| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 三诺生物传感股份有限公司 关于注销回购股份减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、通知债权人的原由 三诺生物传感股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开 第五届董事会第十七次会议，审议通过《关于注销部分回购股份的议案》《关于 变更注册资本暨修订〈公司章程〉部分条款的议案》；于同日召开第五届监事会 第十八次会议，审议通过《关于注销部分回购股份的议案》；于 2025 年 5 月 14 日召开 2024 年年度股东大会，审议通过《关于注销部分回购股份的议案》《关于 变更注册资本暨修订〈公司章程〉部分条款的议案》。具体内容详见公司在巨潮 资讯网(www.cninfo.com.cn)上披露的《关于注销部分回购股份的公告》（公告编号： 2025-025）、《关于变更注册资本暨修订〈公司章程〉的公告》（公告编号：20 ...

Core Viewpoint - Sanofi Bio's stock closed at 22.46 yuan, up 2.09%, with a rolling PE ratio of 39.92, marking a new low in 13 days, and a total market capitalization of 12.673 billion yuan [1] Company Summary - Sanofi Bio specializes in the production and sales of blood glucose monitoring systems, with key products including blood glucose monitoring systems, diabetes nutrition and care products, blood lipid testing systems, iPOCT monitoring systems, glycated hemoglobin testing systems, and blood pressure monitors [1] - The company has received multiple accolades, including "National Enterprise Technology Center," "National Engineering Research Center," "National Technology Innovation Demonstration Enterprise," "National Intellectual Property Advantage Enterprise," "National Science and Technology Progress Second Prize," and "National Green Factory" [1] - In the first quarter of 2025, the company reported revenue of 1.042 billion yuan, a year-on-year increase of 2.76%, and a net profit of 72.115 million yuan, a year-on-year decrease of 10.90%, with a gross profit margin of 48.69% [1] Industry Summary - The average PE ratio for the medical device industry is 50.06, with a median of 36.80, placing Sanofi Bio at the 80th position in the industry [2] - The industry market capitalization averages 10.684 billion yuan, with the median at 4.795 billion yuan [2] - The PE ratios of other companies in the industry show significant variations, with some companies reporting negative PE ratios [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing rapid growth in Continuous Glucose Monitoring (CGM) despite short-term pressure on overseas subsidiary performance due to high base effects [4][5] - The traditional business remains stable, while CGM revenue growth exceeds 50%, indicating strong market demand [5] - The company is making steady progress in overseas commercialization, particularly in Europe and the Middle East, with expectations for continued growth starting in 2025 [5] Financial Summary - Revenue projections for the company are as follows: - 2023: 4,059 million RMB - 2024: 4,443 million RMB (growth of 9.47%) - 2025E: 4,927 million RMB (growth of 10.89%) - 2026E: 5,478 million RMB (growth of 11.19%) - 2027E: 6,102 million RMB (growth of 11.38%) [4][6] - Net profit forecasts are: - 2023: 284 million RMB - 2024: 326 million RMB (growth of 14.73%) - 2025E: 416 million RMB (growth of 27.55%) - 2026E: 499 million RMB (growth of 19.98%) - 2027E: 625 million RMB (growth of 25.09%) [4][6] - Earnings per share (EPS) estimates are: - 2023: 0.50 RMB - 2024: 0.58 RMB - 2025E: 0.74 RMB - 2026E: 0.88 RMB - 2027E: 1.11 RMB [4][6] Market Performance - The company's stock closed at 21.54 RMB, with a market capitalization of approximately 12,154.28 million RMB and a circulating market value of 9,807.14 million RMB [2][5] - The company has a debt-to-asset ratio of 35.76% and a net asset value per share of 5.86 RMB [2]

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 三诺生物传感股份有限公司 2、股东大会的召集人：经公司第五届董事会第十七次会议决议，由公司董 事会召集召开。 3、会议召开的合法、合规性：本次股东大会的召集、召开符合有关法律法 规、深圳证券交易所业务规则和《公司章程》的规定。 4、会议召开的日期、时间： 关于召开2024年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 三诺生物传感股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日在巨 潮资讯网（www.cninfo.com.cn）上刊登了《关于召开 2024 年年度股东大会的通 知》（公告编号：2025-027），公司将于 2025 年 5 月 14 日（星期三）下午 14:30 召开 2024 年年度股东大会，本次股东大会采用现场投票与网络投票相结合的方 式召开。现将会议有关事项公告提示如下： 一、召开会议的基本情况 1、股东大会 ...

