Core Viewpoint - The report highlights the significant growth driven by technology in certain sectors, while also noting the substantial losses due to cyclical downturns in others [1] Performance Growth Highlights - **Zhongwei Company (688012)**: Expected net profit between 208 million to 218 million yuan, a year-on-year increase of 28.74% to 34.93%, driven by increased recognition of plasma etching equipment and a surge in market demand [5] - **Lianchuang Optoelectronics (600363)**: Expected net profit between 43.5 million to 53.2 million yuan, a year-on-year increase of 80.36% to 120.57%, attributed to significant growth in laser business and improved profitability in traditional sectors [6] - **Ruixin Microelectronics (603893)**: Expected net profit between 102.3 million to 110.3 million yuan, a year-on-year increase of 71.97% to 85.42%, driven by rapid growth in the AIoT market and recognition of new AI technology [7] - **Sangfor Health (688336)**: Expected net profit around 290 million yuan, a year-on-year increase of approximately 311.35%, due to a significant collaboration with Pfizer and advancements in clinical research [8] - **Pulite (002324)**: Expected net profit growth of 155.76% to 194.73%, driven by the demand for high polymer materials in the automotive lightweight trend [9] - **Tonghua Dongbao (600867)**: Expected net profit around 124.21 million yuan, turning from loss to profit, driven by market share gains in insulin products [10] - **Suotong Development (603612)**: Expected net profit between 73 million to 85 million yuan, a year-on-year increase of 167.98% to 212.03%, due to rising prices and demand in the prebaked anode industry [11] Major Performance Declines - **China Shipbuilding Technology (600072)**: Expected net loss between -260 million to -340 million yuan, a year-on-year decline of over 24 times, due to cyclical downturns in shipbuilding and high material costs [12] - **Silver Nonferrous Metals (601212)**: Expected net loss between -45 million to -67.5 million yuan, transitioning from profit to loss due to legal disputes affecting financial performance [13] - **China Metallurgical Group (601618)**: Expected net profit between 130 million to 160 million yuan, a year-on-year decline of 76.28% to 80.73%, impacted by the downturn in the construction industry [14] - **Jindi Group (600383)**: Expected net loss between -1.11 billion to -1.35 billion yuan, with increased losses due to declining sales and inventory impairments [15] - **Jianfa Co. (600153)**: Expected net loss between -1 billion to -520 million yuan, transitioning from profit to loss due to increased impairments in real estate [16] Industry Trend Analysis - **Technology and Innovation-Driven Sectors**: Companies in semiconductor equipment, laser military applications, and innovative pharmaceuticals are experiencing rapid growth due to high demand in AIoT, national defense, and biomedicine [23] - **Traditional Cyclical Industries**: Sectors like coal and engineering machinery are facing significant adjustments due to demand shortages and price declines, leading to widespread performance pressures [24] - **Pharmaceutical Industry Disparities**: Innovative drugs are seeing explosive growth through external licensing, while traditional formulations and raw materials are significantly impacted by procurement policies [24] - **External Environment Uncertainties**: Factors such as international trade tensions and regulatory changes are significantly affecting corporate performance, necessitating enhanced risk management [24] - **Asset Quality Risks**: Many companies are reporting substantial asset impairment provisions, indicating potential inefficiencies in previous investments [24]

Core Viewpoint - Tonghua Dongbao (600867.SH) expects a net profit of approximately 1.242 billion yuan for 2025, with a net profit of about 402 million yuan after excluding non-recurring gains, driven by investment income from the transfer of shares in Xiamen Te Bao Biological Engineering Co., Ltd. and strong domestic sales growth in insulin products [1] Group 1: Financial Performance - The company anticipates a significant increase in net profit for 2025, primarily due to investment gains from share transfers [1] - Domestic sales revenue has surged, supported by the company's competitive advantage in insulin procurement, leading to rapid market share growth for insulin analogs [1][2] - The international strategy has shown notable success, with export revenues increasing significantly [1] Group 2: Market Position and Product Performance - As a leading player in the domestic insulin market, Tonghua Dongbao's insulin analogs have seen sales volume increase by over 100% year-on-year, with a balanced product structure between human insulin and insulin analogs [2] - The company holds the second-largest market share in the insulin sector, with human insulin market share rising to 45.5%, maintaining the top position domestically [3] - The company has made progress in international markets, obtaining marketing approvals for insulin products in five countries, expanding its global footprint [3] Group 3: Research and Development - The company is focusing on innovation, with several key products in the pipeline, including a GLP-1/GIP dual-target receptor agonist and a gout dual-target inhibitor, showing promising clinical trial results [5][6] - The establishment of Shanghai Longke Pharmaceutical Co., Ltd. aims to support long-term innovation and early drug development, with a focus on differentiated and breakthrough drugs [7] - The R&D pipeline includes multiple products in Phase III clinical trials, expected to lead to a commercial breakthrough between 2026 and 2027, fostering a positive growth trajectory [6]

