证券代码：832982 证券简称：锦波生物 公告编号：2025-088 山西锦波生物医药股份有限公司 2025 年向特定对象发行股票 募集资金使用可行性分析报告 二〇二五年六月 单位：万元 项目名称 投资金额 占比 人源化胶原蛋白 FAST 数据库 与产品开发平台项目 115,000.00 57.50% 补充流动资金 85,000.00 42.50% 合计 200,000.00 100.00% 山西锦波生物医药股份有限公司 2025 年度向特定对象发行股票募集资金使用可行性分析报告 第二节 本次募集资金投资项目的必要性分析 一、积极响应我国大健康产业需求，弥补国内市场空缺 随着社会对健康需求的日益增长，以及临床医学对高效、安全治疗手段的迫 切需求，创新医疗器械和高端医疗产品的研发显得尤为重要。然而，国内在皮肤 肌肉修复、软骨修复、毛发增量及干眼症治疗等领域，现有的临床治疗方案仍存 在一定的局限性，尤其是高端医疗器械的自主研发能力相对较弱，众多高端产品 仍需依赖进口，导致国内市场存在较大的国产替代发展空间。公司采用先进的生 物合成技术，成功制备出重组人源化胶原蛋白，其不仅能够克服传统动物源胶原 蛋白的局限性，如 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-076 山西锦波生物医药股份有限公司 未来三年（2025-2027年）股东分红回报规划 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。 为进一步规范和完善山西锦波生物医药股份有限公司（以下简称"公司"）利 润分配政策，建立科学、持续、稳定、透明的分红决策和监督机制，积极回报投资 者，根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第3号——上市公司现金分红》以及《山西锦波生物医药股份有限公司章程》（以 下简称"《公司章程》"）等相关文件的规定和要求，并结合公司盈利能力、经营 发展规划、股东回报及外部融资环境等因素，公司制定了《山西锦波生物医药股份 有限公司未来三年（2025-2027年）股东分红回报规划》（以下简称"本规划"）， 具体内容如下： 一、公司制定本规划考虑的因素 2、利润分配形式 公司采用现金、股票或者现金与股票相结合或者法律、法规允许的其他方式分 配利润。在公司当期的盈利规模、现金流状况、资金需求状况允 ...

Group 1 - The core point of the article is that Yangshengtang Co., Ltd. plans to increase its stake in Jinbo Bio through a directed issuance, with an increase ratio of 6.24% [1] - The share change requires approval from the second extraordinary general meeting of shareholders in 2025, as well as review by the Beijing Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1] - Jiushi Management Consulting Partnership has increased its stake in Jinbo Bio by 5% through a transfer agreement [1]

Core Viewpoint - The 2025 New Fortune 500 Rich List reveals a significant increase in the total market value of listed entrepreneurs, reaching 13.7 trillion yuan, an 11% year-on-year growth, indicating a new wave of wealth creation driven by innovation and overseas expansion [3][14]. Group 1: Wealth Distribution and Rankings - The top ten wealthiest individuals are heavily influenced by AI, with Zhang Yiming of ByteDance topping the list with a holding value of 481.57 billion yuan, marking a 42% increase from the previous year [4][18]. - The list features a notable shift, with four individuals from Hangzhou, Zhejiang, highlighting the region's growing economic prominence [43]. - The average holding value of the 500 entrepreneurs is 273.8 million yuan, with a threshold of 66.2 million yuan to make the list [8]. Group 2: Industry Insights - The TMT (Technology, Media, and Telecommunications), pharmaceutical, and daily consumer goods sectors are the top three wealth-generating industries, contributing 110, 54, and 52 individuals respectively [51]. - The TMT sector saw a significant increase in wealth, with a total of 334.08 billion yuan, a 46% increase from the previous year [51]. - The pharmaceutical sector experienced a decline, with 54 individuals listed, down from 64, indicating ongoing valuation adjustments [51]. Group 3: AI and Technological Advancements - AI has emerged as a key driver of wealth creation, with companies like DeepSeek and ByteDance leading the charge in user engagement and valuation [4][21]. - The rise of AI has also led to a resurgence in the semiconductor industry, with China exporting 2.981 billion chips worth approximately 159.5 billion USD, marking a significant shift in the global market [56]. - The AI sector is still in its nascent stage, with notable entries like Liang Wenfeng of DeepSeek entering the top ten, reflecting the rapid growth and potential of AI applications [60]. Group 4: Regional Wealth Creation - Wealth creation is becoming more balanced across regions, with western provinces like Sichuan, Tibet, and Xinjiang seeing an increase in listed individuals, while traditional economic hubs like Zhejiang and Shanghai continue to grow [5][6]. - The shift from real estate to technology and AI reflects a broader transformation in China's economic landscape, with younger entrepreneurs increasingly dominating the wealth rankings [46][45]. Group 5: Future Outlook - The ongoing evolution of industries, particularly in AI and technology, suggests a promising future for innovation-driven wealth creation in China [60][62]. - The integration of AI into various sectors, including automotive and consumer electronics, is expected to further enhance China's competitive edge in the global market [62][63].

