证券代码：832982 证券简称：锦波生物 公告编号：2025-002 山西锦波生物医药股份有限公司 第四届董事会第六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 （一）会议召开情况 1.会议召开时间：2025 年 1 月 23 日 2.会议召开地点：公司二楼会议室 3.会议召开方式：现场加通讯 4.发出董事会会议通知的时间和方式：2025 年 1 月 20 日以邮件方式发出 5.会议主持人：董事长杨霞女士 6.会议列席人员：汤莉、何振瑞、于玉凤、薛芳琴、兰小宾 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议过程符合《中华人民共和国公司法》等有关 法律、行政法规、部门规章、规范性文件及《公司章程》的规定。 董事金雪坤、王玲玲、张金鑫、阎丽明、梁桐栋因出差及外地办公以通讯方 式参与表决。 二、议案审议情况 （一）审议通过《关于制定<山西锦波生物医药股份有限公司舆情管理制度 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-003 山西锦波生物医药股份有限公司 舆情管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 审议及表决情况 山西锦波生物医药股份有限公司于 2025 年 1 月 23 日在召开第四届董事 会第六次会议，会议审议通过《关于制定<山西锦波生物医药股份有限公司舆 情管理制度>的议案》，议案表决结果：同意 9 票；反对 0 票；弃权 0 票。 二、 制度的主要内容，分章节列示： 山西锦波生物医药股份有限公司 舆情管理制度 第一章 总则 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同联 动、积极应对。 第五条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，董事会秘书任副组长，成员包括公司其他高级管理人员、 相关职能部门负责人及子公司负责人组成。 第六条 舆情工作组是公司应对各类舆情处理工作的领导机构，统一领导 公司应对舆情的处理工作，就相关工作做出决策和部署，根据需要研究决定公 司对外 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6]. Core Insights - The company plans to invest up to 100 million RMB in the second phase of the National Service Trade Fund, which is expected to enhance its core business and support its internationalization strategy [6]. - The Service Trade Fund is a national-level mother fund with a total scale of 30 billion RMB, operating under a "mother fund + direct investment" model [6]. - The company is positioned at the core of the industry chain, and its external investments are anticipated to yield positive industrial synergy or integration effects [6]. - The company has been proactive in expanding its overseas business, with recent approvals for its products in various international markets [6]. - The company has received approval for four new specifications of its flagship product, enhancing its product portfolio [6]. - Revenue forecasts for 2024-2026 have been revised upwards, with projected revenues of 1.571 billion, 2.379 billion, and 3.195 billion RMB respectively [6]. Financial Summary - Total revenue for 2023 is reported at 780 million RMB, with projections of 1.571 billion RMB for 2024, 2.379 billion RMB for 2025, and 3.195 billion RMB for 2026, reflecting significant growth [10]. - The net profit for 2023 is 300 million RMB, with forecasts of 725 million RMB for 2024, 1.006 billion RMB for 2025, and 1.326 billion RMB for 2026 [10]. - The company maintains a high gross margin of approximately 90% across the forecasted years [7].

证券代码：832982 证券简称：锦波生物 公告编号：2024-098 山西锦波生物医药股份有限公司 关于与专业投资机构合作参与投资设立产业基金的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、 合作投资概述 （一） 基本情况 为全方位助力公司在合成生物领域拓展产业布局及海外业务发展，推动技 术原始创新，提升核心竞争力，山西锦波生物医药股份公司（以下简称"公司"） 拟与招商局资本管理（北京）有限公司（以下简称"招商局资本（北京）"）签 署合作协议。协议约定公司拟认缴出资不超过 1 亿元人民币参与服务贸易创新 发展引导基金二期（有限合伙）（暂定名，具体名称以工商行政管理机构核定 名称为准，以下简称"服贸基金二期"）的发起设立，成为服贸基金二期的有 限合伙人。 （二） 是否使用募集资金 本次投资不使用募集资金。 （三） 是否构成重大资产重组 本次投资不构成重大资产重组。 （四） 是否构成关联交易 本次投资不构成关联交易。 （五） 决策与审议程序 公司于 2024 年 12 月 9 日召开第四届董事 ...

