Investment Rating - The report maintains a "Recommended" rating for Tonghua Dongbao, with a target price of 10.1 yuan, compared to the current price of 8.6 yuan [1]. Core Insights - The company has announced two share buyback plans and two shareholding increase plans since July 2024, with a total amount ranging from 513 million to 786 million yuan, reflecting confidence in future development [1][2]. - Despite disruptions in sales due to centralized procurement and product price reductions impacting the first half of the year, negative factors have been fully released. The company is expected to show good revenue growth starting from the third quarter as centralized procurement is executed [2]. - The internationalization and innovation business are progressing positively, which is anticipated to become significant performance support for the company in the next 2-3 years [2]. Financial Summary - The projected net profit for the company from 2024 to 2026 is expected to be 136 million, 929 million, and 1.142 billion yuan, with year-on-year changes of -88.4%, 585.4%, and 22.9% respectively [2]. - The total revenue for the same period is projected to be 2.237 billion, 2.990 billion, and 3.670 billion yuan, with year-on-year growth rates of -27.3%, 33.7%, and 22.7% respectively [2][3]. - The earnings per share (EPS) are expected to be 0.07, 0.47, and 0.58 yuan for 2024, 2025, and 2026 respectively [2][3].

通化东宝药业股份有限公司 关于控股股东及其一致行动人 权益变动达到 1%的提示性公告 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。 证券代码：600867 证券简称：通化东宝 公告编号：2024-103 重要内容提示： ●本次权益变动系通化东宝药业股份有限公司（以下简称"公司"、"通化东 宝"）控股股东东宝实业集团股份有限公司（以下简称"东宝集团"）及其一致行 动人通过上海证券交易所交易系统集中竞价方式增持公司股份及公司股份回购注 销引起的持股比例被动增加，合计导致权益变动达到了 1%。本次权益变动不触及 要约收购，亦不会导致公司控股股东及实际控制人发生变化。 ●本次权益变动后，公司控股股东东宝集团及其一致行动人合计持有公司股 份比例为 31.0642%。 2024 年 11 月 15 日，公司收到控股股东东宝集团及其一致行动人关于权益 变动达到 1%的通知，现将权益变动相关情况公告如下： "《激励计划》"）的相关规定，公司将以 8.29 元/股的价格回购王明焱等 7 人已获授但尚未解锁的限制性股票共计 400,0 ...

证券代码：600867 证券简称：通化东宝 公告编号：2024-102 通化东宝药业股份有限公司 关于德谷胰岛素利拉鲁肽注射液 Ⅰ期临床试验完成总结报告的公告 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"）收到国家药 品监督管理局签发的关于德谷胰岛素利拉鲁肽注射液药物临床试验批准通知书后， 已经完成了一项关键I期临床试验并获得临床试验总结报告，研究结果显示达到主 要终点目标。现对相关信息公告如下： 一、药物基本情况 1、药物名称：德谷胰岛素利拉鲁肽注射液 2、剂型：注射剂 德谷胰岛素利拉鲁肽注射液是全球首个上市的由基础胰岛素类似物和GLP-1类 似物组成的复方制剂，突破性融合了两种药物的双组分优势，机制互补，多靶向作 用于2型糖尿病多项病理生理机制，调节葡萄糖稳态。 公司德谷胰岛素利拉鲁肽注射液在获得国家药品监督管理局的药物临床试验批 准后，已经启动"一项在中国健康受试者中评估德谷胰岛素利拉鲁肽注射液与诺和 益®单次给药的随机、开放、两周期、交叉设计的药代动力学比对研 ...

一、增持计划的内容 公司 2024 年 10 月 30 日收到了控股股东东宝集团关于增持公司股份计 划的通知，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。 本次增持比例不低于公司总股本 1%，即 19,817,341 股，不超过公司总股本 2%， 即 39,634,681 股。若增持计划实施期间，公司发生有送股、资本公积金转增股 本、股份回购注销等股份变动事项，则对增持数量进行相应调整。实施期限为自 2024 年 10 月 31 日之日起 12 个月内（即 2024 年 10 月 31 日至 2025 年 10 月 30 日）。增持主体及其一致行动人连续 12 个月合计增持股份数不超过公司总股本 的 2%。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。内容详见公司于 2024 年 10 月 31 日在中国证券报、上海证 券报及上海证券交易所网站（www.sse.com.cn）披露的《通化东宝关于控股股东 增持公司股份计划的公告》（公告编号：2024-099）。 二、取得金融机构贷款承诺函的情况 根据中国人民银行联合金融监管总局、中国证监会发布的《关于设立股票 ...

