Announcement • Apr 20
Tonghua Dongbao Pharmaceutical Co., Ltd., Annual General Meeting, May 12, 2026 Tonghua Dongbao Pharmaceutical Co., Ltd., Annual General Meeting, May 12, 2026, at 10:00 China Standard Time. Location: The Company's Meeting Room, Tonghua County, Jilin China Reported Earnings • Apr 20
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.62 (up from CN¥0.02 loss in FY 2024). Revenue: CN¥2.95b (up 47% from FY 2024). Net income: CN¥1.22b (up CN¥1.26b from FY 2024). Profit margin: 41% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 30
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥9.54, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Pharmaceuticals industry in China. Total loss to shareholders of 12% over the past three years. Announcement • Dec 26
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report Fiscal Year 2025 Results on Apr 20, 2026 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report fiscal year 2025 results on Apr 20, 2026 Major Estimate Revision • Nov 06
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥2.70b to CN¥2.76b. EPS estimate increased from CN¥0.255 to CN¥0.30 per share. Net income forecast to shrink 29% next year vs 29% growth forecast for Pharmaceuticals industry in China . Consensus price target up from CN¥9.95 to CN¥10.15. Share price rose 3.0% to CN¥9.06 over the past week. New Risk • Oct 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (227% cash payout ratio). Announcement • Oct 15
Tonghua Dongbao Announces Positive Topline Results of Phase 3 Clinical Trial on Ultra-Rapid Insulin Adocia announced that its partner Tonghua Dongbao releases positive topline results on the second Phase 3 clinical trial on BioChaperone Lispro (THDB0206 injection), a novel Ultra-Rapid Insulin formulation. Conducted by Tonghua Dongbao, this Phase 3 study was approved by the Chinese Regulatory Authorities (CDE1). The randomized, open, multicenter study evaluated the safety and efficacy of THDB0206 injection compared to Humalog in adults with Type 1 Diabetes. Tonghua Dongbao currently employs over 3,000 people and has sales of around $280 million. It has been listed on the Shanghai Stock Exchange since 1994, with a market capitalization of about $2.3 billion. Results
A total of 550 Chinese adults with Type 1 diabetes with inadequate glycemic control and using daily multiple injections of insulin were randomized. After 26 weeks of treatment, HbA1c decreased significantly in both groups compared to the baseline. The reduction in the THDB0206 injection group was comparable to that of the Humalog® group, meeting the primary endpoint. The first key secondary endpoint was also demonstrated, with a statistically significant lower rise of blood glucose after a standard meal for the THDB0206 injection group, compared to the Humalo group. In addition, the study shows a significant trend of blood glucose improvement 2 hours after a standard meal for the THDB0206 injection group, compared to the Humalo group. The 10-point self-monitoring blood glucose (SMBG) of patients at week 26, an important supportive endpoint of the trial, confirmed the advantage of this product in controlling postprandial blood glucose, with a statistical improvement 1 hour after each meal (breakfast, lunch, dinner). In addition, the safety and tolerability of THDB0206 injection were good. Most of the adverse events were mild or moderate, and the incidence of adverse events and hypoglycemic events were similar to those of Humalo. Those results confirm the positive results obtained with THDB0206 injection in people with Type 2 Diabetes, as communicated in July 2025. Announcement • Sep 30
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Announcement • Jul 25
Adocia and Tonghua Dongbao Announces Positive Topline Results of Phase 3 Clinical Trial on Ultra-Rapid Insulin BioChaperone Lispro (THDB0206 injection) in People with T2D Adocia announced that its partner Tonghua Dongbao releases positive topline results on the Phase 3 clinical trial on BioChaperone Lispro (THDB0206 injection), a novel Ultra-Rapid Insulin formulation. Conducted by Tonghua Dongbao, this Phase 3 study (NCT05834868) was approved by the Chinese Regulatory Authorities (CDE1). The randomized, open, multicenter study evaluated the safety and efficacy of THDB0206 injection compared to Humalog in adults with Type 2 diabetes. Results A total of 1,040 Chinese adults with Type 2 diabetes with inadequate glycemic control and using daily multiple injections of insulin were randomized. After 26 weeks of treatment, HbA1c decreased significantly in both groups compared to the baseline. The reduction