通化东宝(600867)11月25日召开2025年第三季度业绩说明会，公司针对2025年第三季度的经营成果及财 务指标的具体情况与投资者进行交流。 通化东宝深耕糖尿病及内分泌代谢疾病领域，拥有以胰岛素为核心的产品体系，并为患者提供糖尿病治 疗的整体化方案。 公司在建立全面丰富的糖尿病治疗产品研发管线体系的基础上，不断扩大在研产品适应症覆盖范围，从 糖尿病延伸至减肥、非酒精性脂肪肝炎（NASH）等适应症，并拓展包括痛风和高尿酸血症在内的其他 内分泌代谢疾病治疗领域。 前三季度，公司实现营业收入21.8亿元，同比增长50.55%；实现净利润12.02亿元，上年同期为-6637万 元。其中，第三季度，实现营业收入8.06亿元，同比增长13.9%；净利润为9.84亿元，同比增长 499.86%。 （FDA）受理，后续将继续推进甘精胰岛素和赖脯胰岛素的BLA申报工作，并有序开展胰岛素类似物在 欧洲和"一带一路"共建国家的注册资料准备及申请工作。 GLP-1方面，公司与科兴制药合作开拓利拉鲁肽注射液海外市场，已通过埃及卫生部GMP现场审计并获 得哥伦比亚GMP证书，同时稳步开展其他新兴市场国家的注册与申报。 未来，公司将 ...

Core Viewpoint - The article emphasizes the importance of biomanufacturing as a key emerging industry in China's economic transformation, highlighting its potential for sustainable development and economic benefits [1][3]. Economic Benefits - Biomanufacturing can convert waste into valuable resources and enhance cost efficiency. A newly developed enzymatic technology can convert 100% of nine types of crop straw into various industrial raw materials, reducing the cost of produced pulp by 30% to 40% compared to traditional chemical methods [2]. - The total scale of China's biomanufacturing industry is approaching 1 trillion yuan, with fermentation capacity accounting for over 70% of the global market. By 2030, industries currently contributing one-third of global GDP are expected to be reshaped by synthetic biology applications [2]. Sustainable Development - Biomanufacturing has significant low-carbon attributes, making it a crucial pathway to achieve carbon neutrality goals. Biobased products in the chemical sector can reduce emissions by 50% to 70% compared to petrochemical routes. A 30% substitution rate in the chemical and materials sectors could lead to a cumulative reduction of over 1.5 billion tons of CO2 by 2030 [3]. - Technologies in biomanufacturing can even enable "negative carbon" outcomes, as demonstrated by Shougang Longze, which utilizes steel industry waste gases to produce feed protein and fuel ethanol [3]. Policy Support and Development - The "14th Five-Year Plan" has identified biomanufacturing as a key development direction, with previous policies dating back to 2012 emphasizing the establishment of a biomanufacturing technology system [3]. - Recent initiatives by the Ministry of Industry and Information Technology and the National Development and Reform Commission aim to cultivate biomanufacturing pilot platforms and promote the integration of biotechnological industries [4]. - The collaborative efforts of government, industry, academia, and research will accelerate the commercialization of biomanufacturing innovations, creating new employment and entrepreneurial opportunities [4].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 在 糖尿病 治疗领域，每天多次的 胰岛素 注射是无数患者的日常。这不仅带来身体上的疼痛、带来低血糖风险，更造成心理负担， 长期困扰着糖尿病临床治疗与 患者的生活质量。 能否有一种方法，让胰岛素像护肤品一样通过皮肤轻松进入体内发挥作用？ 近日， 浙江大学 化学工程与生物工程 学院 申有青 院士、浙江大学生命科学学院 周如鸿 教授、英国帝国理工学院 陈荣军 教授、浙江大学化学工程与生物工程 学院 相佳佳研究员作为共同通讯作者 （ 韦秋雨 、 何至 、 李梓凡 、 周珠贤 为共同第一作者 ） ， 在国际顶尖学术期刊 Nature 上发表了题为： A skin- permeable polymer for non-invasive transdermal insulin delivery 的研究论文。 该研究首次报道了一种 皮肤渗透性高分子 ——聚[2-(N-氧化物-N,N-二甲基氨基)乙基甲基丙烯酸酯] （简称为 OP ） ，成功实现了 胰岛素的无创透皮给药 ，其 与胰岛素的键合物 OP-I 在糖尿病动物模型中，只需 简单涂抹，即可透皮进入血液， 表现出与皮下注射胰岛素相当的 ...

