Investment Rating - The report maintains a "Recommendation" rating for Tonghua Dongbao, with a target price of 11.0 CNY per share [2][8]. Core Insights - The company reported a significant recovery in operating profit and steady progress in internationalization. In Q3 2025, the company achieved revenue of 806 million CNY, a year-on-year increase of 13.90%, and a net profit attributable to shareholders of 984 million CNY, a remarkable growth of 499.86%, primarily due to investment income from the transfer of equity in Te Bao Biotech [2][8]. - For the first three quarters of 2025, the company recorded total revenue of 2.18 billion CNY, up 50.55% year-on-year, with a net profit of 1.20 billion CNY and a non-recurring net profit of 321 million CNY [2][8]. Financial Performance Summary - The total revenue forecast for 2025 is 2.75 billion CNY, with a year-on-year growth rate of 37.0%. The net profit attributable to shareholders is projected to be 1.40 billion CNY, reflecting a staggering growth rate of 3,366.2% compared to the previous year [4][9]. - The earnings per share (EPS) for 2025 is estimated at 0.71 CNY, with a price-to-earnings (P/E) ratio of 12 times [4][9]. - The company’s total assets are expected to reach 8.54 billion CNY by 2025, with a debt-to-equity ratio of 13.2% [9]. Business Development Highlights - The company’s insulin analogs are experiencing rapid growth, with a projected 50% increase in sales year-on-year for Q3 2025, surpassing human insulin revenue [8][9]. - The company is advancing its international business, with the BLA for Aspart Insulin accepted by the FDA, and plans to continue with the BLA submissions for Glargine and Lispro [8][9]. - An employee stock ownership plan has been introduced, aiming to enhance the motivation of core employees, with a maximum of 11.08 million shares to be allocated [8][9].