Core Viewpoint - The information disclosure requirements for A-share listed companies are becoming increasingly stringent, with the Beijing Stock Exchange (BSE) releasing its first evaluation results for 2024-2025, indicating an overall improvement in disclosure quality among listed companies [2][4]. Summary by Categories Evaluation Results - Among the 262 companies evaluated, 48 received an A rating (18.3%), 178 received a B rating (67.9%), 31 received a C rating (11.8%), and 5 received a D rating (1.9%) [2][4]. - A total of 86.2% of the companies were rated either A or B, indicating a positive trend in information disclosure [4]. Company Performance - The five companies rated D, including Tianye Co. (BJ920023) and Digital People (BJ920670), may face delisting warnings due to issues with their financial report disclosures [2][5]. - The average market capitalization of the 48 A-rated companies is 4.591 billion, with an average stock price increase of 84% this year and an average net profit growth of 28% [14][15]. Regulatory Framework - The BSE's evaluation is part of a broader effort to establish a unified and normalized regulatory framework for information disclosure across China's three major stock exchanges [7]. - The evaluation focuses on three main dimensions: the standardization and effectiveness of information disclosure, investor relations maintenance, and social responsibility disclosure [4]. Impact on Corporate Actions - Companies rated A will receive support and facilitation for refinancing and mergers, including reduced inquiry rounds and targeted training [9]. - Conversely, companies rated D will face increased scrutiny and guidance to improve their information disclosure practices [9]. Notable Company Statistics - In the top 10 companies by market capitalization, 5 received A ratings and 5 received B ratings, indicating a correlation between disclosure quality and market performance [10]. - The top 10 companies by net profit for the first three quarters include 3 A-rated and 7 B-rated companies, further illustrating the relationship between disclosure ratings and financial performance [12][13].

Investment Rating - The investment rating for the company is "Buy" [6]. Core Insights - The company reported a revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.10%, while the net profit attributable to the parent company was 568 million yuan, up 9.29% year-on-year. In Q3 2025, the revenue was 437 million yuan, a year-on-year increase of 13.36%, but the net profit decreased by 16.24% to 176 million yuan [1][6]. - The stable revenue growth is attributed to two main factors: an increase in revenue from Class III medical devices and growth in functional skincare products driven by the company's own brand [2]. - The profit was temporarily pressured by increased expenses and impairment provisions, with the expense ratios for sales, management, R&D, and financial costs being 22.34%, 8.72%, 5.50%, and 0.48%, respectively [2]. - The company achieved a significant breakthrough in Q3 with the registration of "recombinant type III humanized collagen freeze-dried fibers" as a pharmaceutical excipient, marking a major advancement in high-end biomedical materials in China [3]. - Revenue projections for 2025-2027 are estimated at 2.126 billion yuan, 2.796 billion yuan, and 3.693 billion yuan, respectively, with net profits expected to be 1.065 billion yuan, 1.465 billion yuan, and 2.011 billion yuan [3]. Financial Summary - For 2023 to 2027, the projected revenue growth rates are 100.0%, 84.9%, 47.3%, 31.5%, and 32.1%, respectively [4]. - The projected net profit growth rates for the same period are 174.6%, 144.3%, 45.4%, 37.6%, and 37.2% [4]. - The earnings per share (EPS) are forecasted to be 2.61, 6.36, 9.26, 12.74, and 17.48 for the years 2023 to 2027 [4].

Core Viewpoint - The medical beauty sector experienced a slight increase of 0.81% on October 31, with Jinbo Biological leading the gains, while the overall market indices saw declines [1]. Group 1: Market Performance - On October 31, the Shanghai Composite Index closed at 3954.79, down 0.81%, and the Shenzhen Component Index closed at 13378.21, down 1.14% [1]. - Jinbo Biological's stock price rose by 2.35% to 251.28, with a trading volume of 16,800 hands and a transaction value of 421 million yuan [1]. - Other notable stocks in the medical beauty sector included *ST Meigu, which increased by 1.42% to 3.58, and Huaxi Biological, which rose by 0.82% to 66.65 [1]. Group 2: Capital Flow - The medical beauty sector saw a net inflow of 5.8151 million yuan from institutional investors, while retail investors experienced a net outflow of 7.1663 million yuan [2]. - The sector also recorded a net inflow of 1.3512 million yuan from speculative funds [2].