in the THDB0206 injection group was comparable to that of the Humalog group, meeting the primary endpoint. The key secondary endpoints were also demonstrated, with a statistically significant lower rise of blood glucose after a standard meal for the THDB0206 injection group, compared to the Humalog group. The 10-point self-monitoring blood glucose (SMBG) of patients at week 26, an important supportive endpoint of the trial, confirmed the advantage of this product in controlling postprandial blood glucose fluctuations, with a statistically improved daily blood glucose level. A series of prespecified subgroup analyzes of the primary HbA1c endpoint also fully confirmed the benefits of this product in long-term blood glucose control in patients with Type 2 diabetes. In addition, the safety and tolerability of THDB0206 injection were good. Most of the adverse events were mild or moderate, and the incidence of adverse events and hypoglycemic events were similar to those of Humalog. BioChaperone Lispro was licensed to Tonghua Dongbaoin 2018, as part of a Licensing Agreement covering China and other Asian countries. BioChaperone Lispro is an Ultra-Rapid Insulin, belonging to the latest generation of prandial insulins. It combines Adocia's proprietary BioChaperone® technology with insulin lispro, the active ingredient in the standard of care, Humalog (Eli Lilly). This innovative formulation acts significantly faster than earlier insulin generations, effectively reducing post-meal hyperglycemia, which is a key contributor to long-term complications such as retinopathy, diabetic foot ulcers, or kidney failure. Additionally, its rapid elimination minimizes the risk of hypoglycemia, often caused when insulin level remains high after post-meal glucose levels have normalized. Announcement • Jun 30
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Announcement • May 23
Tibet Trust-Jintong No. 10 Collective Fund Trust Plan managed by Tibet Trust Corporation Limited, Asset Management Arm signed Share Transfer Agreement to acquire 5.7% stake in Xiamen Amoytop Biotech Co., Ltd. (SHSE:688278) from Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) for CNY 1.3 billion. Tibet Trust-Jintong No. 10 Collective Fund Trust Plan managed by Tibet Trust Corporation Limited, Asset Management Arm signed Share Transfer Agreement to acquire 5.7% stake in Xiamen Amoytop Biotech Co., Ltd. (SHSE:688278) from Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) for CNY 1.3 billion on May 22, 2025. A cash consideration valued at CNY 56.12 per share will be paid for 23,187,600 shares.
The transaction is subject to approval from shareholders of Tonghua Dongbao Pharmaceutical. The transaction has been approved by the board of Xiamen Amoytop Biotech. Price Target Changed • May 06
Price target decreased by 8.0% to CN¥9.69 Down from CN¥10.53, the current price target is an average from 5 analysts. New target price is 31% above last closing price of CN¥7.41. Stock is down 29% over the past year. The company is forecast to post earnings per share of CN¥0.42 next year compared to a net loss per share of CN¥0.02 last year. Reported Earnings • Apr 30
Full year 2024 earnings released: CN¥0.02 loss per share (vs CN¥0.59 profit in FY 2023) Full year 2024 results: CN¥0.02 loss per share (down from CN¥0.59 profit in FY 2023). Revenue: CN¥2.01b (down 35% from FY 2023). Net loss: CN¥42.7m (down 104% from profit in FY 2023). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Apr 30
Tonghua Dongbao Pharmaceutical Co., Ltd., Annual General Meeting, May 21, 2025 Tonghua Dongbao Pharmaceutical Co., Ltd., Annual General Meeting, May 21, 2025, at 10:00 China Standard Time. Location: The Company's Meeting Room, Tonghua County, Jilin China Announcement • Mar 28
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Major Estimate Revision • Jan 22
Consensus EPS estimates fall by 70% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥2.15b to CN¥2.09b. EPS estimate also fell from CN¥0.067 per share to CN¥0.02 per share. Net income forecast to grow 63% next year vs 33% growth forecast for Pharmaceuticals industry in China. Consensus price target of CN¥10.45 unchanged from last update. Share price was steady at CN¥7.71 over the past week. Announcement • Dec 27
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2025 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2025 Announcement • Dec 13
