证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,010 | 2,753 | 3,206 | 3,609 | | 同比增速(%) | -34.7% | 37.0% | 16.5% | 12.6% | | 归母净利润(百万) | -43 | 1,395 | 772 | 940 | | 同比增速(%) | -103.7% | 3,366.2% | -44.7% | 21.8% | | 每股盈利(元) | -0.02 | 0.71 | 0.39 | 0.48 | | 市盈率(倍) | -391 | 12 | 22 | 18 | | 市净率(倍) | 2.6 | 2.3 | 2.3 | 2.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 21 日收盘价 公司研究 通化东宝（600867）2025 年三季报点评 推荐（维持） 经营性利润快速恢复，国际化稳步推进 目标价：11.0 元 事项： ...

Core Viewpoint - Tonghua Dongbao is a leading company in the domestic insulin industry, with a strong performance in revenue and net profit, showcasing its competitive advantages in the market [1][2]. Group 1: Business Performance - In Q3 2025, Tonghua Dongbao achieved a revenue of 2.18 billion yuan, ranking 5th among 34 companies in the industry, surpassing the industry average of 1.26 billion yuan and the median of 734 million yuan [2]. - The net profit for the same period was 1.188 billion yuan, the highest in the industry, exceeding the average of 166 million yuan and the median of 56.63 million yuan [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 12.46%, an increase from 9.74% year-on-year, but still below the industry average of 26.88%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 71.89%, down from 74.47% year-on-year, yet still above the industry average of 70.17%, reflecting good profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.08% to 82,100, while the average number of circulating A-shares held per account increased by 5.35% to 23,800 [5]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked third with 35.8443 million shares, an increase of 15.839 million shares from the previous period [5]. Group 4: Business Highlights - The company reported that in Q3 2025, revenue from insulin analogs surpassed that of second-generation human insulin for the first time, with an expected 40% growth in insulin sales for the year [6]. - The company is expanding its international presence, with its Aspart insulin having received BLA acceptance in the U.S. and insulin analogs approved for sale in Myanmar and Indonesia [6].

Core Insights - Continuous investment in R&D and accelerated expansion into overseas markets are the two main engines driving growth in the pharmaceutical and biotechnology industry [1] R&D Investment Effectiveness - Leading pharmaceutical companies are significantly increasing R&D investments, resulting in a number of high-quality innovative products being launched, which in turn drives revenue growth [2] - Heng Rui Medicine reported a revenue of 23.188 billion yuan, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.50%, with R&D expenses reaching 4.945 billion yuan [2] - Hua Dong Medicine achieved a revenue of 32.664 billion yuan, a 3.77% increase, and a net profit of 2.748 billion yuan, up 7.24%, with innovative product sales contributing significantly, reaching 1.675 billion yuan, a 62% increase [2] - Tonghua Dongbao saw a net profit of 984 million yuan, a staggering 499.86% increase, driven by the sales growth of insulin analog products [2] Overseas Market Expansion - Expanding into overseas markets is a strategic choice for many pharmaceutical and biotechnology companies, leading to significant revenue growth [4] - WuXi AppTec reported a revenue of 32.86 billion yuan, an 18.6% increase, with continuous operations revenue at 32.45 billion yuan, up 22.5%, and a backlog of orders reaching 59.88 billion yuan, a 41.2% increase [4] - Sanyou Medical achieved a revenue of 391 million yuan, a 17.65% increase, and a net profit of 61.981 million yuan, up 623.19%, with overseas revenue exceeding 18 million yuan, nearly doubling year-on-year [4][5] - Tianyi Medical reported a revenue of 38.7 million yuan, a 24.14% increase, and a net profit of 2.009 million yuan, up 216.81%, with ongoing construction of an overseas production base [6]

Core Viewpoint - Tonghua Dongbao reported significant growth in revenue and net profit for the first three quarters of 2025, driven by strong sales of insulin products and successful overseas business expansion [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.18 billion yuan, a year-on-year increase of 50.55% [1]. - The net profit for the same period was 1.202 billion yuan, compared to a loss of 66.37 million yuan in the previous year [1]. - In the third quarter alone, revenue reached 806 million yuan, reflecting a year-on-year growth of 13.9% [1]. - The net profit for the third quarter was 984 million yuan, marking a staggering year-on-year increase of 499.86% [1][2]. Business Strategy - The company focuses on research and development in diabetes and endocrine-related medications, aiming to provide comprehensive solutions for patients [1]. - Tonghua Dongbao is expanding its product line in the diabetes treatment sector and enhancing its insulin delivery systems and blood glucose monitoring systems [1]. - The company plans to develop new products, including ultra-rapid insulin and GLP-1/GIP dual-target receptor agonists, and explore new indications such as weight loss and gout [2]. Market Position - The domestic insulin market is expected to continue stable growth over the next three years, with the company positioned as a leader in the diabetes treatment sector [2]. - The increase in revenue is attributed to significant sales growth of insulin analog products and breakthroughs in overseas markets, contributing to export revenue [2]. Share Transfer - On May 22, 2025, the company signed a share transfer agreement to sell 23.1876 million shares of Tebao Bio, representing 5.70% of its total share capital, for a total consideration of 1.301 billion yuan [3]. - The share transfer is part of the company's long-term strategy to enhance innovation and improve asset efficiency, providing funding support for the development of innovative drugs [3].

