10月10日晚，通化东宝药业股份有限公司(600867.SH)宣布其核心产品甘精胰岛素注射液获缅甸国家药 品监管机构批准上市。这一突破不仅标志着该公司在东南亚医药市场实现关键准入，更成为其 2025 年 国际化战略提速的又一重要注脚，彰显出这家胰岛素龙头企业在全球糖尿病治疗领域的竞争力提升。 随着多款胰岛素产品在海外市场持续落地，通化东宝正加速迈向"海内外双轮驱动"的发展新阶段。在国 内集采推动胰岛素类似物快速放量、海外新兴市场持续突破的双重利好下，这家老牌药企今年上半年业 绩已显著改善，营收同比增长85.60%。未来，随着 GLP-1 等创新管线的海外拓展，通化东宝有望实现 收入来源的多元化，继而在全球内分泌治疗市场占据更重要的位置。 作为长效人胰岛素类似物的代表性产品，甘精胰岛素因长效平稳控糖、降低低血糖风险的临床优势，成 为全球糖尿病治疗的核心用药之一。此次登陆缅甸市场，精准契合了当地医疗需求 —— 随着东南亚人 口老龄化加剧，糖尿病患病率持续攀升，而缅甸等新兴市场的胰岛素可及性仍有待提升，为具备市场竞 争力的中国药企创造了机遇。 对于通化东宝而言，缅甸市场的打开具有多重战略价值：短期可借助当地医疗需求 ...

Core Viewpoint - The company has demonstrated significant growth in revenue and profit in 2024 and Q1 2025, driven by increased demand in the consumer electronics sector and strategic expansion into new markets and product lines [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.566 billion yuan, a year-on-year increase of 24.51% - The net profit attributable to shareholders reached 201 million yuan, up 173.04% - The net profit after deducting non-recurring items was 174 million yuan, growing by 228.14% - For Q1 2025, the company reported a revenue of 349 million yuan, a 16.41% increase year-on-year - The net profit attributable to shareholders was 62 million yuan, up 105.70% - The net profit after deducting non-recurring items was 56 million yuan, increasing by 214.99% [1]. Industry Trends and Developments - The consumer electronics industry is experiencing a recovery, with the company expanding its business beyond mobile phones to other terminal products in North America - The demand for new cooling solutions is rising due to AI-driven product iterations in consumer electronics and digital infrastructure [2]. - The company has strengthened its position in the artificial synthetic graphite materials sector and is enhancing its market share in die-cut components [3]. Strategic Initiatives - The company is actively pursuing industry solutions and core materials for computing power devices, creating new growth avenues - It has achieved product certification and mass production for its integrated VC module products in the data center communication sector [3]. - The company is expanding its international presence, establishing Singapore as its overseas headquarters and Thailand as a production base [3]. Profitability and Investment Outlook - The company has maintained a gross margin of 30.95% in 2024, an increase of 5.84 percentage points year-on-year - The net profit margin reached 12.80%, up 7.08 percentage points year-on-year - The company is expected to see continued profit growth, with projected net profits of 266 million, 320 million, and 373 million yuan for 2025-2027, respectively [2][4].