胰岛素产品快速放量 作为国内胰岛素领域领军企业，新一轮集采为通化东宝产品的准入与放量按下了"加速键"，其中胰岛素 类似物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，公司的产品结构实 现从人胰岛素为主向人胰岛素、胰岛素类似物均衡发展的提升。 截图来自通化东宝公告 根据医药魔方2025年前三季度销量数据，通化东宝人胰岛素及胰岛素类似物销量市场份额继续位列行业 第二，仅次于诺和诺德；公司各类胰岛素市场份额均实现进一步提升，其中，人胰岛素产品市场占有率 继续攀升至45.5%，稳居国内第一；甘精胰岛素市占率稳步提升至15.0%；门冬系列胰岛素市占率正迅 速扩大。 1月26日晚，通化东宝（600867）（股票代码：600867.SH）发布2025年业绩预盈公告，公司预计全年 实现归属于上市公司股东的净利润约12.42亿元，扣除非经常性损益的净利润约4.02亿元。 通化东宝表示，去年净利润大幅增长主要系转让厦门特宝生物工程股份有限公司部分股权产生投资收益 所致。此外，国内市场方面，公司依托胰岛素集采中标优势，推动门冬、甘精等胰岛素类似物产品快速 上量，市场份额迅速提升；同时，利拉鲁肽注射液与恩格列 ...

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 ...

2025年，通化东宝国际化战略持续扩面提速，海外业务收入保持快速增长态势，成为公司业绩的重要增 长极。公司继2024年海外收入突破亿元大关、同比增长近80%后，2025年海外收入增长势头持续强劲， 海外拓展再获多项突破，产品出海版图持续扩大。 在产品国际注册方面，公司胰岛素制剂与GLP-1产品均取得积极进展。其中，胰岛素类似物方面，门冬 胰岛素美国BLA获得美国FDA受理，门冬胰岛素注射液在多米尼加、印尼获批上市，甘精胰岛素注射液 在缅甸获批上市；人胰岛素方面，精蛋白人胰岛素混合注射液(30R)在乌兹别克斯坦获批上市，精蛋白 人胰岛素注射液在尼加拉瓜获批上市；GLP-1产品方面，利拉鲁肽注射液获哥伦比亚GMP证书，利拉鲁 肽注射液接受埃及GMP现场审计，利拉鲁肽注射液通过巴西GMP现场审计，利拉鲁肽注射液在秘鲁获 批上市。 通化东宝持续强化创新研发，报告期内多个研发项目取得重要临床进展。其中，2025年6月，司美格鲁 肽顺利完成III期临床试验所有受试者的末次给药访视，目前已完成数据库锁定，正按计划开展试验总结 工作。2025年4月，XO/URAT1双靶点抑制剂(THDBH151片)IIa期临床试验结果达到主 ...

Core Viewpoint - Tonghua Dongbao's performance faced short-term pressure in 2024 due to insulin price cuts, strategic termination of R&D projects, and litigation costs, but showed strong recovery in Q1 2025 with double-digit revenue growth driven by increased product sales and market share [1][2][3][8] Group 1: 2024 Performance Challenges - The net profit decline in 2024 was primarily due to three factors: insulin price adjustments leading to revenue shrinkage, strategic termination of the soluble double insulin injection project resulting in a profit reduction of approximately 215 million yuan, and litigation costs of about 61.31 million yuan [2] - Despite these challenges, the company's market share in insulin continued to rise, reaching 43.7%, maintaining its position as the leader in the domestic market [2] Group 2: Q1 2025 Recovery - In Q1 2025, the company achieved revenue of 652 million yuan, a year-on-year increase of 10.17% and a quarter-on-quarter increase of 15.97%, indicating a recovery to levels similar to Q1 2023 [3] - Key factors for this recovery included successful continuation of insulin procurement contracts, with a signed volume of 45 million units, and a significant increase in the number of hospitals carrying the company's products [3][4] Group 3: Product and Market Development - The company experienced a 123% increase in overall insulin product sales, with the Aspart series seeing a remarkable 260% year-on-year growth, optimizing the product structure [3] - The overseas revenue reached 58 million yuan in Q1 2025, exceeding 50% of the total overseas revenue for 2024 [4] Group 4: R&D and Innovation - The company increased R&D investment to 450 million yuan in 2024, a year-on-year growth of 7.15%, with R&D expenses accounting for 22.42% of revenue [5] - Several products are in advanced clinical stages, including GLP-1 products and gout medications, indicating a robust pipeline for future growth [5] Group 5: Global Expansion Strategy - The company is accelerating its global expansion, with progress in product registration in various countries, including Uzbekistan and the EU, and a tailored "going global" strategy [6][7] - The strategy includes exporting raw materials and establishing partnerships for market development, focusing on insulin and GLP-1 products in emerging markets [7] Group 6: Future Outlook - 2025 is seen as a pivotal year for the company, with expected benefits from insulin procurement contracts and hospital access expansion, alongside long-term growth from innovative drug pipelines and international market expansion [8] - The combination of a solid insulin base, innovative drugs in the metabolic field, and a clear global strategy positions the company for sustainable returns for investors [8]

Core Viewpoint - Tonghua Dongbao reported a significant decline in revenue and net profit for 2024, primarily due to adverse factors such as the impact of centralized procurement and the termination of R&D projects, but showed signs of recovery in early 2025 with a revenue increase [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.01 billion yuan, a year-on-year decrease of 34.66% [1] - The net profit attributable to shareholders was a loss of 43 million yuan, with a non-recurring net profit loss of 9 million yuan [1] - For the first half of 2024, revenue was 740 million yuan, while the second half saw a revenue of 1.27 billion yuan, representing a quarter-on-quarter increase of 71.55% [1] - The first quarter of 2025 showed a revenue increase of 10.17% year-on-year [1] Market Expansion - The new round of centralized procurement accelerated the market entry and volume growth of Tonghua Dongbao's insulin products, with significant new hospital admissions: approximately 1,400 for glargine insulin, 3,000 for aspart insulin, and 5,000 for premixed aspart insulin [1][2] - The total signed volume for insulin products in the latest procurement round reached approximately 45 million units, marking a substantial increase compared to the previous round [2] R&D and Innovation - The company is advancing its core pipeline, with promising clinical data for its GLP-1/GIP dual-target receptor agonist (THDBH120) and successful completion of key clinical trials for other innovative products [3] - The R&D expenses accounted for 22.42% of revenue in 2024, indicating a continued commitment to high R&D investment [4] - The company is expanding its treatment areas beyond diabetes to include gout and hyperuricemia, while exploring products with multiple indications such as glucose reduction and weight loss [4] Future Outlook - The company is expected to experience a commercial explosion of several key products between 2025 and 2027, creating a positive growth pattern of stable growth from existing products and rapid breakthroughs from new products [3]