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 | 18,000 万元~20,000 万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 17,329,198 | | 累计已回购股数占总股本比例 | 0.87% | | 累计已回购金额 | 元 131,752,876.64 | | 实际回购价格区间 | 7.32 元/股~7.81 元/股 | 证券代码：600867 证券简称：通化东宝 公告编号：2024-100 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 回购公司股份进展情况的公告 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。 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定， ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 10.1 CNY, compared to the current price of 8.46 CNY [5]. Core Insights - The company's Q3 revenue was 708 million CNY, a decrease of 2.41% year-on-year, while the net profit attributable to shareholders was 164 million CNY, down 40.40% [1]. - The insulin business has shown recovery due to the implementation of centralized procurement, with sales volume of insulin analogs doubling and the Aspart series insulin sales increasing nearly 400% year-on-year [2]. - The company has made progress in international markets, with the EMA formally accepting the application for the human insulin injection license, which will expedite registration processes in Europe and emerging countries [2]. - The innovative drug segment has seen advancements, with clinical trials for new products progressing as planned [3]. Financial Summary - Total revenue for 2023 is projected at 3,075 million CNY, with a significant decline expected in 2024 to 2,237 million CNY, followed by a recovery to 2,990 million CNY in 2025 and 3,670 million CNY in 2026 [4]. - The net profit attributable to shareholders is forecasted to drop to 136 million CNY in 2024, with a substantial rebound to 929 million CNY in 2025 and 1,142 million CNY in 2026 [4]. - The company's earnings per share (EPS) is expected to be 0.07 CNY in 2024, recovering to 0.47 CNY in 2025 and 0.58 CNY in 2026 [4].

控股股东及其一致行动人增持公司股份的 法律意见书 吉林省长春市汽开区昆仑二路 335 号 电话：0431-85908781 传真：0431-85908781 吉林秉责律师事务所 关于 通化东宝药业股份有限公司 吉林秉责律师事务所 JLBZ LAW FIRM 吉林秉责律师事务所 JLBZ LAW FIRM 法律意见书 吉林秉责律师事务所 关于通化东宝药业股份有限公司 控股股东及其一致行动人增持公司股份的 法律意见书 致：通化东宝药业股份有限公司 吉林秉责律师事务所(以下简称"本所")接受通化东宝药业股份 有限公司（以下简称"通化东宝"或"公司"）的委托，指派本所律 师对公司控股股东东宝实业集团股份有限公司（以下简称"东宝集团"） 及其一致行动人通化盛睿企业管理中心（有限合伙）（以下简称"通 化盛睿"）、李佳鸿先生（以下统称"增持主体"）增持公司股份（以 下简称"本次增持"）事宜实施专项核查并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证 券法》"）《律师事务所从事证券法律业务管理办法》和《律师事务 所证券法律业务执业规则（试行）》等规定及本法律意见书出具日以 前已经发生或者存在的事实 ...

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。 证券代码：600867 证券简称：通化东宝 公告编号：2024-098 通化东宝药业股份有限公司 关于控股股东及其控制企业和公司董事长 增持公司股份计划实施完成的公告 重要内容提示： 增持计划的基本情况：2024 年 7 月 9 日，通化东宝药业股份有限公司（以 下简称"公司"、"通化东宝"）收到控股股东东宝实业集团股份有限公司（以 下简称"东宝集团"）及其控制的企业通化盛睿企业管理中心（有限合伙）（以 下简称"盛睿企业管理中心"）和公司董事长李佳鸿先生增持股份计划的通知。 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，控股股东东宝集团及 其控制企业盛睿企业管理中心和公司董事长李佳鸿先生拟通过上海证券交易所交 易系统允许的方式（包括但不限于集中竞价和大宗交易方式）增持公司股份，其 中：东宝集团及其控制的企业合计增持金额不低于 4,000 万元，不超过 6,000 万 元；董事长李佳鸿先生增持金额不低于 4,000 万元，不超过 6,000 万元。实施期 限为自 2 ...

证券代码：600867 证券简称：通化东宝 公告编号：2024-099 通化东宝药业股份有限公司 关于控股股东增持公司股份计划的公告 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： ●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，通化东宝药业 股份有限公司（以下简称"公司"、"通化东宝"）控股股东东宝实业集团股份 有限公司（以下简称"东宝集团"）计划自本公告披露日起 12 个月内，通过上 海证券交易所以集中竞价交易方式增持公司股份。本次增持比例不低于公司总股 本 1%，即 19,817,341 股，不超过公司总股本 2%，即 39,634,681 股。若增持计 划实施期间，公司发生有送股、资本公积金转增股本、股份回购注销等股份变动 事项，则对增持数量进行相应调整。实施期限为自 2024 年 10 月 31 日之日起 12 个月内（即 2024 年 10 月 31 日至 2025 年 10 月 30 日）。增持主体及其一致行动 人连续 12 个月合计增持股份数不超过公司总股本的 2%。增持计划不设 ...

