Core Insights - The company, Sanofi Biologics, has announced that its self-developed "Continuous Glucose Monitoring System" has received EU Medical Devices Regulation (MDR) certification [1] - This system is designed to measure glucose levels in interstitial fluid for individuals aged 2 and above, aiming to replace traditional fingertip blood glucose tests for diabetes treatment decisions [1] - The second-generation CGM product features an integrated design that enhances user convenience and comfort while maintaining core technology [1] - The recent approval expands the applicable scenarios for both generations of the company's CGM products [1]

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-062 | | --- | --- | --- | | 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 关于持续葡萄糖监测系统获得欧盟MDR认证的公告 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。 三诺生物传感股份有限公司（以下简称"公司"或"三诺生物"）于近日收 到欧盟公告机构TÜV Rheinland德国莱茵的通知，公司自主研发的"持续葡萄糖 监测系统"新产品获得欧盟Medical Devices Regulation (EU) 2017/745（简称 "MDR"）认证。现将具体情况公告如下： 本次新增认证产品：Sinocare iCan Continuous Glucose Monitoring System (Model: i6, H6, i7, H7)；GlucoMen® iCan Continuous Glucose Monitoring System (Model: H6) 产品分类：IIb 证书编号：HZ 2068488-1 签批时间 ...

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-060 | | --- | --- | --- | | 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2025年第二季度可转换公司债券转股情况的公告 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。 特别提示： 1、三诺转债（债券代码：123090）转股期为2021年6月25日至2026年12月20 日；转股价格为人民币34.39元/股。 2、2025年第二季度，共有0张"三诺转债"完成转股（票面金额共计0元人 民币），合计转成0股"三诺生物"股票（股票代码：300298）。 3、截至2025年第二季度末，公司剩余可转债为4,984,224张，剩余可转债票 面总金额为498,422,400元人民币。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第15号——可转换公司债券》的有关规定，三诺生物传感股份有限公 司（以下简称"公司"或"三诺生物"）现将2025年第二季度可转换公司债券（以 下简称"可转债"）转股及公司股份 ...

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-061 | | --- | --- | --- | | 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.cni ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company's performance met expectations, with a revenue of 4.443 billion yuan in 2024, reflecting a year-on-year growth of 9.47%, and a net profit of 326 million yuan, up 14.73% [4]. - In Q1 2025, the company reported a revenue of 1.042 billion yuan, a 2.76% increase year-on-year, but a net profit decline of 10.90% [4]. - The company holds nearly 50% market share in the retail blood glucose product market, with over 22 million users and partnerships with more than 4,000 distributors and nearly 600 chain pharmacies [4]. - The company is actively enhancing its online sales strategy, integrating online and offline operations to strengthen its market position [4]. - The international expansion of the Continuous Glucose Monitoring (CGM) business is accelerating, with a distribution agreement covering over 20 countries signed in November 2024 [5]. - The second-generation CGM product received Class III NMPA registration, showcasing improved accuracy and stability compared to the first generation [6]. - Revenue forecasts for 2025-2027 are projected at 4.887 billion, 5.572 billion, and 6.129 billion yuan, respectively, with corresponding EPS of 0.71, 0.94, and 1.14 yuan [7][9]. Summary by Sections Financial Performance - 2024 revenue: 4.443 billion yuan, 9.47% growth [4] - Q1 2025 revenue: 1.042 billion yuan, 2.76% growth; net profit down 10.90% [4] - 2025-2027 revenue projections: 4.887 billion, 5.572 billion, 6.129 billion yuan [7][9] Market Position - Holds nearly 50% market share in blood glucose products [4] - Over 22 million users and partnerships with 4,000+ distributors [4] - Strong online sales integration across 20+ e-commerce platforms [4] Product Development - Second-generation CGM product received Class III NMPA registration [6] - Improved accuracy with MARD value reduced to 8.71% [6] International Expansion - Distribution agreement signed for CGM products in 20+ countries [5] - FDA 510(k) application for CGM product in substantive review phase [5] Earnings Forecast - EPS projections for 2025-2027: 0.71, 0.94, 1.14 yuan [7][9] - PE ratios for 2025-2027: 30.9, 23.4, 19.2 [7][9]

Group 1 - The core viewpoint of the report is that Sanofi Bio's performance meets expectations, with a stable market position and potential for accelerated growth in Continuous Glucose Monitoring (CGM) products [1][2][3] - In 2024, the company is projected to achieve revenue of 4.443 billion yuan, a year-on-year increase of 9.47%, and a net profit of 326 million yuan, up 14.73% [1] - The company holds nearly 50% market share in the retail blood glucose product market, with over 22 million users and partnerships with more than 4,000 distributors and nearly 600 chain pharmacies [1] Group 2 - The company is advancing its international strategy, with a seven-year distribution agreement signed with A.MENARINI DIAGNOSTICS covering over 20 countries and regions [2] - The CGM product has entered a critical review phase after passing FDA 510(k) acceptance [2] - The second-generation CGM product has received Class III NMPA registration, featuring improved accuracy and stability compared to the first generation, with a monitoring error rate (MARD) of 8.71% [3] Group 3 - Revenue forecasts for 2025-2027 are 4.887 billion, 5.572 billion, and 6.129 billion yuan, with corresponding EPS of 0.71, 0.94, and 1.14 yuan [4] - The current stock price corresponds to a PE ratio of 30.9, 23.4, and 19.2 for the years 2025, 2026, and 2027 respectively [4] - The company is expected to see significant growth in the US market following CGM product approvals [4]

