Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company is expected to achieve a revenue of 1.447 billion yuan in 2024, representing a year-on-year growth of 85% [2] - The net profit attributable to shareholders is projected to reach 733 million yuan in 2024, with a year-on-year increase of 145% [2] - The company has successfully expanded its product matrix, launching new anti-aging brands and products, which are anticipated to drive future growth [5] - The company has obtained overseas certification for its medical devices, marking a significant step in its global expansion strategy [5] Financial Performance Summary - Revenue for 2022 was 390 million yuan, with a growth rate of 67% year-on-year [2] - Revenue for 2023 is expected to be 780 million yuan, with a growth rate of 100% year-on-year [2] - The projected revenue for 2025 is 2.047 billion yuan, with a growth rate of 41% year-on-year [2] - The net profit for 2022 was 109 million yuan, with a growth rate of 90% year-on-year [2] - The projected net profit for 2025 is 1.082 billion yuan, with a growth rate of 48% year-on-year [2] - The earnings per share (EPS) for 2024 is expected to be 10.77 yuan, with a significant increase from 4.40 yuan in 2023 [2] Market Position and Strategy - The company is actively participating in industry forums and exhibitions to enhance its B2B presence and expand its customer base [5] - The company has covered approximately 3,000 medical institutions by the end of the first half of 2024 [5] - The company is increasing its media exposure to boost product awareness among consumers [5]

证券代码：832982 证券简称：锦波生物 公告编号：2025-005 山西锦波生物医药股份有限公司 第四届董事会第七次会议决议公告 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 2 月 24 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、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。 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 1.会议召开时间：2025 年 2 月 26 日 2.会议召开地点：公司四楼会议室 （二）会议出席情况 二、议案审议情况 4.提交股东大会表决情况： 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事金雪坤、王玲玲、张金鑫、阎丽明、梁桐栋因出差及外地办公以通讯方 式参与表决。 （一）审议通过《关于制定<山西锦波生物 ...

Investment Rating - The report assigns a "Strong Buy" rating for the stock, expecting a price increase of over 20% within the next six months compared to the market benchmark index [23]. Core Insights - The company has demonstrated significant growth momentum in the first three quarters of 2024, with revenue reaching 988 million yuan, a year-on-year increase of 91.16%, and a net profit of 520 million yuan, up 170.42% [3][4]. - The core product, Wei Yi Mei, has filled a gap in the aesthetic medicine market for recombinant collagen, contributing 479 million yuan in revenue in the first half of 2024, a 105% increase, and accounting for 82% of the medical device business revenue [5][4]. - The company has made substantial progress in international expansion, becoming the first to obtain a D-class medical device registration in Vietnam for its recombinant collagen product, marking a significant breakthrough in its international strategy [12][11]. Business Expansion - The company’s revenue and profit have shown a dual high-growth trend, with the third quarter alone generating 386 million yuan, reflecting a 92.07% year-on-year growth [4][3]. - The business structure is heavily focused on high-margin recombinant collagen medical devices, maintaining a gross margin of around 95%, despite a slight decrease in the third quarter [13][12]. - The company has established a strong distribution network, covering over 3,000 aesthetic medical institutions in China, and has partnered with L'Oréal to enhance its brand presence in the high-end market [5][12]. Internationalization Strategy - The company views the Vietnamese market as a key breakthrough point, with the medical device market expected to grow at a compound annual growth rate of 9% from 2024 to 2033, primarily relying on imports [12][11]. - Future plans include expanding into Southeast Asia and other international markets, with potential for more registration applications and localized marketing networks [12][11]. Profitability and Product Mix - The revenue from high-margin recombinant collagen medical devices is significantly high, with a gross margin of 95%, indicating a strategic focus on high-value medical products [13][12]. - Although the growth rate for functional skincare products is lower, partnerships with international brands like L'Oréal are expected to enhance market penetration and long-term growth prospects [13][12]. Industry Trends - The recombinant collagen sector is experiencing rapid penetration, with the company being the only provider of a Class III medical device product in the domestic market, highlighting its scarcity [15][12]. - Competitors are expected to introduce similar products post-2025, but the company is actively developing new products and expanding its international presence to maintain its competitive edge [15][12].