Summary of the Conference Call Records Industry Overview - The beauty and personal care industry is experiencing an increase in penetration rates and rising prices, showing stronger growth compared to traditional food and beverage sectors, leading new consumption trends [1][7] - Domestic brands are rapidly rising in the beauty and personal care market, replacing foreign brands, particularly Japanese and Korean brands, which are showing significant declines [1][3] Key Financial Performance - **Personal Care Segment**: - 2024 revenue growth of 19% and net profit growth of 25% - Q1 2025 revenue growth of 29% and profit growth of 13%, driven by product innovation and Douyin channel [1][6] - **Medical Aesthetics Segment**: - 2024 revenue growth of 16% and net profit growth of 22% - Q1 2025 revenue and profit remained flat, with significant internal differentiation [1][9] - **Cosmetics Industry**: - 2024 revenue growth of 11% and net profit decline of 9% (11% growth after excluding anomalies) - Some companies like Juzhi Biotechnology and Mao Ge Ping performed exceptionally well [1][10] Channel Performance - Douyin channel is noted for its dual role in marketing and sales, with high initial costs but potential for improved profitability as brand influence expands to other channels [4][8] - In April 2025, beauty brands on Douyin showed strong performance, with several brands achieving over 100% growth [11] Company-Specific Insights - **Ruo Yuchen**: - Q1 2025 revenue and profit growth exceeded 200% for its free brand and over 150% for its household cleaning brand [12] - **Deng Kang Oral Care**: - Q1 2025 revenue and profit growth of 15%-20%, with online channels showing over 200% growth [14] - **Polaire**: - Q1 2025 saw unexpected profit growth due to improved gross margins and optimized sales expenses [16] - **Mao Ge Ping**: - April 2025 Douyin channel growth of over 30% [17] - **Perfect Bio**: - Q1 2025 revenue growth of 28% and net profit close to 30% [18] - **Runben**: - Q1 2025 revenue growth of 44%, with a focus on new product launches [19] Market Trends and Investment Recommendations - The beauty and personal care sector is expected to continue leading new consumption trends, with investment strategies focusing on companies with strong innovation capabilities and those showing positive changes [1][7][26] - Recommended stocks include Ruo Yuchen, Deng Kang Oral Care, and Runben in the personal care segment, and high-end domestic brands like Mao Ge Ping and companies in the collagen segment like Juzhi Biotechnology [26] Additional Insights - The beauty and personal care sector is more sensitive to product demand, innovation, and channel changes compared to other consumer goods, providing a natural premium and innovation potential [24] - The overall market for personal care, beauty, and medical aesthetics is expected to show strong growth, driven by product innovation and structural opportunities [25]

Group 1 - The core viewpoint of the articles highlights the rapid rise of recombinant collagen in the medical beauty and skincare industry, challenging the dominance of hyaluronic acid [1][2][16] - Jinjian Biological's stock price has surged over 100% since the beginning of the year, reaching a historical high of 442.00 yuan per share, with a listing price of 49 yuan per share in 2023 [1] - The founder of Jinjian Biological, Yang Xia, has seen a significant increase in wealth, ranking 2295th on the Hurun Global Rich List with a net worth of approximately 11.5 billion yuan, up 455 places year-on-year [1] Group 2 - The wealth of founders in the hyaluronic acid sector, such as Zhao Yan of Huaxi Biological and Jian Jun of Aimeike, has declined, indicating a shift in the industry landscape [2] - Huaxi Biological reported a revenue of 5.371 billion yuan in 2024, a year-on-year decrease of 11.61%, and a net profit decline of 70.59% [19] - Aimeike's revenue for 2024 was 3.026 billion yuan, with a slight growth of 5.45%, but faced a decline in net profit [19] Group 3 - Jinjian Biological's revenue for 2024 reached 1.443 billion yuan, a year-on-year increase of 84.92%, with a net profit of 732 million yuan, up 144.27% [6] - The company achieved a gross margin of 95.03% in its medical device segment, surpassing the gross margin of Kweichow Moutai [7] - Jinjian Biological's focus on medical devices and functional skincare products has positioned it as a strong competitor in the market [6][14] Group 4 - The competitive landscape is shifting, with Jinjian Biological and Juzhi Biological both expanding into medical beauty injections, potentially leading to direct competition [13][17] - Jinjian Biological has received approval for its injectable recombinant collagen gel, indicating ongoing product development and market expansion [14] - The industry is witnessing a trend towards international expansion, with companies like Jinjian Biological and Huaxi Biological exploring overseas markets [24][25] Group 5 - The financial performance of Chuangjian Medical has declined, with a revenue of 288.2 million yuan in 2024, a growth of only 1.82%, and a net profit drop of 50.84% [6][15] - Chuangjian Medical is attempting to pivot towards terminal products, including medical devices and cosmetics, but lacks strong competitive advantages [14][15] - The overall market for recombinant collagen is still in its early stages of international expansion, with companies planning to enhance their global presence [25]

