Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a revenue of 370 million yuan in Q1 2025, representing a year-on-year growth of 62.5%, and a net profit of 170 million yuan, up 66.3% year-on-year [1] - The company continues to focus on product innovation and brand marketing, with significant growth in its medical device and skincare segments [2] - The company has implemented a stock incentive plan for 87 individuals, aiming for net profit targets of no less than 1 billion yuan in 2025, 1.4 billion yuan in 2026, and 1.8 billion yuan in 2027 [3] Summary by Sections Financial Performance - Q1 2025 operating cash flow was 170 million yuan, a 66.1% increase year-on-year [1] - The gross margin decreased by 1.8 percentage points to 90.1%, while the net profit margin increased by 1.0 percentage points to 46.0% [2] - The company’s expense ratio decreased by 5.0 percentage points to 35.4% in Q1 2025 [3] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 2.08 billion yuan, 2.81 billion yuan, and 3.65 billion yuan, respectively, with corresponding net profits of 1.09 billion yuan, 1.49 billion yuan, and 1.97 billion yuan [5] - The expected EPS for 2025, 2026, and 2027 are 12.29 yuan, 16.85 yuan, and 22.28 yuan, respectively [3][5] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 33, 24, and 18 times, respectively [3][5] - The company’s return on equity (ROE) is expected to be 44.48% in 2025, 41.92% in 2026, and 39.39% in 2027 [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company reported a significant revenue growth of 84.92% year-on-year, achieving a total revenue of 1.443 billion yuan in 2024. The net profit reached 732 million yuan, reflecting a 144.27% increase, with a net profit margin of 50.68%, up by 12.39 percentage points [2][4]. - The company has successfully expanded its product offerings, particularly in the medical device sector, with single-material medical devices generating 1.128 billion yuan in revenue, marking a 99.69% increase year-on-year [2]. - The company has received approval for its collagen gel products, enhancing its product portfolio with a full range of formulations, including solutions, gels, and solids. This positions the company favorably in both domestic and international markets [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 92.02%, an increase of 1.86 percentage points year-on-year, while the sales expense ratio decreased to 17.92% [2]. - The company’s revenue from functional skincare products reached 142 million yuan, growing by 86.83% year-on-year, with a gross margin of 70.41% [2]. - The financial forecast estimates earnings per share (EPS) of 12.30, 16.04, and 19.45 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 21 [4][6].

Core Viewpoint - The performance of Jinbo Biological, the first domestic "recombinant collagen" company, is experiencing significant growth, with revenue and net profit for 2024 projected to be 1.443 billion yuan and 732 million yuan, respectively, reflecting year-on-year increases of 84.92% and 144.27% [1][3]. Financial Performance - In Q1 2025, Jinbo Biological's revenue and net profit are expected to reach 366 million yuan and 169 million yuan, respectively, with both showing over 60% year-on-year growth [1]. - The product "Wei Yimei," which is based on recombinant type III human collagen, generated revenue of 1.128 billion yuan in 2024, marking a year-on-year growth of 99.69% [3][4]. Pricing and Market Pressure - The factory price of Wei Yimei has shown a slight decline, with a 2024 price of 910 yuan per unit, down nearly 7% year-on-year [8]. - The terminal price of Wei Yimei is also decreasing, with a price drop of over 10% observed on platforms like Meituan [10]. Competitive Landscape - Competitors such as Juzi Biological and Chuangjian Medical are making progress in the market, having submitted applications for the registration of similar products, although their approval processes have faced delays [11][12]. - Jinbo Biological's competitive edge lies in its exclusive medical device certification for its injection products, which has driven significant sales growth [3][4]. Product Development - Jinbo Biological is expanding its product range, with the recent approval of a new injectable recombinant collagen gel, which is expected to enhance its market position [14][18]. - The gel is designed for facial volume correction and does not rely on cross-linking agents, potentially increasing safety but limiting the duration of its effects [15][16]. Market Expectations - The strong growth in performance and the upcoming gel product have raised market expectations for Jinbo Biological, with its stock price increasing by nearly 40% since the end of March [19]. - The skincare line related to recombinant collagen also showed significant growth, with revenue of 142 million yuan in 2024, up over 80% year-on-year, although its overall contribution remains limited [21][22].

Core Viewpoint - Jinbo Biological's stock price surged to a new high following the release of its 2024 annual report, showcasing significant revenue and profit growth, which has attracted market attention [1][2]. Financial Performance - For the fiscal year 2024, Jinbo Biological reported a revenue of 1.443 billion yuan, representing a year-on-year increase of 84.9% [2][3]. - The net profit reached 732 million yuan, with a year-on-year growth of 144.3%, while the net profit excluding non-recurring items was 712 million yuan, up 149.2% [2][3]. - The company plans to distribute a generous dividend, proposing a 10-for-3 stock bonus and a cash dividend of 177 million yuan [2]. Historical Growth - Over the past three years, Jinbo Biological has consistently demonstrated impressive growth rates, with revenues increasing from 233 million yuan in 2021 to 780 million yuan in 2023, reflecting growth rates of 44.75%, 67.15%, and 99.96% respectively [3]. - Net profits also showed substantial growth, rising from 57.39 million yuan in 2021 to 300 million yuan in 2023, with growth rates of 79.62%, 90.24%, and 174.6% [3]. Market Performance - Jinbo Biological's stock was initially offered at 49 yuan per share during its IPO, and it reached a peak of 420 yuan per share, marking a maximum increase of 757.14% from the IPO price [4]. - The company raised 245 million yuan through its IPO, which was allocated to research and development of collagen products, brand building, and market promotion [4]. Product and Market Development - Jinbo Biological is recognized as the "first stock of restructured collagen" on the Beijing Stock Exchange, having launched the first injectable restructured human collagen product [5]. - In 2024, the company generated 1.254 billion yuan from medical device sales, a year-on-year increase of 84.37%, with a gross margin of 95.03% [5][6]. - The company has expanded its brand presence to approximately 4,000 medical institutions, focusing on the promotion of its "Wei Yi Mei" brand [6]. Research and Development - Jinbo Biological has significantly increased its R&D investment from 23.77 million yuan in 2020 to 123 million yuan in 2024, resulting in the acquisition of 20 new invention patents [6]. - The company has successfully developed various new types of restructured human collagen products, enhancing its core competitiveness in the market [6].

