山西锦波生物医药股份有限公司 Shanxi Jinbo Bio-Pharmaceutical Co., Ltd. 山西省转型综合改革示范区太原唐槐园区锦波街 18 号 募集说明书 （修订稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：二零二五年十一月 证券简称：锦波生物 证券代码：920982.BJ 2025 年度向特定对象发行股票 保荐机构 声明 本公司及控股股东、实际控制人、全体董事、董事会审计委员会成员、高级管理人员承诺募集 说明书不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律 责任。 本公司负责人和主管会计工作的负责人、会计机构负责人保证募集说明书中财务会计资料真实、 准确、完整。 第一节 重要提示 注意下列重大事项或风险因素，并认真阅读本募集说明书相关章节。 一、本次向特定对象发行股票相关事项已经公司第四届董事会第十二次会议、2025 年第二次临 时股东会审议通过，尚需经北京证券交易所审核通过并经中国证监会作出同意注册的决定。 二、本次战略投资包括公司向养生堂有限公司特定对象发行股票并签署《股份认购协议》，以 及公司控股股东和实际控制人杨 ...

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 年度向特定对象发行股票的 补充法律意见书（一） 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 01F20251675-01-01 | 一、 | 问题 | 2.关于前次募投项目 | 4 | 二、 | 问题 | 3.关于本次募集资金使用 | 7 | | --- | --- | --- | --- | --- | --- | --- | --- | | 三、 | 问题 | 4.关于本次发行对象 | 11 | 四、 | 问题 | 5.其他问题 27 | | | 五、 | 补充说明 37 | | | | | | | 上海市锦天城律师事务所 补充法律意见书（一） 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 年度向特定对象发行股票的 补充法律意见书（一） 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"发行人"或"公司"或"锦波生物"）的委托，并根据 ...

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 向特定对象发行股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二五年十一月 | 目 | 录 1 | | --- | --- | | 声 | 明 2 | | 第一节 | 本次证券发行基本情况 3 | | | 一、保荐人名称 3 | | | 二、保荐代表人、项目协办人及其他项目组成员情况 3 | | | 三、本次保荐的发行人证券发行的类型 5 | | | 四、发行人情况 5 | | | 五、保荐人与发行人存在的关联关系 9 | | | 六、保荐人内部审核程序和内核意见 10 | | 第二节 | 保荐人承诺事项 12 | | 第三节 | 对本次证券发行上市的推荐意见 13 | | | 一、本次发行的推荐结论 13 | | | 二、本次发行履行了法定决策程序 13 | | | 三、本次发行符合相关法律规定 14 | | | 四、对发行人落实《关于首发及再融资、重大资产重组摊薄即期回报有关事 | | | 项的指导意见》的核查情况 19 | | | 五、发行人存在的主要风险 19 | | | 六、对发行人发 ...

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 向特定对象发行股票 之 上市保荐书 保荐机构（主承销商） 广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 二〇二五年十一月 山西锦波生物医药股份有限公司向特定对象发行股票申请文件 上市保荐书 声 明 中信证券股份有限公司（以下简称"中信证券""保荐人"或"保荐机构" ） 接受山西锦波生物医药股份有限公司（以下简称"锦波生物"、"发行人"或"公 司"）的委托，担任其向特定对象发行股票的保荐人。 本保荐机构及保荐代表人根据《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》"）《证券发行 上市保荐业务管理办法》（以下简称"《保荐业务管理办法》"）《北京证券交 易所上市公司证券发行注册管理办法》（以下简称"《发行注册管理办法》"） 《北京证券交易所证券发行上市保荐业务管理细则》（以下简称"《保荐业务管 理细则》"）等有关法律、行政法规和中国证券监督管理委员会、北京证券交易 所的规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范 出具上市保荐书，并保证所出具文件真实、准确、完整。 本上市保荐 ...

关于山西锦波生物医药股份有限公司 向特定对象发行股票申请文件 审核问询函的专项核查意见 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 关于山西锦波生物医药股份有限公司 向特定对象发行股票申请文件 审核问询函的专项核查意见 中汇会专[2025]11338 号 北京证券交易所： 由山西锦波生物医药股份有限公司(以下简称公司或锦波生物)转来的贵所 于 2025 年 9 月 30 日出具的《关于山西锦波生物医药股份有限公司向特定对象发 行股票申请文件的审核问询函》(以下简称问询函)奉悉，我们作为山西锦波生物 医药股份有限公司的会计师，对问询函有关财务问题进行了认真分析，现就问询 函有关财务问题回复如下: 如无特别说明，本专项说明使用的简称与《山西锦波生物医药股份有限公司 2025 年度向特定对象发行股 ...

