证券代码：832982 证券简称：锦波生物 公告编号：2025-039 一、公司不存在《管理办法》规定的不得实行股权激励的情形： （一）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （二）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； 山西锦波生物医药股份有限公司监事会 关于公司 2025 年股票期权激励计划（草案）的核查意见 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。 山西锦波生物医药股份有限公司（以下简称"公司"）监事会，依据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《北京证券交易所股票上市规则（试行）》（以下简称"《上市规则》"）、《北京证 券交易所上市公司持续监管办法（试行）》（以下简称"《持续监管办法》"）、《北 京证券交易所上市公司持续监管指引第 3 号——股权激励和员工持股计划》（以 下 ...

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 2025 年股票期权激励计划（草案） 之 独立财务顾问报告 独立财务顾问 二〇二五年四月 | 目录 2 | | | --- | --- | | 第一章 释义 3 | | | 第二章 | 声明 5 | | 第三章 基本假设 6 | | | 第四章 本激励计划的主要内容 7 | | | 一、激励对象的范围及分配情况 7 | | | 二、授予的股票期权数量 8 | | | 三、股票期权的有效日、授权日及授予后相关时间安排 8 | | | 四、股票期权行权价格 10 | | | 五、激励计划的授予与行权条件 12 | | | 六、激励计划其他内容 15 | | | 第五章 独立财务顾问意见 16 | | | 一、对股票期权激励计划是否符合政策法规规定的核查意见 16 | | | 二、对公司实行股权激励计划可行性的核查意见 17 | | | 三、对激励对象范围和资格的核查意见 17 | | | 四、对股权激励计划权益授出额度的核查意见 18 | | | 五、对上市公司是否为激励对象提供任何形式的财务资助的核查意见 18 | | | 六、对激励计划授予价格定价方式的 ...

上海市锦天城律师事务所 关于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）的 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于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）的 法律意见书 致：山西锦波生物医药股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山西锦波生物医药股份 有限公司（以下简称"锦波生物"或"公司"）的委托，作为锦波生物 2025 年股 票期权激励计划（以下简称"本次激励计划"）相关事项的特聘法律顾问。 法律意见书 本所律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《北京证券交易所股票上市规则（试行）》（以下简称"《上 市规则》"）、《北京证券交易所上市公司持续监管指引第 3 号——股权激励和员工 持股计划》（以下简称"《监管指引 3 号》"） ...

Financial Performance - Net profit attributable to shareholders rose by 66.25% to CNY 168,530,398.04 for Q1 2025, up from CNY 101,369,815.90 in Q1 2024[9] - Operating revenue for Q1 2025 reached CNY 366,465,963.91, marking a 62.51% increase from CNY 225,500,687.12 in the same period last year[9] - The company's net asset return rate based on net profit attributable to shareholders was 10.41% for Q1 2025, compared to 10.09% in Q1 2024[9] - Net profit for Q1 2025 was CNY 168,180,946.38, compared to CNY 101,368,431.82 in Q1 2024, reflecting a growth of approximately 65.9%[34] - The company reported a total comprehensive income of ¥172,319,351.25 for Q1 2025, compared to ¥104,328,856.62 in Q1 2024, indicating a growth of approximately 65.3%[36] Asset and Liability Management - Total assets increased by 9.89% to CNY 2,259,361,999.79 as of March 31, 2025, compared to CNY 2,056,073,416.98 at the end of 2024[9] - The total liabilities to assets ratio decreased to 24.74% from 25.53% year-on-year, reflecting a stronger balance sheet[9] - The total liabilities rose from CNY 524,865,480.46 to CNY 558,973,116.89, indicating an increase of about 6.49%[29] - The total equity attributable to shareholders increased from CNY 1,535,213,828.42 to CNY 1,703,744,226.46, reflecting a growth of approximately 10.96%[29] - The total assets as of March 31, 2025, amounted to CNY 2,319,351,534.88, an increase from CNY 2,130,232,409.16 as of December 31, 2024[32] Cash Flow and Investments - The company’s cash flow from operating activities increased by 66.11% to CNY 174,223,451.19, compared to CNY 104,883,073.28 in Q1 2024[9] - Cash and cash equivalents amounted to CNY 958,678,503.23, up from CNY 941,124,763.40, showing an increase of about 1.6%[27] - The cash inflow from investment activities in Q1 2025 was ¥441,024,969.32, significantly higher than ¥100,216,232.88 in Q1 2024, reflecting a growth of about 340.0%[39] - The company incurred a net cash outflow from investment activities of ¥148,610,115.12 in Q1 2025, compared to a net outflow of ¥32,989,212.49 in Q1 2024[39] - The net increase in cash and cash equivalents was $14,046,817.81, down from $54,156,246.96, representing a decrease of about 74.1%[41] Research and Development - Research and development expenses surged by 85.24% to CNY 19,030,382.10, reflecting a focus on the development of recombinant human collagen products[12] - Research and development expenses for Q1 2025 were CNY 19,030,382.10, compared to CNY 10,273,125.12 in Q1 2024, indicating an increase of approximately 85.5%[33] - Research and development expenses for Q1 2025 were ¥19,026,922.10, compared to ¥10,139,363.12 in Q1 2024, showing an increase of about 87.5%[35] Shareholder Information - The total number of ordinary shares is 88,511,800, with 51.85% being unrestricted shares[16] - Major shareholder Yang Xia holds 58.89% of the shares, totaling 52,128,440 shares[17] - The company has 4,675 ordinary shareholders as of the end of the reporting period[16] - The total number of restricted shares is 42,620,720, representing 48.15% of the total shares[16] Legal and Regulatory Matters - There were no significant legal disputes or arbitration matters reported during the period[21] - The company has not engaged in any significant asset acquisitions or disposals during the reporting period[21] Other Financial Metrics - The gross profit margin for the period improved significantly, with operating costs rising by 98.30% to CNY 36,235,023.96 due to increased sales[12] - Non-recurring gains and losses totaled CNY 1,630,272.44, with a net amount of CNY 1,387,158.35 after tax effects[14] - The company reported a loss of CNY 221,464.12 from the disposal of non-current assets[13] - Government subsidies recognized in the current period amounted to CNY 2,065,347.84, closely related to the company's normal operations[13]

