FDA approval and strong H1 profit offset by high shareholder pledges
US FDA approval opens overseas market Tonghua Dongbao's co-developed insulin aspart injection won US FDA approval, letting it sell in the world's biggest insulin market. Novo Nordisk's US insulin aspart sales were about $1.1 billion last year, so this is a real long-term growth opening, not just a headline.
This is the biggest new positive force, opening a large new market for the company's insulin products.
First-half profit jumps 37% on insulin analogue sales First-half 2026 revenue rose 11.13% to 1.553 billion yuan and net profit rose 37.32% to 296 million yuan. Strong sales of insulin glargine and aspart drove domestic growth, and second-quarter profit rose 55.5%. This shows the core business is performing well.
The interim results are the clearest evidence of underlying business strength and directly support the stock's value.
Controlling shareholder pledges over 93% of its shares Dongbao Group repeatedly released and re-pledged tens of millions of shares, leaving 93.94% of its holdings pledged. That is a warning sign: if the share price falls sharply, the shareholder could face margin calls or forced selling, which would hurt ordinary investors.
This is the main risk weighing on the stock and a real counterweight to the good news.
Project termination and impairment slightly reduce profit Tonghua Dongbao scrapped its THDBH110 capsule development project and wrote off 16.89 million yuan, cutting first-half profit by that amount. It is a small hit next to the 296 million yuan profit, but it shows some pipeline bets are not paying off.
This is a modest but real negative that partly offsets the strong earnings and shows pipeline risk.