Core Viewpoint - The company emphasizes its commitment to innovation and sustainable growth in the diabetes management sector, despite recent stock price fluctuations and market challenges [1][4][5]. Financial Performance - In 2024, the company achieved a revenue of 4.44 billion yuan, a year-on-year increase of 9.47%, and a net profit attributable to shareholders of 326.29 million yuan, up 14.73% [1]. - In Q1 2025, the company reported a revenue of 1.04 billion yuan, a 2.76% increase year-on-year, but a net profit of 72.12 million yuan, down 10.90% compared to the previous year [1][8]. Industry Outlook - The global adult diabetes patient population is projected to reach 853 million by 2050, with China accounting for approximately 148 million patients in 2024, representing 25% of the global total [1]. - The demand for blood glucose monitoring products is expected to rise significantly due to the aging population and increasing health management awareness in developing countries [1][2]. Product Development and Strategy - The company is focused on building a comprehensive diabetes management ecosystem through innovative products like Continuous Glucose Monitoring (CGM) systems and partnerships with healthcare institutions [2][3]. - The CGM product line is a strategic focus for the company, with expected revenues of 200-300 million yuan in 2024 [3][4]. Market Position and Competition - The domestic CGM market is experiencing rapid growth, with the company actively expanding its market share and optimizing its product offerings [6][7]. - The company is committed to maintaining its leadership position in the diabetes monitoring sector through continuous innovation and service enhancement [6][7]. Shareholder Engagement - The company has implemented multiple share repurchase plans to enhance shareholder value and market confidence, with a total repurchase amounting to approximately 64.1 million yuan as of April 30, 2025 [1][4][5]. - The management acknowledges the importance of investor communication and aims to improve transparency and information disclosure [1][4].

