Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.48 CNY based on a 19x P/E ratio for 2025 [2][5]. Core Insights - The company is experiencing short-term pressure on performance due to the impact of centralized procurement on certain insulin products, leading to a downward revision of revenue and profit forecasts for 2024-2026 [2][6]. - The company is actively advancing its R&D projects, particularly in the GLP-1 and gout treatment areas, with several clinical trials progressing well [6][7]. Financial Performance Summary - Revenue for 2022 was 2,778 million CNY, with a projected decline to 2,177 million CNY in 2024, followed by a recovery to 2,903 million CNY in 2025 and 3,489 million CNY in 2026, reflecting a -15.0% growth in 2022 and a -29.2% decline in 2024 [3][10]. - Operating profit is expected to drop significantly from 1,829 million CNY in 2022 to just 50 million CNY in 2024, before rebounding to 1,001 million CNY in 2025 and 1,320 million CNY in 2026 [3][10]. - The net profit attributable to the parent company is forecasted to decrease from 1,582 million CNY in 2022 to 41 million CNY in 2024, with a recovery to 854 million CNY in 2025 and 1,128 million CNY in 2026 [3][10]. - The earnings per share (EPS) are projected to fall from 0.81 CNY in 2022 to 0.02 CNY in 2024, then rise to 0.44 CNY in 2025 and 0.58 CNY in 2026 [3][10]. R&D and Market Expansion - The company is seeing robust growth in its insulin products, particularly in the second half of 2024, with a projected sales increase of over 300% for its Aspart insulin series due to new hospital admissions [6][7]. - The overseas business is expected to achieve over 100 million CNY in revenue in 2024, nearly doubling year-on-year [6][7]. - Ongoing clinical trials for innovative drugs, including GLP-1/GIP dual receptor agonists and gout treatments, are progressing well, indicating a strong pipeline for future growth [6][7].

Investment Rating - The report gives a "Recommended" rating for Tonghua Dongbao, indicating a positive outlook for the company's stock performance in the near term [8][63]. Core Insights - Tonghua Dongbao is a leading domestic company in the diabetes treatment sector, focusing on insulin products. The company has a comprehensive product line that includes human insulin, insulin analogs, GLP-1 receptor agonists, and oral hypoglycemic agents. The global diabetes epidemic presents significant market opportunities, especially in China, where the prevalence of diabetes is high [6][18]. - The report highlights the acceleration of domestic substitution in the insulin market, with the company's products achieving A-class selection in the recent procurement rounds. This positions the company favorably in a competitive landscape, allowing for increased market share and revenue growth [6][36]. - The company is actively pursuing innovation and international expansion, with several products in various stages of clinical trials and regulatory approvals. This includes partnerships aimed at entering overseas markets, particularly in the U.S. and Europe [6][54]. Summary by Sections Company Overview - Tonghua Dongbao has a total share capital of 1,959 million shares and a market capitalization of 151 billion yuan. The company has a low debt-to-asset ratio of 9.7% and a net asset value per share of 3.28 yuan [1]. Financial Performance - The company's revenue and net profit projections for 2024-2026 are as follows: - Revenue: 22.93 billion yuan (2024), 28.73 billion yuan (2025), 33.14 billion yuan (2026) - Net Profit: 0.41 billion yuan (2024), 8.52 billion yuan (2025), 11.68 billion yuan (2026) [56][59]. - The report notes a significant drop in net profit for 2024 due to the impact of procurement price reductions and inventory adjustments, but anticipates a strong recovery in subsequent years [14][63]. Market Dynamics - The report emphasizes the growing market for diabetes treatments, particularly insulin, which remains a critical component of diabetes management. The increasing awareness and treatment rates for diabetes in China are expected to drive market growth [6][28]. - The insulin procurement process has shifted favorably towards domestic manufacturers, with the report indicating that domestic companies' market share has increased from 31% to 45% in recent procurement rounds [6][36]. Innovation and R&D - Tonghua Dongbao is advancing its R&D pipeline, with several products in late-stage clinical trials, including GLP-1 receptor agonists and new insulin formulations. The company is also expanding its product offerings to include treatments for conditions like gout and obesity [6][51][54]. Valuation and Comparison - The report compares Tonghua Dongbao's valuation with peers, noting that its projected P/E ratio for 2025 is 18, which is below the average of 23 for comparable companies. This suggests potential for valuation upside [63][64].