证券代码：832982 证券简称：锦波生物 公告编号：2025-042 山西锦波生物医药股份有限公司 关于召开 2025 年第一次临时股东大会通知公告（提供网络投票） 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、会议召开基本情况 （一）股东大会届次 本次会议为 2025 年第一次临时股东大会。 （二）召集人 本次股东大会的召集人为董事会。 2025 年 4 月 21 日，公司第四届董事会第九次会议审议通过了《关于提请召 开公司 2025 年第一次临时股东大会的议案》。 （三）会议召开的合法性、合规性 本次股东大会的召集、召开所履行的程序符合《公司法》和《公司章程》的 有关规定。会议召开无需相关部门批准或履行必要程序。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东只能选择现场投票、网络投票中的一种方式，如果同一表决 票出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2025 年 5 月 8 日 14:30。 2、网 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-037 山西锦波生物医药股份有限公司 关于独立董事公开征集表决权公告 5、《关于提请股东大会授权董事会办理 2025 年股票期权激励计划相关事项 的议案》。 独立董事（梁桐栋、阎丽明、张金鑫）作为征集人保证本公告不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担法律责任。 征集人作为独立董事，符合《证券法》《公开征集上市公司股东权利管理暂 行规定》规定的征集条件，并保证其在本公告披露后至代为行使股东权利之日持 续符合征集条件。 一、征集事由 按照《公司法》《证券法》《公开征集上市公司股东权利管理暂行规定》《北 京证券交易所股票上市规则(试行)》的有关规定，独立董事（梁桐栋、阎丽明、 张金鑫）作为征集人，就公司拟于2025年5月8日召开的2025年第一次临时股东大 会审议的有关议案向公司全体股东征集表决权。 征集表决权议案： 1、《关于公司<2025 年股票期权激励计划（草案）>的议案》； 2、《关于公司<2025 年股票期权激励计划实施考核管理办法>的议案》； 3、《关于公司<2025 年股票期权激励计划首次授予激励对象名单 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-033 山西锦波生物医药股份有限公司 第四届监事会第五次会议决议公告 本公司及监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 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 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 1.议案内容： 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 本议案不涉及关联交易，无需回避表决。 本议案无需提交股东大会审议。 （二）审议通过《关于公司<2025 年股票期权激励计划（草案）>的议案》 1.议案内容： 为了进一步健全公司长效激励机制，吸引和留住优秀人才，充分调动员工的 积极性，有效地将股东利益、公司利益和核心团队个人利益结合在一起，使各方 共同关注公司的长远 ...

山西锦波生物医药股份有限公司 第四届董事会第九次会议决议公告 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。 证券代码：832982 证券简称：锦波生物 公告编号：2025-032 一、会议召开和出席情况 （一）会议召开情况 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。 董事王玲玲、张金鑫、阎丽明、梁桐栋因出差或外地办公以通讯方式参与表 决。 1.会议召开时间：2025 年 4 月 21 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：2025 年 4 月 19 日以邮件方式发出 二、议案审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 1.议案内容： ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-036 考核评价必须坚持公正、公平的原则，严格按照本办法和考核对象的业绩进 行评价，以实现股票期权激励计划与激励对象的工作业绩、贡献紧密结合，从而 提高管理绩效，实现公司与全体股东利益最大化。 山西锦波生物医药股份有限公司 2025 年股票期权激励计划实施考核管理办法 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"）为了进一步健全公司 长效激励机制，吸引和留住优秀人才，充分调动员工的积极性，有效地将股东利 益、公司利益和核心团队个人利益结合在一起，使各方共同关注公司的长远发展， 在充分保障股东利益的前提下，按照收益与贡献匹配的原则，公司制定了《山西 锦波生物医药股份有限公司 2025 年股票期权激励计划（草案）》（以下简称"本 激励计划"），为保证本激励计划的顺利进行，现根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》等有关法律、行政法 规、规范性文件和《山西 ...

2025 年股票期权激励计划首次授予激励对象名单 证券代码：832982 证券简称：锦波生物 公告编号：2025-038 山西锦波生物医药股份有限公司 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、本激励计划激励对象名单及分配情况 | 姓名 | 职务 | 获授的股票期权 数量（万份） | 占激励计 划拟授出 | 占激励计划 公告日股本 | | --- | --- | --- | --- | --- | | | | | 权益总量 的比例 | 总量的比例 | | 李飞 | 董事、副总经理 | 10.00 | 10.00% | 0.11% | | 唐梦华 | 董事、副总经理、董事 会秘书 | 3.00 | 3.00% | 0.03% | | 王玲玲 | 董事 | 1.40 | 1.40% | 0.02% | | 兰小宾 | 副总经理 | 1.00 | 1.00% | 0.01% | | | 其他激励对象（83 人） | 64.60 | 64.60% | 0.73% | | | 首次授予合计 | 80.0 ...