山西锦波生物医药股份有限公司 证券代码：832982 证券简称：锦波生物 公告编号：2025-048 董事会战略与可持续发展委员会议事规则 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 本议事规则已经公司 2025 年 4 月 29 日第四届董事会战略委员会第二次会 议、第四届董事会第十次会议审议通过，无需提交股东会审议。 二、 制度的主要内容，分章节列示： 第一章 总则 第一条 为适应山西锦波生物医药股份有限公司（以下简称"公司"）战略 发展需要，保证公司发展规划和战略决策的科学性，提高重大投资决策的效率和 质量，完善公司治理结构，增强公司核心竞争力和可持续发展能力，根据《中华 人民共和国公司法》《上市公司独立董事管理办法》《北京证券交易所股票上市 规则》《北京证券交易所上市公司持续监管指引第 1 号——独立董事》等法律、 法规、规范性文件及《山西锦波生物医药股份有限公司章程》（以下简称《公司 章程》）的有关规定，公司设立董事会战略与可持续发展委员会（以下简称"战 略与可持续发 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-047 山西锦波生物医药股份有限公司 关于董事会战略委员会调整为 本次仅涉及董事会战略委员会更名为董事会战略与可持续发展委员会，委 员会的成员构成及任期均不作调整。 董事会战略与可持续发展委员会委员为：杨霞、金雪坤、张金鑫，由杨霞 担任召集人，任期自公司董事会审议通过之日起至第四届董事会届满之日止。 三、关于制度制订情况 在公司董事会战略委员会原有职责基础上增加可持续发展管理职责等内容， 并制定《山西锦波生物医药股份有限公司董事会战略与可持续发展委员会议事 规则》，原《山西锦波生物医药股份有限公司董事会战略委员会议事规则》自公 董事会战略与可持续发展委员会的公告 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"）于 2025 年 4 月 29 日 召开第四届董事会战略委员会第二次会议、第四届董事会第十次会议，审议通 过了《关于公司董事会战略委员会调整为董事会战略与可持续发展委员会并制 定相关制度 ...

002 001 关于本报告 董事长致辞 关于我们 年度专题 锦心治理 锦质匠心 锦色发展 锦程共进 2024 年度可持续发展报告 002 003 关于本报告 董事长致辞 关于我们 年度专题 锦心治理 锦质匠心 锦色发展 锦程共进 2024 年度可持续发展报告 CONTENTS 目录 关于本报告 董事长致辞 年度专题：科技创新驱动可持续发展 关于我们 | 恪守原始创新 打造细胞工厂 | 19 | | --- | --- | | 公司重要研发历程 | 19 | | 研发治理与战略 | 20 | | 风险与机遇 | 22 | | 指标与目标 | 24 | 01 锦心治理 筑牢发展基石 | 践行可持续发展 | 27 | | --- | --- | | 完善公司治理 | 32 | | 健全风险管理 | 38 | | 诚信阳光经营 | 42 | | 坚定党建引领 | 44 | 02 锦质匠心 锻造卓越品牌 | 完备质量管理 | 47 | | --- | --- | | 守护供应安全 | 53 | | 提升客户服务 | 55 | | 坚守科技伦理 | 58 | 03 锦色发展 践行绿色使命 | 优化环境管理 | 61 | ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-046 山西锦波生物医药股份有限公司 第四届董事会第十次会议决议公告 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 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 4 月 27 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、于玉凤、何振瑞、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 1.会议召开时间：2025 年 4 月 29 日 2.会议召开地点：公司四楼会议室 为进一步完善公司治理架构，适应公司战略发展需要，提升公司可持续发展 能力，经研究并结合公司实际，将原董事会下设专门委员会"董事会战略委员会" 调整为"董事会战略与可持续发展委员会"，并在原有职责基础上增加可持续发 展管理 ...