| 证券代码：300298 | 证券简称：三诺生物 公告编号：2025-034 | | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | 三诺生物传感股份有限公司 关于回购公司部分股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 三诺生物传感股份有限公司（以下简称"公司"）于 2025 年 2 月 20 日召开 第五届董事会第十六次会议和第五届监事会第十二次会议，审议并通过《关于回 购公司部分股份方案的议案》，同意公司使用自有资金及银行回购专项贷款以集 中竞价交易的方式回购公司部分社会公众股份，用于员工持股计划、股权激励或 者用于转换上市公司发行的可转换为股票的公司债券。回购资金总额不低于人民 币 15,000 万元且不超过人民币 30,000 万元（均含本数），回购价格不超过人民币 34.00 元/股（含），实施期限为自董事会审议通过本次回购部分股份方案之日起 12 个月内。回购事项具体内容详见公司分别于 2025 年 2 月 20 日、2025 年 2 月 24 日在巨潮资讯网（www.cninfo.com.cn ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 revenue reached 4.443 billion yuan, a year-on-year increase of 9.47%, with a net profit attributable to shareholders of 326 million yuan, up 14.73% year-on-year [1] - The sales of Continuous Glucose Monitoring (CGM) products are expected to accelerate, with projected sales of approximately 300 million yuan in 2024 [2][3] - The company has established a global sales network and is expected to see improvements in its overseas subsidiaries, indicating potential for international expansion [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.443 billion yuan, with a net profit of 326 million yuan and a non-recurring net profit of 295 million yuan [1] - The Q4 revenue was 1.261 billion yuan, showing a year-on-year growth of 23.22%, while Q1 2025 revenue was 1.042 billion yuan, a year-on-year increase of 2.76% [1][2] Business Segments - Blood Glucose Monitoring (BGM) revenue for 2024 was 3.321 billion yuan, reflecting a year-on-year growth of 15.58% [2] - The company anticipates steady growth in its BGM business for 2025, supported by a robust product system and distribution network [2] CGM Product Development - The company is a leading player in the domestic CGM market, with its products launched in 2023 and expected to see significant sales growth [2] - The second-generation CGM products are anticipated to be launched soon, further enhancing the product lineup [2] International Expansion - The company has received CE certification for its CGM products and is in the process of entering markets in Western and Northern Europe [3] - An FDA application for the CGM products has been submitted, with expectations for approval in 2025 [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 is set at 431 million yuan, with a downward adjustment for 2026 to 523 million yuan [3] - The company is recognized as the leading brand in domestic blood glucose monitoring, with promising prospects for international business [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 29.64 [6][7]. Core Views - The company reported a revenue of RMB 10.42 million and a net profit attributable to the parent company of RMB 0.72 million in Q1 2025, reflecting a year-on-year growth of 2.8% in revenue but a decline of 10.9% in net profit [1]. - The decline in profit is attributed to the temporary capacity optimization work at the overseas subsidiary PTS, which is expected to return to normal operations in the first half of 2025, leading to improved profit growth in subsequent quarters [1]. - The company’s core business in BGM is performing well, and the commercialization efforts for CGM both domestically and internationally are progressing positively, indicating a favorable outlook for 2025 [1][2]. Summary by Sections Revenue and Profitability - The company’s revenue is projected to grow steadily, with expectations of reaching RMB 4.9 billion in 2025, representing a 10.27% increase from the previous year [10]. - The net profit attributable to the parent company is forecasted to be RMB 440.13 million in 2025, showing a significant year-on-year growth of 34.89% [10]. Business Segments - The BGM business is expected to see stable growth due to the clear demand for blood glucose monitoring among diabetes patients and the company's leading brand strength in the industry [2]. - The PTS segment is anticipated to achieve profitability in 2025 as capacity optimization efforts conclude and market influence continues to grow [2]. - The Trividia segment is also expected to be profitable in 2025, driven by ongoing cost reduction and efficiency improvement initiatives [2]. CGM Commercialization - The CGM products are showing strong sales performance domestically, with an estimated sales revenue of approximately RMB 100 million in Q1 2025, and expectations to reach RMB 400-600 million in total sales for 2025 [3]. - In the European market, the company is actively pursuing medical insurance access and commercial promotion, with positive progress expected in major countries [3]. - The company is in the FDA registration phase for its CGM products in the U.S., with expectations to receive approval in the second half of 2025 [3]. Valuation - The company is valued at a PE ratio of 38x for 2025, compared to the industry average of 28x, reflecting its position as a leader in the domestic blood glucose monitoring market [4]. - The target price remains unchanged at RMB 29.64, indicating potential upside from the current market price [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.64 RMB [6][7]. Core Views - The company achieved a revenue of 10.42 million RMB and a net profit of 0.72 million RMB in Q1 2025, reflecting a year-over-year growth of 2.8% in revenue but a decline of 10.9% in net profit. The profit decline is attributed to the capacity optimization work at the overseas subsidiary PTS, which is expected to return to normal operations in the first half of 2025, leading to improved profit growth in subsequent quarters [1][2]. - The core business of BGM is performing well, with steady growth expected in 2025 due to strong demand for blood glucose monitoring systems among diabetes patients. The overseas subsidiary PTS is also anticipated to achieve significant profitability in 2025 [2][3]. - The CGM products are seeing positive sales growth domestically, with expectations of reaching sales of 4-6 billion RMB in 2025. The company is actively pursuing market access and commercialization in the EU and is in the FDA registration phase in the US, with approval expected in the second half of 2025 [3][4]. Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is 0.78 RMB, with projected EPS of 0.93 RMB in 2026 and 1.09 RMB in 2027. The company is valued at a price-to-earnings (PE) ratio of 38x for 2025, compared to the industry average of 28x [4][10]. - Revenue projections for the company are 4.9 billion RMB in 2025, with a year-over-year growth rate of 10.27%. The net profit is expected to reach 440.13 million RMB in 2025, reflecting a significant increase of 34.89% compared to the previous year [10][17].

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]