Meeting Overview - The first meeting of the employee stock ownership plan for the R&D and production system of Tonghua Dongbao Pharmaceutical Co., Ltd. was held on January 7, 2026, via communication methods, with 121 participants representing a total of 27,964,300 shares, accounting for 100% of the plan's total shares [2][3] Resolutions Passed - The meeting approved the establishment of a management committee for the employee stock ownership plan to enhance management efficiency and protect the rights of plan holders [2][4] - The committee will consist of three members, with one serving as the chairperson, and its term will align with the duration of the employee stock ownership plan [2][4] Authorization of Management Committee - The meeting authorized the management committee to handle various matters related to the employee stock ownership plan, including convening meetings, managing accounts, and overseeing daily operations [5][6][7] - The committee is also empowered to make decisions regarding the plan's modifications, term extensions, and other significant matters [6][7] Share Pledge and Release Announcement - Tonghua Dongbao's controlling shareholder, Dongbao Industrial Group Co., Ltd., holds 641,362,975 shares, representing 32.75% of the total shares, with a cumulative pledge of 562,439,472 shares, accounting for 87.69% of their holdings and 28.72% of the total shares [9][10] - On January 6, 2026, Dongbao Group released a pledge of 42,000,000 shares and subsequently pledged an additional 22,000,000 shares, resulting in a total pledge of 562,439,472 shares [10][12] Financial Health and Risk Assessment - Dongbao Group's future financial obligations include 98,000,000 shares maturing in the next six months and 170,850,000 shares maturing within a year, with expected repayment sources from operating income and other revenues [12][20] - The group has a high debt-to-asset ratio and lower liquidity ratios, indicating potential financial pressure, but anticipates improved cash flow as ongoing projects reach maturity [20]

Group 1 - The controlling shareholder of Tonghua Dongbao Pharmaceutical Co., Ltd., Dongbao Industrial Group, and its concerted parties hold approximately 641 million shares, accounting for 32.75% of the company's total shares [1] - The total number of shares pledged by Dongbao Group and its concerted parties is approximately 562 million shares, which represents 87.69% of their total holdings and 28.72% of the company's total shares [1]

证券代码：600867 证券简称：通化东宝 公告编号：2026-003 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 641,362,975 股，占公司目前股份总额的 32.75%；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 562,439,472 股，占 其及一致行动人所持有公司股份总额的 87.69%，占公司目前股份总额的 28.72%。 其中：东宝集团持有公司股份 619,500,796 股，占公司目前股份总额的 31.63%， 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 562,439,472 股， 占其所持有公司股份总额的 90.79%，占公司目前股份总额的 28.72%。 2026 年 1 月 7 日,本公司接到东宝集团关于股份解押及再质押相关情况的 ...

证券代码：600867 证券简称：通化东宝 公告编号：2026-002 通化东宝药业股份有限公司关于 研发生产系统员工持股计划 第一次持有人会议决议的公告 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、会议召开情况 通化东宝药业股份有限公司（以下简称"公司"、"通化东宝"）研发生产系 统员工持股计划第一次持有人会议于 2026 年 1 月 7 日以通讯方式召开，会议通 知已于 2025 年 12 月 30 日通过书面或电子邮件的方式送达各位持有人。本次会 议由公司董事长（代行董事会秘书）李佳鸿先生召集和主持，出席本次会议的持 有人共 121 人，代表公司研发生产系统员工持股计划份额合计 2,796.43 万份，占 研发生产系统员工持股计划总份额的 100%。 本次会议召开符合有关法律法规、规范性文件以及《通化东宝研发生产系统 员工持股计划》《通化东宝研发生产系统员工持股计划管理办法》的相关规定。 经与会持有人认真审议，会议形成了如下决议： 二、会议审议情况 （一）审议通过了《关于设立研发生产系统员工持股计划管理委员会的议 ...