证券代码：832982 证券简称：锦波生物 公告编号：2024-097 山西锦波生物医药股份有限公司 第四届董事会第五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 12 月 9 日 2.会议召开地点：公司四楼会议室 3.会议召开方式：现场加通讯 4.发出董事会会议通知的时间和方式：2024 年 12 月 3 日以邮件方式发出 5.会议主持人：董事长杨霞女士 6.会议列席人员：汤莉、何振瑞、于玉凤、薛芳琴、兰小宾 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议过程符合《中华人民共和国公司法》等有关法 律、行政法规、部门规章、规范性文件及《公司章程》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事金雪坤、王玲玲、张金鑫、阎丽明、梁桐栋因出差及外地办公以通讯方 式参与表决。 二、议案审议情况 （一）审议通过《关于公司与专业投资机构合作参与投资设立产业基金的议 ...

Investment Rating - The report gives a "Buy" rating with a target price of RMB 284.67 per share, based on a 26x PE multiple for 2025 [2] Core Views - The company's flagship product, Weiyimei, is expected to see strong growth in 2024, with projected factory revenue of RMB 800-1000 million [1] - The company has entered L'Oréal's supply chain and plans to expand into Southeast Asia, with a D-class medical device registration certificate obtained in Vietnam [1] - The company's product pipeline includes multiple formulations, types, and indications, with a focus on mid-face augmentation and female intimate health [1][15] Product Performance and Market Potential - Weiyimei's sales are expected to grow significantly in 2024, driven by channel expansion and brand promotion, with coverage of 3,000 medical aesthetic institutions by mid-2024 [1][11] - The company's mid-face augmentation product, expected to be submitted for registration in August 2024, could potentially replace high-end hyaluronic acid and animal-derived collagen products [2][18] - The female intimate health market is in its early stages in China, with the company's Lanmi brand well-positioned to capture growth in this niche [1][17] Financial Projections - The company's net profit is expected to grow by 135% in 2024, reaching RMB 705 million, with continued growth of 37% and 28% in 2025 and 2026, respectively [2] - Revenue is projected to increase by 80% in 2024, reaching RMB 1.403 billion, with further growth of 35% and 27% in 2025 and 2026 [4] - The company's ROE is expected to remain strong, with projections of 51.21%, 49.49%, and 45.85% for 2024, 2025, and 2026, respectively [4] Industry and Competitive Landscape - The company is a leader in recombinant collagen protein, with a first-mover advantage in the medical aesthetic implant market [7][9] - The company's gross margin is slightly lower than that of industry leader Allergan but higher than other competitors like Bloomage Biotech and Haohai Biological [30][72] - The company's revenue growth has outpaced its peers, with a CAGR of 33% expected from 2024 to 2026, compared to an industry average of 20-26% [122] Strategic Initiatives - The company is focusing on expanding its product matrix, including multiple formulations and types of collagen, as well as exploring new indications in dermatology, gynecology, and other fields [16][18] - The company is leveraging its entry into L'Oréal's supply chain to strengthen its position in the global market, with plans to expand into Southeast Asia [14][97] - The company is investing in R&D to develop new products, including a mid-face augmentation product and a recombinant XVII-type collagen protein, which are expected to drive long-term growth [16][100]

关于EK1雾化剂用于治疗新型冠状病毒感染的临床试验阶段性完成 并取得总结报告的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别 及连带法律责任。 山西锦波生物医药股份有限公司（以下简称"公司"）子公司北京锦波鼎 正生物医药研究有限公司开发的国家Ⅰ类化学新药EK1雾化剂用于治疗新型冠状 病毒感染的多中心临床试验已完成并取得总结报告。现将有关内容公告如下： 一、在研项目情况 证券代码：832982 证券简称：锦波生物 公告编号：2024-096 山西锦波生物医药股份有限公司 2、次要疗效指标：试验组病毒载量呈现显著下降趋势，试验组核酸转阴时 间较安慰剂组中位数时间显著缩短；用药后第4天，试验组病毒载量对比安慰剂 组显著下降；试验组至发热和呼吸道症状持续恢复时间对比安慰剂组显著缩短； 3、同时，试验组7天内症状恢复效果显著优于安慰剂组；用药后第4天试验 组病毒载量对比安慰剂组最大下降超96%； 4、安全性：本试验中，试验组和安慰剂对照组的不良事件发生率和不良反 应发生率相当，且试验组无严重不良事件发生。 EK1雾化剂是国家 ...