Industry Growth - The Chinese flavor and fragrance industry reached a market size of approximately 43.9 billion yuan in 2023, with a year-on-year growth of 2.6%, and is expected to exceed 50 billion yuan by 2026[3] - The cosmetics market in China was about 516.9 billion yuan in 2023, growing by 6.4%, and is projected to reach 579.1 billion yuan by 2025[3] - The cosmetics OEM/ODM industry grew from 21.41 billion yuan in 2017 to 49.76 billion yuan in 2023, with a compound annual growth rate of 15.1%[3] Market Performance - The median price change for consumer service stocks on the Beijing Stock Exchange was -6.39% from June 16 to June 20, 2025, with only 4 companies (11%) experiencing an increase[3] - The total market capitalization of consumer service companies decreased from 121.32 billion yuan to 116.70 billion yuan during the same period[3] - The median price-to-earnings ratio (P/E) for consumer service companies fell from 53.9X to 50.5X[3] Company Insights - Zhongcao Fragrance, a midstream player in the flavor and fragrance industry, reported a revenue of 222 million yuan in 2024, with a year-on-year increase of 7.89%[27] - Bawwei Co., a downstream cosmetics manufacturer, achieved a revenue of 695 million yuan in 2024, reflecting a year-on-year growth of 48.27%[33] - Bawwei's revenue for Q1 2025 was 162 million yuan, up 40.15% year-on-year, with a net profit margin of 5.16%[33] Risk Factors - The report highlights risks including macroeconomic fluctuations, market competition, and statistical inaccuracies[62]

证券代码：832982 证券简称：锦波生物 公告编号：2025-070 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、基本情况 本次工商变更完成后，公司注册资本由"捌仟捌佰伍拾壹万壹仟捌佰圆整" 变更为"壹亿壹仟伍佰零陆万伍仟叁佰肆拾圆整"，除以上变更外，《营业执照》 记载的其他工商登记事项未发生变更。 山西锦波生物医药股份有限公司 本次《公司章程》修订内容已在山西转型综合改革示范区管理委员会完成 备案。 关于完成工商变更登记及公司章程备案并取得营业执照的公告 三、备查文件 山西锦波生物医药股份有限公司（以下简称"公司"）于 2025 年 4 月 19 日 召开第四届董事会第八次会议、2025 年 5 月 21 日召开 2024 年年度股东会，审 议通过了《关于拟变更注册资本修订<公司章程>并办理工商变更登记的议案》， 具体内容详见于 2025 年 4 月 21 日在北京证券交易所指定信息披露平台 （https://www.bse.cn）披露的《关于拟修订〈公司章程〉公告》（公告编号： 2025- ...

Group 1: Retail Industry Overview - The retail industry is focusing on three main investment themes for the second half of 2025: strong product momentum, improved operational conditions, and large comprehensive enterprises [7] - The beauty and personal care sector is showing strong performance, with a year-on-year growth of 62.51% in Q1 2025 for companies like Jinbo Biological and 28.01% for Marubi Biological [38] - The jewelry sector is witnessing a shift towards lighter and more affordable gold products, driven by younger consumers and the trend of diversification in the market [7] Group 2: Consumer Confidence and Sales Performance - In the first quarter of 2025, the total retail sales of consumer goods reached 12.47 trillion yuan, with a year-on-year increase of 3.6% [14] - The consumer confidence index showed a recovery trend in early 2025, indicating a positive outlook for retail consumption [14] - The beauty and jewelry categories experienced year-on-year retail sales growth of 5.48% and 8.06% respectively in the same period [14] Group 3: E-commerce and Offline Trends - E-commerce sales showed a mixed performance, with a total sales index of 50.6% in May 2025, reflecting a slight decline compared to previous months [23] - The offline retail market is stabilizing, with a noticeable recovery in shop rental rates, which reached 53.6% in April and May 2025 [29] - The operating space index showed fluctuations but remained stable, indicating a cautious approach to new store openings [29] Group 4: Investment Recommendations - The report recommends focusing on companies with strong product momentum and operational improvements, such as Proya, Giant Biological, and Marubi Biological [62] - The beauty sector is highlighted for its resilience and growth potential, with specific companies recommended for investment based on their strong performance metrics [62] - The medical beauty sector is also emphasized, particularly companies that are expanding their product lines and improving operational capabilities [7][63]

Core Viewpoint - JINBO Biotech is the only company in China with three Class III certifications for injectable recombinant humanized collagen, leading the development of innovative medical materials and aiming to become a global leader in life materials [1][2]. Group 1: Product Development and Innovation - The company has successfully developed a full range of recombinant type III humanized collagen products, including freeze-dried fibers, solutions, and gels, establishing a comprehensive product system [2][3]. - JINBO Biotech's research has led to the first large-scale production of recombinant type III humanized collagen with a 164.88° triple helix structure, marking a significant breakthrough in the field [2][3]. - The company emphasizes the importance of eliminating immunogenicity and achieving large-scale production of collagen materials to meet safety and efficacy demands in medical applications [2][3]. Group 2: Research and Development Investment - In 2024, JINBO Biotech plans to invest 123 million yuan in R&D, an increase of 18.71% year-on-year, representing 8.52% of its revenue [4]. - The company is focusing on various types of humanized collagen projects, with some products already entering clinical trials [4][5]. Group 3: International Collaboration and Standards - JINBO Biotech collaborates with leading companies like L'Oréal to enhance global recognition of its technologies and promote international market penetration [5]. - The company has taken a leading role in establishing international standards for medical devices made from bioengineered materials, enhancing China's technological influence in this field [5]. Group 4: Technological Advancements and AI Integration - The company has established a FAST database for humanized collagen, significantly improving R&D efficiency through AI technology, reducing the time for data screening from one month to one day [6]. - JINBO Biotech integrates advanced technologies such as AlphaFold for protein structure prediction and has established a smart laboratory to ensure data reliability and enhance R&D capabilities [6].