Group 1 - A total of 1123 A-share listed companies have released their 2025 performance forecasts, with 602 companies expecting profits and 521 companies anticipating losses [1][2] - Among the companies predicting profits, Zijin Mining leads with a forecasted net profit of 52 billion yuan, followed by Luoyang Molybdenum with 20.8 billion yuan [2][3] - The automotive sector, represented by SAIC Motor, is expected to see a significant profit increase of 438%-558%, the highest growth rate among the top ten profit forecast companies [2][3] Group 2 - The real estate sector dominates the list of companies forecasting significant losses, with China Fortune Land Development expected to lose between 16 billion and 24 billion yuan [3][4] - Other sectors facing losses include the photovoltaic industry, with Tongwei Co., TCL Zhonghuan, and Trina Solar among the top ten companies predicting losses [4][5] - JinkoSolar is projected to experience the largest decline in net profit, with a decrease of 6063.96%-7074.8% due to price fluctuations in the global photovoltaic industry [9][10] Group 3 - Companies like *ST Weir and Tonghua Dongbao are expected to see substantial profit growth, with *ST Weir forecasting a net profit increase of 8303.8%-9599.14% [6][8] - Approximately 260 companies are expected to have a net profit growth rate exceeding 100%, accounting for about one-fifth of the companies that have released forecasts [7][8] - The performance of companies in the photovoltaic sector is under pressure due to market conditions, impacting their profitability despite efforts to innovate and upgrade technology [9][10]

Core Viewpoint - Tonghua Dongbao Pharmaceutical Co., Ltd. is expected to achieve a net profit of approximately 1.242 billion yuan for the year 2025, marking a significant turnaround in performance and entering a new phase of high-quality development [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 1.242 billion yuan and a net profit of about 402 million yuan after deducting non-recurring gains and losses, both indicators showing a year-on-year turnaround [1] - The strong recovery in performance is attributed to product iteration, market expansion, R&D innovation, and improved corporate governance [1] Group 2: Market Dynamics - The domestic insulin market has undergone two rounds of procurement reshuffling, leading to an increase in domestic market share and an optimized competitive landscape [1] - Tonghua Dongbao's third-generation insulin sales have increased by over 100% year-on-year, contributing significantly to revenue and shifting the product structure towards a balanced development of both second and third-generation insulins [2] - The company holds a market share of 45.5% in second-generation insulin, maintaining its leadership position in the domestic market [2] Group 3: International Expansion - The company has seen a nearly 80% year-on-year growth in overseas revenue, with international business becoming a crucial growth driver [3] - Key international registrations include the acceptance of the aspart insulin BLA by the FDA, marking a significant step into high-end markets [3] - The company has successfully registered various insulin products in multiple countries, enhancing its international competitiveness [3] Group 4: R&D Innovation - Tonghua Dongbao has increased its R&D efforts, achieving significant progress in several core projects, including the completion of Phase III clinical trials for semaglutide [4] - The company is advancing its pipeline in metabolic disease treatments, with promising results in clinical trials for various products [4] Group 5: Corporate Governance - The company has launched an employee stock ownership plan to align the interests of shareholders, the company, and key employees, enhancing team cohesion and core competitiveness [5] - The controlling shareholder has increased its stake by 228 million yuan, reflecting confidence in the company's future [5] - The company plans to repurchase shares worth 20 to 40 million yuan to support the employee stock ownership plan, stabilizing market expectations [5] Group 6: Future Outlook - Looking ahead, the company aims to solidify its domestic insulin market position, optimize product structure, and expand market share [6] - The company will accelerate its international strategy and enhance its global value chain capabilities [6] - Continued focus on innovation and expanding its product portfolio in metabolic disease treatment is expected to showcase the company's resilience and industry leadership [7]