经济观察报作者罗文利 锦波生物的三张"械三证"，第一张用于其自主品牌薇旖美的重组人源化胶原蛋白冻干纤维，第二张用于 与欧莱雅集团旗下品牌修丽可合作的"铂研"胶原针，此次最新获批的第三张凝胶类"械三证"，上述锦波 生物人士称，暂时还未确定将用于旗下哪款产品。 该人士进一步称，目前锦波生物的功能性护肤品和原料业务均占比较小，该公司未来将继续以医疗器械 作为主营业务板块。锦波生物2024年财报显示，该公司将在2025年持续加大研发投入、积极研发新产 品，重点投入研发重组人源化胶原蛋白三类医疗器械产品，还将继续开拓市场、强化产品品牌建设，重 点建设薇旖美系列品牌及产品体系。 在拿到第三张"械三证"后不久，锦波生物(832982.BJ)公布其2024年营收、净利双增，跻身医美企业营收 规模10亿元阵营。 锦波生物4月22日发布的年度财报显示，其2024年营收为14.43亿元，同比增长84.92%；净利润为7.32亿 元，同比增长144.27%。截至22日收盘，锦波生物涨幅为2.25%，收盘价为410.02元/股，盘中股价最高 触及420元/股，股价创历史新高。 针对营收增长问题，4月22日，经济观察报记者以投资者身份致 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.44 billion yuan in 2024, representing a year-on-year growth of 84.9%, and a net profit of 730 million yuan, up 144.3% year-on-year [5][11] - The company has successfully developed three types of recombinant collagen products, establishing a leading position in the market [10] - The company is expected to continue its high growth trajectory, with revenue and net profit forecasts for 2025-2027 remaining stable [11] Revenue Performance - In 2024, the revenue from medical devices, functional skincare, and raw materials reached 1.25 billion yuan, 142 million yuan, and 46 million yuan, respectively, with year-on-year growth rates of 84.4%, 86.8%, and 89.1% [6] - The fourth quarter of 2024 saw a revenue of 450 million yuan, a 72.6% increase year-on-year [5] Profitability - The company's gross margin improved to 92.0% in 2024, up 1.9 percentage points year-on-year, while the net profit margin increased to 50.8%, up 12.3 percentage points [7][8] - The gross margins for medical devices, functional skincare, and raw materials were 95.0%, 70.4%, and 77.6%, respectively [8] Cash Flow - The company reported an operating cash flow of 770 million yuan in 2024, a significant increase of 159.6% year-on-year [5] Market Expansion - The company has covered approximately 4,000 terminal medical institutions by the end of 2024, with significant revenue contributions from North and East China [7][10] Future Outlook - The company is expected to expand its overseas market presence, leveraging its established product matrix and brand reputation [10]