Investment Rating - The report rates the investment outlook for the medical beauty regenerative anti-aging injection industry as "Positive" [5] Core Insights - The regenerative anti-aging injection agents are emerging materials that achieve facial rejuvenation through different mechanisms compared to hyaluronic acid and botulinum toxin [1] - The midstream of the regenerative anti-aging injection industry chain is identified as the segment with the highest added value, supported by regulatory compliance, technological innovation, and market demand [2] - Future trends in the industry include increased demand driven by an aging population, a shift towards non-surgical aesthetic procedures, and advancements in technology and materials that enhance product efficacy [3] Summary by Sections 1. Overview of the Medical Beauty Regenerative Anti-Aging Injection Industry - Medical beauty injection products are categorized into hyaluronic acid, botulinum toxin, and regenerative anti-aging materials, with the latter being newly introduced in the domestic market [11] - Regenerative anti-aging injections include subclasses such as microsphere regeneration, collagen, and PDRN, each with distinct mechanisms and benefits [12][13] 2. Industry Chain Analysis - The midstream segment is characterized by high added value, with companies leveraging compliance, innovation, and production capabilities to establish competitive barriers [2][29] - The upstream involves raw material suppliers, while the downstream focuses on the distribution to end consumers through various channels [26] 3. Regulatory and Policy Environment - The industry is regulated by key agencies including the National Health Commission and the National Medical Products Administration, ensuring compliance across all stages from development to sales [43][46] 4. Market Size and Growth Potential - The market for medical beauty injections in China is projected to grow from 21.2 billion RMB in 2023 to 65.3 billion RMB by 2028, with a CAGR of 25.3% [17] - The regenerative anti-aging segment is expected to see a significant increase, with its market share rising from 3% in 2019 to an estimated 31% by 2028 [20] 5. Investment Recommendations - Companies with a comprehensive industry chain layout and a strong product portfolio, such as Jinbo Biological and East China Pharmaceutical, are highlighted as having strong growth potential and investment value [3]

Summary of Key Points Core Viewpoint - As of June 10, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 5.535 billion yuan, a decrease of 38.81 million yuan from the previous trading day, indicating a slight decline in market activity [1]. Financing and Margin Data - The margin balance was 5.534 billion yuan, down by 38.83 million yuan, while the securities lending balance increased to 1.0842 million yuan, up by 15,000 yuan [1]. - The stocks with the highest margin balances included Jinbo Biological (365 million yuan), Airon Software (154 million yuan), and Better Energy (143 million yuan), with an average margin balance to market capitalization ratio of 1.11% [1]. Net Buying and Selling Trends - On June 10, 96 stocks experienced net margin buying, with 40 stocks having net buying amounts exceeding 1 million yuan. Shengye Electric led with a net buying amount of 15.4692 million yuan, followed by Thunder Technology and Jinbo Biological with 12.4114 million yuan and 8.792 million yuan, respectively [1]. - The stocks with the highest net selling amounts included Shuguang Digital Innovation, Air China Ocean, and Deyuan Pharmaceutical, with net selling amounts of 11.0707 million yuan, 9.7653 million yuan, and 9.6206 million yuan, respectively [1]. Industry Performance - The industries with the most stocks experiencing net buying over 1 million yuan were machinery equipment, electric power equipment, and basic chemicals, with 11, 7, and 5 stocks respectively [2]. - On average, stocks with net buying over 1 million yuan rose by 7.61%, with notable increases from Jiaoda Iron Transportation (262.09%), Huaguang Source Sea (26.88%), and Qiule Seed Industry (11.99%) [2]. Trading Activity - The weighted average turnover rate for stocks with net buying over 1 million yuan was 8.52%, with Jiaoda Iron Transportation, Night Light Ming, and Huaguang Source Sea having turnover rates of 72.03%, 42.37%, and 41.29%, respectively [2]. - The average daily turnover rate for BSE stocks on June 10 was 7.11% [2]. Notable Stocks and Changes - Stocks with the largest increases in margin balances included Shengye Electric (increase of 15.4692 million yuan), Thunder Technology (increase of 12.4114 million yuan), and Jinbo Biological (increase of 8.792 million yuan) [2][3]. - The stock performance varied, with some stocks experiencing significant declines, such as Road Bridge Information (-12.94%) and Qifeng Precision (-8.04%) [2][3].