Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 4.443 billion yuan in 2024, representing a year-on-year increase of 9.47%, with overseas revenue accounting for 41.98% [1]. - The company is positioned as a leader in the domestic blood glucose monitoring retail market, holding nearly 50% market share and serving over 22 million users [3]. - The company is actively expanding its global presence, with products registered and sold in over 60 countries, including the U.S. and various European nations [2][3]. Financial Performance Summary - In 2024, the company reported a net profit of 326 million yuan, up 14.73% year-on-year [1]. - The projected revenues for 2025, 2026, and 2027 are 4.942 billion yuan, 5.539 billion yuan, and 6.270 billion yuan, respectively, with growth rates of 11.2%, 12.1%, and 13.2% [4][5]. - The net profit forecasts for the same years are 480 million yuan, 560 million yuan, and 675 million yuan, with growth rates of 47.2%, 16.7%, and 20.5% [5][7]. Cost and Profitability Metrics - The gross profit margin for Q4 2024 was 54.01%, showing a slight decrease compared to the previous year [1]. - The company has optimized its expense ratios, with R&D expense ratio at 7.65%, sales expense ratio at 27.72%, and management expense ratio at 6.24% [1]. Market Position and Strategy - The company has developed a comprehensive chronic disease management system, collaborating with over 3,800 hospitals and providing services to more than 10,000 community hospitals [3]. - The company is leveraging e-commerce to expand its reach, covering 187 countries and regions, and establishing local logistics in 18 countries [3].

Investment Rating - The investment rating for Sanofi Biologicals (300298) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and market expansion [1]. Core Viewpoints - The company reported a revenue of 4.443 billion yuan in 2024, representing a year-over-year increase of 9.47%, with a net profit of 326 million yuan, up 14.73% year-over-year [1][2]. - The blood glucose monitoring business showed robust growth, with a 15.58% increase in revenue, driven by stable growth in BGM and progress in CGM [2]. - The company is expanding its overseas market presence, with non-U.S. markets experiencing a significant growth of 65.51% [2]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 44.43 billion yuan, with a net profit of 3.26 billion yuan and a net cash flow from operating activities of 6.31 billion yuan [1]. - The gross profit margin improved to 54.88%, and the net profit margin increased to 7.78% [2]. - The company expects revenues for 2025-2027 to be 49.10 billion, 54.39 billion, and 60.11 billion yuan, respectively, with corresponding net profits of 4.35 billion, 5.25 billion, and 6.17 billion yuan [2][3]. Market Analysis - The domestic market revenue reached 25.78 billion yuan, growing by 9.81%, while the U.S. market revenue decreased by 2.68% to 13.80 billion yuan [2]. - The company is focusing on enhancing its market coverage and brand influence through partnerships with retail pharmacies and e-commerce platforms [2]. Profitability Forecast - The company anticipates a continued increase in profitability, with projected net profit growth rates of 33.4%, 20.7%, and 17.5% for the years 2025, 2026, and 2027, respectively [2][3].

Investment Rating - The report maintains a "Buy" rating for Sanofi Biologicals [5] Core Views - In 2024, the company achieved a revenue of 4.443 billion yuan, a year-on-year increase of 9.47%, and a net profit attributable to the parent company of 326 million yuan, up 14.73% year-on-year [1] - The growth in revenue is driven by stable traditional business and rapid growth in new business, with government subsidies impacting the non-recurring profit growth [2][3] - The company is expanding its overseas market access for Continuous Glucose Monitoring (CGM) products, with significant progress in approvals across various countries [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.261 billion yuan, a year-on-year increase of 23.22%, and a net profit of 70.95 million yuan, up 310.96% year-on-year [1] - The gross profit margin for 2024 was 54.88%, with a sales expense ratio of 26.82% and a management expense ratio of 9.13% [2] - The company plans to achieve a revenue target of 4.9 billion yuan in 2025, aiming for steady growth in revenue and operating profit [2] Market Expansion - Domestic revenue reached 2.578 billion yuan, a year-on-year increase of 9.81%, while revenue from the U.S. was 1.38 billion yuan, a decrease of 2.68% [3] - The company has established localized services in 18 countries, enhancing logistics and market presence [3] - CGM products have received regulatory approvals in 25 countries, with significant potential for future sales growth [3] Product Performance - The blood glucose monitoring segment generated 3.321 billion yuan in revenue, a year-on-year increase of 15.58%, accounting for 74.73% of total revenue [3] - Other product segments, including blood pressure monitors and iPOCT systems, also showed stable growth [3] Profit Forecast - Revenue projections for 2025-2027 are 4.926 billion, 5.483 billion, and 6.125 billion yuan, with corresponding net profits of 390 million, 470 million, and 566 million yuan [3]

