通化东宝药业2025年年度报告摘要：业绩大幅回升，创新药研发与国际化布局持续推进

通化东宝药业股份有限公司2025年年度报告摘要：业绩大幅回升，创新药研发与国际化进展引关注

一、核心业绩实现强劲反弹，扭亏为盈

25年，通化东宝药业股份有限公司（600867.SH）实现营业收入29.47亿元，同比增长46.66%；利润总额14.77亿元，归属于上市公司股东的净利润12.19亿元，扣除非经常性损益后的净利润3.75亿元。公司业绩实现由亏转盈，较去年同期出现大幅回升，显示出公司核心业务的强劲复苏和盈利能力的明显提升。

二、现金分红与回购大幅提升股东回报

公司拟每10股派发现金红利3元（含税），合计派发5.87亿元（含税），现金分红占归母净利润48.14%。2025年度公司现金分红及回购金额合计6.14亿元，占归母净利润50.40%。如果纳入以现金回购并注销股份金额，合计7.67亿元，占净利润比例高达62.91%。高比例的现金分红和股份回购彰显公司对股东回报的高度重视，并释放出稳定和积极的信号，预计将有助于提升投资者信心和股价表现。

三、胰岛素和GLP-1创新药品驱动业绩增长，集采续标强化竞争地位

公司是国内糖尿病领域的龙头企业，产品线涵盖人胰岛素、胰岛素类似物、GLP-1受体激动剂及口服降糖药等。
2025年，公司三代胰岛素类似物制剂收入首次超越人胰岛素，标志产品结构优化升级。胰岛素类似物全年销量同比增幅超100%。
公司在第六批国家胰岛素专项集采及2024年续采中，所有胰岛素产品均以A类/A1类中选，总签约量约4500万支，较首轮集采大幅提升，进一步巩固并提升了市场份额。
人胰岛素市占率进一步提升至45%以上，稳居国内第一，甘精胰岛素市占率提升至15%以上，门冬系列市占率快速扩大。

四、持续加速国际化布局，海外市场拓展迅速

胰岛素产品在美国、欧盟、印尼、多米尼加、缅甸、乌兹别克斯坦、尼加拉瓜等国获得上市许可或注册进展，GLP-1类产品利拉鲁肽注射液在秘鲁获批上市。
公司逐步构建起覆盖法规市场与新兴市场的“原料药+制剂”全链条海外产品体系，海外业务收入保持快速增长，有望成为业绩新引擎。

五、创新研发成果密集，GLP-1系列产品梯队全面推进

公司坚定创新转型，GLP-1类药物布局丰富，包括司美格鲁肽（III期临床完成）、德谷胰岛素利拉鲁肽（III期临床入组完成）、GLP-1/GIP双靶点受体激动剂（Ib期减重数据显示6周平均减重9.36%，HbA1c平均下降1.38%）、口服小分子GLP-1激动剂（THDBH110）等。
痛风/高尿酸血症创新药XO/URAT1双靶点抑制剂IIa期临床达成主要终点，依托考昔片获得上市许可，公司业务领域拓展至更广泛的内分泌代谢疾病。

六、政策与行业环境积极，医疗集采、医保及创新药支持利好公司发展

国家政策持续支持创新药审评审批、医保支付方式改革、集采优化等，公司受益于政策红利。
2025年新版医保目录和商业保险创新药目录同步发布，为创新药上市和支付路径拓展提供有力保障。
国家带量采购续标周期延长至2027年底，提升公司经营可预期性。

七、公司治理与股权结构稳定

截至报告期末，公司股东总数85,759户，前十大股东持股集中，控股股东东宝实业集团与实际控制人李一奎为一致行动人，股权结构稳定。
公司无优先股及公司债券情况。

八、对股东和投资者的提示

公司2025年经营业绩大幅改善，分红回购大幅提升，创新药研发和国际化推进均取得实质性进展。
胰岛素集采续标、创新药临床进展、国际注册新获批等核心进展具有较强的业绩弹性和外延增长潜力，均为潜在价格敏感事件，值得投资者重点关注。
公司不存在退市风险警示或终止上市情形。

免责声明

本文基于通化东宝药业股份有限公司2025年度报告摘要公开资料整理，不构成任何投资建议。股市有风险，投资需谨慎。

Tonghua Dongbao Pharmaceutical Co., Ltd. 2025 Annual Report Summary: Strong Recovery, R&D and Internationalization Progress May Drive Share Price

1. Strong Earnings Recovery, Turnaround to Profit

In 2025, Tonghua Dongbao achieved revenue of RMB 2.947 billion, up 46.66% YoY. Total profit was RMB 1.477 billion, and net profit attributable to shareholders was RMB 1.219 billion, with non-recurring net profit at RMB 375 million. The company turned losses into profits, with substantial rebound in core business and profitability.

2. High Dividend and Buyback, Significant Shareholder Return

The company proposes a cash dividend of RMB 3 per 10 shares (tax inclusive), totaling RMB 587 million, accounting for 48.14% of net profit. Cash dividends and buyback total RMB 614 million (50.4% of net profit); including buyback and cancellation, the total reaches RMB 767 million (62.91%). Such high payout and buyback ratios highlight a strong commitment to shareholder returns and may boost investor sentiment and stock price.

3. Insulin and GLP-1 Innovation Drive Growth; National Tendering Enhances Leadership

Leading player in diabetes, covering human insulin, insulin analogues, GLP-1 agonists, and oral hypoglycemics.
2025 saw insulin analogue revenue surpass human insulin for the first time. Insulin analogue sales more than doubled YoY.
All insulin products won A/A1 class in national volume-based procurement (VBP), significantly increasing contracted volume to 45 million units, consolidating market share.
Human insulin market share rose to over 45% (No.1 in China), glargine over 15%, and aspart series growing rapidly.

4. Accelerating International Expansion

Insulin approved or registered in the US, EU, Indonesia, Dominican Republic, Myanmar, Uzbekistan, Nicaragua, etc.; GLP-1 (liraglutide) approved in Peru. International business is a new growth engine.

5. R&D Milestones: Robust GLP-1 Pipeline

Innovative GLP-1 portfolio: semaglutide (phase III complete), insulin degludec/liraglutide (phase III enrolled), GLP-1/GIP dual agonist shows 9.36% weight loss and 1.38% HbA1c reduction in 6 weeks (Ib trial), oral small-molecule GLP-1 in progress.
XO/URAT1 dual-target inhibitor for gout/hyperuricemia met primary endpoint (phase IIa); etoricoxib got marketing approval. Business scope expanded to other metabolic diseases.

6. Policy and Industry Tailwinds

National policies favor innovative drug review, reimbursement, and procurement. The 2025 Drug Reimbursement List and first Commercial Health Insurance Drug List boost innovative drug commercialization.
VBP extension to end-2027 adds business visibility.

7. Governance and Shareholding Structure

Shareholder base stands at 85,759; top 10 shareholders are stable. Controlling shareholder and actual controller act in concert, ensuring stable governance.

8. Investor Notes

2025 marks a major profit recovery, higher dividend and buyback, and substantial progress in R&D and internationalization.
Key price-sensitive catalysts include VBP renewal, innovative drug clinical progress, and new international approvals.
No delisting risk warning or termination of listing.

Disclaimer

This article is based on Tonghua Dongbao 2025 Annual Report summary and is for information only. It does not constitute investment advice. Stock market investments carry risks.