Core Viewpoint - Sanofi Bio achieved a net profit attributable to shareholders of 180 million yuan in the first half of the year, representing a year-on-year decrease of 8.5% [1] - The blood glucose monitoring business showed steady growth, with significant progress in overseas markets for Continuous Glucose Monitoring (CGM) [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 110 million yuan, a year-on-year decline of 6.9% [1] - For the first half of 2025, the blood glucose monitoring business generated revenue of 1.66 billion yuan, reflecting a year-on-year increase of 6.9% [1] Business Development - The CGM product line has expanded its registration scope overseas, with the second-generation product receiving EU certification, enhancing its competitive edge [1] - The company is positioned as a leader in the blood glucose monitoring industry, with rapid growth in new CGM products and successful overseas expansion [1]

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 progressing smoothly [5] - The company is a leader in the blood glucose monitoring industry, with rapid growth in new CGM products and successful overseas expansion [8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 2.26 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 180 million yuan, a year-on-year decrease of 8.5% [8] - The blood glucose monitoring business showed steady growth, with revenue of 1.66 billion yuan in the first half of 2025, up 6.9% year-on-year [8] - The CGM product line has expanded its registration scope overseas, with the second-generation product receiving EU certification, enhancing its competitiveness [8] - The gross profit margin for the first half of 2025 was 51.9%, down 2.4 percentage points year-on-year, primarily due to changes in product mix [8] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 4.1 billion yuan, 4.9 billion yuan, and 5.9 billion yuan, with growth rates of 24.4%, 21.4%, and 19.0% respectively [8] - The current price-to-earnings (P/E) ratios for the next three years are projected to be 29X, 24X, and 20X [8]

Group 1 - Dan Yi Investment recently conducted research on two listed companies: YHLO and Sinocare [1] - YHLO has completed the prototype of its second-generation sequencing system, achieving full self-research and production of core reagents, auxiliary reagents, and auxiliary enzyme reagents [1] - YHLO is integrating its product matrix, technology research and development, customer service, and data with AI platforms like DeepSeek, enhancing its laboratory automation solutions [1] - Sinocare's medical AI platform, SinoGPT, has integrated with DeepSeek to scale intelligent services, focusing on diabetes management [1] - Sinocare plans to leverage DeepSeek's reasoning capabilities to develop a specialized model for the diabetes vertical [1] Group 2 - Shanghai Dan Yi Investment Management Partnership is a domestic private investment management institution established in April 2015 with a paid-in capital of 10 million [2] - The core executives of Dan Yi Investment have over ten years of experience in investment research, having worked at prominent institutions like Huabao Xingye Fund and Guotou Ruijin Fund [2] - During their careers, the executives managed funds totaling several billion, ranking among the top in the industry [2]

摘要 三诺生物 2025 年上半年 CGM 业务销售额超 2 亿元，海外收入占比 25%-30%，整体毛利率超 45%，海外及临床销售毛利率更高。海外市 场医保进展顺利，现金市场也在积极部署，全年目标销售额为 4-6 亿元， 并已实现盈利，销售利润率超 20%。 公司撤回 CGM 一代产品在美国的注册申请，集中资源推进二代产品， 旨在优化性能、提高良性转化，增强用户粘性，提升技术水平和优化生 产工艺，以确保二代产品在美国市场的长期竞争力。 国内 CGM 市场线上销售占比高，临床渠道收入同比增长超 40%，已进 入 600 多家等级医院。销售费用率下降主要由于二代产能优化及线上内 容电商投入减少，未来费用投入预计趋于平缓。 三诺生物一代 CGM 产品良率已接近 99%，预计 2025 年可实现，二代 产品良率提升需更长时间。公司基于二代产能和良率提升调整市场推广 节奏。 Trividia 2025 年收入增长超出年初预期，但利润受财务费用和汇兑损 益影响同比下降。毛利率下降是由于 PBM 和 Medicare 市场投放更多仪 器，预计下半年增长将超年初预期。 三诺生物 20250828 Q&A 三诺生物 202 ...