Core Insights - The article highlights the journey of Liu Ling, a young woman diagnosed with type 1 diabetes, who uses her experiences to create impactful comics that resonate with others facing similar health challenges [1][2][3][4][5] Group 1: Health Challenges and Personal Growth - Liu Ling was diagnosed with type 1 diabetes at the age of 12, which significantly altered her life and understanding of health [2] - After being diagnosed, she faced various misconceptions about diabetes, including the belief that it was solely related to sugar intake [3] - Liu Ling's comics serve as a medium for her to express her struggles and growth, transitioning from fear to acceptance and sharing her story with others [1][4] Group 2: Community and Support - The response to Liu Ling's comics has been overwhelmingly positive, with many individuals, including fellow patients and medical students, expressing their support and shared experiences [1][4] - Liu Ling emphasizes the importance of understanding and empathy towards young diabetes patients, as many face stigma and misunderstanding from peers and adults [3][5] - The comics not only provide a platform for Liu Ling but also foster a sense of community among those affected by type 1 diabetes, encouraging dialogue and support [4][5] Group 3: Awareness and Education - Liu Ling points out the need for better education and awareness regarding type 1 diabetes, particularly among young people and their families [4][5] - Misconceptions about diabetes being solely lifestyle-related persist, highlighting the necessity for ongoing public health education [5] - Liu Ling aims to continue her advocacy through her comics, striving to improve understanding of the realities of living with type 1 diabetes [5]

Core Viewpoint - The trend of "de-redundancy" and "professionalization" in family medicine cabinets reflects a shift towards rational health management, emphasizing "precise medication" over "blind stockpiling" of drugs, driven by improved accessibility to medical resources and services [1][2][3] Group 1: Evolution of Family Medicine Cabinets - The transition from stockpiling medications to precise management is exemplified by individuals like Ms. Li, who now only keeps essential medications, indicating a growing trust in public healthcare systems [2][3] - The rise of community pharmacists and family doctors has shifted the focus from self-service to professional guidance, enhancing personalized health management and efficient use of limited medical resources [2][3] Group 2: Challenges in Medication Management - Elderly patients often face medication management challenges, such as mixing prescription drugs with health supplements, leading to potential health risks due to drug interactions [4][5] - Misunderstandings about medication instructions and the belief that "more is better" can lead to non-compliance and adverse health outcomes among elderly patients [4][5] Group 3: Community Pharmacy Services - The emergence of community pharmacy services has made medication management more accessible, allowing for personalized consultations and medication tracking for elderly patients [7][8] - Community pharmacies play a crucial role in reducing the economic burden of medication costs through insurance policies that cover a significant portion of chronic disease medications [7][11] Group 4: Insurance Policies and Accessibility - Current insurance policies provide substantial coverage for chronic disease medications, significantly alleviating the financial burden on elderly patients [11][12] - However, there are still gaps in awareness and understanding of these policies among elderly patients, which can hinder their access to necessary medications [11][12] Group 5: Future Directions - The potential development of "smart medicine cabinets" linked to health management systems could enhance medication adherence and health monitoring for families [12] - A comprehensive approach that combines professional guidance, policy benefits, and family support is essential to address the medication challenges faced by the elderly population [12]

