联邦制药 20250723 摘要 联邦制药授权诺和诺德的 UBT251 临床前数据优异，12 周减重效果媲 美瑞塔鲁肽 24 周数据，预计 2032 年国内销售峰值达 43 亿元，并针对 CKD 和 MAFLD 进入二期临床，有望显著提升公司业绩。 神经肽 Y2 受体配体 UBT37,034 与替尔泊泰联用在 DIO 小鼠模型中显 示出 13.6%的减重效果，相当于替尔泊泰 24 周的数据，若临床数据良 好，有望进行商业化授权，进一步增强公司在 GLP-1 市场的竞争力。 联邦制药的 JAK1 抑制剂 TUR01,101（片剂和软膏形式）在特应性皮炎 治疗中显示出优异疗效和安全性，有望成为未来市场的重要产品，为公 司带来新的增长点。 联邦制药 2019 年至 2024 年收入复合增长率为 10.31%，主要得益于 6APA 价格坚挺、重组人胰岛素进入医保集采以及动保制剂快速增长， 其中人用胰岛素中标巴西卫生部标单，有望贡献亿美金级别收入。 6APA 价格自 2024 年下半年开始下滑，预计 2025 年下半年企稳，但 需求端压力仍然存在；青霉素及其中间体价格自 2024 年开始下滑，预 计 2025 年全年下 ...

Core Viewpoint - Tonghua Dongbao, a leading insulin manufacturer, reported a loss of approximately 42.72 million yuan in 2024, marking its first loss in nearly 20 years, attributed to a combination of legal issues, project terminations, and significant price reductions in insulin due to national procurement policies [1][3][8] Financial Performance - In 2024, Tonghua Dongbao achieved revenue of 2.01 billion yuan, a significant decline of 34.66% year-on-year [3] - The net profit attributable to shareholders was -42.72 million yuan, a decrease of 103.66% compared to the previous year [3][8] - The company's earnings forecast changed dramatically within three months, from an initial profit forecast of 40.53 million yuan to a confirmed loss [1][3] Legal Issues - The company lost a long-standing trademark infringement lawsuit against Ganli Pharmaceutical, resulting in a compensation payment of 61.31 million yuan [4][5] - The lawsuit, which began in 2011, concluded with a ruling that Tonghua Dongbao acted with "malice" in using the "Changshulin" trademark [4][5] R&D Challenges - The termination of the soluble insulin project led to impairment losses and prepayment losses totaling approximately 320 million yuan [3][6] - The decision to halt the project was influenced by the high costs of clinical trials and the competitive landscape, which diminished its commercial viability [6] Market Strategy - In response to national procurement policies, the company adopted a "price for volume" strategy, resulting in an average price reduction of 15% across its product line [7] - Despite the price cuts, the company's gross margin for biological products decreased by 5.92 percentage points [7] Future Outlook - In the first quarter of 2025, Tonghua Dongbao showed signs of recovery, with overseas revenue reaching 103 million yuan, a nearly 80% increase year-on-year [8] - The company is exploring international markets and has formed a strategic partnership with Jianyou Co. to enter the U.S. insulin market [8] - The company anticipates a net profit of approximately 21.7 million yuan for the first half of 2025, indicating a potential turnaround [8] R&D Investment - In 2024, the company invested 450 million yuan in R&D, a year-on-year increase of 7.15%, representing 22.42% of its revenue [8][9] - Currently, four products are in Phase III clinical trials, and three innovative drugs are in Phase II trials [9]

（通化东宝2024年年报问询函回复公告公司公告/图） 商标诉讼败诉、研发项目终止、集采价格腰斩，这家老牌胰岛素龙头在行业变革浪潮中艰难转身。 近期，通化东宝（600867.SH）发布长达数十页的公告，回复上交所对其2024年年报的问询。2024年， 这家成立40年的胰岛素龙头企业遭遇了近20年首次亏损，金额约4272万元。 其业绩预告的戏剧性"变脸"更是令市场错愕，从2025年1月预告盈利4052.77万元，到2月修正为盈利 1164.21万元，再到最终年报确认为亏损4272.32万元。短短三个月内业绩预期两度"跳水"，这也随即引 发监管关注。 针对公司业绩变化及后续提振措施，《中国经营报》记者日前向通化东宝方面致函并致电采访，但截至 发稿，暂未收到公司方面回应。 业绩"变脸" 官网显示，通化东宝始建于1985年，是集药品研发、生产及销售为一体的药品生产企业，主要研发中成 药、化学药及生物制品，主要产品有镇脑宁胶囊、东宝甘泰片、重组人胰岛素、甘精胰岛素、门冬胰岛 素、利拉鲁肽注射液等系列产品。1994年8月，公司在上交所挂牌上市。 2024年，通化东宝交出了令市场错愕的年报：公司实现营收20.1亿元，同比大幅 ...