Core Viewpoint - Jinbo Bio's revenue and net profit growth have slowed down following the challenge to its exclusive status in the "medical device three certificates" market, with the company reporting a significant decline in net profit for the third quarter of 2025 [2][3]. Financial Performance - For the first three quarters of 2025, Jinbo Bio reported revenue of 1.296 billion yuan, a year-on-year increase of 31.1%, and a net profit of 568 million yuan, up 9.29% year-on-year [2]. - In the third quarter of 2025, revenue was 437 million yuan, reflecting a year-on-year growth of 13.36%, while net profit decreased by 16.24% to 176 million yuan, marking the first quarterly net profit decline since the company's listing [2]. - The company's stock price fell by 7.07% to 245.5 yuan per share as of October 30, 2025, nearly a 50% drop since May of the same year [2]. Product and Market Dynamics - Wei Yimei, a key product of Jinbo Bio, has consistently contributed over 80% to the company's revenue, with its core component being recombinant humanized collagen, which is a Class III medical device approved by the National Medical Products Administration [3]. - Jinbo Bio held three "medical device three certificates" for recombinant collagen products, which have been crucial for its high growth, with revenue increasing from 102 million yuan in the first half of 2021 to 859 million yuan in the first half of 2025, representing a compound annual growth rate of 69.9% [3]. - The exclusive market position of Jinbo Bio has been challenged by the recent approval of a "medical device three certificate" for a competing product from Juzi Bio, marking the entry of additional players into the recombinant collagen market [3][4]. Competitive Landscape - Other leading medical aesthetic companies are also applying for "medical device three certificates" in the recombinant collagen sector, including Chuangjian Medical and Huaxi Bio, indicating increasing competition [4]. - Jinbo Bio's management stated that the company still possesses three certificates as technical support and maintains advantages in technology accumulation and product matrix in the recombinant collagen implant market [4]. Business Segmentation - Jinbo Bio's revenue growth is attributed to both medical devices and functional skincare products, with the latter seeing a significant increase of 152% in revenue growth in the first half of 2025 [5]. - The contribution of medical devices to Jinbo Bio's revenue decreased from 88% in the first half of 2024 to 82.5% in the first half of 2025, while the share of functional skincare products rose from 8% to 14% [5].

证券代码：920982 证券简称：锦波生物 公告编号：2025-173 一、 授权委托理财情况 （一）审议情况 山西锦波生物医药股份有限公司（以下简称"公司"）分别于 2025 年 4 月 19 日、2025 年 5 月 21 日召开第四届董事会第八次会议、2024 年年度股东会， 审议通过了《关于使用暂时闲置自有资金购买理财产品的议案》，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，公司拟使用不超过人民币 15 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），且该等现金管理 产品不得用于质押，不用于以证券投资为目的的投资行为，相关内容详见公司在 北京证券交易所（www.bse.cn）披露的《使用闲置自有资金购买理财产品的公告》 （公告编号：2025-030）。 （二）披露标准 根据《北京证券交易所股票上市规则》相关规定，交易的成交金额占上市公 司最近一期经审计净资产的 10%以上，且超过 1,000.00 万元的，应当予以披露。 公司本次以部分闲置自有资金购买理财产品的金额合计 37,000 万元。截至 本公告日， ...

Core Insights - The company reported a total revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 31.10%, and a net profit attributable to shareholders of 568 million yuan, up 9.29% year-on-year, driven by continuous investment in research and innovation [2] Group 1: Financial Performance - The company achieved a total revenue of 1.296 billion yuan in the first three quarters of 2025, marking a 31.10% increase compared to the previous year [2] - The net profit attributable to shareholders reached 568 million yuan, reflecting a year-on-year growth of 9.29% [2] Group 2: Product Development and Innovation - The company received registration for "recombinant type III humanized collagen protein lyophilized fibers" as a pharmaceutical excipient, marking a significant milestone in its development history and indicating the entry of recombinant collagen materials into core pharmaceutical applications [3] - The new material has broad application prospects in various fields, including injectables, biological agents, and topical preparations, particularly as a drug carrier for targeted delivery and sustained release [3] - The successful registration of the pharmaceutical excipient demonstrates the company's core technological advantages and continuous innovation capabilities in the field of recombinant humanized collagen [3] Group 3: Research and Development - The company's R&D expenses reached 71.2616 million yuan, a year-on-year increase of 64.31%, driven by increased collaboration with universities and research institutions, as well as a rise in research projects [4] - The company has established a dual-driven model of "independent innovation + joint research," effectively integrating resources for basic research and industrialization [4] - The company led an international standard proposal on medical devices, marking a significant breakthrough in the international standardization of bioengineering medical devices in China [4] Group 4: Digital Transformation and AI Integration - The company developed the "AI Collagen Brain System," which includes six core technology platforms for high-throughput screening, structural research, and efficient biosynthesis [5] - The "AI Collagen Brain System" was recognized as a national-level case in the Ministry of Industry and Information Technology's 2025 digital transformation case collection, indicating its leading position in digital transformation [6] - The integration of AI in production processes has significantly improved efficiency, with reports indicating a tenfold increase in fermentation process optimization [6]