Group 1 - The core viewpoint of the article highlights the resurgence of consumer stocks, particularly in sectors such as beauty, pets, and retail, with several companies reaching historical highs [1] - Notable companies that achieved record highs include Wancheng Group, Runben Co., Dongpeng Beverage, Yanjinpuzi, and Jinbo Biological, while Han Commercial Group, Laishen Tongling, Anzheng Fashion, and Meike Home reached their daily limit [1] - The Ministry of Commerce is collaborating with relevant departments to introduce several measures, including the 2025 work plan for improving service consumption and benefiting the public [1]

截至4月29日，北交所融资融券余额合计52.06亿元，较前一交易日减少977.97万元，其中，融资余额 52.05亿元，较前一交易日减少954.43万元，为连续3个交易日减少；融券余额为46.88万元，较前一交易 日减少23.53万元。 证券时报·数据宝统计显示，截至4月29日，北交所股票中，融资余额居前的为锦波生物、艾融软件、贝 特瑞，最新融资余额分别为2.18亿元、1.44亿元、1.32亿元，从最新融资余额占流通市值比例看，算术 平均值为1.20%，最新融资余额占流通市值比例居前的有派诺科技、美登科技、国子软件等，占比分别 为7.63%、5.75%、4.40%。 活跃度来看，获融资净买入超百万元个股4月29日加权平均换手率为4.44%，换手率居前的有万达轴 承、科拜尔、亿能电力等，日换手率分别为23.44%、18.91%、18.08%，当日北交所股票日均换手率为 4.22%。（数据宝） 4月29日融资余额增加居前的北交所股票 | 代码 | 简称 | 4月29日涨跌幅 | 最新融资余额 | 较上一日增加 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | -- ...

Group 1: Company Position and Technology Advantages - The company is a leader in the field of recombinant human collagen, being the only enterprise capable of industrial-scale production of recombinant type III human collagen [5] - It has achieved significant breakthroughs in safety, efficacy, and application scenarios, with over 2 million clinical applications and no observed immunogenicity [5] - The recombinant type III human collagen has a specific 164.88° flexible triple helix structure, with high biological activity recognized by the international protein structure database (PDB) [5] Group 2: Product Launch and Market Strategy - The new product "Wei Yi Mei ColNet," launched in February 2025, is positioned as a high-end product with a specification of 12mg per unit, currently distributed to approximately 100 outlets [6] - The company plans to expand its product system under the "Wei Yi Mei" brand to meet diverse consumer needs and will continue to increase its coverage of medical institutions, which currently includes about 4,000 institutions [9] Group 3: Future Research and Development Focus - The company will deepen the application development of recombinant type III human collagen across various medical fields, including dermatology, gynecology, urology, orthopedics, and cardiovascular [7] - It is also exploring other types of collagen, such as recombinant type XVII and type V human collagen, with some products already in clinical trial stages [7] Group 4: Functional Skincare Products - The sales revenue of functional skincare products is expected to grow rapidly in 2024, driven by the performance of proprietary brands like "Zhongyuan®" and "ProtYouth®" [10] - The sales strategy for 2025 includes building proprietary brands around innovative material advantages and developing raw materials tailored to major customer needs [10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 1.443 billion yuan in 2024, representing a year-on-year increase of 84.92%, with a net profit attributable to shareholders of 732 million yuan, up 144.27% year-on-year [3]. - The first quarter of 2025 saw a revenue of 367 million yuan, a year-on-year growth of 62.51%, and a net profit of 169 million yuan, reflecting a 66.25% increase year-on-year [3]. - The company is a leader in the collagen protein market, with projected net profits of 1.105 billion yuan, 1.598 billion yuan, and 2.145 billion yuan for 2025, 2026, and 2027 respectively, showing growth rates of 50.9%, 44.6%, and 34.2% [6]. Revenue Breakdown - Medical device sales drove overall revenue growth, with medical devices generating 1.254 billion yuan in 2024, a year-on-year increase of 84.37% [4]. - Functional skincare products contributed 142 million yuan in revenue, up 86.83% year-on-year, with significant growth from the "重源®" and "ProtYouth®" brands [4]. - Revenue from raw materials and other segments reached 46 million yuan, reflecting an 89.07% increase year-on-year, attributed to stable procurement from brand clients and increased product recognition [4]. Profitability Metrics - The company's net profit margin for 2024 was 50.75%, an increase of 12.33 percentage points year-on-year, while the non-GAAP net profit margin was 49.36%, up 12.73 percentage points [5]. - Gross margin for 2024 was reported at 92.02%, with a slight decrease in the first quarter of 2025 to 90.11% [5]. - The company plans to implement an equity incentive plan, reflecting confidence in long-term growth, with performance targets set for net profits over the next three years [6]. Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 2.154 billion yuan, 3.076 billion yuan, and 4.198 billion yuan respectively, with growth rates of 49.3%, 42.8%, and 36.5% [7][10]. - The forecasted net profit for 2025 is 1.105 billion yuan, with a growth rate of 50.9% [7][10]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated at 30x, 21x, and 16x respectively, indicating a favorable valuation trend [6][10].