Summary of the Conference Call on Insulin Market Industry Overview - The domestic insulin market in China is approximately 22 billion RMB, with an expected industry growth rate of 5%-8% [1][2] - Leading companies are likely to achieve higher growth rates of 10%-20% through a price-volume strategy, driven by the replacement of second-generation insulin with third-generation insulin, domestic substitutes for imports, and increased penetration in grassroots medical institutions [1][2] Key Companies - Major players in the domestic insulin market include Ganli Pharmaceutical, Tonghua Dongbao, and Lianbang Pharmaceutical [2][4] - Ganli Pharmaceutical is expected to receive European administrative approval in January 2025 and secure a large order in Brazil by the end of 2024, with plans to enter markets in Latin America and India [1][4] Market Strategies - In developed markets like Europe and the U.S., companies focus on partnerships with local leading firms to maximize profits. For instance, the price of long-acting insulin in the U.S. is three times that in China [5] - In developing regions such as Africa and Latin America, companies aim to increase market penetration by offering lower prices, including exporting raw materials for local filling [5] Production Capacity - Chinese companies have significant production capacity advantages, with Ganli Pharmaceutical producing 600 million doses, Tonghua Dongbao over 300 million, and Lianbang Pharmaceutical around 100 million doses [4][8] - The gross margin for raw materials in filling operations is about 50%, with a net profit margin of approximately 25% [6] Future Growth Potential - The overseas revenue share for Ganli Pharmaceutical and Tonghua Dongbao is around 10%, indicating substantial growth potential [3][7] - By 2027, Ganli Pharmaceutical is projected to achieve a profit of 1.6 billion RMB, with overseas contributions reaching 1.8 billion RMB, while Tonghua Dongbao is expected to reach 900 million RMB in profit, with 750 million RMB from overseas [7] Competitive Advantages - Domestic companies like Tonghua Dongbao and Ganli Pharmaceutical possess comprehensive product lines and significant production capabilities, which provide a competitive edge in global markets [8][9] - The focus on differentiated strategies in the endocrine field, including GLP-1 drugs and peptide therapies, is expected to help avoid intense competition [11] Innovation and Development - Besides international expansion, innovation remains a crucial focus. The potential for business development (BD) in emerging markets is high, particularly for weight-loss drugs [10] - Ganli Pharmaceutical plans to focus on the endocrine field and has several pipelines expected to enter clinical stages in the first half of 2025, which investors should closely monitor [11]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

Group 1 - The company Tonghua Dongbao (600867.SH) announced that as of December 31, 2025, it has repurchased a total of 3 million shares through centralized bidding, accounting for 0.15% of the company's current total share capital [1] - The highest transaction price for the repurchased shares was 9.33 yuan per share, while the lowest was 9.00 yuan per share [1] - The total amount spent on the repurchase, excluding transaction fees, was 27,574,286.00 yuan [1]

Core Viewpoint - Tonghua Dongbao (600867.SH) has announced a share buyback program, indicating a commitment to returning value to shareholders through capital management strategies [1] Summary by Categories Share Buyback Details - As of December 31, 2025, the company has repurchased a total of 3 million shares, which represents 0.15% of the current total share capital [1] - The highest transaction price for the repurchased shares was 9.33 yuan per share, while the lowest was 9.00 yuan per share [1] - The total amount spent on the share buyback, excluding transaction fees, is 27,574,286.00 yuan [1]

关于以集中竞价交易方式回购公司股份进展公告 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： | 回购方案首次披露日 | 2025/10/18，由董事长李佳鸿提议 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 17 4 | 10 | 月 | 日~2026 | 年 | 月 | 日 16 | | 预计回购金额 | 2,000万元~4,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 3,000,000股 | | | | | | | | 累计已回购股数占总股本比例 | 0.15% | | | | | | | | 累计已回购金额 | 27,574,286.00元 | | | | | | | | 实际回购价格区间 ...

Core Viewpoint - The biopharmaceutical sector experienced a slight decline of 0.34% on December 30, with Wanze Co., Ltd. leading the losses. The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. Group 1: Market Performance - The biopharmaceutical sector's performance showed mixed results, with individual stocks experiencing varying degrees of gains and losses. Notably, Aidi Pharmaceutical saw a rise of 4.10% to close at 15.98, while Wanze Co., Ltd. fell by 6.76% to 21.94 [1][2]. - The trading volume for Aidi Pharmaceutical was 93,900 shares, with a transaction value of 150 million yuan, indicating strong investor interest [1]. Group 2: Capital Flow - The biopharmaceutical sector faced a net outflow of 330 million yuan from institutional investors, while retail investors contributed a net inflow of 349 million yuan, suggesting a shift in investor sentiment [2]. - The data indicates that while institutional investors withdrew funds, retail investors were more active in purchasing shares within the sector [2][3]. Group 3: Individual Stock Analysis - Ganne Pharmaceutical experienced a net outflow of 34.73 million yuan from institutional investors, while retail investors showed a net inflow of 129.36 million yuan, reflecting a divergence in investment strategies [3]. - Other notable stocks included Huashan Biological, which had a net inflow of 430.99 million yuan from institutional investors, indicating positive sentiment towards its performance [3].