Group 1: Earnings Forecasts - Tonghua Dongbao expects a net profit of approximately 1.242 billion yuan for 2025, turning from loss to profit compared to the previous year [3] - Duofuduo anticipates a net profit of 200 million to 280 million yuan for 2025, recovering from a loss of 308 million yuan in the previous year [3] - China Rare Earth forecasts a net profit of 143 million to 185 million yuan for 2025, compared to a loss of 287 million yuan in the previous year [3] - Xianda Co. expects a net profit of 135 million to 155 million yuan for 2025, turning from loss to profit compared to the previous year [3] - Aorui De anticipates a net profit of 120 million to 160 million yuan for 2025, recovering from a loss in the previous year [3] - Maide Medical forecasts a net profit of approximately 66.52 million yuan for 2025, turning from loss to profit compared to the previous year [3] - Boliwei expects a net profit of approximately 59 million yuan for 2025, turning from loss to profit compared to the previous year [3] - Weixin Bio anticipates a net profit of approximately 53.46 million yuan for 2025, recovering from a loss in the previous year [3] - Decai Co. forecasts a net profit of 51 million to 61 million yuan for 2025, turning from loss to profit compared to the previous year [3] - Far East Co. expects a net profit of 45 million to 65 million yuan for 2025, recovering from a loss in the previous year [3] - Optoelectronics Co. anticipates a net profit of 45 million to 55 million yuan for 2025, turning from loss to profit compared to the previous year [3] - Baiyang Co. forecasts a net profit of 41 million to 52 million yuan for 2025, recovering from a loss of 15.25 million yuan in the previous year [3] Group 2: Significant Increases in Earnings - Youhao Group expects a net profit increase of 357% to 420% for 2025 [3] - Ningbo Dongli anticipates a net profit increase of 324.74% to 346.53% for 2025 [3] - SanSheng Guojian forecasts a net profit increase of approximately 311.35% for 2025 [3] - Jixin Technology expects a net profit increase of 277.15% to 454.09% for 2025 [3] - Pulite anticipates a net profit increase of 155.76% to 194.73% for 2025 [3] - Yixin Hall expects a net profit increase of 127.79% to 189.12% for 2025 [3] - Bangji Technology forecasts a net profit increase of 119.43% to 169.3% for 2025 [3] - Xinlian Electronics anticipates a net profit increase of 106.8% to 129.11% for 2025 [3] Group 3: Fundraising and Restructuring - Zhejiang Haideman plans to raise no more than 1.517 billion yuan through a private placement [11] - Anlu Technology intends to raise no more than 1.262 billion yuan through a private placement [11] - Chuanhuan Technology plans to raise no more than 1 billion yuan through a private placement [11] - Zijin Mining intends to acquire 100% of Allied Gold for approximately 28 billion yuan [11][16] Group 4: Major Events - Haike New Source signed a long-term cooperation agreement with BYD Lithium Battery to supply at least 100,000 tons of products annually [10] - Jinfei Kaida received a supplier designation from a well-known international automobile manufacturer [17] - Jiangzhong Pharmaceutical will change its stock name to "China Resources Jiangzhong" starting January 30, 2026 [17]

通化东宝表示，本次业绩预盈的主要原因为，公司依托本次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净片等产品同样取得良 好增长，多品类协同发力，带动国内销售收入较上期大幅攀升。国际上，公司国际化战略成效显著，出 口收入增长明显。此外，公司转让厦门特宝生物工程股份有限公司股权产生收益，导致净利润大幅增 加。 （文章来源：北京商报） 北京商报讯1月26日晚间，通化东宝（600867）发布2025年业绩预告显示，经公司财务部门初步测算， 预计2025年实现归属净利润约为12.42亿元，与上年同期相比，将实现扭亏为盈。 ...

（文章来源：证券日报） 证券日报网讯 1月26日，通化东宝发布公告称，公司预计2025年年度实现归属于母公司所有者的净利润 约为124213万元，与上年同期相比，将实现扭亏为盈。 ...

