迟军玉进一步向财联社记者透露称：“三季度胰岛素集采续标在各省市均已落地执行，随着新一轮集采的落地，各地均已恢复正常发货，而且随着新一轮集采公司调入分配量的逐步落地，我们相信四季度公司收入和利润端均将较三季度改善。”① During the performance meeting, some investors asked when Tonghua Dongbao will be able to break out of losses. Chairman Li Jiahong said that the company's performance is expected to recover and grow further; ② with the implementation of the Q3 insulin collection renewal in various provinces and cities, the company doubled its sales volume of insulin analogs; ③ during the performance meeting, the company also answered questions such as increased sales expenses and slow progress of construction projects under construction.
Finance Association, November 18 (Reporter He Fan) “When will we be able to get out of our losses?” In response to performance issues, Li Jiahong, chairman of Tonghua Dongbao (600867.SH), said that multiple factors, such as an increase in the volume of collection agreements, will drive further recovery and growth in the company's performance, and Chi Junyu, head of finance at the company, is also optimistic that “both the company's revenue and profit side will improve in the fourth quarter compared to the third quarter.” Furthermore, with the implementation of the Q3 insulin collection renewal in various provinces and cities, Chi Junyu revealed that sales of insulin analogues had doubled. Among them, sales of the Mendong series insulin increased sharply by nearly 400% over the same period last year. At the same time, during the performance meeting, the company also answered questions such as the increase in sales expenses and the slow progress of the transformation of projects under construction.
Due to factors such as a sharp decline in revenue and the termination of the R&D pipeline, Tonghua Dongbao lost 66.3724 million yuan in the first three quarters of this year. During the results meeting, investors were very concerned about when the company will be able to break out of losses. In response, Li Jiahong said that the Q3 company's performance recovered rapidly this year. In the future, with the in-depth implementation of the new round of collection and the execution of this cycle until the end of 2027, the company is expected to continue to benefit from the increase in collection agreements and the double dividends brought about by the release of insulin analogs, driving the further recovery and growth of the company's performance. When asked about the 2025 performance outlook, Li Jiahong said, “I hope to return to the level of performance before collection as soon as possible.”
Chi Junyu further revealed to the Financial Federation reporter: “The renewal of insulin collection for the third quarter has already been implemented in all provinces and cities. With the implementation of the new round of collection, normal delivery has resumed everywhere, and with the gradual implementation of the new round of collection companies transferring allocations, we believe that the company's revenue and profit side will improve in the fourth quarter compared to the third quarter.”
In April of this year, in the 2024 insulin collection process, all 6 bid products, including Tonghua Dongbao insulin injection and sperm protein insulin mixed injection, won the bid. Among them, Mendong 30 insulin participated in the collection for the first time.
“The company's insulin analogue sales doubled in the third quarter. Among them, sales of the Mendong series insulin increased sharply by nearly 400% year on year; the revenue share of insulin analogs in total revenue has increased to more than 30%.” Chi Junyu told the Financial Federation reporter.
In terms of cost, Q3 Tonghua Dongbao's sales expenses have increased dramatically. Chi Junyu explained to the Finance Association reporter that this is because the company's new products GLP-1 liraglutide injection and engagliptin oral hypoglycemic agents began to be marketed this year. Q3's insulin was included in collection for the first time, and siglitine phosphate oral hypoglycemic agents began to be marketed. In response to the launch of these new products, the company increased academic promotion efforts, and sales expenses increased. At the same time, Chi Junyu also revealed that the three new products achieved total sales revenue of about 80 million yuan in the first three quarters.
On the other hand, Tonghua Dongbao invested 75.0872 million yuan in R&D in the first three quarters of this year, an increase of 10.63% over the previous year. Specifically, when it comes to the company's GLP-1/GIP dual-target receptor agonist (THDBH120 for injection), Li Jiahong said that the pipeline is currently in phase 1b clinical trials. It is expected that the phase 1b clinical summary report will be completed in the first quarter of next year, and relevant clinical data will be read out at that time.
Furthermore, some investors believe that Tonghua Dongbao's construction project is slowly recovering. The company's director, Su Fan, explained that as the company's product sales continue to grow and develop and launch new products, the company needs to plan and build production bases for related products in advance to meet growing market demand. The company's main projects currently under construction include projects such as Mendon insulin, a production base for ultra-fast insulin injections, and a liraglutide/Degu insulin co-line production base. In the future, they will be put into use and converted one after another after meeting relevant requirements.
