Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The report highlights the rapid growth of synthetic biology, with a significant increase in the number of synthetic biology companies in Beijing's Changping District, which has surged nearly 70% compared to the same period last year, reaching a total of 146 companies [9] - The establishment of the world's largest pilot transformation platform by Huaxi Biological in Tianjin, which has a total investment of several billion yuan and spans 40,000 square meters, is a key development in the industry [10] - The "14th Five-Year Plan" for the development of the bio-economy has been issued by the National Development and Reform Commission, indicating a trillion-yuan market potential in the bio-economy sector [4] Market Dynamics - The Huaxi Synthetic Biology Index decreased by 0.49% to 1271.82 during the week of February 24-27, 2026, underperforming compared to the Shanghai Composite Index, which rose by 1.98% [5] - The report notes that the synthetic biology sector is experiencing a biotechnology revolution, providing innovative solutions to major challenges such as health, climate change, and food security [4] Company Developments - The report mentions that Watson Bio has established a 450 million yuan industry fund focused on synthetic biology, with a target size of 1 billion yuan [25] - Jin Dan Technology announced an additional investment of approximately 148 million yuan in its 75,000-ton annual production project for polylactic acid, bringing the total investment to 1.03 billion yuan [26] - The report also highlights the successful commercialization of products such as mannitol and alonose by companies like Weiyuan Synthetic [9] Industry Financing - The report indicates that financing in the synthetic biology sector is accelerating, with nearly 100 companies completing new financing rounds since 2025 [33] - EcoviaBio completed a Series B financing round to expand its production capacity for gamma-polyglutamic acid, a biodegradable material [34] - Verley, a precision fermentation company, successfully completed a $38 million Series A financing, marking a significant step towards commercializing precision fermentation [34]

Group 1 - The overall revenue growth rate for companies listed on the Beijing Stock Exchange (BSE) in 2025 is 5.79%, while the net profit attributable to shareholders decreased by 8.68% compared to 2024 [2][12][14] - The average revenue for BSE companies in 2025 is 736 million yuan, with a median of 419 million yuan, showing a slight increase in average revenue but a significant drop in net profit [12][14] - In terms of revenue growth distribution, 62.71% of BSE companies reported positive revenue growth, with 185 companies achieving year-on-year growth, and 20 companies exceeding 40% growth [20][22] Group 2 - Among the five major industries on the BSE, high-end equipment, chemical new materials, consumer services, information technology, and biomedicine all achieved year-on-year revenue growth in 2025, with chemical new materials leading at 10.56% [23][26] - Only the chemical new materials sector saw a year-on-year increase in net profit, which grew by 6.63%, while other sectors experienced declines in net profit [26][30] - The top ten companies by revenue in 2025 include Beiterui, Yinuowei, and Tongli Co., with revenues of 16.983 billion yuan, 7.5 billion yuan, and 6.597 billion yuan respectively [27][30] Group 3 - The average price-to-earnings ratio (P/E) for the BSE is 49.27X, with the high-end equipment sector at 42.18X and the information technology sector at 101.19X, indicating varying valuation levels across industries [43][58] - The BSE has seen a decrease in the number of companies with P/E ratios exceeding 45X, while the number of companies with P/E ratios in the 0-30X range has increased [56][57] - The market sentiment remains stable despite a recent decline in trading activity, with the average daily trading volume for BSE A-shares at 18.162 billion yuan, down 3.69% from the previous week [50][49]

Financial Performance - The company achieved operating revenue of ¥1,595,372,919.28, a year-on-year increase of 10.57%[4] - Net profit attributable to shareholders decreased by 11.08% to ¥651,175,616.96[4] - Basic earnings per share were ¥5.66, down 11.01% compared to the previous year[4] - Shareholders' equity attributable to the company rose by 23.39% to ¥1,894,316,349.28[5] Assets and Growth - Total assets increased by 25.62% to ¥2,582,826,141.71[5] Product Innovation - The company launched the world's first injectable recombinant type III humanized collagen gel, showcasing original innovative technology[8] - The company is focusing on original innovation and increasing investment in a series of innovative products, leading to higher R&D expenses[8] Business Segments - The functional skincare business grew rapidly, but its gross margin is lower than that of medical device products, affecting overall gross margin[7] Marketing and Expenses - The company increased brand promotion and marketing expenses to strengthen brand awareness and new product launches[7] Regulatory Impact - The net profit decline was primarily due to a VAT rate increase from 3% to 13% on medical device products starting January 1, 2025[6]

