Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the coming years [5][12]. Core Insights - The company reported a revenue of 1.042 billion RMB in Q1 2025, showing a year-on-year increase of 2.76%, while the net profit attributable to the parent company was 72.12 million RMB, a decrease of 10.90% year-on-year [3]. - The increase in sales expenses, which rose by 19.57% year-on-year to 289 million RMB, is aimed at promoting the new Continuous Glucose Monitoring (CGM) products domestically and internationally, indicating a focus on innovation and market expansion despite short-term profit pressures [3]. - The second-generation CGM product has been approved, featuring improvements in design and user experience, which is expected to enhance market competitiveness [3]. - A distribution agreement has been signed with A. MENARINI DIAGNOSTICS S.r.l. for exclusive distribution of the CGM systems in over 20 European countries, indicating potential for rapid sales growth in overseas markets [4]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 476 million RMB, 567 million RMB, and 691 million RMB, representing year-on-year growth rates of 46%, 19%, and 22% respectively [5]. - The expected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 26, 22, and 18 times, respectively, suggesting a favorable valuation outlook [5]. Company Overview - The company’s revenue is projected to grow from 4.059 billion RMB in 2023 to 6.960 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 17.69% [10]. - The net profit is expected to recover from a decline in 2023 to 691 million RMB by 2027, reflecting a strong recovery trajectory [10].

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-032 | | --- | --- | --- | | 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 第五届监事会第十四次会议决议公告 本公司及监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、会议召开情况 三诺生物传感股份有限公司（以下简称"公司"）第五届监事会第十四次会 议于 2025 年 4 月 28 日（星期一）上午 11 时在公司会议室以现场方式召开。本 次会议的通知已于 2025 年 4 月 25 日通过书面或电子邮件方式送达全体监事。应 出席本次会议的监事 3 人，实际出席本次会议的监事 3 人，分别为欧阳柏伸先 生、陈春耕先生和黄绍波先生。本次会议由监事会主席欧阳柏伸先生召集并主持， 公司董事会秘书郑霁耘女士列席了会议。会议的召集、召开符合《公司法》及《公 司章程》《公司监事会议事规则》的规定。 二、会议审议情况 经与会监事认真审议，本次会议以现场表决方式通过如下决议： 经审核，监事会认为：公司编制和审议《2025 年第一季度报告》的程序符 ...

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-031 | | --- | --- | --- | | 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 第五届董事会第十八次会议决议公告 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、会议召开情况 三诺生物传感股份有限公司（以下简称"公司"）第五届董事会第十八次会 议于 2025 年 4 月 28 日（星期一）上午 10 时在公司会议室以现场结合通讯方式 召开。本次会议的通知已于 2025 年 4 月 25 日通过书面或电子邮件方式送达全体 董事。应出席本次会议的董事 7 人，实际出席本次会议的董事 7 人，分别为李少 波先生（兼任总经理）、李心一女士、车宏菁女士、李晖（LI HUI）先生、袁洪 先生、康熙雄先生、陈纪正女士。本次会议由董事长李少波先生召集并主持，公 司监事、高级管理人员列席了会议。会议的召集、召开符合《公司法》及《公司 章程》《公司董事会议事规则》的规定。 二、会议审议情况 本次会议采用现场和通讯表决方式进行表决，经与会董事认真 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 1,041,603,772.08, representing a 2.76% increase compared to CNY 1,013,580,318.64 in the same period last year[7] - Net profit attributable to shareholders decreased by 10.90% to CNY 72,115,093.50 from CNY 80,937,582.74 year-on-year[7] - The basic earnings per share decreased by 10.64% to CNY 0.1302 from CNY 0.1457 in the same period last year[7] - Net profit for the current period was ¥81,361,076.86, a decrease of 11.06% from ¥91,621,188.01 in the previous period[31] Cash Flow - The net cash flow from operating activities significantly improved to CNY 197,078,619.88, a 723.31% increase from a negative CNY 31,618,218.42 in the previous year[7] - Cash inflow from operating activities totaled ¥1,221,076,384.98, compared to ¥1,000,955,439.65 in the prior period, an increase of 22.05%[32] - The net cash flow from investment activities amounted to ¥44,818,011.39, marking a substantial increase of 596.28%[14] - Cash inflow from financing activities totaled ¥95,764,138.73, up 282.81% from the prior period[14] - The net cash flow from investing activities was $44,818,011.39, compared to a negative cash flow of $9,030,795.06 