Investment Rating - The industry investment rating is "Outperform the Market" [41] Core Insights - Novo Nordisk reported a robust growth in GLP-1 drugs, with total revenue for Q3 2025 reaching 74.976 billion Danish Krone (approximately 11.276 billion USD), a year-on-year increase of 11% [4][12] - The total revenue for the first nine months of 2025 was 229.92 billion Danish Krone (approximately 34.58 billion USD), reflecting a 15% year-on-year growth [4][12] - The sales of semaglutide, the key product, remain high, with significant contributions from Ozempic, Rybelsus, and Wegovy, totaling approximately 254.62 billion USD in sales, a 24% increase [20][4] Summary by Sections Part 1: Q3 2025 Financial Overview and Key Events - Novo Nordisk's Q3 2025 total revenue was 74.976 billion Danish Krone (approximately 11.276 billion USD), with a year-on-year growth of 11% [4][12] - Revenue from the U.S. market was 128.423 billion Danish Krone (approximately 19.315 billion USD), up 15%, while revenue from international markets was 101.497 billion Danish Krone (approximately 15.265 billion USD), up 16% [12] - The diabetes segment generated 155.759 billion Danish Krone in revenue, an 8% increase, while the obesity segment saw a 41% increase in revenue to 59.902 billion Danish Krone [12] Part 2: Core Product Sales Analysis - Semaglutide is the largest revenue contributor, with Ozempic generating 95.264 billion Danish Krone (approximately 14.328 billion USD, +13%), Rybelsus 16.790 billion Danish Krone (approximately 2.525 billion USD, +5%), and Wegovy 57.242 billion Danish Krone (approximately 8.609 billion USD, +54%) [20] - The insulin segment achieved revenue of 39.739 billion Danish Krone (approximately 5.976 billion USD), a 3% increase [25] Part 3: Future Pipeline Milestones - The diabetes segment is expected to complete Phase III data readout for CagriSema in Q4 2025 [35] - The obesity segment anticipates regulatory approval results for the daily oral semaglutide (25 mg) in Q4 2025 [35] - The cardiovascular segment expects to complete Phase III data readout for semaglutide (14 mg) for Alzheimer's treatment in Q4 2025 [35] Part 4: Investment Recommendations - The report suggests focusing on domestic GLP-1 related pharmaceutical companies such as Innovent Biologics, HengRui Medicine, and others due to the promising sales of semaglutide and expanding indications for GLP-1 drugs [39]

Core Insights - The article highlights the trend of leading companies in the pharmaceutical industry optimizing resource allocation through strategic partnerships, exemplified by Ganli Pharmaceutical's transfer of control over its subsidiary, Gangan Medical Technology Jiangsu Co., Ltd. to Hillhouse Capital [1] Group 1: Strategic Focus and Resource Optimization - Ganli Pharmaceutical is focusing on its core business by transferring control of Gangan Jiangsu, which aligns with its strategy to optimize non-core asset allocation and concentrate resources on innovative drug development for metabolic diseases like diabetes and obesity [2] - The transaction represents a key action in Ganli Pharmaceutical's strategy to enhance its technological competitiveness and market influence in core therapeutic areas [2] Group 2: Innovation and Development - Gangan Jiangsu, driven by innovation, specializes in high-quality drug delivery devices and has established a comprehensive quality management and regulatory compliance system that meets international standards [2] - Following the strategic partnership, Gangan Jiangsu is expected to enter a new phase of development with enhanced focus and vitality, supported by Hillhouse Capital's long-term strategic planning and diverse resource backing [2] Group 3: Ecosystem Synergy and Value Enhancement - The collaboration between Ganli Pharmaceutical and Hillhouse Capital is seen as a significant milestone that promotes resource integration and efficiency improvement within the pharmaceutical industry [3] - The partnership aims to enhance the stability and efficiency of the insulin supply chain, while Gangan Jiangsu will expand its business scope to provide customized solutions for other pharmaceutical companies reliant on drug delivery devices [3] - Hillhouse Capital's accumulated resources in the global healthcare sector are expected to create new opportunities for collaboration in areas such as joint drug development and comprehensive health management services for diabetes patients [3]