证券代码：920982 证券简称：锦波生物 公告编号：2026-008 山西锦波生物医药股份有限公司 关于获得境外医疗器械注册证的公告 注册编号：GD2591526-225199 医疗器械分类：D类 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、基本情况 山西锦波生物医药股份有限公司（以下简称"公司"）于近日获得马来 西亚主管当局颁发的一项D类医疗器械注册证，具体情况如下： 二、医疗器械注册证主要内容 医疗器械名称：重组Ⅲ型人源化胶原蛋白冻干纤维 品牌名称：AYOUTH 规格：2mg/瓶，4mg/瓶，6mg/瓶，8mg/瓶，10mg/瓶，12mg/瓶，16mg/ 瓶，20mg/瓶，24mg/瓶 医疗器械所有人名称：山西锦波生物医药股份有限公司 医疗器械所有人地址：山西综改示范区太原唐槐园区锦波街18号 三、对公司的影响 公司重组Ⅲ型人源化胶原蛋白冻干纤维在马来西亚获批上市，是我国高 端植入型医疗器械产品在国际市场上的又一重要成果，推动了我国原创核心 技术的出海。该产品的获批，有利于公司进一步拓展海 ...

Market Overview - The medical beauty sector experienced a decline of 1.27% on February 13, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 4082.07, down 1.26%, while the Shenzhen Component Index closed at 14100.19, down 1.28% [1] Stock Performance - Key stocks in the medical beauty sector showed the following performance: - Jinbo Biological (920982) closed at 217.52, down 0.45% with a trading volume of 3504.16 and a transaction amount of 76.71 million [1] - Aimeike (300896) closed at 145.24, down 1.10% with a trading volume of 22,600 and a transaction amount of 3.32 billion [1] - Huaxi Biological (688363) closed at 47.25, down 1.42% with a trading volume of 34,500 and a transaction amount of 164 million [1] - *ST Meigu (000615) closed at 3.26, down 1.81% with a trading volume of 111,200 and a transaction amount of 36.89 million [1] Capital Flow - The medical beauty sector saw a net outflow of 55.91 million from main funds, while retail investors contributed a net inflow of 21.01 million [1] - Detailed capital flow for key stocks includes: - *ST Meigu: Main funds net outflow of 3.25 million, retail net inflow of 1.37 million [2] - Jinbo Biological: Main funds net outflow of 10.75 million, retail net outflow of 1.08 million [2] - Huaxi Biological: Main funds net outflow of 13.55 million, retail net inflow of 12.55 million [2] - Aimeike: Main funds net outflow of 39.11 million, retail net inflow of 7.09 million [2]

Consumption Trends - The emotional economy market in China is expected to exceed 20 trillion yuan in 2024, with a projected CAGR of 14% from 2025 to 2029[3][60]. - The beauty consumption market is projected to reach nearly 370 billion yuan by 2025, with the retail sales of cosmetics in China estimated at 465.3 billion yuan in 2025, reflecting a year-on-year growth of 5.1%[5][51]. - The health food market is anticipated to reach 720.3 billion yuan by 2029, driven by increasing health awareness and aging population[5]. Policy and Market Dynamics - The Chinese government has prioritized boosting consumption as a key task for 2025, with policies supporting consumption upgrades and equipment renewal[5][9]. - Changing consumer behavior emphasizes emotional value, health, and personalized consumption, indicating a shift towards emotional and social fulfillment in purchasing decisions[5][9]. Key Industry Insights - The maternal and infant food market is projected to reach approximately 55.91 billion yuan in 2024, with the number of maternal and infant chain stores increasing from 21,000 in 2019 to 32,000 in 2024[5]. - The pet economy is expected to grow significantly, with the market size reaching 701.3 billion yuan in 2024, reflecting an 18% year-on-year increase[58]. Investment Opportunities - Companies in the North Exchange related to beauty consumption include Jinbo Biological, Bawei Co., and Vicky Technology, which are positioned to benefit from the ongoing growth in the beauty sector[5][52]. - The health food sector includes leading brands like Kangbiter and Yizhi Konjac, which are well-placed to capitalize on the rising demand for health-oriented products[5].

