通化东宝(600867.SS)：业绩回顾：2026年三季度业绩超预期，进口替代持续推进；维持卖出评级

Tonghua Dongbao reported 3Q26 results on Oct 28, 2026. Both its revenue (Rmb916mn) and net profit (Rmb230mn) beat GSe (Rmb850mn/158mn, respectively). Its revenue growth of 12.6% yoy was primarily driven by continued market share gains in the domestic insulin market through import substitution. Reported net profit declined 76.7% yoy, largely due to a high base from a one-off gain on the disposal of shares in Amoytop Biotech (688278.SS, Not Covered) in 3Q25. Excluding non-recurring items, net profit grew 51.4% yoy, reflecting solid underlying business momentum. On overseas expansion, the company's insulin aspart, which will be commercialized by Nanjing Kingfriend (603707.SS, Not Covered), received US FDA approval in July 2026, becoming the first Chinese-developed insulin aspart approved in the US. Its insulin glargine BLA has also been accepted for review by the FDA. Looking ahead, we expect revenue and earnings to maintain relatively strong growth, supported by further market share gain