Adocia and Tonghua Dongbao Pharmaceutical Co. Ltd Announce the Final Dosing in A Phase 3 Clinical Study of Biochaperone®? Lispro Adocia announced the completion of the final dosing of the last Type 2 diabetes patient in a Phase 3 clinical trial evaluating BioChaperone® Lispro, the Company's novel ultra-rapid insulin. This clinical trial is being conducted in China by Adocia's partner, Tonghua Dongbao Pharmaceutical in people with Type 2 Diabetes. The final dosing of the last type 2 diabetes patient is associated with a milestone payment of $10 million to Adocia. This payment will be received in the second quarter of 2025 as per the payment terms of the Licensing Agreement. A second study in people with Type 1 diabetes is nearing the end of treatment, which is expected to be in early 2025. Both Phase 3 topline results, in people with Type 1 and Type 2 diabetes, are expected in first quarter of 2025. Tonghua Dongbao is expected to submit the Marketing Authorization Application to the Chinese Centre for Drug Evaluation (CDE) in 2025. The grant of the Marketing Authorization would lead to an additional milestone payment of $20 million and double-digit royalties on sales to Adocia. The Phase 3 clinical program, conducted by Tonghua Dongbao, involves over 1,500 people with Type 1 and Type2 diabetes in 100 clinical centres across China. The aim of both pivotal trials is to demonstrate the safety and efficacy of BioChaperone®Lispro compared to standard of care Humalog® (Eli Lilly). The primary efficacy endpoints is the change in HbA1c (glycosylated haemoglobin) from baseline to 26 weeks of treatment, with a non-inferiority objective. The secondary efficacy endpoints are 1-hour and 2-hour Postprandial Glucose (PPG) excursions at week 26. BioChaperone®Lispro was licensed to Tonghua Dongbao in 2018, as part of a Licensing Agreement covering China and other Asian countries. Major Estimate Revision • Oct 31
Consensus EPS estimates fall by 57%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥2.10b to CN¥2.16b. EPS estimate fell from CN¥0.105 to CN¥0.045 per share. Net income forecast to grow 152% next year vs 31% growth forecast for Pharmaceuticals industry in China. Consensus price target down from CN¥11.37 to CN¥10.45. Share price was steady at CN¥8.29 over the past week. New Risk • Oct 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 157% Dividend per share is over 6x cash flows per share. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: CN¥0.059 (down from CN¥0.14 in 3Q 2023). Revenue: CN¥707.7m (down 2.4% from 3Q 2023). Net income: CN¥163.7m (down 42% from 3Q 2023). Profit margin: 23% (down from 39% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report Q3, 2024 results on Oct 25, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥8.20, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Pharmaceuticals industry in China. Total loss to shareholders of 13% over the past three years. Major Estimate Revision • Sep 06
Consensus revenue estimates fall by 32% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥3.09b to CN¥2.10b. EPS estimate fell from CN¥0.538 to CN¥0.105 per share. Net income forecast to grow 57% next year vs 29% growth forecast for Pharmaceuticals industry in China. Consensus price target down from CN¥12.61 to CN¥11.37. Share price fell 4.7% to CN¥7.58 over the past week. Price Target Changed • Sep 04
Price target decreased by 9.8% to CN¥11.37 Down from CN¥12.61, the current price target is an average from 4 analysts. New target price is 49% above last closing price of CN¥7.61. Stock is down 21% over the past year. The company is forecast to post earnings per share of CN¥0.11 for next year compared to CN¥0.59 last year. New Risk • Sep 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 218% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (18% net profit margin). New Risk • Aug 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 217% Dividend yield: 3.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 217% Minor Risk Profit margins are more than 30% lower than last year (18% net profit margin). Buy Or Sell Opportunity • Aug 29
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to CN¥7.92. The fair value is estimated to be CN¥6.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.6% over the last 3 years. Earnings per share has declined by 4.1%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Major Estimate Revision • Jul 12
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥3.27b to CN¥3.09b. EPS estimate also fell from CN¥0.605 per share to CN¥0.538 per share. Net income forecast to grow 0.8% next year vs 26% growth forecast for Pharmaceuticals industry in China. Consensus price target broadly unchanged at CN¥12.61. Share price fell 6.3% to CN¥7.71 over the past week. Announcement • Jul 11
Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) announces an Equity Buyback for CNY 120 million worth of its shares. Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) announces a share repurchase program. Under the program, the company will repurchase up to CNY 120 million. The shares will be purchased at a price not exceeding CNY 12 per share. The purpose of the program is to use the repurchased shares for equity incentive or employee shareholding plan. If the company fails to use the repurchased shares for the above purpose within 3 years of completion of the program, the unused shares will be cancelled. The program will be funded from company's own funds. The program will be valid for 6 months. Announcement • Jun 28
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report First Half, 2024 Results on Aug 31, 2024 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report first half, 2024 results on Aug 31, 2024 Price Target Changed • Jun 08
Price target decreased by 8.4% to CN¥13.15 Down from CN¥14.36, the current price target is an average from 3 analysts. New target price is 45% above last closing price of CN¥9.05. Stock is down 14% over the past year. The company is forecast to post earnings per share of CN¥0.61 for next year compared to CN¥0.59 last year. Major Estimate Revision • May 09
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥3.17b to CN¥3.34b. EPS estimate increased from CN¥0.54 to CN¥0.618 per share. Net income forecast to grow 12% next year vs 27% growth forecast for Pharmaceuticals industry in China. Consensus price target down from CN¥14.77 to CN¥14.36. Share price rose 3.4% to CN¥10.43 over the past week. Major Estimate Revision • May 03
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥3.42b to CN¥3.17b. EPS estimate also fell from CN¥0.644 per share to CN¥0.54 per share. Net income forecast to grow 4.2% next year vs 28% growth forecast for Pharmaceuticals industry in China. Consensus price target down from CN¥15.27 to CN¥14.77. Share price fell 4.7% to CN¥10.09 over the past week. Reported Earnings • Apr 28
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: CN¥0.11 (down from CN¥0.13 in 1Q 2023). Revenue: CN¥591.4m (down 11% from 1Q 2023). Net income: CN¥214.7m (down 14% from 1Q 2023). Profit margin: 36% (down from 38% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 32%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Mar 30
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: CN¥0.59 (down from CN¥0.79 in FY 2022). Revenue: CN¥3.08b (up 11% from FY 2022). Net income: CN¥1.17b (down 26% from FY 2022). Profit margin: 38% (down from 57% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥10.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Pharmaceuticals industry in China. Total loss to shareholders of 4.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥4.74 per share. Reported Earnings • Jan 30
Full year 2023 earnings released: EPS: CN¥0.59 (vs CN¥0.79 in FY 2022) Full year 2023 results: EPS: CN¥0.59 (down from CN¥0.79 in FY 2022). Revenue: CN¥3.09b (up 11% from FY 2022). Net income: CN¥1.18b (down 26% from FY 2022). Profit margin: 38% (down from 57% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Dec 29
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report Fiscal Year 2023 Results on Apr 08, 2024 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report fiscal year 2023 results on Apr 08, 2024 Price Target Changed • Nov 10
Price target increased by 7.4% to CN¥14.25 Up from CN¥13.27, the current price target is an average from 4 analysts. New target price is 19% above last closing price of CN¥12.02. Stock is up 33% over the past year. The company is forecast to post earnings per share of CN¥0.53 for next year compared to CN¥0.79 last year. Price Target Changed • Oct 31
Price target increased by 8.2% to CN¥13.75 Up from CN¥12.71, the current price target is an average from 4 analysts. New target price is 24% above last closing price of CN¥11.09. Stock is up 24% over the past year. The company is forecast to post earnings per share of CN¥0.48 for next year compared to CN¥0.79 last year. Announcement • Oct 24