in the previous period[33] - Net cash flow from financing activities was negative at -$154,522,224.67, compared to -$67,652,512.86 in the prior period[33] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 5,993,652,578.88, down 1.70% from CNY 6,097,564,952.38 at the end of the previous year[7] - The total liabilities decreased to ¥2,143,592,172.82 from ¥2,327,948,769.86, indicating a reduction of 7.91%[29] - The company's non-current assets totaled CNY 3.67 billion, down from CNY 3.72 billion, reflecting a decrease of 1.95%[28] - Short-term borrowings significantly decreased to CNY 25.03 million from CNY 130.08 million, a reduction of 80.69%[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,418, with no preferred shareholders[17] - The largest shareholder, Li Shaobo, holds 25.29% of the shares, amounting to 142,685,648 shares, with 107,014,236 shares pledged[17] - The company plans to repurchase shares with a total amount not less than CNY 150 million and not exceeding CNY 300 million, with a maximum repurchase price of CNY 34.00 per share[23] - Vice Chairman Li Xinyi increased her shareholding by acquiring 62,600 shares at an average price of CNY 24.72 per share, totaling CNY 1.55 million, which represents 0.01% of the total share capital[24] Government Support and Expenses - The company received government subsidies amounting to CNY 5,790,840.98 during the reporting period[8] - Financial expenses increased by 543.61% to CNY 5,529,943.74 due to foreign exchange losses from a subsidiary[12] - The company reported a significant increase in tax refunds received, totaling CNY 31,872,657.56, a 39.39% increase from CNY 22,865,422.67 in the previous year[13] - The company reported a significant increase in tax payments, totaling ¥82,091,472.56, which is a 35.81% increase year-over-year[14] Inventory and Receivables - Accounts receivable decreased to CNY 529.52 million from CNY 620.26 million, reflecting a decline of 14.66%[27] - The company’s inventory stood at CNY 659.37 million, slightly down from CNY 662.84 million, a decrease of 0.37%[27] Accounting and Reporting - The company did not have an audited first-quarter report for 2025[34] - The company will implement new accounting standards starting from 2025[34]

Core Viewpoint - The company reported a solid financial performance for 2024, with revenue and net profit growth, alongside significant advancements in its global operations and product development in the continuous glucose monitoring (CGM) sector [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.443 billion yuan, a year-on-year increase of 9.47% [1] - The net profit attributable to shareholders was 326 million yuan, up 14.73% year-on-year [1] - The non-recurring net profit was 295 million yuan, reflecting a slight increase of 0.65% year-on-year [1] - In Q4 2024, revenue reached 1.261 billion yuan, marking a 23.22% year-on-year growth [1] - The net profit for Q4 turned positive at 71 million yuan, compared to a loss in the previous year [1] Operational Efficiency - The overall gross margin for 2024 was 54.88%, an increase of 0.82 percentage points year-on-year, attributed to product structure optimization and cost control [2] - The sales, management, and R&D expense ratios were 26.82%, 9.13%, and 8.44%, respectively, with sales expenses increasing due to rapid growth in online channels and investments in the CGM market [2] - The net profit margin was 7.78%, up 2.95 percentage points year-on-year [2] - Overseas revenue reached 1.865 billion yuan, accounting for 41.98% of total revenue, with non-U.S. regions showing remarkable growth of 65.51% [2] Product Development - The company made significant progress in the CGM sector, with the second-generation CGM product completing domestic registration and obtaining Class III medical device certification [3] - The global strategy for CGM products is advancing, with successful registration and