中信证券股份有限公司 关于山西锦波生物医药股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为山西锦波 生物医药股份有限公司（以下简称"锦波生物"、"公司"）向不特定合格投资者公 开发行股票并在北京证券交易所上市的保荐机构，根据《证券发行上市保荐业务 管理办法》《北京证券交易所上市公司持续监管办法（试行）》《北京证券交易所 上市公司持续监管指引第 9 号——募集资金管理》《北京证券交易所股票上市规 则（试行）》等相关规定，对公司 2024 年度募集资金年度存放与实际使用情况进 行了专项核查，具体情况如下： 一、募集资金基本情况 （一）募集资金总额、净额及资金到账时间 公司经中国证券监督管理委员会《关于同意山西锦波生物医药股份股份有限 公司向不特定合格投资者公开发行股票注册的批复》（证监许可[2023]1381 号） 同意注册，向不特定合格投资者公开发行人民币普通股不超过 575.00 万股，发 行价为每股人民币 49.00 元，共计募集资金总额为人民币 28,175.00 万元，扣除 券商承销佣金及保荐费 2,326.57 万元后，主 ...

山西锦波生物医药股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road. Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhepa.cn 您可使用手机"扫一扫"或进入"注册会计师行业统一监管导有执业许可的会计师事务所出身 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查整 报告编码:浙25HXNQR7MK | 3 | | --- | | | 页 次 | | --- | --- | | 一、审计报告 | 1-5 | | 二、财务报表 | 6-17 | | (一) 合并资产负债表 | 6-7 | | (二) 合并利润表 | 8 | | (三) 合并现金流量表 | 9 | | (四) 合并所有者权益变动表 | 10-11 | | (五) 母公司资产负债表 | 12-13 | ...

山西锦波生物医药股份有限公司 ■ 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 .mof.gov.cn）"进行查验。 报告编码: 浙2570ZVJ10Z 录 III 页 次 一、内部控制审计报告 1-2 内部控制审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 二、事务所执业资质证明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 w ...

关于山西锦波生物医药股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 我们接受委托,审计了山西锦波生物医药股份有限公司(以下简称锦波生物公 司)2024年度财务报表，并出具了中汇会审[2025]4525号无保留意见的审计报告, 在此基础上对后附的锦波生物公司管理层编制的《2024年度非经营性资金占用及其 他关联资金往来情况汇总表》(以下简称汇总表)进行了审核。 www.zhcpa.cn 目 景 | | 页 次 | | --- | --- | | 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 审核说明 | 1-2 | | 二、非经营性资金占用及其他关联资金往来情况汇总表 | 3-4 | 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A ...