三诺生物传感股份有限公司相关 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【477】号 02 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Sanofi Biologicals, particularly its stock performance and industry comparisons [1][2] - As of June 26, the stock price of Sanofi Biologicals closed at 21.73 yuan, down 2.12%, with a rolling PE ratio of 38.62 times and a total market capitalization of 12.261 billion yuan [1] - In comparison to the medical device industry, which has an average PE ratio of 49.45 times and a median of 35.92 times, Sanofi Biologicals ranks 81st in terms of PE ratio [1][2] Group 2 - The main business of Sanofi Biologicals is the production and sale of blood glucose monitoring systems, along with related products such as diabetes nutrition and care products, blood lipid testing systems, and blood pressure monitors [1] - The latest quarterly report for Q1 2025 shows that the company achieved a revenue of 1.042 billion yuan, a year-on-year increase of 2.76%, while net profit was 72.115 million yuan, reflecting a year-on-year decrease of 10.90% [1] - The gross profit margin for the company stands at 48.69% [1]

Core Insights - The establishment of the global R&D center by Sanofi Bio in Hunan Xiangjiang New Area represents a significant investment of 500 million RMB and aims to enhance research and development in the biosensor industry, particularly in wearable and high-end implantable medical devices [1][5] - The company has successfully expanded its blood glucose meter products to 187 countries, becoming the fourth largest blood glucose meter manufacturer globally [1][9] - The chairman of the company, Li Shaobo, emphasizes the importance of aligning with future market demands and technological advancements for the company's evolution [1][4] Company Development - Sanofi Bio was founded in 2002 by Li Shaobo, who recognized the potential for diabetes management solutions in China, where the diabetes prevalence rate increased significantly from 0.7% in 1980 to 4.5% in urban areas by 2002 [3][4] - The company has benefited from favorable policies and a supportive entrepreneurial environment in Hunan Xiangjiang New Area, which has facilitated its growth and innovation [5][7] - Sanofi Bio has established long-term partnerships with local universities and hospitals, enhancing its research capabilities and technological advancements [5][9] International Expansion - In 2012, Sanofi Bio became the first publicly listed company in China's biosensor industry, marking a significant milestone in its internationalization strategy [8] - The company has pursued overseas acquisitions to enhance its global presence and operational efficiency, focusing on integrating financial, IT, HR, and management systems across its international operations [8][9] - The establishment of an international talent service center in Hunan Xiangjiang New Area has supported the recruitment of overseas talent, further strengthening the company's international capabilities [8][9] Adaptation to AI Era - In 2021, the company adjusted its vision to become a global leader in diabetes digital management, recognizing the need to embrace AI technology for future growth [10][11] - The company is implementing a digital transformation strategy to enhance customer interactions and operational efficiency through data-driven solutions [11][13] - Sanofi Bio's new product, the Continuous Glucose Monitoring System (CGM), reflects its commitment to integrating smart devices and big data technology for improved patient management [13] Future Outlook - The completion of the global R&D center is expected to position Sanofi Bio as a leader in diabetes management, leveraging cutting-edge technologies to drive innovation in the biomedicine sector [1][13] - The company aims to build a comprehensive diabetes management system that incorporates AI and digital technologies, contributing to the development of Hunan's biomedicine industry [13]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment in the stock [6]. Core Viewpoints - Sanofi Bio is positioned as a leading domestic manufacturer in blood glucose monitoring products, leveraging cost-effectiveness and product advantages to capture market share, particularly in the continuous glucose monitoring (CGM) segment [1][25]. - The blood glucose monitoring (BGM) market is expected to grow at a CAGR of 9.1% from 2020 to 2030, driven by an increase in diabetes prevalence and improved health awareness [2][32]. - The CGM market is projected to grow at a CAGR of 34% from 2020 to 2030, with domestic products rapidly gaining market share due to their competitive pricing and technological advancements [4][53]. Summary by Sections Company Overview - Sanofi Bio focuses on blood glucose monitoring, with a significant market share in BGM and emerging growth in CGM products [25][26]. - The company has established a comprehensive product platform that includes BGM, CGM, and HbA1c testing [25]. BGM Market Analysis - The BGM market in China is expected to reach a scale of 110 billion yuan by 2030, with a compound annual growth rate (CAGR) of 9.1% [2][34]. - The market share of foreign brands in the BGM sector has decreased from over 90% to 40% in recent years, as domestic brands gain traction due to their cost advantages [2][33]. CGM Market Analysis - The CGM market is anticipated to reach 2.6 billion USD by 2030, with a CAGR of 34% [4][53]. - Sanofi Bio's CGM products have received regulatory approvals and are expected to leverage existing BGM channels for rapid market penetration [4][10]. Competitive Advantages - Sanofi Bio's products are characterized by high accuracy and competitive pricing, with MARD values of 8.71% for personal versions and 7.45% for hospital versions [5][57]. - The company has a well-established distribution network, covering over 3,800 hospitals and more than 220,000 pharmacies, which supports its market presence [3][46]. Financial Projections - Revenue forecasts for Sanofi Bio are projected to be 4.44 billion yuan in 2024, growing to 6.51 billion yuan by 2027, with a net profit increase from 326.29 million yuan to 604.37 million yuan over the same period [12][14].