作为深耕糖尿病治疗领域四十载的标杆企业，通化东宝此次业绩反转并非偶然，而是公司在产品迭代、 市场拓展、研发创新、公司治理多维度协同发力的结果。当前，国内胰岛素市场历经两轮集采洗牌，国 产份额持续提升，竞争格局日趋优化，通化东宝凭借全品类布局优势与前瞻性战略规划，不仅实现自身 业绩的强势复苏，更印证了国产胰岛素企业从"规模扩张"向"质量提升、价值引领"转型的可行性。 核心业务升级与海外市场突破形成的"双轮驱动"，是本次业绩预盈的核心引擎。在国内市场，通化东宝 持续推进产品结构优化，三代胰岛素成为业绩增长的核心动力，全年销量同比增幅超100%，收入占比 稳步提升，成功推动公司产品结构实现从二代胰岛素为主向二代胰岛素与三代胰岛素均衡发展的关键跨 越。得益于各省市集采接续实施的政策红利，通化东宝三代胰岛素在医院准入与终端销售环节持续突 破，市场份额快速扩张，国产替代步伐进一步加快。据医药魔方数据显示，2025年前三季度，公司二代 胰岛素及三代胰岛素总销量市场份额稳居行业第二，仅次于诺和诺德；其中二代胰岛素产品市场占有率 攀升至45.5%，持续领跑国内市场；甘精胰岛素、门冬系列胰岛素市占率均实现大幅提升，带动产品结 构 ...

Core Insights - The company reported significant growth in its Q3 2025 financial results, with a revenue of 806 million yuan, a year-on-year increase of 13.90%, and a net profit of 984 million yuan, surging by 499.86% [1] - The substantial increase in net profit is attributed to strategic investment adjustments, including the transfer of shares in Xiamen Te Bao Biological Engineering Co., which enhanced short-term profits and supported long-term innovation [1] Financial Performance - In the first three quarters, the company achieved a revenue of 2.18 billion yuan, reflecting a year-on-year growth of 50.55%, and a net profit of 1.20 billion yuan, marking a turnaround from losses [1] - The non-recurring net profit reached 321 million yuan, up 137.92%, indicating improved profit quality [1] Product Development - The company's third-generation insulin products have become the largest revenue contributor, with sales increasing by approximately 50% year-on-year, surpassing second-generation insulin [2] - This shift in product structure signifies a strategic breakthrough in the insulin market, particularly following the implementation of the second insulin procurement policy [2] International Expansion - The company has accelerated its internationalization efforts, obtaining approvals for insulin formulations in four countries, including Uzbekistan, Nicaragua, Myanmar, and Indonesia [3] - The company is also progressing in the U.S. market, with the acceptance of its BLA for insulin aspart by the FDA and plans for further submissions [3] Shareholder Engagement - The company has introduced an employee stock ownership plan, aiming to transfer up to 11.08 million shares, which represents 0.566% of the total share capital, to enhance employee engagement and company competitiveness [4] - Additionally, a share repurchase plan has been announced, with intentions to buy back shares worth 20 to 40 million yuan to support the employee stock ownership plan and/or equity incentives [4] Future Strategy - The company aims to drive growth through "innovation + internationalization," focusing on expanding its presence in the diabetes treatment sector and increasing market share in both domestic and international markets [5]