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 ...

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].