Market Overview - The Shanghai Composite Index closed at 3877.55 points, with a change of 0.41% [1] - The total trading volume of A-shares reached 1561.918 billion yuan [1] Technical Analysis - A total of 127 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - COFCO Technology: 5-day MA at 11.41 yuan, 10-day MA at 11.52 yuan, difference of -0.92% [1] - Jiuri New Materials: 5-day MA at 27.35 yuan, 10-day MA at 27.59 yuan, difference of -0.86% [1] - Potential Energy Trust: 5-day MA at 20.44 yuan, 10-day MA at 20.59 yuan, difference of -0.77% [1] Individual Stock Performance - COFCO Technology: Today's change of 0.09%, trading volume of 1.13% [1] - Jiuri New Materials: Today's change of 1.49%, trading volume of 1.84% [1] - Potential Energy Trust: Today's change of 0.34%, trading volume of 1.64% [1] - Other notable stocks with death crosses include: - Tongzhou Electronics: Today's change of -0.42%, trading volume of 2.40% [1] - ST Long Pharmaceutical: Today's change of -2.50%, trading volume of 2.14% [1] - Jin Hong Shun: Today's change of -1.44%, trading volume of 2.07% [1]

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 9 月 19 日（星期五）14:00-17:00。 届时公司副总经理、董事会秘书郑霁耘女士等相关人员将在线就公司 2024 年至 2025 半年度业绩、公司治理、发展战略、经营状况、融资计划、股权激励 和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者 踊跃参与。 特此公告！ 三诺生物传感股份有限公司董事会 二〇二五年九月十五日 关于参加2025年湖南辖区上市公司投资者 网上集体接待日暨半年度业绩说明会活动的公告 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。 为进一步加强与投资者的互动交流，三诺生物传感股份有限公司（以下简称 "公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公 司联合举办的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网 上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： | ...

格隆汇9月11日｜华安证券研报指出，三诺生物上半年实现归母净利润1.81亿元（yoy-8.52%），其中， 2025年第二季度实现归母净利润1.09亿元（yoy-6.87%）。公司血糖板块在国内市场份额占比较高的基 础上仍保持稳健增长，一方面可能与国内血糖监测慢病市场空间容量大且公司市场占有率持续提升有 关，另一方面公司的CGM产品也持续增加贡献。公司CGM产品注册范围进一步扩大，新增巴西、伊 朗、尼泊尔、白俄罗斯、乌拉圭、越南等多个国家获批注册证。另外，公司美国市场注册持续推进，一 代CGM产品目前FDA注册撤回，公司全力推进二代产品，目前预计二代CGM的主临床有望于2026年开 展。维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The blood glucose segment shows steady growth, and the expansion into the European market is progressing smoothly [5][6] - In the first half of 2025, the company achieved revenue of 2.264 billion yuan, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 181 million yuan, a year-on-year decrease of 8.52% [4][5] - The company’s continuous growth in the blood glucose monitoring market is attributed to its high market share and the increasing contribution from its Continuous Glucose Monitoring (CGM) products [5] Financial Performance - In H1 2025, the blood glucose monitoring system generated revenue of 1.659 billion yuan (+6.88%), while diabetes nutrition and care products generated 149 million yuan (+11.47%) [5] - The company’s domestic revenue was 1.266 billion yuan (+5.40%), and overseas revenue was 744 million yuan (+7.06%) in H1 2025 [6] - Revenue projections for 2025-2027 are 4.908 billion yuan, 5.530 billion yuan, and 6.130 billion yuan, with growth rates of 10.5%, 12.7%, and 10.9% respectively [7][10] - Net profit attributable to shareholders is expected to be 426 million yuan, 535 million yuan, and 666 million yuan for 2025-2027, with growth rates of 30.6%, 25.7%, and 24.4% respectively [8][10] Market Expansion - The company has expanded its CGM product registration to several countries, including Brazil, Iran, and Vietnam, and has received EU MDR certification for its second-generation glucose monitoring system [6] - The company is also progressing with its CGM product registration in the U.S., with plans for clinical trials for the second-generation product expected to start in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's performance met expectations, with a significant quarter-on-quarter revenue increase in Q2 2025. The total revenue for the first half of 2025 was 2.264 billion yuan, a year-on-year increase of 6.12%. The revenue from blood glucose monitoring systems was 1.659 billion yuan, up 6.88% year-on-year. However, the net profit attributable to the parent company decreased by 8.52% year-on-year due to increased market deployment of blood glucose monitoring devices by its U.S. subsidiary Trividia, which led to a decline in product gross margin, along with increased foreign exchange losses and management expenses [5][9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 2.264 billion yuan, with a net profit of 181 million yuan, down 8.52% year-on-year. The second quarter revenue was 1.222 billion yuan, a year-on-year increase of 9.17%, while the net profit for the quarter was 109 million yuan, down 6.87% year-on-year [5][9]. Market Expansion - The company continues to deepen its overseas market presence, achieving overseas revenue of 997 million yuan in the first half of 2025, a year-on-year increase of 7.06%, accounting for 44.06% of total revenue. The company has established long-term strategic partnerships and has localized operations in various regions, including Europe, North America, and Southeast Asia [9]. Product Development - The Continuous Glucose Monitoring (CGM) product line is identified as the company's second growth curve, with the "Sanofi Aikan" glucose monitoring system approved in 39 countries and regions, including the EU. The company has formed deep partnerships in the European market and is expanding its presence in Southeast Asia and other regions through local distributors and e-commerce platforms [9]. Profit Forecast - The company is projected to achieve net profits of 388 million yuan, 484 million yuan, and 611 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 31, 25, and 20 times [9].