Group 1 - The medical beauty sector experienced a decline of 0.83% on November 12, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] - Major stocks in the medical beauty sector showed varied performance, with *ST Meigu rising by 5.09% to a closing price of 4.54, while Ai Meike fell by 2.04% to 157.68 [1] Group 2 - The medical beauty sector saw a net outflow of 41.53 million yuan from main funds, while retail investors contributed a net inflow of 38.87 million yuan [1] - Specific stock fund flows indicated that *ST Meigu had a main fund net inflow of 8.99 million yuan, while Ai Meike faced a significant outflow of 49.08 million yuan [2] - Retail investors showed a positive net inflow in Ai Meike, amounting to 34.04 million yuan, despite the overall negative trend in main funds [2]

Group 1 - The medical beauty sector increased by 1.68% on November 11, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] - Major stocks in the medical beauty sector showed varied performance, with Ai Meike closing at 160.97, up 2.86%, and Jinbo Biological down 2.00% at 231.20 [1] Group 2 - The net inflow of main funds in the medical beauty sector was 104 million yuan, while retail investors experienced a net outflow of 68.75 million yuan [1] - Specific stock fund flows indicated that Ai Meike had a net outflow of 500.88 million yuan, while Huaxi Biological saw a net inflow of 276.77 million yuan [2] - ST Meigu experienced a significant net outflow of 1.79 million yuan, reflecting a decline of 18.27% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue growth of 31% year-on-year for Q1-Q3 2025, driven by new product launches and the multi-faceted empowerment from Yangshengtang [4][5] - The forecasted net profits for the company from 2025 to 2027 are expected to be 879 million, 1.217 billion, and 1.56 billion RMB respectively, with corresponding P/E ratios of 31, 22, and 17 times based on the closing price on November 7, 2025 [5] Financial Performance Summary - For Q1-Q3 2025, the company reported a revenue of 1.296 billion RMB (yoy +31%) and a net profit of 568 million RMB (yoy +9%) [7] - The revenue growth is primarily attributed to the increase in sales of medical devices and functional skincare products, with a notable rise in the sales of A-type recombinant human collagen products [7] - The company’s revenue for 2025 is projected to reach 1.904 billion RMB, with a year-on-year growth rate of 31.98% [6][8] - The gross profit margin is expected to remain high at around 90% for the coming years, indicating strong profitability [8] Product and Market Development - The company launched the new HiveCOL collagen product in July 2025, which is anticipated to drive growth in the medical aesthetics sector [7] - The company is actively expanding its market presence through online promotions and collaborations with both international and domestic brands, enhancing its sales channels [7] - The company has received regulatory approval for its recombinant type III human collagen freeze-dried fibers, which have broad application prospects in various medical fields [7]

Group 1 - The medical beauty sector increased by 4.29% on November 10, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] - The main funds in the medical beauty sector saw a net inflow of 94.61 million yuan, while retail funds experienced a net outflow of 53.71 million yuan [1] Group 2 - *ST Meigu's closing price was 4.22 yuan, with a rise of 4.98% and a trading volume of 163,200 shares, amounting to a transaction value of 68.05 million yuan [1] - Aimeike's closing price was 156.50 yuan, with a rise of 4.92% and a trading volume of 110,400 shares, amounting to a transaction value of 173.27 million yuan [1] - Huaxi Biological's closing price was 51.46 yuan, with a rise of 3.37% and a trading volume of 40,500 shares, amounting to a transaction value of 207 million yuan [1]

Market Overview - The medical beauty sector experienced a decline of 0.93% on November 7, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - The closing prices and performance of key stocks in the medical beauty sector are as follows: - *ST Meigu: Closed at 4.02, up 1.77% with a trading volume of 143,600 shares and a turnover of 57.01 million yuan [1] - Jinbo Biological: Closed at 234.00, up 0.02% with a trading volume of 7,738.5 shares and a turnover of 1.83 billion yuan [1] - Huaxi Biological: Closed at 49.78, down 0.04% with a trading volume of 17,300 shares and a turnover of 86.15 million yuan [1] - Ai Meike: Closed at 149.16, down 1.87% with a trading volume of 30,900 shares and a turnover of 465 million yuan [1] Capital Flow - The medical beauty sector saw a net outflow of 46.6453 million yuan from main funds, while retail investors contributed a net inflow of 34.3979 million yuan [1] - The capital flow for key stocks is as follows: - *ST Meigu: Net outflow of 2.6832 million yuan, down 4.71% [2] - Huaxi Biological: Net outflow of 3.3342 million yuan, down 3.87% [2] - Ai Meike: Net outflow of 40.6279 million yuan, down 8.74% [2]