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 Viewpoint - Peptone is widely used as a major nutrient component in culture media, promoting cell proliferation and production, with its raw materials including meat, casein, whey, gelatin, soy, yeast, and grains [2][4]. Summary by Sections 1. Peptone Market Overview - The Chinese peptone market is projected to reach 411 million yuan in 2024 and 620 million yuan by 2031, with a compound annual growth rate (CAGR) of 4.98% [4]. - Peptone serves as an important nitrogen source in microbial culture, with applications in antibiotics, vaccines, recombinant proteins, and fermentation products [8]. 2. Peptone Classification and Characteristics - Peptone is categorized into three types: animal peptone, plant peptone, and yeast peptone, each with unique properties based on the source and quality of the starting protein material [3][8]. - Animal peptone accounts for 37.01% of total consumption in 2024, with challenges in availability, cost fluctuations, and animal-source risks leading to a relative decline in demand [9]. 3. Industry Concentration Analysis - The Chinese peptone market is highly concentrated, with the top five suppliers accounting for 62.05% of sales in 2024. Angel Yeast is the largest supplier, offering a range of products across various applications [10]. 4. Peptone Industry Chain Analysis - The upstream of the peptone industry includes raw materials such as meat, casein, whey, gelatin, soy, yeast, and grains, with animal peptone being the most widely used [15][16]. - The midstream consists of manufacturing enterprises that prepare nitrogen sources from different origins, with a notable reliance on imported high-end peptone technologies [19][20]. 5. Downstream Applications - Downstream applications of peptone are concentrated in pharmaceuticals, food, cosmetics, and research, with high-end pharmaceutical companies requiring high quality and batch consistency [21]. - The market shows a diverse landscape with high-value products and a focus on process stability, indicating a robust demand across various sectors [21].

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights a concentrated trend of domestic innovative drug collaborations and transactions as the year ends, with expectations for value recovery in 2026 [1][4] - The overall market performance shows a decline, with the Hang Seng Index down 0.8% and the Hang Seng Healthcare Index down 4.3% during the week [4][7] - The report emphasizes the importance of stock selection logic returning to fundamentals and valuations, focusing on stocks that are currently undervalued with expected fundamental improvements [4] Valuation Summary - The report provides a detailed valuation overview of various companies, indicating target prices and earnings per share estimates for FY25E and FY26E, along with their respective price-to-earnings ratios [3] - Notable companies with "Buy" ratings include AstraZeneca, BeiGene, and Hansoh Pharmaceutical, with target prices significantly above current trading prices [3] Market Trends - The report notes a slight decrease in domestic institutional holdings through the Hong Kong Stock Connect, while foreign holdings remain stable [33] - The report identifies a trend of increasing positions in leading innovative pharmaceutical companies by domestic investors, particularly in companies like Heng Rui Medicine and Rongchang Bio [36] Investment Insights - The report mentions several significant business development (BD) transactions exceeding $1 billion, indicating a robust pipeline for innovative drugs [4][5] - It recommends focusing on specific segments such as innovative drugs and CXO companies that are expected to benefit from downstream recovery and high market demand [4]

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]

通化东宝药业股份有限公司研发生产系统员工持股计划 通化东宝药业股份有限公司研发生产系统员工持股计划 风险提示 证券代码：600867 证券简称：通化东宝 通化东宝药业股份有限公司 研发生产系统员工持股计划 二〇二五年十二月 0 通化东宝药业股份有限公司研发生产系统员工持股计划 声 明 本公司及董事会全体成员保证本员工持股计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 1 一、通化东宝药业股份有限公司（以下简称"通化东宝"、"公司"）研发生产 系统员工持股计划（以下简称"本员工持股计划"）的参与对象、资金来源、出资金 额和具体实施方案等属初步结果，能否完成实施，存在不确定性。 二、员工遵循依法合规、自愿参与、风险自担原则，若员工认购资金较低，本员 工持股计划存在无法成立的风险；若员工认购资金不足，本员工持股计划存在低于预 计规模的风险。 三、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及投资者 心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资者对此应 有充分准备。 四、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决 ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-085 通化东宝药业股份有限公司 2025年第四次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 663 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 898,248,873 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 46.0698 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长李佳鸿先生主持会议。会议采用现 场投票和网络投票相结合的表决方式。本次会议的召集、召开符合《公司法》和 《公司章程》的有关规定。 1 (一) 股东会召开的时间：2025 年 12 月 15 日 (二) 股东会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况 ...

