Investment Rating - The report maintains a "Buy" rating for the company [14] Core Viewpoints - Sanofi Bio is positioned as a leading domestic blood glucose monitoring company, with its BGM business maintaining steady growth and expected to capture nearly 50% of the retail market share by the end of 2024 [4][9] - The company launched its third-generation CGM technology in 2023, which is anticipated to become a significant growth driver alongside its existing BGM business [4][10] - The CGM market is characterized by large scale and high barriers to entry, with trends indicating domestic substitution and increased penetration rates [10][11] - The company has established a strong channel advantage and brand foundation in the domestic blood glucose monitoring sector, which is expected to facilitate rapid market capture in the short term and sustained growth through product iterations in the medium to long term [4][12] - Internationally, the company's CGM products have been launched in multiple countries, with plans to leverage overseas subsidiaries to penetrate mainstream markets in Europe and the US [4][12] Summary by Sections Company Overview - Sanofi Bio has been deeply engaged in the blood glucose monitoring field for 20 years, with a stable growth in its BGM business. The global BGM market has shown stable growth rates of 5%-7% from 2016 to 2022, with expectations for continued single-digit growth due to increasing diabetes patient data and significant room for penetration [9][46] Market Position - By the end of 2024, Sanofi's blood glucose monitoring products are expected to hold nearly 50% of the domestic retail market share, with over 22 million users and extensive coverage across hospitals and pharmacies [9][55] - The company achieved top sales in the blood glucose category on major e-commerce platforms during promotional events, indicating strong market performance [9][55] CGM Market Insights - The global CGM market has grown from $1.7 billion in 2015 to $5.7 billion in 2020, with a CAGR of 28.2%. The market share of CGM is expected to increase significantly, indicating a trend towards CGM replacing BGM [10][73] - In China, the CGM penetration rate is significantly lower than in the US and Europe, suggesting substantial growth potential as domestic products gain approval and market share [11][79] Financial Projections - The company is projected to achieve net profits of 432 million, 542 million, and 658 million yuan from 2025 to 2027, with corresponding P/E ratios of 27, 22, and 18 times [12]

Core Points - The company has decided not to adjust the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock prices falling below 80% of the current conversion price for at least 15 trading days within a 30-day period [1][8] - The next period for potential adjustment will restart from December 22, 2025, if the conditions are triggered again [1][8] Convertible Bond Basic Information - The company issued 5 million convertible bonds at a face value of 100 RMB each, totaling 500 million RMB, which began trading on January 12, 2021 [1][2] - The initial conversion price was set at 35.35 RMB per share [2] Conversion Price Adjustment History - The conversion price was adjusted to 35.15 RMB per share on June 11, 2021, following a cash dividend distribution of 2.00 RMB per 10 shares [2][3] - Subsequent adjustments occurred, with the conversion price changing to 34.98 RMB on May 25, 2022, and further adjustments to 34.81 RMB on May 26, 2023, and 34.61 RMB on June 17, 2024 [3][4][5] Non-Adjustment Decision Explanation - The board of directors considered various factors, including the company's fundamentals and market conditions, before deciding not to adjust the conversion price on June 19, 2025 [8] - The decision aims to maintain the long-term interests of all shareholders and creditors [8]

Meeting Details - The fifth board meeting of Sannuo Biological Sensor Co., Ltd. was held on June 19, 2025, with all seven directors present [1] - The meeting was convened and chaired by Chairman Li Shaobo, and it complied with the relevant laws and regulations [1] Resolutions Passed - The board approved the proposal not to adjust the conversion price of Sannuo Convertible Bonds downwards, despite the stock price being below 80% of the current conversion price for 15 out of 30 trading days [1][2] - The current conversion price is set at 34.39 CNY per share, with the threshold for adjustment being 27.51 CNY per share [1] Future Considerations - The board decided that if the conversion price adjustment conditions are triggered again within the next six months (from June 20, 2025, to December 19, 2025), no downward adjustment proposal will be made [2] - The next period for potential adjustment will start from December 22, 2025, and the board will follow the necessary procedures if conditions are met [2]

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-059 | | --- | --- | --- | | 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 关于不向下修正三诺转债转股价格的公告 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、自2025年5月29日至2025年6月19日，三诺生物传感股份有限公司（以下简 称"公司"或"三诺生物"）股票已出现任意连续三十个交易日中至少有十五个 交易日的收盘价低于当期转股价格的80%的情形，触发"三诺转债"转股价格向 下修正条款。 2、公司于2025年6月19日召开第五届董事会第十九次会议，审议并通过《关 于不向下修正三诺转债转股价格的议案》，公司董事会决定本次不向下修正"三 诺转债"转股价格，且自本次董事会审议通过的次一交易日起未来六个月内（即 2025年6月20日至2025年12月19日），如再次触发"三诺转债"转股价格向下修正 条款，亦不提出向下修正方案。 经深圳证券交易所同意，本次可转换公司债券已于2021年1月12日起在深圳证 券交 ...

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-058 | | --- | --- | --- | | 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 第五届董事会第十九次会议决议公告 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"）第五届董事会第十九次会 议于 2025 年 6 月 19 日（星期四）下午 15:30 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 6 月 18 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 ...