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Insights - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% year-on-year [1]. - The company continues to expand its product pipeline in the medical aesthetics sector, launching the world's first eye-area anti-aging regeneration material based on "self-assembling root technology" [2]. - The company is actively expanding into international markets, enhancing brand recognition and competitiveness through participation in global exhibitions and securing patents in multiple countries [3]. Financial Performance - The company forecasts revenues of 1.445 billion, 1.918 billion, and 2.381 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 85.2%, 32.7%, and 24.2% [3][5]. - The net profit attributable to shareholders is projected to be 737 million, 1.007 billion, and 1.284 billion yuan for the same years, with growth rates of 145.7%, 36.8%, and 27.5% [3][5]. - The report indicates a PE ratio of 27, 20, and 16 for the years 2024, 2025, and 2026, respectively [3][5].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 1.447 billion yuan in 2024, representing a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% year-on-year [1] - The company continues to expand its product pipeline in the medical beauty sector, launching the world's first eye area anti-aging regeneration material based on "self-assembling root technology" [2] - The company is actively expanding its international market presence, enhancing brand recognition and competitiveness through participation in international exhibitions and strategic partnerships [3] - Revenue projections for 2024-2026 are 1.445 billion, 1.918 billion, and 2.381 billion yuan, with corresponding net profits of 737 million, 1.007 billion, and 1.284 billion yuan, indicating strong growth potential [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 458 million yuan, a year-on-year increase of 74.07%, and a net profit of 214 million yuan, up 98.58% year-on-year [1] - The company forecasts a revenue growth rate of 85.2% for 2024, followed by 32.7% in 2025 and 24.2% in 2026 [5] - The net profit growth rates are projected at 145.7% for 2024, 36.8% for 2025, and 27.5% for 2026 [5] Product Development - The company has enriched its product line with new specifications for its recombinant type III humanized collagen protein freeze-dried fiber products, enhancing its market offerings [2] - The safety and effectiveness of the company's products have been validated by over 2 million clinical injections since the launch of its flagship product in June 2021 [2] Market Expansion - The company has successfully obtained patent authorizations in the US, South Korea, Japan, and Brazil for its recombinant type III humanized collagen protein raw materials, indicating strong international recognition [3] - The company has received a D-class medical device registration certificate in Vietnam, further solidifying its international market position [3]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 展位有限 报名：首届全球心血管大会 | 奖项评选 报名：首届全球骨科大会 | 奖项评选 公告中提到，本次业绩快报中的财务数据为初步核算数据，未经会计师事务所审计，最终数据以公司2024年年度报告中披露的数据为准。 # 关于锦波生物 2025年2月24日， 锦波生物 发布了2024年度业绩快报公告。 # 财务数据 营业收入 ：14.47亿元，同比增长85.40%。 利润总额 ：8.59亿元，同比增长144.93%。 归属于上市公司股东的净利润 ：7.33亿元，同比增长144.65%。 归属于上市公司股东的扣除非经常性损益的净利润 ：7.13亿元，同比增长149.56%。 基本每股收益 ：8.29元，同比增长132.21%。 加权平均净资产收益率（扣非前） ：58.54%，较上年有所提升。 加权平均净资产收益率（扣非后） ：56.94%。 总资产 ：20.64亿元，较期初增长43.89%。 归属于上市公司股东的所有者权益 ：15.37亿元，较期初增长61.22%。 每股净资产 ：17.37元，较期初增长53.17%。 | 项目 | 本报告期 | ...

Financial Performance - The company achieved operating revenue of ¥1,446,581,643.36, an increase of 85.40% compared to the same period last year[4] - The total profit reached ¥859,489,481.62, reflecting a growth of 144.93% year-over-year[4] - Net profit attributable to shareholders was ¥733,461,178.85, up 144.65% from the previous year[4] - The basic earnings per share increased to ¥8.29, representing a growth of 132.21% year-over-year[4] Assets and Equity - Total assets at the end of the reporting period were ¥2,064,166,266.85, a 43.89% increase from the beginning of the period[4] - Shareholders' equity attributable to the company increased to ¥1,537,467,511.57, up 61.22% from the start of the period[4] Business Development - The company actively developed new products and strengthened brand building, contributing to sustainable revenue growth[5] - The increase in revenue was primarily driven by significant growth in sales of medical devices and functional skincare products[6] - The company experienced improved profit margins due to steady revenue growth and scale effects[6] Financial Data Disclaimer - Investors are advised to note that the financial data presented is preliminary and unaudited, which may differ from the final report[8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The company has established a comprehensive industrial chain focusing on recombinant collagen protein, demonstrating strong growth in revenue and profitability [4][22] - The company is recognized as a new player in the pharmaceutical industry, specializing in functional protein research and development [14] - The company has a robust research and development capability, which enhances its core competitiveness [4][22] Summary by Relevant Sections Company Overview - The company, established in 2008, focuses on the research and development of recombinant collagen protein and anti-HPV biological protein products, achieving several medical device registrations [4][14] - The company went public in 2023, becoming the first stock of recombinant collagen protein on the Beijing Stock Exchange [4][14] Market Data - As of February 19, 2025, the company's current price is 229.30 CNY, with a total market capitalization of approximately 20.30 billion CNY [3] - The company has shown a compound annual growth rate (CAGR) of 37.85% in revenue