吉林秉责律师事务所 关于通化东宝药业股份有限公司 二 0 二五年第四次临时股东会的法律意见书 公司董事会已于 2025 年 11 月 29 日在《中国证券报》、《上海证券报》及上 海证券交易所网站（http://www.sse.com.cn/）上刊登了《通化东宝关于召开 2025 年第四次临时股东会的通知》（以下简称"通知"）。在此通知中载明了召开 2025 年第四次临时股东会的时间、地点、内容、出席会议人员的资格和出席会 议的登记办法，并说明了有权出席会议股东的股权登记日及其委托代理人出席会 议并参加表决的权利。 本次股东会由公司董事会召集，会议召开方式为现场投票与网络投票相结合 的方式。 1 现场会议召开的时间：2025 年 12 月 15 日 10 点 00 分，会议召开的地点为 通化东宝药业股份有限公司会议室。 网络投票系统：上海证券交易所股东会网络投票系统。 致：通化东宝药业股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和国 公司法》（以下简称《公司法》）、《上市公司股东会规则》（以下简称《股东会规 则》）和《通化东宝药业股份有限公司章程》（以下简称《公司章程》）的有 ...

Summary of the Conference Call on the Pharmaceutical Industry Industry Overview - **Industry**: Pharmaceutical Industry - **Rating**: Leading - **2026 Outlook**: Value recovery, upward trend continues, selective layout amidst differentiation [1] Core Insights and Arguments - **Industry Trends**: - The industry is expected to maintain a relatively fast growth rate despite tightening drug regulations and increasing challenges in new drug development in the U.S. [2] - The integration trend within the industry is just beginning, with leading players in high-growth segments showing strong long-term certainty [2] - **Private Hospitals**: - High-quality private hospital targets are recommended as cost control pressures ease and outdated capacities are eliminated, allowing for a return to faster growth [3] - Recommended stocks include Gushengtang and Haijia Medical, which are expected to rebound in the short term and have clear long-term expansion paths [3] - **Valuation Summary**: - A detailed table of various pharmaceutical companies with their stock codes, ratings, target prices, closing prices, earnings per share (EPS), price-to-earnings ratios (P/E), and other financial metrics is provided [4] Important but Overlooked Content - **Market Performance**: - The MSCI China Pharmaceutical Index increased by 62.0% year-to-date, outperforming the MSCI China Index by 31.8 percentage points [10] - The pharmaceutical sector has officially entered a rebound phase, with significant performance differentiation among sub-sectors [10] - **Policy Environment**: - The policy environment is improving, with the government supporting innovative drug development and introducing commercial insurance funds to supplement the medical insurance directory [11] - The latest round of medical insurance negotiations has successfully included 127 drugs outside the directory, indicating a shift towards a more balanced pricing strategy [11] - **Innovation and R&D**: - The industry is witnessing a positive cycle of R&D breakthroughs and global licensing, with many companies entering a "R&D investment - clinical breakthrough - global licensing" cycle [11] - As of September 2025, Chinese pharmaceutical companies have completed 103 overseas transactions, exceeding 77% of the total transaction amount for 2024 [11] - **Financial Performance**: - The overall revenue of the A-share pharmaceutical sector showed a marginal recovery in Q3 2025, with a 0.7% year-on-year increase, indicating strong operational resilience [17] - The sector's earnings growth expectations are improving, with leading companies showing rapid recovery in performance [11][20] - **Investment Opportunities**: - The report emphasizes two main investment lines: focusing on innovative companies with strong differentiation and product export potential, and capitalizing on the recovery of valuation multiples and earnings growth [32][34] - Specific recommendations include companies like Sanofi Pharmaceutical, Deqi Pharmaceutical, and Baiji Shenzhou, which have rich catalysts and are still undervalued [35] - **AI in Healthcare**: - The application of AI in healthcare is highlighted as a new theme for industry innovation, with significant market expansion potential [33] - **Future Outlook**: - The pharmaceutical industry is expected to maintain a stable upward trend in 2026, with a focus on fundamental performance and valuation [30] - The introduction of the commercial insurance innovative drug directory and ongoing policy reforms are anticipated to further enhance market sentiment and fundamental expectations [37]