THDB(SH:600867) Zheng Quan Shi Bao Wang·2025-11-25 08:24Core Viewpoint - Tonghua Dongbao is focusing on expanding its product pipeline in diabetes and endocrine metabolic diseases, achieving significant revenue growth and international market expansion in 2025 [2][3][4]. Financial Performance - In the first three quarters of 2025, the company reported revenue of 2.18 billion yuan, a year-on-year increase of 50.55%, and a net profit of 1.202 billion yuan, compared to a loss of 66.37 million yuan in the same period last year [2]. - In Q3 2025, the company achieved revenue of 806 million yuan, a year-on-year growth of 13.9%, and a net profit of 984 million yuan, representing a staggering increase of 499.86% [2]. Product Development and Market Expansion - The sales volume of insulin analogs doubled year-on-year in the first three quarters of 2025, with revenue from these products surpassing human insulin, becoming the largest revenue contributor for the company [2]. - The company is expanding its research pipeline to include indications beyond diabetes, such as obesity and non-alcoholic steatohepatitis (NASH), as well as other endocrine metabolic diseases like gout and hyperuricemia [2]. International Strategy - In H1 2025, overseas revenue reached 110 million yuan, a year-on-year increase of approximately 187%, surpassing the total revenue for the previous year, indicating the effectiveness of the internationalization strategy [3]. - The company has made significant progress in international registrations, with insulin products approved in five emerging markets and ongoing BLA submissions for insulin products in the U.S. [4]. - The company is focusing on the U.S. market due to the large patient base and significant market opportunities, collaborating with Jianyou Co. to share risks and leverage expertise [5][6]. Future Outlook - The company aims to drive growth through a dual strategy of "innovation + internationalization," solidifying its leadership in diabetes treatment while expanding its product registrations in both developed and emerging markets [6].