Core Viewpoint - Tonghua Dongbao (600867.SH) reported significant growth in revenue and net profit for the third quarter of 2025, driven by increased sales of insulin analog products and successful overseas business expansion [1] Financial Performance - For the first three quarters, the company achieved a revenue of 2.18 billion yuan, representing a year-on-year increase of 50.55% [1] - The net profit attributable to shareholders for the same period was 1.20 billion yuan [1] - In the third quarter alone, the company recorded a revenue of 806 million yuan, with a year-on-year growth of 13.90% [1] - The net profit for the third quarter reached 984 million yuan, showing a remarkable year-on-year increase of 499.86% [1] Business Drivers - The substantial growth in performance is primarily attributed to the significant increase in sales of insulin analog products, which boosted domestic sales revenue [1] - The company also experienced multiple breakthroughs in overseas business, contributing to increased export revenue [1] - Additionally, the transfer of shares in Te Bao Bio resulted in substantial gains, further enhancing the company's financial performance [1]

Core Insights - Tonghua Dongbao focuses on the research and development of drugs for diabetes and other endocrine diseases, aiming to provide comprehensive solutions for patients in these areas [1][2] - The company reported a significant increase in revenue and profit for the first half of 2025, with a revenue of 1.373 billion yuan, representing an 85.6% year-on-year growth, and a net profit of 218 million yuan, compared to a loss of 23 million yuan in the same period last year [1] Financial Performance - In the first half of 2025, Tonghua Dongbao achieved operating revenue of 1.373 billion yuan, up 85.6% year-on-year [1] - The net profit attributable to shareholders was 218 million yuan, a turnaround from a loss of 23 million yuan in the previous year [1] - The basic earnings per share were reported at 0.11 yuan [1] Market Strategy - The company experienced over 200% year-on-year growth in the sales of insulin analogs in the domestic market and plans to leverage new procurement policies to expand market share [2] - Tonghua Dongbao is actively pursuing regulatory approvals for its insulin products in international markets, including the acceptance of its aspart insulin BLA by the FDA [2] Research and Development - The company emphasizes innovation and maintains a high level of investment in R&D, focusing on new product development such as ultra-rapid insulin and GLP-1/GIP dual receptor agonists [3] - Clinical trials for its injectable THDBH120 for weight loss are progressing well, with the first patient dosed in January 2025 [2] Future Outlook - The domestic insulin market is expected to continue stable growth over the next three years, with the company planning to explore new therapeutic areas such as weight loss and gout [3] - Tonghua Dongbao aims to enhance investor relations and improve transparency to better communicate its value and growth prospects to the market [3]

Core Viewpoint - Tonghua Dongbao held a performance briefing for the first half of 2025, highlighting significant advancements in clinical trials and sales growth in insulin products [1] Group 1: Clinical Trials and Product Development - The injection THDBH120 for weight loss indications has completed its first patient dosing in a Phase II clinical trial as of January 2025, showing good safety, tolerability, and positive efficacy trends [1] - The company's insulin formulations are still in preclinical research, with future developments to be disclosed according to relevant regulations [1] Group 2: Domestic Market Performance - In the first half of 2025, the sales of insulin analogs in the domestic market achieved over 200% year-on-year growth [1] - The company plans to leverage the new round of centralized procurement to significantly boost the sales of insulin analogs and expand market share [1] Group 3: International Market Developments - The U.S. BLA for Aspart insulin has been accepted by the FDA, with ongoing efforts to advance the BLA submissions for Glargine and Lispro insulins [1] - Registration preparation and application work for insulin analogs in Europe and various developing countries are progressing in an orderly manner [1]