三诺生物所属申万行业为：医药生物-医疗器械-医疗设备。所属概念板块包括：体外诊断、民营医院、 互联医疗、抗原检测、智慧医疗等。 截至6月30日，三诺生物股东户数1.55万，较上期减少5.49%；人均流通股29341股，较上期增加5.81%。 2025年1月-6月，三诺生物实现营业收入22.64亿元，同比增长6.12%；归母净利润1.81亿元，同比减少 8.52%。 分红方面，三诺生物A股上市后累计派现15.12亿元。近三年，累计派现3.44亿元。 9月9日，三诺生物盘中下跌2.00%，截至13:24，报21.02元/股，成交1.91亿元，换手率1.99%，总市值 117.77亿元。 资金流向方面，主力资金净流出1530.00万元，特大单买入395.71万元，占比2.08%，卖出1045.41万元， 占比5.49%；大单买入3713.29万元，占比19.49%，卖出4593.60万元，占比24.11%。 三诺生物今年以来股价跌17.87%，近5个交易日涨1.45%，近20日跌0.28%，近60日跌5.14%。 资料显示，三诺生物传感股份有限公司位于湖南省长沙高新技术产业开发区谷苑路265号，成立日期 2002年 ...

Core Viewpoint - Sanor Bio's net profit attributable to shareholders for the first half of 2025 is projected to be 181 million yuan, reflecting a year-on-year decline of 8.52% [1] - The second quarter of 2025 shows a net profit of 109 million yuan, down 6.87% year-on-year, indicating a significant improvement in revenue but a decline in gross margin [1] Revenue and Profit Analysis - The revenue in Q2 2025 improved significantly, but multiple factors led to a decline in gross margin, resulting in profit growth lagging behind revenue growth [1] International Expansion - The company is continuously advancing its localization strategy overseas, establishing subsidiaries and local sales teams in key countries/regions [1] - Sanor Bio has set up subsidiaries in countries such as Vietnam, the Philippines, Indonesia, India, Bangladesh, and Thailand, enhancing its global service capabilities [1] - The company has established overseas warehouses in 18 countries, including Europe, North America, and Southeast Asia, achieving logistics localization [1] Market Development - The company is making progress in the CGM (Continuous Glucose Monitoring) overseas market, with successful collaboration with Menarini in Europe, indicating potential for increased CGM volume [1] - Through partnerships with overseas subsidiaries PTS and Trividia, the company is exploring the European and American markets and expanding its business in Mexico and Africa through bidding and other methods [1] - The global marketing network now covers 187 countries and regions, suggesting a promising future for overseas markets [1]

Investment Rating - The investment rating for Sinocare (300298) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's growth potential and market performance [1]. Core Views - The core view of the report emphasizes the stable growth of the blood glucose monitoring business, with significant performance in overseas markets. The company achieved a revenue of 2.264 billion yuan in the first half of 2025, reflecting a year-on-year increase of 6.12% [1][2]. - The report highlights that the blood glucose monitoring system generated revenue of 1.659 billion yuan in 2025H1, accounting for 73.29% of total revenue, indicating its status as a core business [2]. - The profitability is currently under pressure due to increased investments, but it is expected to gradually improve as the company benefits from scale effects and increased localization in overseas manufacturing [2]. Financial Summary - For 2025, the projected total revenue is 4.935 billion yuan, with a year-on-year growth rate of 11.1%. The net profit attributable to the parent company is expected to be 417 million yuan, representing a growth of 27.7% [3]. - The gross margin for 2025 is forecasted to be 53.0%, with a return on equity (ROE) of 12.2% [3]. - The earnings per share (EPS) for 2025 is estimated at 0.74 yuan, with a price-to-earnings (P/E) ratio of 27.58 times [3]. Business Development - The company is focusing on enhancing its blood glucose monitoring products, with the second-generation continuous glucose monitoring (CGM) products receiving EU MDR certification and expanding their application scenarios [2]. - The overseas revenue for 2025H1 reached 999 million yuan, showing a year-on-year increase of 7.06%, indicating successful international collaboration and market penetration strategies [2]. - The report anticipates that as the company continues to implement localized operations overseas, this segment will become a significant growth driver [2].

证券研究报告 | 半年报点评 gszqdatemark 2025 09 08 年 月 日 三诺生物（300298.SZ） 25Q2 环比改善显著，欧洲市场推进顺利，CGM 海外放量可期 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 医疗器械 | | 前次评级 | 买入 | | 09 月 05 日收盘价（元） | 20.52 | | 总市值（百万元） | 11,496.66 | | 总股本（百万股） | 560.27 | | 其中自由流通股（%） | 80.55 | | 30 日日均成交量（百万股） | 12.98 | 三诺生物发布 2025 年半年度报告。2025H1 公司实现营业收 22.64 亿元，同比增 长 6.12%；归母净利润 1.81 亿元，同比下滑 8.52%；扣非后归母净利润 1.58 亿 元，同比下滑 11.31%。分季度看，2025Q2 实现营业收入 12.22 亿元，同比增长 9.17%；归母净利润 1.09 亿元，同比下滑 6.87%；扣非后归母净利润 0.91 亿元， 同比下滑 9.36%。 观点：25Q2 收入端改善显著，多因素导致毛利率 ...

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]