THDB(SH:600867) Zheng Quan Shi Bao Wang·2025-08-25 11:52Core Insights - Tonghua Dongbao reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.373 billion yuan, a year-on-year growth of 85.6%, and a net profit of 218 million yuan compared to a loss of 23 million yuan in the same period last year [1][2] Financial Performance - The company's revenue for the first half of 2025 was 1.373 billion yuan, marking an 85.6% increase year-on-year, primarily driven by a notable rise in sales of insulin analog products [1] - The net profit attributable to shareholders was 218 million yuan, a significant recovery from a loss of 23 million yuan in the previous year [1][2] - The net profit excluding non-recurring items was 221 million yuan, compared to a loss of 22.9 million yuan in the same period last year [1] Market Strategy and Growth - The company capitalized on the opportunities presented by the new round of centralized procurement, rapidly advancing the hospital access of its insulin series products to expand market coverage [2] - In 2024, the company achieved excellent results in the centralized procurement process, with a nearly 20 million unit increase in signed agreements compared to the first round of procurement [2] - The overseas market revenue reached 110 million yuan in the first half of 2025, reflecting a year-on-year growth of nearly 187% [2] Product Development and Collaborations - The company has established a strategic partnership with Jianyou Co., Ltd. to enter the U.S. insulin market and has met EU GMP standards for its human insulin raw material production facilities [3] - Several insulin products have received approval for sale in international markets, including Uzbekistan and Nicaragua, with ongoing registration efforts in developing countries [3] - The company is advancing the registration and application process for its GLP-1 product, liraglutide, in 17 emerging markets, having already submitted registration documents in multiple countries [3] Future Planning - The company is proactively planning future production lines for new products and is systematically advancing the construction of its biopharmaceutical production base [3] - The new production line for aspart insulin has been approved and is now in production, while the construction of the production base for liraglutide/aspart insulin is in a usable state [3]