Adocia Announces its Partner Tonghua Dongbao Releases Positive Results on the Three Clinical Studies Conducted on BioChaperone Combo THDB0207 Formulation Containing Insulin Glargine and Insulin Lispro from Tonghua Dongbao Adocia announced that its partner Tonghua Dongbao releases positive results on the three clinical studies conducted on BioChaperone Combo THDB0207 (“BC Combo”) formulation containing insulin glargine and insulin lispro from Tonghua Dongbao. Conducted by Adocia in Germany, these studies were fully funded by Tonghua Dongbao, the Chinese insulin leader to whom BC Combo was licensed in 2018. These studies were approved by the German Health Authority (BfArM1), as well as by the Chinese Regulatory Authorities (CDE2), as part of a Chinese IND3. As per these interactions, the data generated on the three studies will be submitted to the CDE and used to support the application to enter the next clinical development phase. Results: The following trials were conducted and all three were positives: A Trial Investigating the Dose Linearity and Safety of BioChaperone Combo THDB0207 in Subjects with Type 2 Diabetes (NCT05373212). A Trial Investigating the Pharmacodynamics of BioChaperone Combo THDB0207 Compared with Humalog Mix25 and Simultaneous Injections of Humalog and Lantus in Healthy Chinese Volunteers (NCT05373186). A Trial Comparing the Pharmacodynamics and Pharmacokinetics of BioChaperone Combo THDB0207 and Lantus and Humalog in Subjects with Type 1 Diabetes (NCT05373199) These three trials demonstrated that BC Combo is effective, with typical characteristics of a combination of long-acting and rapid-acting insulins, and can thus ensure glycemic control during postprandial and fasting phases. Trials were conducted in comparison to Humalog Mix, Humalog and Lantus, in people with type 1 diabetes, type 2 diabetes or on healthy volunteers with Chinese origin. Compared with Humalog Mix, BC Combo has a faster effect, that could be translated in reduced post-prandial hyperglycemia. BC Combo has a potential for enhanced fasting glucose control, with an improved 24-hour basal control. It also demonstrated a reduced over-exposure that could limit hypoglycemia. Those data support the goal of effective once or twice daily dosing. BC Combo was safe and well tolerated; no new or unexpected safety findings were reported during the trials. The overall assessment showed that BC Combo had a good benefit/risk ratio, supporting its clinical development into the next phase. BioChaperone Combo THDB0207 (BC Combo) is a fixed combination of two gold standard insulins: long-acting insulin glargine (as contained in the commercial product Lantus) and rapid-acting insulin lispro (as contained in Humalog). Many patients worldwide prefer to use fixed combinations of long and rapid acting insulins rather than two separate products (simplicity, reduced number of daily injections). BioChaperone Combo targets the premixed insulin market, which accounts for 65% of insulin volumes in China, a country with 140 million diabetic patients. The different clinical studies conducted confirm the potential of BC Combo to reduce postprandial hyperglycemia and the risk of hypoglycemia, while providing 24-hour basal control. Major Estimate Revision • Aug 28
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CN¥2.98b to CN¥3.09b. EPS estimate fell from CN¥0.574 to CN¥0.517 per share. Net income forecast to grow 32% next year vs 29% growth forecast for Pharmaceuticals industry in China. Consensus price target down from CN¥13.67 to CN¥12.71. Share price fell 2.8% to CN¥9.59 over the past week. Reported Earnings • Aug 22
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: CN¥0.11 (down from CN¥0.18 in 2Q 2022). Revenue: CN¥701.0m (up 40% from 2Q 2022). Net income: CN¥234.4m (down 33% from 2Q 2022). Profit margin: 33% (down from 70% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jun 28
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report First Half, 2023 Results on Aug 22, 2023 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report first half, 2023 results on Aug 22, 2023 Price Target Changed • May 05
Price target increased by 14% to CN¥12.83 Up from CN¥11.30, the current price target is an average from 4 analysts. New target price is 12% above last closing price of CN¥11.41. Stock is up 12% over the past year. The company is forecast to post earnings per share of CN¥0.48 for next year compared to CN¥0.79 last year. Reported Earnings • Apr 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.79 (up from CN¥0.64 in FY 2021). Revenue: CN¥2.78b (down 15% from FY 2021). Net income: CN¥1.58b (up 21% from FY 2021). Profit margin: 57% (up from 40% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥11.38, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 23x in the Pharmaceuticals industry in China. Total returns to shareholders of 4.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥7.65 per share. Reported Earnings • Feb 08
Full year 2022 earnings released: EPS: CN¥0.80 (vs CN¥0.64 in FY 2021) Full year 2022 results: EPS: CN¥0.80 (up from CN¥0.64 in FY 2021). Revenue: CN¥2.77b (down 15% from FY 2021). Net income: CN¥1.59b (up 22% from FY 2021). Profit margin: 57% (up from 40% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Independent Director Yan Bi was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 03