Group 1 - Sanofi Bio (300298.SZ) released its 2024 annual report on April 21, 2025, with 203 institutional investors holding a total of 162 million shares, representing 28.65% of the total share capital [1] - The top ten institutional investors collectively hold 19.74% of the shares, with a decrease of 2.43 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for 0.12% of the total, while 17 funds decreased their holdings, representing a reduction of 1.63% [2] - A total of 177 new public funds were disclosed this period, including notable funds such as Southern CSI 1000 ETF and Huatai-PineBridge Innovation Medicine Mixed Fund [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.20%, while UBS AG was not disclosed this period [2]

关于三诺生物传感股份有限公司 中信证券股份有限公司 2、2020 年向不特定对象发行可转换公司债券募集资金基本情况 经中国证券监督管理委员会核发的《关于同意三诺生物传感股份有限公司向不特 定对象发行可转换公司债券注册的批复》【证监许可﹝2020﹞2951】号批准，公司获 准向不特定对象发行可转换公司债券 5,000,000 张，共计募集资金总额为人民币 500,000,000.00 元，本次募集资金扣除承销及保荐费用人民币 7,000,000.00 元（含税） 1 一、募集资金基本情况 （一）募集资金金额及到账时间 1、2018 年重组配套募集资金基本情况 经中国证券监督管理委员会核发的《关于核准三诺生物传感股份有限公司向建投 嘉孚（上海）投资有限公司等发行股份购买资产并募集配套资金的批复》 【证监许 可﹝2018﹞38】号批准，公司获准非公开发行股份募集配套资金不超过 50,265 万元。 公司根据发行方案已经实际向特定投资者非公开发行人民币普通股（A 股）股票 27,987,193 股，发行价格为人民币 17.96 元/ 股，募集资金总额人民币 502,649,986.28 元，扣除各项发行费用人民币 1 ...

2024 年度 三诺生物传感股份有限公司 内控审计报告 索引 页码 内部控制审计报告 1-2 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 XYZH/2025CSAA2B0028 三诺生物传感股份有限公司 三诺生物传感股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了三诺生物传感股份有限公司（以下简称三诺生物公司）2024 年 12 月 31 日财务报告内 部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是三诺生物公司董事会 的责任。 四、 财务报告内部控制审计意见 我们认为，三诺 ...

三诺生物传感股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-110 | 审计报告 XYZH/2025CSAA2B0029 三诺生物传感股份有限公司 三诺生物传感股份有限公司全体股东： 一、 审计意见 我们审计了三诺生物传感股份有限公司（以下简称三诺生物公司）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映 ...

| 证券代码：300298 | 证券简称：三诺生物 公告编号：2025-025 | | --- | --- | | 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 关于注销部分回购股份的公告 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 2025 年 4 月 18 日召开第五届董事会第十七次会议和第五届监事会第十三次会议，审议 并通过《关于注销部分回购股份的议案》，公司拟注销存放于公司回购专用证券 账户的回购库存股 3,999,287 股。本次注销回购股份事项尚需提交公司 2024 年年 度股东大会审议。现将相关事项公告如下： 2、2024 年 11 月 14 日，公司披露《关于第三期员工持股计划非交易过户完 成的公告》（公告编号：2024-081）。2024 年 11 月 13 日，公司收到中国证券登 记结算有限责任公司深圳分公司下发的《证券过户登记确认书》，公司回购专用 证券账户所持公司股票已于 2024 年 11 月 12 日非交易过户至"三诺生物传感股 份有限 ...

三诺生物传感股份有限公司 三诺生物传感股份有限公司 2024 年度独立董事述职报告（康熙雄） 各位股东及股东代表： 本人作为三诺生物传感股份有限公司（以下简称"公司"）的独立董事，在 任职期间严格遵照《公司法》《上市公司独立董事管理办法》《深圳证券交易所 创业板股票上市规则》《公司章程》《公司独立董事工作制度》《公司独立董事 专门会议工作细则》等规定，在2024年度工作过程中，忠实勤勉，按时参加公司 2024年度召开的相关会议，认真审议各项议案内容，对独立董事需要关注的重大 事项均客观、公正、审慎地发表了意见和建议，对公司内部管理、重大决议事项 的执行情况等进行了监督和检查，维护了公司及全体股东利益。 以下为本人在2024年度履行独立董事职责的具体情况： 一、独立董事的基本情况 康熙雄先生，中国国籍，1952年出生，无永久境外居留权，博士学位，中共 党员。曾任白求恩医科大学第三临床医院医师、主任医师，2013年至2017年任教 育部高等学校教学指导委员会医学技术类专业教学指导委员会副主任，2001年8 月起任首都医科大学附属北京天坛医院实验诊断中心主任、主任医师、教授、博 士研究生导师。编写著作30余部，撰写 ...

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