from 2019 to Q3 2024, with net profit CAGR reaching 53.04% during the same period [4][24] Financial Performance - The company forecasts a net profit of 719 million to 737 million CNY for 2024, representing a year-on-year growth of 139.83% to 145.83% compared to 2023 [4][5] - The projected revenue for 2024-2026 is estimated at 15.22 billion, 21.30 billion, and 26.63 billion CNY, respectively [5] Business Segments - The medical device segment is the largest revenue contributor, with expected revenues of 13.57 billion, 19.10 billion, and 24.13 billion CNY for 2024-2026, showing significant growth rates [6] - The functional skincare segment is also growing rapidly, with projected revenues of 1.26 billion, 1.74 billion, and 1.97 billion CNY for the same period [7] - The raw materials and other business segment is expected to generate revenues of 0.38 billion, 0.46 billion, and 0.52 billion CNY from 2024 to 2026 [8] Industry Overview - The recombinant collagen protein market is expanding rapidly, with a projected market size of 122.9 billion CNY for raw materials and 2,193.8 billion CNY for products by 2030 [47][48] - The company’s products are widely used in various fields, including medical aesthetics, gynecology, urology, and dermatology, indicating a broad application potential [4][42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company focuses on the research and development of recombinant collagen proteins and has established a comprehensive industrial chain [4][14] - The company has shown robust revenue growth, with a CAGR of 37.85% from 2019 to Q3 2024, and a net profit CAGR of 53.04% during the same period [4][24] - The company has a strong research capability and has developed a variety of functional protein biomaterials, enhancing its core competitiveness [4][22] Summary by Sections Company Overview - The company, established in 2008, specializes in functional protein research, particularly recombinant collagen and anti-HPV biological products [14][22] - It has a concentrated shareholding structure, with the chairman holding 58.89% of the shares, which promotes management efficiency [16][20] Industry Overview - The recombinant collagen market is rapidly growing, with a projected CAGR of 48.57% for raw materials and 50.27% for products from 2018 to 2023 [47] - The company’s products are widely used in medical aesthetics, gynecology, urology, and dermatology, indicating a broad application scope [42][44] Competitive Advantages - The company has a strong R&D capability and a complete industrial chain from raw materials to end products, which includes medical devices and functional skincare products [4][22] - The company has established its own brands in the functional skincare market, enhancing its market presence [22] Financial Forecast and Valuation - The company expects a net profit of 719 million to 737 million yuan for 2024, representing a year-on-year growth of 139.83% to 145.83% [4][5] - Revenue projections for 2024-2026 are 1.52 billion, 2.13 billion, and 2.66 billion yuan, respectively [5][10] Product Segmentation - The company’s main products include medical devices, functional skincare products, and raw materials, with medical devices being the largest revenue contributor [22][26] - The revenue from recombinant collagen products has significantly increased, with medical devices accounting for 89.95% of total revenue in 2023 [26][32]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [1]. Core Insights - The company has launched a new product, "Wei Yimei® 164.88° ColNet collagen net," which targets multiple layers of skin for anti-aging treatments, showcasing its competitive advantage in the high-difficulty eye area [7]. - The product lineup of Wei Yimei® covers a range of anti-aging needs, from basic to advanced levels, enhancing the company's market position [7]. - The company is upgrading its operational strategy to strengthen its market position and enhance customer retention through refined operations and strategic partnerships [7]. - The financial outlook is strong, with projected revenue growth from 780 million in 2023 to 3,195 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 34.3% [5][9]. - The net profit is expected to grow from 300 million in 2023 to 1,326 million by 2026, indicating a robust growth trajectory [5][9]. Financial Data and Profit Forecast - Total revenue is projected to reach 1,571 million in 2024, with a year-on-year growth rate of 101.4% [5]. - The net profit forecast for 2024 is 725 million, with a significant year-on-year increase of 141.7% [5]. - The company maintains a high gross margin of around 90%, indicating strong profitability [5]. - Return on equity (ROE) is expected to remain high, with projections of 48.7% in 2024 and gradually decreasing to 40.2% by 2026 [5]. Product and Market Strategy - The new ColNet collagen net product is positioned for various medical applications, including cardiovascular repair and tissue regeneration, indicating potential for expansion into new markets [7]. - The company is focusing on enhancing its brand presence in private care, scalp care, and functional skincare, with ongoing product development and market promotion [7]. - The operational strategy includes leveraging shared resources and innovative empowerment to enhance both B2B and B2C interactions, thereby increasing market penetration [7].