Core Viewpoint - Tonghua Dongbao (600867) is expected to achieve a net profit of approximately 1.242 billion yuan and a net profit of approximately 402 million yuan after deducting non-recurring gains and losses in 2025, marking a significant turnaround from previous losses and a substantial recovery in performance [1] Group 1: Financial Performance - In 2025, the company anticipates a significant recovery in its financial performance, with both net profit and adjusted net profit turning positive compared to the previous year [1] - The company’s insulin similar products are projected to drive major growth, with annual sales expected to increase by over 100% year-on-year, contributing to a balanced development of its product structure [1][2] Group 2: Market Position and Strategy - Tonghua Dongbao has achieved significant improvements in market share, ranking second in the industry for human insulin and insulin similar products, with a market share of 45.5% for human insulin, maintaining the leading position domestically [2] - The company is focusing on enhancing its domestic insulin business, optimizing product structure, and expanding market share while accelerating its internationalization strategy [1][2] Group 3: Product Development and Innovation - The company has made substantial progress in international product registration, with various insulin formulations and GLP-1 products receiving approvals in multiple countries, including the U.S., Dominican Republic, and Indonesia [3] - Several R&D projects have achieved important clinical milestones, including the completion of Phase III trials for semaglutide and positive results for other diabetes-related products [4] Group 4: Shareholder Engagement - The controlling shareholder, Dongbao Industrial Group, has increased its stake in the company by investing 228 million yuan to acquire 1.42% of the shares, reflecting confidence in the company's future prospects [5] - The company plans to repurchase shares worth between 20 million and 40 million yuan to support employee stock ownership plans and/or equity incentives [5]

Core Viewpoint - Tonghua Dongbao is expected to achieve a significant turnaround in its financial performance for 2025, with a projected net profit of approximately 1.242 billion yuan and a net profit excluding non-recurring gains of about 402 million yuan, both showing a substantial recovery compared to the previous year [1] Group 1: Performance Highlights - The company's insulin analog products are experiencing rapid growth, with sales increasing by over 100% year-on-year, becoming the main driver of revenue growth [2] - In Q3 2025, revenue from insulin analogs surpassed that of traditional human insulin, marking a key milestone in product upgrade [2] - Tonghua Dongbao's market share in the insulin sector remains second in the industry, with human insulin market share rising to 45.5%, maintaining the leading position domestically [2] Group 2: R&D Progress - The company is increasing R&D investment, advancing multiple innovative drug projects in the metabolic disease field [3] - Significant progress has been made with GLP-1 drugs, including the completion of Phase III clinical trials for semaglutide and positive results from Ib phase trials for a GLP-1/GIP dual-target agonist [3] - The company is also accelerating the development of insulin combination formulations and has received marketing approval for a gout drug, showcasing a diversified pipeline [3] Group 3: International Expansion - Tonghua Dongbao's internationalization has accelerated, with several core products achieving registration and market access breakthroughs in emerging markets [4] - The company is implementing a dual-output model of "raw materials + formulations," with significant progress in the internationalization of insulin analogs and human insulin [4] - The strategy includes breakthroughs in mature markets and rapid access in emerging markets, gradually building a sales network across multiple regions [4] Group 4: Shareholder Returns and Talent Incentives - The controlling shareholder, Dongbao Industrial Group, has increased its stake by 228 million yuan, reflecting confidence in the company's future [5] - The company plans to repurchase shares worth 20 to 40 million yuan for employee stock ownership or equity incentives, aiming to align interests among shareholders, the company, and employees [6] Group 5: Value Reassessment - Experts believe that as the revenue share of insulin analogs continues to rise, Tonghua Dongbao's profit structure and growth quality are expected to improve further [7] - The company is constructing a new growth pattern through the volume increase of insulin analogs, gradual realization of innovative drugs, and accelerated internationalization [7]

国内市场方面，公司依托本次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净片等产品同样取得良好增长，多品类协同发力，带 动国内销售收入较上期大幅攀升。 智通财经APP讯，通化东宝(600867.SH)发布公告，公司预计2025年年度实现归属于母公司所有者的净 利润约为12.42亿元，与上年同期相比，将实现扭亏为盈。 ...