Awards and Recognition - In March 2024, the company was awarded "Top 100 Beauty Brands in China 2023" by Forbes[4]. - The company was recognized as a "National Quality Integrity Demonstration Enterprise" and "Leading Enterprise in Quality of Recombinant Humanized Collagen Industry" by the China Quality Inspection Association in March 2024[4]. - The company’s small molecule recombinant type XVII humanized collagen won the PCHi 2024 Award in March 2024[4]. - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" enterprise and a key player in the synthetic biology industry chain in Shanxi Province[43]. Financial Performance - The company's operating revenue for 2024 reached ¥1,442,831,399.69, representing an 84.92% increase compared to ¥780,260,212.25 in 2023[27]. - The net profit attributable to shareholders for 2024 was ¥732,301,620.38, a significant increase of 144.27% from ¥299,796,292.39 in 2023[27]. - The gross profit margin improved to 92.02% in 2024, up from 90.16% in 2023[27]. - Total assets increased by 43.33% to ¥2,056,073,416.98 in 2024, compared to ¥1,434,538,371.98 at the end of 2023[29]. - The company's net assets attributable to shareholders rose by 60.98% to ¥1,535,213,828.42 in 2024, up from ¥953,673,356.15 in 2023[29]. - The cash flow from operating activities for 2024 was ¥767,155,394.37, reflecting a 159.55% increase from ¥295,566,382.43 in 2023[29]. - The basic earnings per share for 2024 was ¥8.27, a 131.65% increase from ¥3.57 in 2023[27]. - The company reported a total liabilities increase of 9.03% to ¥524,865,480.46 in 2024, compared to ¥481,407,169.13 in 2023[29]. Research and Development - The company obtained 20 invention patents in 2024, including 6 international patents[4]. - The company completed the development of three forms of recombinant type III humanized collagen, including freeze-dried fibers, solutions, and gels, marking a significant breakthrough in safety and effectiveness[41]. - The company has filed for 20 new invention patents during the reporting period, including 6 international patents, enhancing its original innovation capabilities[42]. - The company established two new subsidiaries focused on recombinant human collagen products for tumor treatment and ophthalmology, enhancing its R&D capabilities[88]. - The company has established six core technology platforms, including high-throughput automated functional screening and AI prediction for collagen structure[183]. Market and Industry Trends - The global biomaterials market is expected to reach USD 47.5 billion by 2025, with a CAGR of 6.0%, primarily driven by applications in the medical field[50]. - The Chinese recombinant collagen product market is projected to grow at a CAGR of 44.93%, reaching CNY 58.57 billion by 2025 and CNY 219.38 billion by 2030[51]. - The medical device industry in China generated approximately 1,160 billion RMB in revenue in 2023, a decrease of about 6.4% from the previous year, accounting for around 27%-28% of global revenue in this sector[106]. Corporate Governance and Compliance - The company has a total of 9 board members and 3 supervisors, ensuring a diverse governance structure[148]. - The company has a clear and transparent cash dividend policy that protects the rights of minority shareholders[143]. - The company has engaged qualified third parties to handle hazardous waste generated during its research and development processes[194]. - The company has complied with all legal and regulatory requirements in its operational decisions and governance practices[199]. Environmental and Social Responsibility - The company has established a comprehensive environmental protection strategy, ensuring low carbon emissions and effective waste management during production processes[105]. - The company has implemented environmental protection measures and has not faced any major safety production accidents or penalties from environmental authorities during the reporting period[193]. - The company has initiated a public welfare project to provide medical assistance to over 20 children with cleft lip and palate[104]. Shareholder Information - The total number of ordinary shares increased from 68,086,000 to 88,511,800 after a stock dividend of 3 shares for every 10 shares held and a cash dividend of 10 RMB per 10 shares[130]. - The largest shareholder, Yang Xia, holds 52,128,440 shares, representing 58.89% of the total shares, with a decrease of 12,029,640 shares during the period[131]. - The company has no pledged or judicially frozen shares among the top ten shareholders[133]. Employee and Workforce Development - The total number of R&D personnel increased from 173 to 212, with the proportion of R&D staff to total employees rising from 23.70% to 25.76%[93]. - The total number of employees with a master's degree increased by 26.79% to 142[158]. - The company has implemented targeted training programs to enhance employee skills and knowledge[159]. Product Development and Innovation - The company is focused on developing various medical devices and functional skincare products based on its core component, recombinant type A humanized collagen[44]. - The company is developing a broad-spectrum antiviral drug aimed at treating coronavirus infections, with clinical trials already completed[96]. - The company plans to expand its product offerings in the field of recombinant human collagen, which is expected to enhance its competitive edge[95].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has received approval for the world's first injectable recombinant type III humanized collagen gel, filling a domestic technological gap and meeting diverse clinical application needs [2][9] - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.40%, and a net profit of 733 million yuan, with a year-on-year increase of 144.65% [17][34] - The company is actively developing new products, strengthening brand building, and expanding its market presence, leading to significant growth in sales of medical devices and functional skincare products [1][34] Financial Summary and Valuation Metrics - Revenue and profit forecasts for 2024-2026 are maintained, with expected net profits of 734 million, 927 million, and 1.125 billion yuan respectively, corresponding to EPS of 8.29, 10.47, and 12.71 yuan per share [34] - The company's gross margin has shown a consistent upward trend, reaching 92.37% in the first three quarters of 2024 [20][22] - The P/E ratios for 2024-2026 are projected to be 45.4, 35.9, and 29.6 times respectively [34] Industry Overview - The market for recombinant collagen raw materials in China is rapidly developing, with an expected market size of 3.604 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of 42.98% [29] - The overall medical device industry in China is experiencing significant growth, with a reported revenue increase of approximately 20% in 2022 [26] - The global biomaterials market is projected to grow from 35.5 billion USD in 2020 to 47.5 billion USD by 2025, with a CAGR of 6.0% [27]