Core Points - The Tianjin Binhai Airport Customs has launched an "Insulin Fast Track" to support the high-quality development of the biopharmaceutical industry in Tianjin [1][2] - From January to October this year, the value of imported insulin products through Tianjin's air port reached 8.943 billion RMB, representing a year-on-year increase of 1454.5% [1] - Novo Nordisk (China) Pharmaceutical Co., Ltd. successfully imported its 15th batch of insulin raw materials at Tianjin Binhai Airport Customs this year [1] Customs Initiatives - The customs has established a "dedicated window" and a "customs-enterprise liaison officer" mechanism to provide one-on-one policy guidance and problem-solving for enterprises [1] - A special customs guarantee plan has been developed for insulin products, with a "report and review on demand" process for goods that do not require inspection, ensuring zero delay in the customs process [1] - The customs encourages enterprises to utilize the "advance declaration" model to streamline document review, allowing for immediate release of goods upon arrival [1] Future Plans - The Tianjin Binhai Airport Customs aims to continue deepening reform and innovation, optimizing the port business environment, and supporting the high-quality development of the biopharmaceutical industry [2]

Core Insights - The article highlights the efficient customs services at Tianjin Binhai Airport, particularly the "Insulin Fast Track" initiative, which supports the high-quality development of the biopharmaceutical industry in Tianjin [1][2] Group 1: Customs Initiatives - Tianjin Binhai Airport Customs has implemented a series of precise service measures to create an efficient and convenient "Fast Track" for customs clearance [1] - The "Insulin Fast Track" was established to address the high value and strict temperature requirements of imported insulin raw materials [1] Group 2: Operational Efficiency - Since the launch of the "Insulin Fast Track," the efficiency of customs clearance for imported insulin raw materials has significantly improved [2] - From January to October this year, the value of imported insulin goods through Tianjin Airport reached 8.943 billion RMB, representing a year-on-year increase of 1454.5% [2] Group 3: Future Plans - Tianjin Binhai Airport Customs plans to continue deepening reform and innovation, focusing on optimizing the port business environment to support the biopharmaceutical industry [2]

Core Insights - The domestic pharmaceutical market is undergoing a new round of reshuffling, with the 11th batch of national drug procurement results recently announced, covering 55 varieties and 453 products in high-demand treatment areas such as anti-infection, diabetes, and hypertension [1] - Dongyang Sunshine Pharmaceutical's loss of the bid for Oseltamivir granules, which contributed over 75% of its revenue in 2023, poses a significant threat to its core business [1] - The company's heavy reliance on hospital channels for over 80% of its sales exacerbates the impact of this loss [1] Group 1: Company Challenges - Dongyang Sunshine Pharmaceutical's product structure is notably singular, leading to a weaker ability to withstand risks compared to peers like Heng Rui Medicine, which has previously faced similar challenges [1] - The company has over 100 products in research across infection, chronic disease, and oncology, indicating a desire for transformation, but significant concerns remain regarding the feasibility of this strategy [1][2] Group 2: Research and Development Issues - The company's R&D investment is characterized by a "high proportion, low absolute value," with R&D expenses of 348 million yuan in the first half of 2025, only one-tenth of Heng Rui's during the same period [2] - The broad but shallow pipeline in the infection sector faces competition from Roche's new drug Marbofloxacin, while insulin products in the chronic disease sector yield low profits despite winning bids [2] - The oncology drug Crizotinib is still in phase three clinical trials, lagging behind competitors, highlighting the company's insufficient R&D capabilities and funding reserves [2] Group 3: Industry Context - Dongyang Sunshine Pharmaceutical's predicament reflects the broader challenges faced by Chinese pharmaceutical companies under the dual pressures of national procurement and the need for innovative transformation [2] - The loss of the bid serves as a performance warning and a survival test for companies still reliant on single-product strategies [2]