山西锦波生物医药股份有限公司 关于拟修订《公司章程》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：2025-013 除上述修订外，原《公司章程》其他条款内容保持不变，前述内容尚需提交 公司股东大会审议，具体以工商行政管理部门登记为准。 二、修订原因 公司拟实施 2024 年年度权益分派，以现有总股本 88,511,800 股为基数， 每 10 股派发现金红利 20 元（含税），以资本公积金向全体股东每 10 股转增 3 股。本次权益分派方案经 2024 年年度股东大会审议通过并实施完成后，预计 公司总股本由 88,511,800 股增加至 115,065,340 股，预计注册资本由 88,511,800 元增加至 115,065,340 元。 三、备查文件 《山西锦波生物医药股份有限公司第四届董事会第八次会议决议》 《山西锦波生物医药股份有限公司章程》（修订前） 《山西锦波生物医药股份有限公司章程》（修订后） 山西锦波生物医药股份有限公司 一 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-030 山西锦波生物医药股份有限公司 使用闲置自有资金购买理财产品的公告 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、 委托理财概述 （一） 委托理财目的 山西锦波生物医药股份有限公司（以下简称"公司"）为提高资金使用效率， 提升收益水平，在不影响公司主营业务正常发展，并确保经营需求的前提下，公 司拟使用闲置自有资金购买安全性高、流动性好、风险低的银行理财产品，为公 司及全体股东创造更多的收益。 二、 决策与审议程序 此事项经公司第四届董事会第八次会议、第四届监事会第四次会议审议通 过，授权董事长或总经理签署相关合同文件，由财务部门负责具体实施。 此事项尚需提交股东大会审议。 （二） 委托理财金额和资金来源 公司拟使用不超过人民币 15.00 亿元的暂时闲置的自有资金购买安全性高、 流动性好、风险低的银行理财产品（包括但不限于银行定期存单、结构性存款或 风险低理财产品等）。 （三） 委托理财方式 1、 预计委托理财额度的情形 在不影 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has received approval for the world's first injectable recombinant type III humanized collagen gel, filling a domestic technological gap and meeting diverse clinical application needs [2][9] - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85.40%, and a net profit of 733 million yuan, with a year-on-year increase of 144.65% [17][34] - The company is actively developing new products, strengthening brand building, and expanding its market presence, leading to significant growth in sales of medical devices and functional skincare products [1][34] Financial Summary and Valuation Metrics - Revenue and profit forecasts for 2024-2026 are maintained, with expected net profits of 734 million, 927 million, and 1.125 billion yuan respectively, corresponding to EPS of 8.29, 10.47, and 12.71 yuan per share [34] - The company's gross margin has shown a consistent upward trend, reaching 92.37% in the first three quarters of 2024 [20][22] - The P/E ratios for 2024-2026 are projected to be 45.4, 35.9, and 29.6 times respectively [34] Industry Overview - The market for recombinant collagen raw materials in China is rapidly developing, with an expected market size of 3.604 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of 42.98% [29] - The overall medical device industry in China is experiencing significant growth, with a reported revenue increase of approximately 20% in 2022 [26] - The global biomaterials market is projected to grow from 35.5 billion USD in 2020 to 47.5 billion USD by 2025, with a CAGR of 6.0% [27]

北交所公司深度报告 全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批，填补国内技术空白 2025 年 04 月 16 日 投资评级：增持（维持） | 日期 |  2025/4/15 | 积极研发新产品、强化品牌建设，领航重组人源化胶原蛋白新应 | | --- | --- | --- | | 当前股价(元) | 376.00 | 公司积极研发新产品、强化品牌建设、努力拓展市场，深耕现有客户并不断拓展 | | 一年最高最低(元) | 412.00/142.60 | 新客户，医疗器械及功能性护肤品的销售规模大幅增长，首个注射用重组Ⅲ型人 | | 总市值(亿元) | 332.80 | 源化胶原蛋白凝胶获批。根据锦波生物 2024 年度业绩快报，2024 年公司实现营 | | 流通市值(亿元) | 172.55 | 业收入 亿元，同比增长 亿元，同比增长 14.47 85.40%；归母净利润 7.33 144.65%， | | 总股本(亿股) | 0.89 | 因此我们维持 2024-2026 年盈利预测，预计 2024-2026 年归母净利润为 | | 流通股本(亿股) | 0.46 | 734/927/1125 百万 ...