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: CN¥0.11 (down from CN¥0.19 in 3Q 2021). Revenue: CN¥711.5m (down 10% from 3Q 2021). Net income: CN¥220.2m (down 44% from 3Q 2021). Profit margin: 31% (down from 50% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates by 10.0%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 02
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: CN¥0.18 (up from CN¥0.16 in 2Q 2021). Revenue: CN¥500.0m (down 40% from 2Q 2021). Net income: CN¥351.4m (up 4.2% from 2Q 2021). Profit margin: 70% (up from 40% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 23%. Earnings per share (EPS) exceeded analyst estimates by 200%. Over the next year, revenue is forecast to grow 11%, compared to a 22% growth forecast for the Pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 02
Price target decreased to CN¥11.27 Down from CN¥12.22, the current price target is an average from 7 analysts. New target price is 24% above last closing price of CN¥9.06. Stock is down 15% over the past year. The company is forecast to post earnings per share of CN¥0.78 for next year compared to CN¥0.64 last year. Announcement • Jun 15
Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) commences an Equity Buyback for CNY 360 million worth of its shares, under the authorization approved on March 25, 2022. Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) commences share repurchases on June 14, 2022, under the program mandated by the shareholders in the Extraordinary General Meeting held on March 25, 2022. As per the mandate, the company is authorized to repurchase its own shares for a total of CNY 360 million. The shares will be purchased at a price not exceeding CNY 15 per share. The repurchased shares will be cancelled thereby reducing the registered capital. The program will be funded from company's own funds. The program will be valid for 6 months from the date of the shareholder's meeting. Major Estimate Revision • May 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CN¥3.21b to CN¥3.17b. EPS estimate rose from CN¥0.69 to CN¥0.79. Net income forecast to shrink 15% next year vs 29% growth forecast for Pharmaceuticals industry in China . Consensus price target broadly unchanged at CN¥13.26. Share price rose 5.5% to CN¥10.13 over the past week. Reported Earnings • Apr 29
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: CN¥0.41 (up from CN¥0.17 in 1Q 2021). Revenue: CN¥887.5m (up 7.9% from 1Q 2021). Net income: CN¥831.2m (up 147% from 1Q 2021). Profit margin: 94% (up from 41% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 2.5%. Over the next year, revenue is forecast to stay flat compared to a 25% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 27
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from CN¥3.04b to CN¥3.21b. EPS estimate increased from CN¥0.60 to CN¥0.69 per share. Net income forecast to grow 6.1% next year vs 28% growth forecast for Pharmaceuticals industry in China. Consensus price target of CN¥13.46 unchanged from last update. Share price fell 2.6% to CN¥9.63 over the past week. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Independent Director Wei Shi was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 19
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: CN¥0.64 (up from CN¥0.46 in FY 2020). Revenue: CN¥3.27b (up 13% from FY 2020). Net income: CN¥1.31b (up 41% from FY 2020). Profit margin: 40% (up from 32% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.6%. Over the next year, revenue is expected to shrink by 6.9% compared to a 27% growth forecast for the pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be CN¥12.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% per annum over the last 3 years. Earnings per share has grown by 16% per annum over the last 3 years. Buying Opportunity • Mar 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be CN¥12.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% per annum over the last 3 years. Earnings per share has grown by 16% per annum over the last 3 years. Reported Earnings • Jan 25
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: CN¥0.66 (up from CN¥0.46 in FY 2020). Revenue: CN¥3.25b (up 12% from FY 2020). Net income: CN¥1.33b (up 43% from FY 2020). Profit margin: 41% (up from 32% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10.0%. Over the next year, revenue is forecast to grow 6.4%, compared to a 24% growth forecast for the pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jan 06
