证券代码：600867 证券简称：通化东宝 公告编号：2025-087 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%。 2025 年 12 月 30 日,本公司接到东宝集团关于股份解押及再质押相关情 ...

Group 1 - The company has approved the implementation of the R&D Production System Employee Stock Ownership Plan (ESOP) during the board meeting on November 28, 2025, and the extraordinary shareholders' meeting on December 15, 2025 [1] - The ESOP involves the transfer of 6.37 million shares at a price of 4.39 yuan per share, which represents 0.325% of the company's total share capital [1] - The company has received confirmation from the China Securities Depository and Clearing Corporation regarding the stock transfer to the ESOP [1] Group 2 - The ESOP has a duration of 60 months, starting from the date of the last stock transfer to the plan [2] - The stock will be unlocked in three phases: 40% after 12 months, 30% after 24 months, and 30% after 36 months, with actual unlock ratios based on performance assessments [2] - The company will monitor the implementation of the ESOP and fulfill its information disclosure obligations as required [2]

Core Viewpoint - Tonghua Dongbao (600867) is currently in the preclinical research phase for its insulin weekly formulation, with future research progress to be disclosed according to relevant regulations and requirements [1] Group 1 - The company has a strategic focus on developing insulin weekly formulations [1] - The research is currently at the preclinical stage, indicating ongoing development efforts [1] - The company will provide updates on research progress through regular reports and announcements [1]

Core Viewpoint - Tonghua Dongbao (600867) reported strong sales performance for its drug, Englitazone, with over 100% year-on-year growth in sales for the first three quarters of the year [1] Group 1 - The company indicated that the sales situation for Englitazone was good in both the first half and the third quarter of the year [1] - The sales revenue for the first three quarters exceeded 100% growth compared to the previous year [1]

Group 1 - The company, Tonghua Dongbao, has four innovative drugs in clinical trials, with two in the GLP-1 category and two for gout treatment [2]

Group 1 - The core viewpoint of the article is that Tonghua Dongbao reported strong sales performance for its drug, Englitazone, in the first half of the year and the third quarter, with a year-on-year sales growth exceeding 100% in the first three quarters [1] Group 2 - The company responded to an investor inquiry on an interactive platform regarding the sales situation of Englitazone [1] - The sales figures indicate a significant increase, reflecting the company's strong market performance [1] - The report highlights the company's positive trajectory in sales, which may indicate potential growth opportunities in the pharmaceutical sector [1]

Core Viewpoint - The company is currently engaged in the development of insulin depot formulations and is in the preclinical research stage for its fourth-generation insulin products [1] Group 1 - The company has received inquiries from investors regarding its plans for fourth-generation insulin depot formulations [1] - The company confirmed that it has relevant research and development activities in insulin depot formulations [1] - Future research and development progress will be disclosed in accordance with relevant regulations and requirements [1]

证券代码：600867 证券简称：通化东宝 公告编号：2025-086 通化东宝药业股份有限公司 | 本次员工持股计划草案披露时间及公 | 时间：2025 | 年 | 11 | 月 29 | 日 | | | --- | --- | --- | --- | --- | --- | --- | | 告名称 | | | | 公告名称：《通化东宝研发生产系统员 | | | | | 工持股计划（草案）》 | | | | | | | 过户完成时间 | 2025-12-26 | | | | | | | 过户价格、数量及占总股本比例 | 过户价格： 过户数量： | | 4.39 | 元/股 | | ，占总股本 | | | | | 6,370,000 | | 股 | | | | 比例： | 0.325 | % | | | | 一、本期员工持股计划基本情况 通化东宝药业股份有限公司（以下简称"公司"或"通化东宝"）于 2025 年 11 月 28 日召开了第十一届董事会第二十次会议、于 2025 年 12 月 15 日召开 2025 年第四次临时股东会，审议通过了《关于<通化东宝研发生产系统员工持股 计划（草案）>及其摘要的议案 ...

Core Insights - The report emphasizes the continuous improvement of the global competitiveness of Chinese innovative pharmaceutical companies, focusing on innovation from both "therapeutic areas" and "technology platforms" [5][6] - The growth of commercial health insurance premiums is expected to provide new payment sources for medical expenses, as the scale of commercial health insurance is projected to reach 977.4 billion yuan by 2024 [29][30] - The report identifies potential therapeutic areas such as metabolic diseases (e.g., weight loss), chronic diseases (e.g., hypertension, hyperlipidemia), and central nervous system diseases (e.g., Alzheimer's, Parkinson's) as key focus areas for innovation [5][38] - Emerging technology platforms like small nucleic acid drugs, radioactive drugs (RDC), and CAR-T therapies are highlighted as significant areas for investment [5][38] Market Review - As of November 15, 2025, the pharmaceutical sector has outperformed the market, with the pharmaceutical index rising by 22.09% compared to a 17.62% increase in the CSI 300 index, resulting in a 4.47 percentage point outperformance [11] - The chemical preparation sector showed the best performance, increasing by 40.52%, followed by medical services (+36.98%) and chemical raw materials (+25.34%) [20] - The overall PE valuation of the pharmaceutical sector is at 30.89 times, which is relatively low compared to historical averages, indicating potential for future growth [22][23] Innovative Drugs - The report notes that the growth of health expenditures in China, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating a robust market for innovative drugs [26][27] - The analysis of multinational corporations (MNCs) reveals that innovation is a core competitive advantage, with companies like Eli Lilly and Novartis showing significant growth driven by innovative products in advanced technology fields such as GLP-1 and ADC [31][32] - The report highlights the strong sales performance of GLP-1 drugs, with Eli Lilly's Mounjaro generating $6.515 billion in revenue in Q3 2025, reflecting a 109% year-on-year increase [44] CXO and Upstream - The report indicates a slight increase in pharmaceutical financing, with a recovery in business development transactions and H-share IPOs, which is expected to stimulate innovation [5] - The demand for external CXO services is growing, particularly in emerging fields such as peptides and small nucleic acids, while internal CXO orders are also showing signs of recovery [5][39] Medical Devices - The domestic medical device market is currently under pressure due to policy impacts, but improvements are anticipated as companies continue to innovate and expand internationally [5] - The report suggests that the industry fundamentals are expected to improve, with a focus on companies like Mindray Medical and Microelectrophysiology [5][39]

Group 1 - The fourth extraordinary general meeting of shareholders for Tonghua Dongbao Pharmaceutical Co., Ltd. was held on December 15, 2025, with no resolutions being rejected [2] - The meeting was convened by the board of directors and chaired by Chairman Li Jiahong, utilizing a combination of on-site and online voting methods [2][3] - All nine current directors attended the meeting, including independent directors, and the company’s senior management was also present [3] Group 2 - Several proposals were reviewed and approved, including the draft of the employee stock ownership plan for the R&D and production system, the management measures for the employee stock ownership plan, and the authorization for the board to handle related matters [4] - A proposal to provide financial assistance to a controlling subsidiary was also approved [5] - The meeting's proceedings and voting were confirmed to comply with relevant laws and regulations, with no related shareholders needing to abstain from voting [5]