Group 1 - The "Shareholders Are Coming" series of events organized by the Beijing Listed Companies Association aims to protect investor rights and facilitate communication between investors and listed companies [1][4] - The events featured three listed companies in the biopharmaceutical sector: Sanyuan Gene, China Pharmaceutical, and Ganli Pharmaceutical, showcasing their strengths in technological innovation and industry upgrades [2][3] Group 2 - Sanyuan Gene is a leading enterprise in the field of gene engineering drugs, with its main product being human interferon α1b, which is China's first gene engineering drug with independent intellectual property rights [2][5] - China Pharmaceutical has become an important platform for the China General Technology Group, focusing on an integrated development model in the pharmaceutical and medical device sectors, covering the entire industry chain from cultivation to international trade [3][5] - Ganli Pharmaceutical has achieved significant market competitiveness, ranking first in the procurement agreement volume for insulin analogs in 2024, and is actively expanding into the medical device sector [3][5] Group 3 - The series of events provided a platform for investors to engage with company management on key topics such as the development prospects of the biopharmaceutical industry and corporate strategies [4][5] - Company executives shared insights on their operational data, business models, and the challenges faced, emphasizing the importance of transparent communication with investors [5]

Core Viewpoint - Tonghua Dongbao (600867) reported significant growth in both revenue and net profit for the first half of 2025, with total revenue reaching 1.373 billion yuan, up 85.6% year-on-year, and net profit attributable to shareholders at 218 million yuan, up 194.48% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 722 million yuan, reflecting a substantial increase of 385.77% year-on-year, while net profit for the same period was 109 million yuan, up 124.39% year-on-year [1] - Gross margin stood at 71.45%, a decrease of 2.05% year-on-year, while net profit margin increased to 15.16%, up 148.67% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 678 million yuan, accounting for 49.36% of revenue, a decrease of 31.42% year-on-year [1] Cash Flow and Financial Position - Cash and cash equivalents increased by 89.02% due to the receipt of advance payments for the transfer of shares and increased operating revenue [3] - The net cash flow from financing activities rose by 25.51%, attributed to increased bank borrowings [4] - The company’s cash flow situation is under observation, with cash and cash equivalents to current liabilities ratio at 88.47% [4] Inventory and Sales Dynamics - The significant increase in revenue (85.6%) was driven by a notable rise in sales of insulin analog products, alongside adjustments in inventory management from the previous year [2] - Operating costs surged by 95.88%, correlating with the substantial increase in sales volume of insulin products [2] Investment and Market Position - The company has seen a 71.08% increase in R&D expenses, indicating a focus on innovation and product development [6] - The company’s historical financial performance shows a median ROIC of 17.23% over the past decade, although the lowest recorded ROIC was -0.53% in 2024, suggesting variability in investment returns [6] Fund Holdings - The largest fund holding Tonghua Dongbao is the Galaxy Medical Mixed A Fund, which has recently entered the top ten holdings with 3.0773 million shares [5]

Core Viewpoint - Tonghua Dongbao (600867) reported significant growth in both revenue and net profit for the first half of 2025, indicating a strong recovery and operational improvement compared to the previous year [1]. Financial Performance - Total revenue reached 1.373 billion yuan, an increase of 85.6% year-on-year [1]. - Net profit attributable to shareholders was 218 million yuan, up 194.48% year-on-year [1]. - In Q2 2025, total revenue was 722 million yuan, reflecting a substantial increase of 385.77% year-on-year [1]. - Q2 net profit attributable to shareholders was 109 million yuan, a rise of 124.39% year-on-year [1]. Profitability Metrics - Gross margin stood at 71.45%, a decrease of 2.05% compared to the previous year [1]. - Net margin improved to 15.16%, a significant increase of 148.67% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 678 million yuan, accounting for 49.36% of revenue, down 31.42% year-on-year [1]. Cash Flow and Assets - Cash flow from operating activities increased by 147.5%, driven by higher cash receipts from sales [3]. - Cash and cash equivalents rose by 132.26% to 1.109 billion yuan, attributed to the receipt of advance payments for share transfers and increased operating revenue [1][2]. - The company's net asset value per share decreased by 4.58% to 3.13 yuan [1]. Debt and Financing - Interest-bearing debt increased by 137.3% to 852 million yuan, reflecting higher short-term bank borrowings [1][2]. - The company reported a significant increase in other payables, up 814.4%, due to the receipt of advance payments for share transfers [2]. Investment and Market Position - The company has shown a strong recovery in sales, particularly in insulin-like products, which significantly boosted domestic sales revenue [3]. - The business model relies heavily on marketing-driven strategies, necessitating further analysis of the underlying factors [6]. Fund Holdings - The largest fund holding Tonghua Dongbao is the Galaxy Medical Mixed A Fund, which has recently increased its position [8].