Core Viewpoint - Tonghua Dongbao (600867) expects a significant decrease in net profit for 2024, projecting approximately 40.53 million yuan, a year-on-year decline of about 96.53% [1] Financial Performance - The company's non-recurring net profit is estimated to be around 271 million yuan, reflecting a year-on-year decrease of approximately 76.81% [2] - The anticipated accounting treatment related to the termination of the THDB0207 injection project will reduce the company's net profit by 270 million yuan and non-recurring gains and losses by 215 million yuan for 2024 [3] Business Impact - The decline in performance is attributed to the implementation of a new round of insulin procurement, which has led to a decrease in the bidding prices of the company's insulin products, resulting in lower sales revenue [2] - The company is facing short-term impacts due to inventory adjustments by commercial clients in response to the new procurement policies [2][4] Future Outlook - The company anticipates a recovery in sales and shipping activities in the second half of 2024, with the new procurement policies accelerating the market entry and volume of its insulin products [4] - The company has successfully entered thousands of hospitals with its Aspart insulin series, expecting a year-on-year sales growth of over 300% in the second half of 2024 [5] - The overseas business is projected to see significant growth, with expected revenue exceeding 100 million yuan, nearly doubling year-on-year [6] R&D Developments - Tonghua Dongbao is actively advancing its innovative drug research and development, with several clinical trials underway for various products [7] - The company has expanded its treatment focus from diabetes to a broader range of metabolic and endocrine diseases, including the development of a chemical oral medication for gout [8]

Financial Performance - The company expects a net profit attributable to shareholders of approximately 40.53 million yuan for the year 2024, a decrease of about 112.73 million yuan, representing a year-on-year decline of approximately 96.53%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 270.72 million yuan, a decrease of about 89.68 million yuan, which is a year-on-year decline of approximately 76.81%[5] - In 2023, the total profit was 1.37 billion yuan, with a net profit attributable to shareholders of 1.17 billion yuan[7] Project Termination and Impairment - The company decided to terminate the clinical research and development of the BioChaperone® Combo project, resulting in a full impairment of 64.56 million yuan and a loss recognition of 253.52 million yuan related to commercialization rights[10] - The termination of the THDB0207 injection project will reduce the company's net profit for 2024 by 270.37 million yuan and decrease non-recurring gains and losses by 215.50 million yuan[10] Sales Revenue Decline - The decline in sales revenue is attributed to the implementation of a new round of insulin procurement, which led to a decrease in the bidding prices of insulin products[9] Earnings Forecast - The company has not identified any uncertainties that would affect the accuracy of this earnings forecast[11] - The earnings forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[11] - The data provided in the earnings forecast is preliminary and the final financial data will be disclosed in the official 2024 annual report[12] - The company emphasizes the importance of investors being aware of investment risks related to the preliminary earnings forecast[12]

证券代码：600867 证券简称：通化东宝 公告编号：2025-007 通化东宝药业股份有限公司 关于监事增持公司股份计划实施期限届满 暨增持完成的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 增持计划的基本情况：2024 年 7 月 15 日，通化东宝药业股份有限公司（以 下简称"公司"、"通化东宝"）收到监事会主席王君业先生关于增持公司股份 计划的通知。基于对公司未来发展前景的信心和对公司价值的高度认可，王君业 先生拟通过上海证券交易所交易系统以集中竞价交易方式增持公司股份，增持金 额 300 万元-500 万元。实施期限自 2024 年 7 月 16 日起 6 个月内（即 2024 年 7 月 16 日-2025 年 1 月 15 日）。增持计划不设价格区间，将根据公司股票价格波 动情况及资本市场整体趋势实施增持计划。 增持计划的实施结果：截至2025年1月15日，监事会主席王君业先生增持 公司股份508,200股，增持金额4,257,708元，占公司总股本的0.0259%。本次增持 计 ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-002 通化东宝药业股份有限公司 关于 2024 年第二期以集中竞价交易方式股份回购 实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/11，由董事长李佳鸿提议 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 个月 6 | | 预计回购金额 | 万元 18,000 万元~20,000 | | 回购价格上限 | 元/股 12 | | 回购用途 | √减少注册资本 □为维护公司价值及股东权益 | | 实际回购股数 | 23,191,245 股 | | 实际回购股数占总股本比例 | 1.17% | | 实际回购金额 | 180,041,028.40 元 | | 实际回购价格区间 | 7.32 元/股~8.45 元/股 | 一、 回购审批情况和回购方案内容 通化东宝药业股份有限公司（以下简称"公司"、"通化东宝"）于 2024 年 7 月 10 日召开第十一届 ...

