| 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]

Core Insights - The company reported a total revenue of 4.443 billion yuan for 2024, representing a year-over-year increase of 9.47%, with a net profit attributable to shareholders of 326 million yuan, up 14.73% year-over-year [1] - In Q4 2024, the company achieved a revenue of 1.261 billion yuan, marking a significant year-over-year growth of 23.22%, and a net profit of 71 million yuan, which is a remarkable increase of 310.96% year-over-year [1] Group 1: Business Performance - The core blood glucose monitoring business showed steady growth, with revenue from blood glucose monitoring products reaching 3.32 billion yuan, an increase of 15.6%, and the sales of Continuous Glucose Monitoring (CGM) products nearing 300 million yuan, contributing to a revenue share of 74.7% [2] - The gross margin for blood glucose monitoring improved to 60.18%, up 1.11 percentage points, while the overall sales gross margin reached 54.88%, an increase of 0.82 percentage points [2] - The company’s management expense ratio decreased to 9.13%, down 1.17 percentage points, indicating improved operational efficiency [2] Group 2: Market Expansion - Domestic revenue was 2.58 billion yuan, reflecting a growth of 9.8%, with the retail market integrating online and offline channels, covering over 20 major e-commerce platforms and nearly 600 chain pharmacies [3] - The company has established a presence in 3,800 hospitals nationwide and is expanding its iPOCT business in grassroots markets, serving over 10,000 community and township hospitals [3] - Internationally, the company is accelerating market expansion with PTS and Trividia achieving profitability, and products being sold to 187 countries, with U.S. market revenue at 1.38 billion yuan, down 2.7%, while non-U.S. overseas market revenue surged by 65.5% to 485 million yuan [3] Group 3: Research and Development - R&D expenses increased to 375 million yuan, accounting for 8.44% of total revenue, with the CGM registration expanding to 25 countries and regions [4] - The company launched innovative products such as the iCARE-1300 portable multifunctional testing device and the upgraded BA-B22D smart blood pressure monitor, enhancing product competitiveness [4] - The company is also developing a new model for diabetes management that integrates biosensing, AI, and healthcare, which is expected to support market expansion and improve performance [4] Group 4: Future Projections - Revenue forecasts for 2025-2027 are projected at 4.915 billion, 5.580 billion, and 6.343 billion yuan, with year-over-year growth rates of 10.63%, 13.52%, and 13.66% respectively [4] - Net profit forecasts for the same period are 439 million, 530 million, and 634 million yuan, with growth rates of 34.45%, 20.78%, and 19.67% respectively [4] - The current price-to-earnings ratio is projected to be 29, 24, and 20 times for the years 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [4]

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]

Summary of Sanofi Biotech Conference Call Company Overview - **Company**: Sanofi Biotech - **Industry**: Biotechnology and Medical Devices Key Points Financial Performance - In 2024, Sanofi Biotech achieved a revenue of 4.443 billion yuan, a year-on-year increase of 9.47% and a net profit of 326 million yuan, reflecting a growth of 14.73% [3][4][22] - The revenue growth was driven by stable performance in traditional business segments such as blood glucose monitoring (BGM) and continuous glucose monitoring (CGM) systems [3][4] Market Strategy - The company aims for CGM sales of 400-600 million yuan in 2025, with 100 million yuan expected from overseas markets, primarily through a partnership with Menarini to cover Europe and the Middle East [1][5] - Sanofi Biotech is focusing on local production and distribution models to maintain high margins, avoiding low-price strategies [1][5] International Expansion - The company has signed a seven-year strategic cooperation agreement with European distributor Mariner, which has already begun generating orders exceeding initial forecasts [1][40][41] - Sanofi Biotech is actively participating in European healthcare tenders, with demand exceeding expectations [1][9] Impact of Tariffs - The impact of US-China tariffs is primarily on raw material procurement, with an estimated effect of 200-300 million USD, but the company is seeking alternative sourcing options [6][7][8] - The company is exploring tariff exemption paths for BGM products imported into the US and may adjust production layouts to mitigate tariff impacts [6][8] Asset Impairment - In 2024, the company reported over 70 million yuan in asset impairments, mainly from inventory write-downs in domestic operations and US subsidiaries [10][16] - Future impairment pressures are expected to remain stable, with no significant increases anticipated [10] Competitive Landscape - The domestic CGM market is highly competitive, with significant price competition, but Sanofi Biotech maintains a strong position through product differentiation and customer service [19][22] - The company is leveraging AI and IoT technologies to enhance diabetes management and improve customer engagement [20][42] Research and Development - R&D investments will continue to focus on CGM system upgrades, with plans to expedite the registration of second-generation products in the US [21][29] - The company aims to enhance its product offerings and operational efficiency through ongoing innovation [43] Future Outlook - Sanofi Biotech's strategic goals for 2025 include deepening product innovation, optimizing operations, and enhancing international collaboration to create sustainable shareholder value [43] Additional Insights - The company has seen a shift in sales channels, with online sales increasing significantly, particularly during promotional events [17][18] - The expected growth in international markets, particularly in Southeast Asia and Eastern Europe, is anticipated to continue, with significant improvements in gross margins [27] This summary encapsulates the key insights from the conference call, highlighting Sanofi Biotech's financial performance, market strategies, international expansion efforts, and future outlook.