clinical trials in the U.S. and new certifications in Europe for ages 2-17 [3] - By the end of 2024, CGM products were approved in 25 countries and regions, with sales in over 60 countries [3] Future Outlook - Revenue projections for 2025-2027 are 4.938 billion, 5.465 billion, and 6.052 billion yuan, with year-on-year growth rates of 11.13%, 10.67%, and 10.76% respectively [4] - Net profit forecasts for the same period are 435 million, 510 million, and 611 million yuan, with growth rates of 33.23%, 17.41%, and 19.74% respectively [4] - The company focuses on chronic disease rapid testing centered around blood glucose monitoring products, with stable growth in the BGM core business and CGM business contributing new growth momentum [4]

3. 研发投入持续增加，发力新品上市、产品升级以及海外注册，助力公司产品全球放量。2024 年，公 司研发费用3.75 亿元（YoY+5.22%），占总营收的8.44%，实现CGM 注册范围进一步扩大至25 个国家 和地区，并在原有欧盟MDR 认证中新增2-17 岁适用人群，FDA 注册也在有序推进，CGM 全球销售持 续加速；还推出行业首创液相单人份三合一产品iCARE-1300 型便携式全自动多功能检测仪、全新升级 BA-B22D 智能血压测试仪等新品，产品综合竞争力持续夯实；此外公司布局"生物传感+AI+医疗"的糖 尿病智慧管理新模式，助力市场拓展和公司业绩提质增长。 盈利预测：我们预计公司2025-2027 年营收分别为49.15、55.80、63.43亿元，同比增速分别为10.63%、 13.52%、13.66%，归母净利润分别为4.39、5.30、6.34 亿元，同比增速分别为34.45%、20.78%、 19.67%，对应当前股价PE 分别为29、24、20 倍，维持"推荐"评级。 风险提示：销售不及预期，研发上市进度不及预期，国内外市场拓展不及预期，市场竞争加剧，行业政 策变化，其他系统性风险 ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 444,312.36 million, a year-on-year increase of 9.47% [2][3] - Total profit reached CNY 39,526.12 million, up 59.02% year-on-year, with net profit attributable to the parent company at CNY 32,629.10 million, a 14.73% increase [3] - Overseas revenue amounted to CNY 186,513.93 million, accounting for 41.98% of total revenue [3] Business Strategy and Market Expansion - The company focuses on blood glucose monitoring products as its core business, emphasizing technological innovation and cost reduction to enhance operational efficiency [2][4] - The company is expanding into Southeast Asia and other developing markets to seize new opportunities [2][4] - A partnership with A. MENARINI DIAGNOSTICS S.r.l. was established for exclusive distribution in over 20 European countries [5] Product Development and Regulatory Progress - The self-developed Continuous Glucose Monitoring (CGM) system entered the substantive review phase of FDA 510(k) registration in December 2024 [7] - The company is actively exploring AI applications in diabetes management, aiming to create a closed-loop system for smart diabetes management [17] Sales and Marketing Insights - In 2024, the company’s sales expenses increased by 21.53% to CNY 119,177.46 million, driven by online sales and CGM product marketing [14] - The blood glucose monitoring system product revenue grew by 15.58% year-on-year, with a gross margin increase of 1.11% [14][15] Challenges and Risk Management - The company reported asset impairment losses exceeding CNY 74 million, primarily due to inventory and long-term equity investments [11] - The impact of US-China tariff policies on business operations is considered manageable, with 31.06% of revenue derived from the US market [8][9] Future Goals - The company aims to achieve operating revenue of CNY 49 billion in 2025, focusing on professionalization, digitalization, and globalization [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The traditional business remains stable, and the overseas expansion of Continuous Glucose Monitoring (CGM) is expected to begin in 2025 [5] - The company is a leader in the blood glucose monitoring industry, with new products in CGM experiencing rapid growth and an expanding market ceiling [7] Financial Performance Summary - Revenue projections for 2023 to 2027 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%) [6] - Net profit attributable to the parent company is projected to grow from 284 million RMB in 2023 to 625 million RMB in 2027, with a notable increase of 27.55% in 2025 [6][7] - Earnings per share (EPS) is expected to rise from 0.50 RMB in 2023 to 