4月15日，北交所个股合计成交量15.23亿股，成交额331.84亿元，成交额相对上一交易日减少22.02亿 元，个股来看，收盘上涨的共105只。 证券时报·数据宝统计显示，今日可交易北交所个股中，收盘股价上涨的有105只，占可交易个股的 39.62%，收盘涨停的有一致魔芋等，收盘涨幅居前的有开发科技、宏裕包材、德源药业，分别上涨 14.76%、11.06%、10.95%。收盘股价下跌的有157只，跌幅居前的有华光源海、太湖雪、秋乐种业等， 分别下跌11.81%、9.63%、8.93%。 成交方面，全天成交额超亿元的股票共有101只，成交额居前的北交所股票有开发科技、锦波生物、骑 士乳业等，成交额分别为11.05亿元、8.28亿元、6.84亿元。 股票活跃度来看，今日可交易的北交所个股中，换手率超10%的有83只，其中，21股换手率超20%，换 手率在5%~10%之间的有79只，换手率在1%~5%之间的有101只。全天换手率居前的股票有华光源海、 泰鹏智能、骑士乳业等，换手率分别为55.23%、53.22%、46.70%。（数据宝） 北交所个股今日成交明细 | 代码 | 简称 | 收盘价（元） | 涨跌幅（% ...

上 市 公 司 美容护理 2025 年 04 月 13 日 锦波生物 (832982) ——重磅胶原填充产品获批，或推动行业格局重塑 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 339.01 | | 一年内最高/最低（元） | 367.00/142.60 | | 市净率 | 22.8 | | 股息率%（分红/股价） | 0.59 | | 流通 A 股市值（百万元） | 15,558 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 14.88 | | 资产负债率% | 28.84 | | 总股本/流通 A 股（百万） | 89/46 | | 流通 B 股/H 股（百万） | -/- | 投资要点： 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 455 CNY, indicating an expected return of over 20% within the next six months [6][17]. Core Insights - The approval of the injectable recombinant type III humanized collagen gel by the National Medical Products Administration exceeded expectations, potentially enhancing the company's market valuation [1]. - The product represents the third type of recombinant type III collagen aesthetic injection from the company, covering various formulations of recombinant humanized collagen in China, thus meeting diverse clinical application needs [2]. - The injectable gel utilizes innovative self-assembly and self-crosslinking technologies, eliminating immunogenicity and toxicity from crosslinking agents, which allows for direct supplementation of collagen tissue and promotes the regeneration of extracellular matrix [3]. Financial Projections - The company is expected to see revenue growth from 14.47 billion CNY in 2024 to 31.82 billion CNY in 2026, with net profit projections of 7.33 billion CNY to 15.58 billion CNY over the same period [4]. - The projected earnings per share (EPS) are expected to rise from 8.29 CNY in 2024 to 17.60 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 41x to 19x [5][4]. - The company’s revenue for 2023 is projected at 780.26 million CNY, with a growth rate of 99.96% compared to the previous year [5]. Market Position - The company is positioned in the beauty care and medical aesthetics industry, with a total market capitalization of approximately 30 billion CNY [6][7]. - The stock has shown significant price fluctuations, with a 52-week high of 367 CNY and a low of 142.60 CNY [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 455 CNY, indicating an expected return of over 20% within the next six months [6][17]. Core Insights - The approval of the injectable recombinant type III humanized collagen gel by the National Medical Products Administration exceeded expectations, potentially enhancing the company's market valuation [1]. - The product represents the third type of recombinant type III collagen aesthetic injection from the company, covering various formulations in the field of biological materials, thus meeting diverse clinical application needs [2]. - The injectable gel utilizes innovative self-assembly and self-crosslinking technologies, eliminating immunogenicity and the toxicity of crosslinking agents, which helps to directly address aging by replenishing collagen tissue and promoting the regeneration of extracellular matrix [3]. Financial Projections - The company is expected to see revenue growth from 14.47 billion CNY in 2024 to 31.82 billion CNY in 2026, with net profit projections of 7.33 billion CNY to 15.58 billion CNY over the same period [4]. - The expected growth rates for revenue are 85.40% in 2024, 62.50% in 2025, and 35.36% in 2026, while net profit growth rates are projected at 144.65%, 56.88%, and 35.38% respectively [5][4]. - The company's earnings per share (EPS) are forecasted to increase from 8.29 CNY in 2024 to 17.60 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 40.91x to 19.26x [5][4]. Market Position - The company operates in the beauty care and medical aesthetics industry, with a total market capitalization of approximately 30 billion CNY [6][7]. - The stock has shown significant price fluctuations, with a 52-week high of 367 CNY and a low of 142.60 CNY [7].

