一、回购股份的基本情况 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 10 月 17 日召开第十一届董事会第十八次会议，审议通过了《关于以集中竞价交易 方式回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购 公司股份，回购后的股份将用于员工持股计划及/或股权激励。在回购股份价格不 超过人民币 10 元/股（含），资金总额不低于人民币 2,000 万元（含），不超过人 民币 4,000 万元（含）。回购期限为自公司董事会审议通过回购股份方案之日起 6 个月内。内容详见公司于 2025 年 10 月 18 日在中国证券报、上海证券报及上海证 券交易所网站（www.sse.com.cn）披露的《通化东宝关于以集中竞价交易方式回 购公司股份方案的公告》《通化东宝关于以集中竞价交易方式回购股份的回购报告 书》。 1 二、回购股份的进展情况 证券代码：600867 证券简称：通化东宝 公告编号：2026-014 通化东宝药业股份有限公司 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 ...

通化东宝与科兴制药达成出海合作以来，双方发挥各自优势，高效协同，积极推进利拉鲁肽注射液海外 注册、GMP审计等工作。2025年4月，产品获得哥伦比亚GMP证书；2025年11月，产品在秘鲁获批上 市。此次，该产品再获巴西GMP证书，通化东宝产品已在拉美市场形成多点突破的良好格局，国际化 步伐持续提速。 拉美等新兴市场糖尿病患病率高、患者数量增长迅速，对高品质、高可及性的生物药需求日益迫切。在 此背景下，通化东宝利拉鲁肽注射液产品将为当地患者提供更丰富的治疗选择。 中证报中证网讯(记者宋维东)日前，通化东宝（600867）与合作伙伴科兴制药携手的出海产品利拉鲁肽 注射液获得巴西国家卫生监督局(ANVISA)颁发的药品生产质量管理规范(GMP)证书。此举标志着通化 东宝利拉鲁肽注射液在拉美核心市场的合规化进程迈入新阶段，为产品登陆巴西市场筑牢核心资质基 础，这也是公司GLP-1类产品国际化布局的又一重要进展。 作为全球医药领域公认的高标准药品质量管理体系，PIC/S成员国的GMP认证以严苛、规范、互认度高 著称。巴西作为拉美地区核心的医药市场与PIC/S(国际药品认证合作组织)重要成员国，ANVISA监管体 系与 ...

交银国际研究 行业更新 行业评级 领先 2026 年 2 月 27 日 医药行业周报 ASCO GU 大会召开在即，板块波动中持续看好低估创新标的 行业与大盘一年趋势图 资料来源： FactSet 2/25 6/25 10/25 2/26 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 行业表现 恒生指数 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 估值概要 | 公司名称 | 股票代码 评级 | | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY26E | | | FY27E FY26E FY27E FY26E FY27E FY26E | | | | | | | | | ...

中证报中证网讯（记者 宋维东）记者2月27日从通化东宝（600867）获悉，公司日前与港股上市公司四 环医药控股子公司惠升生物签署《商业化合作协议》。双方携手布局糖尿病治疗领域，实现资源互补、 协同发展。本次合作，将进一步丰富通化东宝在内分泌代谢领域的产品矩阵，持续巩固其在糖尿病治疗 领域的综合竞争力，为长期、可持续发展增添动能；惠升生物也有望借此次合作快速提升相关产品的市 场渗透率，进一步释放产品市场价值。双方将以此次合作为契机，共同推动优质国产胰岛素产品惠及更 广泛患者群体，实现互利共赢与高质量发展。 作为国产胰岛素龙头企业，通化东宝深耕糖尿病用药领域多年，拥有深厚的市场基础、成熟的商业化体 系及良好的品牌影响力，产品市场占有率长期位居国内同类产品前列。公司构建的覆盖全国的成熟商业 化网络，深入各级医疗机构与基层市场，具备高效推进产品准入、学术推广及终端放量的综合能力，能 为产品实现快速、广泛市场覆盖提供坚实支撑。此次合作，立足于通化东宝与惠升生物在各自领域的深 厚积淀，双方均对合作前景高度认可。未来，通化东宝将发挥内分泌代谢领域的商业化优势，加速惠优 加、惠优达市场推广与临床应用；惠升生物将持续增强研发 ...