Core Insights - The article highlights the increasing trend of diabetes among young people, emphasizing the importance of blood sugar monitoring as a lifestyle choice rather than just a medical necessity [2][8][29] - The demand for blood glucose monitors has surged, driven by a shift in consumer behavior towards health management and preventive care [12][13][22] Industry Overview - The blood glucose monitor market is experiencing rapid growth, with the market size expected to reach 380 billion yuan by 2025, reflecting a compound annual growth rate of nearly 26% [22] - The rise in popularity of blood glucose monitors is attributed to the increasing health awareness among younger generations, particularly the 90s and 00s demographics [12][14] Market Dynamics - The primary consumers of blood glucose monitors are becoming younger, with a shift in purchasing motives from disease treatment to preventive monitoring [13][14] - The market is seeing a significant increase in the sales of dynamic glucose monitors, which are more user-friendly and less invasive compared to traditional finger-prick devices [10][11][19] Competitive Landscape - Domestic companies like Yuyue and Sanofi are emerging as key players in the blood glucose monitoring market, with notable revenue growth in their glucose management solutions [17][18] - The competition is intensifying as more affordable and innovative products enter the market, leading to price reductions of over 50% for some dynamic glucose monitors [19] Consumer Behavior - Young consumers are increasingly purchasing blood glucose monitors not only for themselves but also for their family members, indicating a broader acceptance of health monitoring devices in households [14][15] - Social media platforms like Xiaohongshu are playing a significant role in promoting blood glucose monitors, with trending topics related to health management and product recommendations [3][15] Technological Advancements - The development of continuous glucose monitoring (CGM) devices is revolutionizing the market, providing real-time data without the need for finger pricks [10][19] - The accuracy of these devices is measured by the MARD value, with most products maintaining a range of 7.5% to 9.5%, which is crucial for consumer trust [18][19] Future Trends - The future of the blood glucose monitor market is expected to focus on smart, multifunctional devices that integrate health management features, appealing to the tech-savvy younger generation [21][22] - Companies are also exploring the development of multi-parameter monitoring devices that can track additional health metrics alongside blood glucose levels [20]

Financial Assistance Overview - The company approved a financial assistance of up to 500 million RMB to its subsidiary, Changsha Xinnuo Health Industry Investment Co., Ltd., to meet its funding needs and reduce overall financing costs [1][2] - The financial assistance will be provided for a period of three years starting from the date of approval by the 2023 annual general meeting [1][3] Financial Assistance Progress - On June 16, 2025, the company signed a loan agreement with Changsha Xinnuo Health for 9 million RMB, with a guarantee provided by Mr. Li Shaobo, a shareholder of the subsidiary [2][3] - The loan interest will be calculated based on the actual loan amount at the same rate as similar business bank loans [3][4] Risk Control Measures - The company has implemented risk control measures, including monitoring the use of funds and ensuring that the financial assistance does not exceed the approved limits [4][5] - Mr. Li Shaobo has provided a guarantee for the loan, and the company will charge a usage fee based on the actual loan amount and time, not less than the bank loan rate [5] Cumulative Financial Assistance Amount - As of the announcement date, the total financial assistance provided to Changsha Xinnuo Health amounts to 395 million RMB, representing 11.76% of the company's audited net assets for 2024 [5][6] - After this assistance, the remaining balance of financial assistance provided by the company is 105 million RMB [5]

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-057 | | --- | --- | --- | | 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 关于向控股子公司提供财务资助的进展公告 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。 一、财务资助情况概述 三诺生物传感股份有限公司（以下简称"公司"）分别于2024年4月24日召 开第五届董事会第十次会议、第五届监事会第九次会议，于2024年5月21日召开 2023年年度股东大会，审议并通过《关于向控股子公司提供财务资助的议案》， 为解决控股子公司长沙心诺健康产业投资有限公司（以下简称"心诺健康"）资 金使用需求，降低上市公司整体融资成本，在不影响公司正常经营的前提下，同 意公司以不超过5亿元人民币的自有资金向控股子公司心诺健康提供财务资助， 期限为公司2023年年度股东大会审议通过之日起三年，并按实际使用资金以不低 于同类业务同期银行贷款利率与心诺健康结算资金使用费，上述额度在授权期限 内，资金可滚动使用，同时心诺健康其他股东李少波先生按持股比 ...

Core Viewpoint - Sanofi Bio's stock closed at 22.68 yuan, up 1.30%, with a rolling PE ratio of 40.31, marking a new low in 48 days, and a total market capitalization of 12.798 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] - For Q1 2025, the company reported revenue of 1.042 billion yuan, a year-on-year increase of 2.76%, and a net profit of 72.1151 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 49.56, with a median of 36.18, placing Sanofi Bio at 82nd in the industry ranking [1] - As of Q1 2025, 23 institutions hold shares in Sanofi Bio, including 21 funds, with a total holding of 97.2415 million shares valued at 2.313 billion yuan [1] - The industry average market capitalization is 10.650 billion yuan, while the median is 4.850 billion yuan [2]

Group 1 - The event "Industrial and Information Lecture Hall" focused on the digital transformation of the biopharmaceutical industry, with over 100 participants including government officials and industry representatives [1][3] - The event included site visits to Hengxiutang Pharmaceutical Co., Ltd. and Sinocare Inc., where attendees learned about digital transformation experiences [3] - More than 100 small and medium-sized enterprises in Changsha's biopharmaceutical sector are participating in the third batch of transformation trials, creating multiple typical application scenarios and innovative dual-line integration models [3] Group 2 - Hengxiutang Pharmaceutical's digital transformation leader shared insights on the underlying logic and implementation paths of digital transformation, addressing pain points in traditional Chinese medicine manufacturing [3] - The next steps for the industrial system include building a "government-industry-university-research-application" platform to tackle common technologies like AI quality control and drug traceability [3] - The initiative aims to support benchmark enterprises in sharing transformation experiences and encourage personalized intelligent manufacturing scenarios, while also focusing on cultivating interdisciplinary talent through collaboration with universities and research institutions [3]