研究报告 Research Report 4 Nov 2025 锦波生物 Shanxi Jinbo Bio-Pharmaceutical (920982 CH) 公司治理与股东结构呈现双重利好。战略投资者杭州久视管理 （养生堂钟睒睒旗下公司）对所持 5%股权实施 36 个月自愿锁定 期，与公司定向增发同步进行，彰显长期信心，为产能扩张期提 25Q3 业绩点评：核心业务增速放缓，费用高企压制短期利润 25Q3 Earnings Review: Core Business Growth Slows as High Costs Weigh on Near-Term Profit [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb243.02 目标价 Rmb297.04 HTI ESG 3.6-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb27.96bn / US ...