Core Viewpoint - The company has received approval for its third-class medical device, "Injectable Recombinant Type III Humanized Collagen Gel," which reinforces its monopoly in the recombinant collagen aesthetic medicine industry [2][3]. Group 1: Regulatory Approval - The company announced on April 9 that it obtained a third-class medical device registration certificate from the National Medical Products Administration for "Injectable Recombinant Type III Humanized Collagen Gel" [2]. - This product is the third recombinant collagen product approved, following the approvals of "Recombinant Type III Humanized Collagen Freeze-Dried Fiber" in 2021 and "Recombinant Type III Humanized Collagen Solution" in 2023 [3]. Group 2: Market Position and Competitive Advantage - With all three third-class medical device certifications for recombinant collagen in China held by the company, it confirms its leading position in the domestic and global recombinant collagen industry [3]. - The company’s monopoly in the recombinant collagen aesthetic field is expected to continue, maintaining a leading edge even with potential new entrants in the market [3]. Group 3: Product Innovation and Market Expansion - The newly approved product is the first internationally to utilize self-assembly and self-crosslinking technology, produced via synthetic biology, suitable for correcting mid-facial volume loss and contour defects [4]. - The product expands the application of recombinant collagen from water-light treatments to support and filling, thus broadening its market potential in the aesthetic medicine sector [4]. - The higher market positioning, pricing, and profit margins of support and filling products indicate that the company is opening pathways to serve the high-end aesthetic market [4]. Group 4: Industry Growth Potential - According to Taiwan's Shuangmei's financial report, sales of animal-derived collagen in mainland China reached 370 million RMB, with a year-on-year growth of 8.5% [5]. - The compound annual growth rate (CAGR) for Shuangmei's revenue in mainland China from 2019 to 2024 is 27.1%, indicating rapid growth, which bodes well for the company's new product launch and operational prospects [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6]. Core Viewpoints - The company has received its third Class III medical device registration certificate for "Injectable Recombinant Type III Humanized Collagen Gel," solidifying its monopoly in the recombinant collagen aesthetic medicine industry in China [2][3]. - The new product is the first of its kind internationally to utilize self-assembly and self-crosslinking technology, expanding the application of recombinant collagen in aesthetic medicine, particularly in filling and supporting roles [3]. - The company is expected to see significant revenue growth, with projected revenues of 1.446 billion RMB in 2024, reflecting an 85.35% growth rate compared to the previous year [4]. Financial Projections - The company forecasts net profits of 734 million RMB in 2024, with a compound annual growth rate (CAGR) of 144.67% from 2023 to 2024 [4]. - Earnings per share (EPS) are projected to increase from 4.40 RMB in 2023 to 8.29 RMB in 2024, with corresponding price-to-earnings (P/E) ratios of 42 and 28 for 2024 and 2025, respectively [4][10]. - The company’s gross margin is expected to improve from 90.2% in 2023 to 92.6% in 2024, indicating strong profitability [12]. Market Position - The company holds all three Class III medical device certificates for recombinant collagen in China, reinforcing its leading position in the domestic and global recombinant collagen market [2][3]. - The report highlights the rapid growth of the collagen market, with a notable increase in sales of animal-derived collagen in mainland China, suggesting a favorable market environment for the company's new products [4].