Financial Performance - Total revenue for Q3 2024 was ¥707,707,693.34, a decrease of 2.41% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥164,117,818.68, down 40.40% year-on-year[2]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥148,366,081.77, a decline of 46.46% compared to the previous year[2]. - Basic earnings per share for Q3 2024 was ¥0.08, down 42.86% year-on-year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 1,447,720,331.65, a decrease of approximately 30.8% compared to CNY 2,091,494,803.06 in the same period of 2023[18]. - Net profit for the first three quarters of 2024 was a loss of CNY 66,433,975.66, compared to a profit of CNY 760,430,940.61 in the same period of 2023[19]. - Total profit for the first three quarters of 2024 was a loss of CNY 115,162,628.72, compared to a profit of CNY 878,536,336.02 in the same period of 2023[19]. - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY -0.03, compared to CNY 0.38 in the same period of 2023[20]. Cash Flow and Assets - Cash flow from operating activities for the year-to-date was ¥225,162,475.15, a decrease of 52.41%[3]. - Cash flow from operating activities generated CNY 225,162,475.15, a decline of 52.4% compared to CNY 473,177,711.72 in the same period of 2023[21]. - Cash and cash equivalents dropped significantly from 1,104,204,462.65 yuan to 332,825,326.83 yuan, a decrease of about 69.9%[15]. - The ending balance of cash and cash equivalents was $332,825,326.83, down from $662,331,704.31 at the end of the previous period[22]. - The net increase in cash and cash equivalents was -$772,011,764.56, compared to -$125,731,126.67 in the previous period[22]. - Total assets at the end of the reporting period were ¥7,124,641,369.15, a decrease of 8.32% from the end of the previous year[3]. - The company’s total current assets decreased from 2,816,354,808.02 yuan as of December 31, 2023, to 1,957,952,714.18 yuan as of September 30, 2024, a decline of approximately 30.5%[15]. - Total assets decreased from 7,771,366,505.90 yuan to 7,124,641,369.15 yuan, a decline of approximately 8.3%[16]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 96,539[8]. - The largest shareholder, Dongbao Industrial Group Co., Ltd., holds 591,699,387 shares, accounting for 29.86% of total shares[10]. - The top ten shareholders include Tianjin Zhenyi Equity Investment Partnership with 183,058,967 shares (9.24%) and Abu Dhabi Investment Authority with 31,836,912 shares (1.61%)[10]. - The company has not disclosed any other related party relationships among shareholders beyond the controlling shareholder and actual controller[10]. Share Repurchase and Equity Changes - The company repurchased 15,077,817 shares, representing 0.76% of the total share capital, at a total cost of approximately RMB 119.99 million[12]. - The second phase of share repurchase involved 17,329,198 shares, accounting for 0.87% of total share capital, with a total transaction amount of approximately RMB 131.75 million[13]. - The company plans to use its own funds for share repurchase at a price not exceeding RMB 12 per share, with a total fund amount between RMB 18 million and RMB 20 million for the second phase[13]. - The company’s share repurchase plan is aimed at employee stock ownership plans and equity incentives[12]. - The controlling shareholder, Dongbao Group, plans to increase its stake in the company by an amount not less than 40 million yuan and not exceeding 60 million yuan within six months starting from July 11, 2024[14]. - Chairman Li Jiahong has already increased his shareholding by 5,279,900 shares, amounting to 41,441,935.10 yuan, which represents 0.27% of the total share capital[14]. - The chairman of the supervisory board, Wang Junye, plans to increase his stake by an amount between 3 million yuan and 5 million yuan within six months starting from July 16, 2024[14]. Expenses and Liabilities - Total operating costs increased to CNY 1,368,736,419.93, up 8.3% from CNY 1,263,658,164.35 in the previous year[18]. - Sales expenses increased to CNY 788,404,796.79, up 24.5% from CNY 633,667,154.53 in the previous year[18]. - Research and development expenses rose to CNY 75,087,241.78, an increase of 14.0% from CNY 65,832,967.50 in the previous year[18]. - Total liabilities increased from 555,081,986.78 yuan to 693,870,050.19 yuan, an increase of about 24.9%[17]. - The company’s equity attributable to shareholders decreased from 7,211,198,787.69 yuan to 6,425,747,135.39 yuan, a decline of approximately 10.9%[17]. Operational Challenges - The significant decrease in revenue was primarily due to inventory control and adjustments before the implementation of centralized procurement for insulin injection products[6]. - The company terminated the research and development project for soluble insulin injection (THDB0207), leading to recognized losses related to capitalized R&D expenses[7]. - The net profit for the year-to-date showed a dramatic decline of 108.73% due to reduced revenue and increased sales expenses[6].