶点受体激动剂（注射用 THDBH120） 获得减重适应症Ib期临床试验总结报告的公告 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 ...

近日，公司收到北京德皓会计师事务所出具的《关于变更签字注册会计师的 函》，现将相关情况公告如下： 一、变更签字会计师的基本情况 北京德皓会计师事务所原指派惠增强先生、夏福登先生作为公司2024年度财 务报表审计报告和2024年度财务报告内部控制审计报告的签字注册会计师。由于 北京德皓会计师事务所内部工作安排，现委派赵幻彤女士接替夏福登先生作签字 注册会计师，由惠增强先生、赵幻彤女士继续完成公司2024年度审计工作。 1 证券代码：600867 证券简称：通化东宝 公告编号：2025-010 通化东宝药业股份有限公司 关于审计机构变更签字注册会计师的公告 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"、"通化东宝"）分别于 2024 年 12 月 2 日、2024 年 12 月 18 日召开了第十一届董事会第十二次会议、2024 年第四次临时股东大会，审议通过了《关于变更会计师事务所的议案》，同意聘 任北京德皓会计师事务所（特殊普通合伙）（以下简称"北京德皓会计师事务 所 "）为公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.48 CNY based on a 19x P/E ratio for 2025 [2][5]. Core Insights - The company is experiencing short-term pressure on performance due to the impact of centralized procurement on certain insulin products, leading to a downward revision of revenue and profit forecasts for 2024-2026 [2][6]. - The company is actively advancing its R&D projects, particularly in the GLP-1 and gout treatment areas, with several clinical trials progressing well [6][7]. Financial Performance Summary - Revenue for 2022 was 2,778 million CNY, with a projected decline to 2,177 million CNY in 2024, followed by a recovery to 2,903 million CNY in 2025 and 3,489 million CNY in 2026, reflecting a -15.0% growth in 2022 and a -29.2% decline in 2024 [3][10]. - Operating profit is expected to drop significantly from 1,829 million CNY in 2022 to just 50 million CNY in 2024, before rebounding to 1,001 million CNY in 2025 and 1,320 million CNY in 2026 [3][10]. - The net profit attributable to the parent company is forecasted to decrease from 1,582 million CNY in 2022 to 41 million CNY in 2024, with a recovery to 854 million CNY in 2025 and 1,128 million CNY in 2026 [3][10]. - The earnings per share (EPS) are projected to fall from 0.81 CNY in 2022 to 0.02 CNY in 2024, then rise to 0.44 CNY in 2025 and 0.58 CNY in 2026 [3][10]. R&D and Market Expansion - The company is seeing robust growth in its insulin products, particularly in the second half of 2024, with a projected sales increase of over 300% for its Aspart insulin series due to new hospital admissions [6][7]. - The overseas business is expected to achieve over 100 million CNY in revenue in 2024, nearly doubling year-on-year [6][7]. - Ongoing clinical trials for innovative drugs, including GLP-1/GIP dual receptor agonists and gout treatments, are progressing well, indicating a strong pipeline for future growth [6][7].

Investment Rating - The report gives a "Recommended" rating for Tonghua Dongbao, indicating a positive outlook for the company's stock performance in the near term [8][63]. Core Insights - Tonghua Dongbao is a leading domestic company in the diabetes treatment sector, focusing on insulin products. The company has a comprehensive product line that includes human insulin, insulin analogs, GLP-1 receptor agonists, and oral hypoglycemic agents. The global diabetes epidemic presents significant market opportunities, especially in China, where the prevalence of diabetes is high [6][18]. - The report highlights the acceleration of domestic substitution in the insulin market, with the company's products achieving A-class selection in the recent procurement rounds. This positions the company favorably in a competitive landscape, allowing for increased market share and revenue growth [6][36]. - The company is actively pursuing innovation and international expansion, with several products in various stages of clinical trials and regulatory approvals. This includes partnerships aimed at entering overseas markets, particularly in the U.S. and Europe [6][54]. Summary by Sections Company Overview - Tonghua Dongbao has a total share capital of 1,959 million shares and a market capitalization of 151 billion yuan. The company has a low debt-to-asset ratio of 9.7% and a net asset value per share of 3.28 yuan [1]. Financial Performance - The company's revenue and net profit projections for 2024-2026 are as follows: - Revenue: 22.93 billion yuan (2024), 28.73 billion yuan (2025), 33.14 billion yuan (2026) - Net Profit: 0.41 billion yuan (2024), 8.52 billion yuan (2025), 11.68 billion yuan (2026) [56][59]. - The report notes a significant drop in net profit for 2024 due to the impact of procurement price reductions and inventory adjustments, but anticipates a strong recovery in subsequent years [14][63]. Market Dynamics - The report emphasizes the growing market for diabetes treatments, particularly insulin, which remains a critical component of diabetes management. The increasing awareness and treatment rates for diabetes in China are expected to drive market growth [6][28]. - The insulin procurement process has shifted favorably towards domestic manufacturers, with the report indicating that domestic companies' market share has increased from 31% to 45% in recent procurement rounds [6][36]. Innovation and R&D - Tonghua Dongbao is advancing its R&D pipeline, with several products in late-stage clinical trials, including GLP-1 receptor agonists and new insulin formulations. The company is also expanding its product offerings to include treatments for conditions like gout and obesity [6][51][54]. Valuation and Comparison - The report compares Tonghua Dongbao's valuation with peers, noting that its projected P/E ratio for 2025 is 18, which is below the average of 23 for comparable companies. This suggests potential for valuation upside [63][64].

Core Viewpoint - Tonghua Dongbao (600867) expects a significant decrease in net profit for 2024, projecting approximately 40.53 million yuan, a year-on-year decline of about 96.53% [1] Financial Performance - The company's non-recurring net profit is estimated to be around 271 million yuan, reflecting a year-on-year decrease of approximately 76.81% [2] - The anticipated accounting treatment related to the termination of the THDB0207 injection project will reduce the company's net profit by 270 million yuan and non-recurring gains and losses by 215 million yuan for 2024 [3] Business Impact - The decline in performance is attributed to the implementation of a new round of insulin procurement, which has led to a decrease in the bidding prices of the company's insulin products, resulting in lower sales revenue [2] - The company is facing short-term impacts due to inventory adjustments by commercial clients in response to the new procurement policies [2][4] Future Outlook - The company anticipates a recovery in sales and shipping activities in the second half of 2024, with the new procurement policies accelerating the market entry and volume of its insulin products [4] - The company has successfully entered thousands of hospitals with its Aspart insulin series, expecting a year-on-year sales growth of over 300% in the second half of 2024 [5] - The overseas business is projected to see significant growth, with expected revenue exceeding 100 million yuan, nearly doubling year-on-year [6] R&D Developments - Tonghua Dongbao is actively advancing its innovative drug research and development, with several clinical trials underway for various products [7] - The company has expanded its treatment focus from diabetes to a broader range of metabolic and endocrine diseases, including the development of a chemical oral medication for gout [8]