Core Insights - Jinbo Bio reported a revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.1% [1] - The net profit attributable to shareholders for the same period was 568 million yuan, showing a year-on-year growth of 9.29% [1] - In the third quarter alone, the company achieved a revenue of 437 million yuan, which is a year-on-year increase of 13.36% [1] - However, the net profit for the third quarter decreased by 16.24% to 176 million yuan compared to the same period last year [1] - Following the earnings report, Jinbo Bio's stock price fell sharply, dropping over 7% at one point on October 30 [1]

证券代码：920982 证券简称：锦波生物 公告编号：2025-172 山西锦波生物医药股份有限公司 质量控制复核人时斌先生近三年不存在违反《中国注册会计师职业道德守 则》对独立性要求的情形，最近三年内未曾因执业行为受到过刑事处罚、行政 处罚、行政监管措施和自律处分。 山西锦波生物医药股份有限公司（以下简称"公司"）分别于 2025 年 4 月 19 日、2025 年 5 月 21 日召开第四届董事会第八次会议、2024 年年度股东会， 审议通过了《关于聘任中汇会计师事务所（特殊普通合伙）为公司 2025 年度审 计机构的议案》，同意续聘中汇会计师事务所（特殊普通合伙）（以下简称"中 汇"）为公司 2025 年度审计机构，具体内容请详见公司于 2025 年 4 月 21 日在 北京证券交易所官网（https://www.bse.cn）披露的《拟续聘 2025 年度会计师 事务所公告》（2025-029）。 近日，公司收到中汇出具的《关于变更质量控制复核人的告知函》。 一、本次质量控制复核人变更的基本情况 中汇作为公司 2025 年度审计机构，原指派陆加龙先生为质量控制复核人， 为公司提供 2025 年度财务报 ...

山西锦波生物医药股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日 召开第四届董事会第十七次会议，审议通过了《关于改选董事会相关专门委员 会委员的议案》，现将具体情况公告如下： 一、基本情况 鉴于公司董事人员发生变动，为保证董事会专门委员会顺利开展工作，根 据《公司法》等相关法律法规及《公司章程》的规定，结合董事会专门委员会 的职能职责、各位董事的行业背景及自身业务专长，公司拟对部分董事会专门 委员会委员进行改选，改选后各专门委员会的任期自本次董事会审议通过之日 起至第四届董事会届满之日止。 证券代码：920982 证券简称：锦波生物 公告编号：2025-171 山西锦波生物医药股份有限公司 关于改选部分董事会专门委员会委员的公告 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。 三、上述改选对公司的影响 本次对部分董事会专门委员会委员的改选符合相关法律法规、《公司章程》 及《董事会审计委员会工作细则》的有关规定，符合公司治理要求，不会对公 司经营产生不利影响。 四、备查文件 《山西锦波 ...

证券代码：920982 证券简称：锦波生物 公告编号：2025-169 （一）会议召开情况 1.会议召开时间：2025 年 10 月 27 日 2.会议召开地点：公司三楼会议室 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 10 月 25 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：薛芳琴、兰小宾 山西锦波生物医药股份有限公司 第四届董事会第十七次会议决议公告 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 7.召开情况合法合规的说明： 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。 董事陈镔、王玲玲、阎丽明、梁桐栋、邓泽林因出差或外地办公以通讯方式 参与表决。 二、议案审议情况 （一）审议通过《关于公司<2025 年第三季度报告>的议案》 1.议案内容： 根据《公司法》《 ...