Investment Rating - The report initiates coverage on Jinbo Biotech with a "Buy" rating, citing its strong position in the recombinant collagen protein market and significant growth potential [3][7] Core Views - Jinbo Biotech specializes in the research, development, and industrialization of functional proteins, particularly recombinant collagen, with a leading advantage in this sector [2] - The company's flagship product, Weiyimei, is the only injectable recombinant collagen medical device (Class III) in China, providing a high barrier to entry and competitive advantage [7][9] - Revenue and net profit are expected to grow significantly, with projected revenue of 1.392 billion, 2.051 billion, and 2.645 billion yuan for 2024-2026, and net profit of 718 million, 1.067 billion, and 1.381 billion yuan, respectively [7][9] Business Overview - Jinbo Biotech focuses on the development and commercialization of medical devices and functional skincare products using recombinant humanized collagen as the core ingredient [2][21] - The company has a robust R&D pipeline, with ongoing projects in gynecology, urology, orthopedics, and cardiovascular fields, leveraging its expertise in recombinant collagen [21][28] Financial Performance - From 2016 to 2023, the company achieved a CAGR of 47.5% in revenue and 47.9% in net profit, with gross margins consistently exceeding 80% [2][32] - The company's profitability has improved significantly, with net margins rising from 20.0% in 2020 to 38.3% in 2023, driven by the rapid market penetration of Weiyimei [32] Market Position and Competitive Advantage - Jinbo Biotech is the first company listed on the Beijing Stock Exchange specializing in recombinant collagen, with Weiyimei being the only injectable recombinant collagen product in China [9][21] - The company has established a strong competitive edge through its "R&D + Product + Channel" strategy, with a diversified product portfolio and extensive sales network [2][9] Growth Drivers - The medical device segment, particularly Weiyimei, is expected to drive revenue growth, with projected revenue increases of 85%, 50%, and 30% for 2024-2026 [8][9] - Functional skincare products are also expected to grow, with revenue increases of 30%, 20%, and 15% for the same period, supported by the company's brand-building efforts [8][9] Valuation and Peer Comparison - The company's current valuation is attractive, with a forward PE of 28x, 19x, and 14x for 2024-2026, compared to an average PE of 34x for comparable companies in 2023 [7][9] - Comparable companies include A-share listed firms like Imeik and Bloomage BioTechnology, as well as Hong Kong-listed Giant Biogene, all of which operate in the medical aesthetics and recombinant collagen sectors [9][93]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In Q3 2024, the company achieved revenue of 386 million yuan, a year-on-year increase of 92%, and a net profit attributable to the parent company of 210 million yuan, a year-on-year increase of 154% [5][6] - The collagen protein industry remains in a high prosperity cycle, with the company's core products continuing to see volume growth [5][7] - The company has obtained four Class II medical device registration certificates in H1 2024, expanding its product matrix [6] Revenue Analysis - In Q3 2024, the company's revenue remained stable compared to Q2, with a strong year-on-year growth momentum. The revenue growth rates for Q1 to Q3 2024 were 76%, 100%, and 92% respectively [5] - The gross profit margin for Q3 2024 reached 93.6%, an increase of 2.3 percentage points year-on-year, benefiting from the rising proportion of core products [5] Expense Analysis - The company experienced a decrease in the sales expense ratio by 5.4 percentage points year-on-year in Q3 2024, while the management, R&D, and financial expense ratios decreased by 3.2, 5.2, and 0.8 percentage points respectively [5][6] Profitability Analysis - The net profit margin attributable to the parent company in Q3 2024 reached 54.6%, an increase of 13.3 percentage points year-on-year [6] - The company is expected to continue focusing on the medical-grade applications of recombinant collagen, with a clear growth trajectory anticipated [7] Financial Forecast - The projected net profits for the company from 2024 to 2026 are 700 million yuan, 930 million yuan, and 1.18 billion yuan respectively [7][17]

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-11- 13 | 832522 | 纳科诺尔 | 71.01 | 50000 | 国泰君安证券股份有 限公司广东广州东风 | 粤开证券股份有限公 司广东分公司 | | | | | | | 中路营业部 | | | 2024-11- 13 | 832982 | 锦波生物 | 173 | 19000 | 中信证券股份有限公 司山西分公司 | 山西证券股份有限公 司太原府西街证券营 | | | | | | | | 业部 | ...