1.11 RMB in 2027 [6] Business Segment Performance - In 2024, the company achieved a total revenue of 44.4 billion RMB, with a year-on-year increase of 9.5% and a net profit of 3.3 billion RMB, up 14.7% [7] - The blood glucose monitoring revenue for 2024 is projected at 33.2 billion RMB, reflecting a year-on-year growth of 15.6% [7] - The gross margin for the blood glucose monitoring system improved to 60.2% in 2024, an increase of 1.1 percentage points [7] Market Expansion and Product Development - The CGM product line has been launched domestically, with plans for further international registration in countries such as Singapore, Pakistan, Russia, and Saudi Arabia [7] - The company is in the substantive review stage with the FDA in the United States, indicating potential for overseas market penetration starting in 2025 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in its blood glucose business in 2024, with a projected revenue of 4.443 billion yuan, representing a year-over-year increase of 9.47%. The net profit attributable to shareholders is forecasted to be 326 million yuan, up 14.73% year-over-year [5] - The company's continuous improvement in profitability is attributed to an increase in online sales and effective e-commerce promotions, with a significant rise in Q4 2024 net profit by 310.96% year-over-year [5] - The company is positioned for strong growth in both domestic and international Continuous Glucose Monitoring (CGM) markets, with expectations for increased market share [6][7] Financial Summary - Revenue for 2024 is projected at 4.443 billion yuan, with a year-over-year growth of 9.5% [9] - The net profit attributable to shareholders for 2024 is estimated at 326 million yuan, reflecting a year-over-year increase of 14.7% [9] - The gross margin is expected to improve to 54.9% in 2024, with a net margin of 7.3% [9] - Earnings per share (EPS) for 2025 is projected to be 0.71 yuan, with a corresponding price-to-earnings (P/E) ratio of 28.3 [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in its blood glucose business in 2024, with a projected revenue of 4.443 billion yuan, representing a year-over-year increase of 9.47%. The net profit attributable to shareholders is forecasted to be 326 million yuan, up 14.73% year-over-year [5] - The company's continuous improvement in profitability is attributed to an increase in online sales and effective e-commerce promotions, with a significant rise in Q4 2024 net profit by 310.96% year-over-year [5] - The company is positioned for strong growth in both domestic and international Continuous Glucose Monitoring (CGM) markets, with expectations for increased market share [6][7] Financial Summary - Revenue for 2024 is projected at 44.43 billion yuan, with a year-over-year growth of 9.47%. The net profit attributable to shareholders is expected to be 3.26 billion yuan, reflecting a year-over-year increase of 14.73% [5] - The company’s revenue from blood glucose monitoring systems is anticipated to reach 33.21 billion yuan in 2024, marking a 15.58% increase year-over-year [7] - The company’s gross margin is expected to improve to 55.3% by 2025, with net profit margins projected to reach 8.0% [9] Market Performance - Domestic revenue is expected to be 25.78 billion yuan, showing a year-over-year increase of 9.81%, while international revenue is projected at 18.65 billion yuan, with significant growth in other regions [6] - The company’s CGM product "Sanofi Aikan" has received regulatory approval in 25 countries and regions, with sales ongoing in over 60 countries [6] Product Development - The company has diversified its product matrix, expanding from blood glucose monitoring to include over 70 testing indicators, enhancing its competitive edge in the market [7] - The iPOCT monitoring system revenue is projected to grow by 9.11% year-over-year, indicating a robust expansion in point-of-care testing [7]