北交所公司深度报告 全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批，填补国内技术空白 2025 年 04 月 16 日 投资评级：增持（维持） | 日期 |  2025/4/15 | 积极研发新产品、强化品牌建设，领航重组人源化胶原蛋白新应 | | --- | --- | --- | | 当前股价(元) | 376.00 | 公司积极研发新产品、强化品牌建设、努力拓展市场，深耕现有客户并不断拓展 | | 一年最高最低(元) | 412.00/142.60 | 新客户，医疗器械及功能性护肤品的销售规模大幅增长，首个注射用重组Ⅲ型人 | | 总市值(亿元) | 332.80 | 源化胶原蛋白凝胶获批。根据锦波生物 2024 年度业绩快报，2024 年公司实现营 | | 流通市值(亿元) | 172.55 | 业收入 亿元，同比增长 亿元，同比增长 14.47 85.40%；归母净利润 7.33 144.65%， | | 总股本(亿股) | 0.89 | 因此我们维持 2024-2026 年盈利预测，预计 2024-2026 年归母净利润为 | | 流通股本(亿股) | 0.46 | 734/927/1125 百万 ...

4月15日，北交所个股合计成交量15.23亿股，成交额331.84亿元，成交额相对上一交易日减少22.02亿 元，个股来看，收盘上涨的共105只。 证券时报·数据宝统计显示，今日可交易北交所个股中，收盘股价上涨的有105只，占可交易个股的 39.62%，收盘涨停的有一致魔芋等，收盘涨幅居前的有开发科技、宏裕包材、德源药业，分别上涨 14.76%、11.06%、10.95%。收盘股价下跌的有157只，跌幅居前的有华光源海、太湖雪、秋乐种业等， 分别下跌11.81%、9.63%、8.93%。 成交方面，全天成交额超亿元的股票共有101只，成交额居前的北交所股票有开发科技、锦波生物、骑 士乳业等，成交额分别为11.05亿元、8.28亿元、6.84亿元。 股票活跃度来看，今日可交易的北交所个股中，换手率超10%的有83只，其中，21股换手率超20%，换 手率在5%~10%之间的有79只，换手率在1%~5%之间的有101只。全天换手率居前的股票有华光源海、 泰鹏智能、骑士乳业等，换手率分别为55.23%、53.22%、46.70%。（数据宝） 北交所个股今日成交明细 | 代码 | 简称 | 收盘价（元） | 涨跌幅（% ...

上 市 公 司 美容护理 2025 年 04 月 13 日 锦波生物 (832982) ——重磅胶原填充产品获批，或推动行业格局重塑 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 339.01 | | 一年内最高/最低（元） | 367.00/142.60 | | 市净率 | 22.8 | | 股息率%（分红/股价） | 0.59 | | 流通 A 股市值（百万元） | 15,558 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 14.88 | | 资产负债率% | 28.84 | | 总股本/流通 A 股（百万） | 89/46 | | 流通 B 股/H 股（百万） | -/- | 投资要点： 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 455 CNY, indicating an expected return of over 20% within the next six months [6][17]. Core Insights - The approval of the injectable recombinant type III humanized collagen gel by the National Medical Products Administration exceeded expectations, potentially enhancing the company's market valuation [1]. - The product represents the third type of recombinant type III collagen aesthetic injection from the company, covering various formulations of recombinant humanized collagen in China, thus meeting diverse clinical application needs [2]. - The injectable gel utilizes innovative self-assembly and self-crosslinking technologies, eliminating immunogenicity and toxicity from crosslinking agents, which allows for direct supplementation of collagen tissue and promotes the regeneration of extracellular matrix [3]. Financial Projections - The company is expected to see revenue growth from 14.47 billion CNY in 2024 to 31.82 billion CNY in 2026, with net profit projections of 7.33 billion CNY to 15.58 billion CNY over the same period [4]. - The projected earnings per share (EPS) are expected to rise from 8.29 CNY in 2024 to 17.60 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 41x to 19x [5][4]. - The company’s revenue for 2023 is projected at 780.26 million CNY, with a growth rate of 99.96% compared to the previous year [5]. Market Position - The company is positioned in the beauty care and medical aesthetics industry, with a total market capitalization of approximately 30 billion CNY [6][7]. - The stock has shown significant price fluctuations, with a 52-week high of 367 CNY and a low of 142.60 CNY [7].