资料显示，2025年巴西人口约2.1亿，拥有庞大且不断增长的糖尿病患者群体，对于GLP-1这类降糖和减 重效果显著的产品，市场需求非常旺盛。 2025年以来，通化东宝国际化战略全面发力，海外收入延续高速增长势头，多款产品斩获国际注册重要 进展，海外产品矩阵与市场布局不断完善。在GLP-1类产品方面，2025年4月产品获得哥伦比亚GMP证 书，同年11月在秘鲁获批上市，此次再获巴西市场突破，标志着公司在拉美市场的系统性布局已见成 效，也为后续进入其他PIC/S成员国奠定基础，提供了有力的资质背书。 2月26日，通化东宝宣布，其与科兴制药携手出海的产品——利拉鲁肽注射液，正式获得 PIC/S（国际 药品认证合作组织）成员国巴西国家卫生监督局（ANVISA）颁发的药品生产质量管理规范（GMP）证 书，此项进展标志着通化东宝利拉鲁肽注射液在拉美核心市场的合规化进程迈入新阶段，也为产品正式 登陆巴西市场筑牢核心资质基础，是公司 GLP-1 类产品国际化布局的又一关键进展。 根据公开信息，利拉鲁肽作为一种人胰高血糖素样肽-1（GLP-1）类似物，可激活人GLP-1受体，促进 胰腺分泌胰岛素，可单独使用或与其他降糖药联合使 ...

Group 1 - The core viewpoint of the news is that Tonghua Dongbao has completed its governance rectification and is expected to achieve a profit in 2025, with a projected net profit of approximately 1.242 billion yuan, driven by the rapid growth of insulin analog products and international expansion [1] - The company emphasizes adherence to the "Code of Corporate Governance for Listed Companies" to ensure operational independence across various aspects [1] - Recent industry analysis indicates that the disruptions from centralized procurement have largely cleared, with innovation and international expansion becoming new growth points for the company [1] Group 2 - In the recent stock performance, Tonghua Dongbao's share price has shown a downward trend, closing at 8.70 yuan on February 13, down 4.19% from the previous week [2] - The stock's trading range has been 10.02%, with a net outflow of 6.6366 million yuan from major investors on February 13, reflecting cautious market sentiment [2] - The pharmaceutical and biotechnology sector has seen a decline of 5.30% during the same period, with Tonghua Dongbao's performance slightly better than the industry average [2] Group 3 - Institutional views indicate a neutral sentiment towards Tonghua Dongbao, with a target price of 10.92 yuan, suggesting a potential upside of 25.52% from the current price [3] - Profit forecasts from 21 institutions estimate a net profit of 1.242 billion yuan for 2025, representing a year-on-year growth of 3007.39%, although a decline to 815 million yuan is expected in 2026 due to reduced non-recurring income [3] - Analysts note that the company's revenue from insulin analogs has surpassed that of second-generation insulin, and internationalization is progressing steadily, though competition and R&D risks should be monitored [3]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with limited disruptions, and institutions are increasing their positions in innovative companies, maintaining a positive outlook on undervalued innovative targets [1][4] - The overall market sentiment has improved, driven by significant business development transactions, and the pharmaceutical sector is expected to continue its steady growth in 2026, despite potential short-term volatility [4][5] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, ranking second among 12 industry indices [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - Since Q4 2025, the proportion of domestic capital holding pharmaceutical stocks through Hong Kong Stock Connect has slightly decreased, while foreign capital holdings have increased [32] - As of February 10, 2026, domestic holdings were at 22.2%, down 0.2 percentage points, while foreign holdings rose to 39.7%, up 0.9 percentage points [32] Sales Performance - In 2025, China's pharmaceutical market sales decreased by 1% year-on-year, with public hospitals accounting for the largest market share at 10,977 billion RMB, down 2.1% [5] - Retail pharmacy sales reached 5,878 billion RMB, growing by 2.4%, with online pharmacies seeing a significant increase of 13.6% [5] National Procurement - The recent national procurement round had a high selection rate of 93%, with 1,020 products from 1,091 participating companies expected to be implemented by the end of March 2026 [5] - The procurement process has seen increased participation and a diverse range of selected products, ensuring stability in clinical demand [5] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like Sanofi and Hengrui Medicine, which have rich catalysts and clear long-term growth logic [4] - It also suggests looking into CXO companies benefiting from high downstream demand and improving financing conditions, such as WuXi AppTec [4]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with a high selection rate of 93%, indicating a positive outlook for innovative companies in the sector [4][5] - The market sentiment has improved, driven by significant business development (BD) transactions, suggesting a continuation of the positive trend in 2026 despite potential short-term volatility [4] - The report emphasizes the importance of focusing on fundamentals and valuations when selecting stocks, particularly undervalued innovative companies that have been overlooked during market fluctuations [4] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, outperforming the broader market [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - As of February 10, 2026, domestic institutional holdings through Hong Kong Stock Connect slightly decreased to 22.2%, while foreign holdings increased to 39.7%, indicating a shift towards more positive sentiment among foreign investors [32] - Key increases in holdings were noted in leading CXO companies benefiting from demand recovery, such as Tigermed and WuXi AppTec [37][38] Valuation Overview - The report provides a valuation summary for various companies, with notable buy ratings for AstraZeneca, BeiGene, and others, indicating strong growth potential [3] - The average price-to-earnings (P/E) ratio for the healthcare sector is reported at 28.4 times, with specific segments like biopharmaceuticals at 13.1 times [16] Sales Trends - The report notes a 1% year-on-year decline in China's pharmaceutical market sales for 2025, with significant variations across different sales channels [5] - Public hospitals accounted for the largest market share but experienced a 2.1% decline, while retail pharmacies saw a 2.4% increase, driven by online sales growth [5] Procurement Insights - The recent national procurement round involved 316 commonly used drugs, with a high participation rate and diverse product offerings, ensuring stable clinical supply [5] - The procurement process has been refined to enhance quality and reliability, with stricter requirements for participating companies [5]