证券代码：600867 证券简称：通化东宝 公告编号：2024-111 通化东宝药业股份有限公司 非公开发行股票募投项目整体结项并将节余募集资金 永久补充流动资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ● 通化东宝药业股份有限公司（以下简称"公司"、"通化东宝"）根据非公开 发行募投项目实际实施情况和经营发展需要，公司拟将 2015 年度非公开发行股票募 集资金投资项目整体结项并将节余募集资金 6,541.72 万元（包括累计收到的银行存款 利息和理财产品收益扣除银行手续费等的净额 5,897.61 万元），实际金额以资金转出 当日专户余额为准）永久补充流动资金，占公司非公开发行募集资金净额的 6.43%。 ● 本事项已经公司于 2024 年 12 月 27 日召开的第十一届董事会第十三次会议、第 十一届监事会第八次会议审议通过，节余募集资金金额低于募集资金净额的 10%，该 事项无需提交公司股东大会审议。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2016]918 号文批准，本公司由主承销商华 ...

华泰联合证券有限责任公司 关于通化东宝药业股份有限公司非公开发行股票募投项目整体 结项并将节余募集资金永久补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"）作为通化 东宝药业股份有限公司（以下简称"通化东宝"、"公司"）非公开发行股票持续督导保 荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《上海证券交易所股票上市规则》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，对通化东宝非公 开发行股票募投项目整体结项并将节余募集资金永久补充流动资金的情况进行了核 查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2016]918 号文批准，公司由主承销商华泰 联合证券采用非公开发行方式，向特定投资者非公开发行人民币普通股（A 股）股票 55,726,976 股，发行价格为每股人民币 18.68 元，本次发行共计募集资金人民币 1,040,979,911.68 元，扣除承销费用 19,948,774.13 元后的募集资金为 1,021,031,137.55 元 ...

监事会认为：公司非公开发行股票募投项目已建设完毕，达到预定可使用状 态，本次募投项目结项并将节余募集资金永久补充流动资金，有利于提高募集资 金的使用效率，降低财务成本，符合公司实际经营情况，符合公司和全体股东的 利益，符合中国证券监督管理委员会、上海证券交易所关于上市公司募集资金使 用的有关规定，决策程序合法、合规，监事会同意本次募投项目结项并将节余募 集资金永久补充流动资金事项。 具体内容详见公司于 2024 年 12 月 28 日在在中国证券报、上海证券报及上 海证券交易所网站（www.sse.com.cn）披露的《通化东宝非公开发行股票募投项 目整体结项并将节余募集资金永久补充流动资金的公告》（公告编号：2024-111）。 表决结果：同意 3 票，反对 0 票，弃权 0 票 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 通化东宝药业股份有限公司（以下简称"公司"或"通化东宝"）第十一届 监事会第八次会议，于 2024 年 12 月 27 日在公司会议室以现场结合通讯方式召 开，会议通知于 20 ...

吉林秉责律师事务所 关于通化东宝药业股份有限公司 二 0 二四年第四次临时股东大会的法律意见书 本次股东大会由公司董事会召集，会议召开方式为现场投票与网 络投票相结合的方式。 现场会议召开的时间：2024 年 12 月 18 日上午 10 时，会议召开 的地点为通化东宝药业股份有限公司会议室。 致：通化东宝药业股份有限公司 根据《中华人民共和国证券法》（以下简称"证券法"）、《中 华人民共和国公司法》（以下简称《公司法》）、《上市公司股东大 会规则》（以下简称《股东大会规则》）和《通化东宝药业股份有限 公司章程》（以下简称《公司章程》）的有关规定，吉林秉责律师事 务所（以下简称"本所"）接受了通化东宝药业股份有限公司（以下 简称"公司"、"通化东宝"）的委托，担任公司 2024 年第四次临 时股东大会（以下简称"本次股东大会"）特聘专项法律顾问并出具 法律意见书。 本法律意见书仅供公司为本次股东大会之目的而使用，不得用于 其他任何目的。本所同意公司将本法律意见书作为本次股东大会的公 告材料，随其他需要公告的信息一起向公众披露，并依法对本所在其 中发表的法律意见承担责任。 为出具本法律意见书，本所指派郭淑芬、商 ...