An unknown buyer signed an agreement to acquire 5% stake in Xiamen Amoytop Biotech Co., Ltd. (SHSE:688278) from Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) for CNY 460 million. An unknown buyer signed an agreement to acquire 5% stake in Xiamen Amoytop Biotech Co., Ltd. (SHSE:688278) from Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) for CNY 460 million on January 5, 2022. Announcement • Dec 13
Tonghua Dongbao Pharmaceutical Co., Ltd.(XSSC:600867) dropped from FTSE All-World Index (USD) Tonghua Dongbao Pharmaceutical Co., Ltd.(XSSC:600867) dropped from FTSE All-World Index (USD) Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.19 (vs CN¥0.10 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥792.7m (up 12% from 3Q 2020). Net income: CN¥393.8m (up 84% from 3Q 2020). Profit margin: 50% (up from 30% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Sep 03
Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) commences an Equity Buyback Plan for 24,000,000 shares, representing 1.18% for CNY 360 million, under the authorization approved on August 25, 2021. Tonghua Dongbao Pharmaceutical Co., Ltd. (SHSE:600867) commences share repurchases on September 2, 2021, under the program mandated by the shareholders in the Extraordinary General Meeting held on August 25, 2021. As per the mandate, the company is authorized to repurchase up to 24,000,000 shares, representing 1.18% for total worth of CNY 360 million. The shares will be repurchased at a price of CNY 15 per share. The program is valid for 6 months since approval from the shareholders’ meeting. Price Target Changed • Aug 28
Price target decreased to CN¥13.56 Down from CN¥14.69, the current price target is an average from 8 analysts. New target price is 27% above last closing price of CN¥10.69. Stock is down 26% over the past year. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥0.16 (vs CN¥0.13 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥839.4m (up 11% from 2Q 2020). Net income: CN¥337.2m (up 28% from 2Q 2020). Profit margin: 40% (up from 35% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 17
Full year 2020 earnings released: EPS CN¥0.46 (vs CN¥0.40 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.89b (up 4.1% from FY 2019). Net income: CN¥929.9m (up 15% from FY 2019). Profit margin: 32% (up from 29% in FY 2019). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 09
Price target decreased to CN¥14.96 Down from CN¥16.14, the current price target is an average from 12 analysts. New target price is 24% above last closing price of CN¥12.10. Stock is up 1.4% over the past year. Is New 90 Day High Low • Jan 25
New 90-day low: CN¥11.82 The company is down 15% from its price of CN¥13.85 on 27 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥6.28 per share. Reported Earnings • Jan 16
Full year 2020 earnings released: EPS CN¥0.46 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.93b (up 5.3% from FY 2019). Net income: CN¥928.9m (up 14% from FY 2019). Profit margin: 32% (up from 29% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 16
Revenue behind estimates Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 20%, compared to a 177% growth forecast for the Pharmaceuticals industry in China. Is New 90 Day High Low • Jan 08
New 90-day low: CN¥12.87 The company is down 9.0% from its price of CN¥14.19 on 09 October 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥7.50 per share. Is New 90 Day High Low • Dec 11
New 90-day low: CN¥13.32 The company is down 8.0% from its price of CN¥14.55 on 11 September 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥7.50 per share. Is New 90 Day High Low • Oct 30
New 90-day high: CN¥14.91 The company is up 9.0% from its price of CN¥13.71 on 31 July 2020. The Chinese market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥8.32 per share. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥878.8m, up 4.8% from the prior year. Total revenue was CN¥2.91b over the last 12 months, up 6.0% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue and earnings miss expectations Third-quarter revenue missed analyst estimates by 8.7% at CN¥710.8m. Earnings per share (EPS) also missed analyst estimates by 17% at CN¥0.10. Revenue is forecast to grow 16% over the next year, compared to a 30% growth forecast for the Pharmaceuticals industry in China. Announcement • Jul 08
Tonghua Dongbao Pharmaceutical Co., Ltd. to Report First Half, 2020 Results on Aug 20, 2020 Tonghua Dongbao Pharmaceutical Co., Ltd. announced that they will report first half, 2020 results on Aug 20, 2020 