21世纪经济报道记者唐唯珂报道 深耕胰岛素领域十年后，华润系选择与天麦生物"分道扬镳"。 2月9日，华润医药发布公告称，其全资附属公司华润医药投资拟通过上海联合产权交易所公开挂牌，转 让所持合肥天麦生物科技发展有限公司(下称"天麦生物")约17.87%股权，挂牌底价约14.2亿元。以此计 算，该笔股权对应天麦生物整体估值约80亿元。 据华润医药集团公告，若确定意向受让方，双方将订立相关协议；若期满未果，则本次公开挂牌将自动 失效并终止。根据上海联合产权交易所网站，信息披露日期截止到3月13日。这意味着，留给潜在意向 方的时间已经不多了。 尽管此次华润医药投资并未清仓所有股份，但华润系退意已决。目前，华润医药投资作为天麦生物第一 大股东，手握20%股权。一旦这笔交易落槌，其持股将降至5.88%，彻底告别大股东之位，其附属公司 (持有3.75%股权)将彻底退出。 华南某券商从业者向21世纪经济报道记者指出，从2016年战略入股携手开拓胰岛素市场，到2026年挂牌 出让大部分股权，这场持续十年的合作落幕，既折射出华润系聚焦主业的资产整合逻辑，也与天麦生物 核心研发管线口服胰岛素遇挫、行业竞争格局变化密切相关。 口服 ...

Core Viewpoint - The company has received a regulatory decision from the Jilin Securities Regulatory Bureau, requiring it to rectify issues related to its governance and independence, particularly concerning its relationship with its controlling shareholder, Dongbao Group [1][2]. Group 1: Regulatory Decision and Company Response - The company has acknowledged the regulatory decision and has communicated it to relevant stakeholders, including its controlling shareholder and management [2]. - A board meeting was held to review and approve a rectification report in response to the regulatory decision [2]. Group 2: Identified Issues and Rectification Measures - The company and its controlling shareholder have been found to have overlapping property usage without formal rental agreements, indicating a lack of independence [3]. - To address this, the company signed a property lease agreement with Dongbao Group, specifying the rental terms for shared properties, ensuring market-based pricing for rent [4][5]. - The company will enhance training for its management and board members on compliance with relevant laws and regulations to improve operational standards [6]. Group 3: Rectification Status and Future Plans - The company has appointed specific individuals and departments responsible for the rectification process, and the measures have been completed [7]. - The company plans to maintain a focus on standardized governance and independence management in the long term [7]. - The regulatory inspection has provided valuable guidance for improving the company's governance level, and the company aims to strengthen its compliance and risk management systems [8].