Investment Rating - The report maintains a "Buy" rating for the company [5][15]. Core Insights - The company achieved a revenue of 1.443 billion yuan in 2024, representing an increase of 84.92%, with a net profit of 732 million yuan, up 144.27% [10][11]. - The product matrix is continuously expanding, with significant growth in the "Wei Yi Mei" series, contributing to the overall revenue increase [2][14]. - The company has received regulatory approvals for various collagen products, enhancing its market penetration and growth potential [14]. Financial Performance - In 2024, the company reported a gross margin of 92.02%, an increase of 1.86 percentage points, and a net profit margin of 50.75%, up 12.33 percentage points [13]. - The operating cash flow for 2024 was 767 million yuan, reflecting a 159.55% increase, driven by revenue and profit growth [13][16]. - The company’s expenses as a percentage of revenue decreased significantly, with a total expense ratio of 32.40%, down 12.86 percentage points from the previous year [3][12]. Revenue Breakdown - Medical devices generated 1.254 billion yuan, accounting for 86.89% of total revenue, with single-material medical devices contributing 1.128 billion yuan, a 354.65% increase [2][11]. - Functional skincare products brought in 142 million yuan, representing 9.83% of total revenue, with single-component functional skincare products growing by 165.33% [2][11]. - Raw materials and other revenues reached 46 million yuan, up 142.89%, indicating a steady increase in customer procurement [2][11]. Future Projections - Revenue forecasts for 2025-2027 are set at 2.177 billion yuan, 2.887 billion yuan, and 3.695 billion yuan, respectively, with net profits projected at 1.130 billion yuan, 1.508 billion yuan, and 1.955 billion yuan [15][16]. - The company is expected to maintain a strong growth trajectory, supported by its expanding product offerings and international market opportunities [14][15].

证券代码：832982 证券简称：锦波生物 公告编号：2025-021 山西锦波生物医药股份有限公司 2024 年度独立董事述职报告 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。 作为公司第四届董事会独立董事，在 2024 年度任职期间，本人严格按照 《公司法》《证券法》《上市公司独立董事管理办法》《公司章程》及《独立董事 工作制度》等相关规定和要求履行了独立董事的职责，勤勉尽责，谨慎、认真 地行使公司所赋予的权利，及时了解公司的生产经营信息，全面关注公司在 2024 年度的发展状况，出席公司 2024 年召开的董事会独立董事专门会议、董事 会、股东大会、董事会薪酬与考核委员会、董事会审计委员会等相关会议，忠 实履行职责，充分发挥独立董事的独立作用，维护全体股东特别是中小股东的 利益。现将 2024 年度的履行独立董事职责情况报告如下： 一、个人基本情况 （一）工作履历、专业背景及兼职情况 梁桐栋：男，中国国籍，无境外永久居留权，1978 年 2 月出生，硕士研究 生学历。2005 年 8 月至今，任 ...

2024 年度独立董事述职报告 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。 作为公司第四届董事会独立董事，在 2024 年度任职期间，本人严格按照 《公司法》《证券法》《上市公司独立董事管理办法》《公司章程》及《独立董事 工作制度》等相关规定和要求履行了独立董事的职责，勤勉尽责，谨慎、认真 地行使公司所赋予的权利，及时了解公司的生产经营信息，全面关注公司在 2024 年度的发展状况，出席公司 2024 年召开的董事会独立董事专门会议、董 事会、股东大会、董事会审计委员会、董事会薪酬与考核委员会等相关会议， 忠实履行职责，充分发挥独立董事的独立作用，维护全体股东特别是中小股东 的利益。现将 2024 年度的履行独立董事职责情况报告如下： 一、个人基本情况 （一）工作履历、专业背景及兼职情况 阎丽明：女，中国国籍，无境外永久居留权，1963 年 11 月出生，本科学 历，注册会计师、高级会计师。1994 年 6 月至今，先后在山西天元会计师事务 所、中联会计师事务所等会计师事务所工作。2012 年 2 ...

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。 根据中国证券监督管理委员会《上市公司独立董事管理办法》等相关规定， 山西锦波生物医药股份有限公司（以下简称"公司"）董事会就公司在任独立董 事张金鑫、阎丽明、梁桐栋的独立性情况进行评估并出具了专项意见。 根据独立董事向董事会提供的关于独立性情况的自查报告，结合其他相关 资料，董事会就独立董事的独立性形成如下结论： （一）独立董事及其配偶、父母、子女、具有主要社会关系的人员未在公 司或公司附属企业任职； （二）独立董事及其配偶、父母、子女未直接或间接持有公司已发行股份 百分之一以上，不是公司前十名股东中的自然人股东； 证券代码：832982 证券简称：锦波生物 公告编号：2025-023 山西锦波生物医药股份有限公司 董事会关于独立董事独立性情况的专项意见 （六）独立董事不是为公司及公司控股股东、实际控制人或者其各自附属 企业提供财务、法律、咨询、保荐等服务的人员，包括但不限于提供服务的中 综上，董事会认为公司在任独立董事具备任职条件，不存在影响其独立性 的 ...