债券代码：123090 债券简称：三诺转债 证券代码：300298 证券简称：三诺生物 三诺生物传感股份有限公司投资者关系活动记录表 编号：2025-08-01 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） 华泰证券：代雯、高鹏、杨昌源、李艳光、严爱华、朱弘毅、刘藏丹、曹 | | | 冠昊；中信证券：沈睦钧；东吴证券：王美麒；中金公司：刘雅馨；国盛 证券：杨芳；申万宏源：陈烨远；国金证券：何冠洲；华创证券：陈俊 | | | 威；兴业证券：董晓洁；高盛证券：Chris Pan、Kaylee Jiang；中信建投： | | | 华冉；光大证券：吴佳青；华金证券：计文祚；天风证券：周海涛；国泰 | | 参与单位名称及 | 海通证券：孟陆；信达医药：曹佳琳；东北证券：叶菁、庞景曦；湘财证 | | 人员姓名 | 券：蒋栋；民生证券：朱凤萍；华安证券：李婵；德邦证券：向潇；建信 | | | 养老：李平祝；金元顺安：刘梦杨、陈铭杰；银杏环球资本：潘孜 ...

三诺生物(300298.SZ)发布2025年半年度报告，该公司营业收入为22.64亿元，同比增长6.12%。归属于上 市公司股东的净利润为1.81亿元，同比减少8.52%。归属于上市公司股东的扣除非经常性损益的净利润 为1.58亿元，同比减少11.31%。基本每股收益为0.3266元。 ...

企业负责人： 主管会计工作的负责人： 会计机构负责人： 注：①表中非经营性占用部分，关联方范围依照《创业板股票上市规则》确定。 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2025年期初占用资 | 2025年1-6月占用累计发 | 2025年1-6月占用资 | 2025年1-6月偿还 | 2025年6月30日期 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 金余额 | 生金额（不含利息） | 金的利息(如有） | 累计发生金额 | 末占用资金余额 | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | - | - | | 前控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | 小计 ...

三诺生物传感股份有限公司 2025 年半年度报告全文 三诺生物传感股份有限公司 2025 年半年度报告 2025 年 08 月 1 三诺生物传感股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 7 | | 第三节 | 管理层讨论与分析 | 10 | | 第四节 | 公司治理、环境和社会 | 60 | | 第五节 | 重要事项 | 67 | | 第六节 | 股份变动及股东情况 | 74 | | 第七节 | 债券相关情况 | 80 | | 第八节 | 财务报告 | 85 | 三诺生物传感股份有限公司 2025 年半年度报告全文 公司负责人李少波、主管会计工作负责人何竹子及会计机构负责人(会计 主管人员)谈波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 ...

三诺生物公告，2025年上半年营业收入22.64亿元，同比增长6.12%。净利润1.81亿元，同比下降 8.52%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-070 | | --- | --- | --- | | 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 第五届监事会第十五次会议决议公告 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。 经认真审核，监事会认为：公司《2025 年半年度报告》《2025 年半年度报告 摘要》的编制和审议程序符合相关法律、行政法规和规范性文件的规定，符合中 国证券监督管理委员会和深圳证券交易所以及公司内部管理制度的各项要求，报 告内容真实、准确、完整地反映了公司报告期内的实际经营情况，不存在虚假记 载、误导性陈述和重大遗漏，同意《关于〈公司 2025 年半年度报告全文〉及其 摘要的议案》。 具体内容详见公司同日在中国证监会指定的创业板信息披露网站（巨潮资讯 网 www.cninfo.com.cn）上披露的《2025 年半年度报告》《2025 年半年度报告摘 要》。 表决结果：3 票赞成，0 票反对，0 票弃权，审议通过。 三、备查文件 一、会议召开情况 三诺生物传感股份有限 ...