Investment Rating - The industry rating is "Overweight" [3] Core Insights - The report highlights the ongoing active research in life sciences and the rapid integration of biotechnology into economic and social development, providing innovative solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for the Development of the Bioeconomy," indicating a trillion-yuan market potential in the bioeconomy sector [3][4]. Industry Performance - The Huazhong Synthetic Biology Index increased by 0.11% to 1278.44 during the week of February 2-6, 2026, outperforming the Shanghai Composite Index by 1.39 percentage points and the ChiNext Index by 3.40 percentage points [4]. - The report notes that the synthetic biology sector is experiencing a policy dividend, with Shenzhen proposing up to 100 million yuan in support for R&D efforts in the field [8]. Company Developments - Beijing Huaguan Bio completed a multi-hundred million yuan C-round financing to enhance its R&D and production capabilities in the pharmaceutical and health sectors [32]. - Dejin Bio secured several million yuan in A-round financing to advance its recombinant botulinum toxin clinical research and international expansion [33]. - The report mentions that Impossible Foods is leveraging technology to reshape the plant protein market [11]. Market Dynamics - The report indicates that the synthetic biology sector is witnessing a surge in financing, with nearly a hundred companies completing new funding rounds since 2025 [31]. - The top five companies in the synthetic biology sector by stock performance during the week were Pingtan Development (+12%), Jinbo Bio (+12%), Huaxi Bio (+12%), Shandong Heda (+10%), and Yaxiang Co. (+10%) [17]. Policy and Regulatory Developments - The Ministry of Industry and Information Technology announced 35 examples of non-grain bio-based materials, marking a significant step towards establishing a new green development framework [7]. - The National Health Commission approved 22 new food items, including a significant breakthrough in domestic human milk oligosaccharides (HMOs) production [7]. Research and Innovation - Tsinghua University has initiated a national key R&D project focused on the intelligent design principles of efficient microbial chassis cells, aiming for breakthroughs in both fundamental theory and application demonstration [9]. - The report highlights the strategic cooperation between Tianjin University and China National Petroleum Corporation to expand efforts in synthetic biology and related fields [9].

Group 1 - The core event involves a block trade of Jinbo Biological (stock code: 920982) on the Beijing Stock Exchange, with a closing price of 224.39 CNY per share [1] - The block trade occurred on February 6, 2026, with a transaction price of 297 CNY per share, representing a premium of 32.36% [1] - The total volume of the transaction was 55,000 shares, amounting to 16.335 million CNY [1] Group 2 - The buying brokerage was Caitong Securities Co., Ltd., specifically the Hangzhou Qiutao Road Securities Business Department [1] - The selling brokerage was Dongbei Securities Co., Ltd., from the Hangzhou Xinbei Road Securities Business Department [1]

证券代码：920982 证券简称：锦波生物 公告编号：2026-007 山西锦波生物医药股份有限公司 关于使用闲置自有资金购买理财产品的进展公告 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、 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 ...

Core Viewpoint - The medical beauty sector experienced a slight increase of 0.31% on February 4, with Jinbo Biological leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4102.2, up by 0.85% [1] - The Shenzhen Component Index closed at 14156.27, up by 0.21% [1] - Jinbo Biological's stock price rose to 222.64, reflecting a gain of 3.55% [1] Group 2: Individual Stock Performance - Jinbo Biological led the medical beauty sector with a trading volume of 9236.31 hands and a transaction value of 2.02 billion yuan [1] - Aimei Ke's stock price increased by 0.51% to 148.32, with a trading volume of 42,100 hands and a transaction value of 6.20 billion yuan [1] - Huaxi Biological's stock price slightly decreased by 0.02% to 48.80, with a trading volume of 58,100 hands and a transaction value of 282 million yuan [1] Group 3: Capital Flow - The medical beauty sector saw a net outflow of 1.2797 million yuan from main funds, while retail investors experienced a net outflow of 2.70494 million yuan [1] - Jinbo Biological had a net inflow of 33.9145 million yuan from main funds, accounting for 16.83% of its trading volume [2] - Aimei Ke experienced a net outflow of 127.67 million yuan from main funds, with a net inflow of 22.7409 million yuan from retail investors [2]