Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year increase of 42.43%, and a net profit of 392 million yuan, up 26.65% year-on-year [5] - The growth in revenue is primarily driven by the increase in sales of medical devices and functional skincare products [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1,038 million, 1,381 million, and 1,825 million yuan respectively, with corresponding EPS of 9.02, 12.00, and 15.86 yuan per share [5] Revenue Breakdown - Medical device sales generated 708 million yuan in H1 2025, a year-on-year growth of 33.41%, with a gross margin of 95.04% [6] - Functional skincare products achieved revenue of 121 million yuan, marking a significant increase of 152.39% year-on-year, with a gross margin of 70.78% [6] Product Development and Market Expansion - The company has clinically applied over 2.7 million units of recombinant type III humanized collagen, which has received medical device registration approval in Thailand [7] - The company has developed 14 new invention patents, including 4 international patents, and has made significant progress in globalizing its recombinant humanized collagen products [7] Financial Projections - The company forecasts revenue growth from 2,117 million yuan in 2025 to 3,617 million yuan in 2027, with a compound annual growth rate (CAGR) of 29.8% [9] - The projected net profit for 2025 is 1,038 million yuan, increasing to 1,825 million yuan by 2027, reflecting a strong growth trajectory [9]

证券代码：832982 证券简称：锦波生物 公告编号：2025-045 山西锦波生物医药股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （电话会议） 二、 投资者关系活动情况 活动时间：2025 年 4 月 28 日 15：00-16：00 活动地点：电话会议 参会单位：中信证券、天风证券、西部证券、中信建投证券、华泰证券、东 吴证券、中金公司、华源证券、方正证券、兴业证券、长江证券、华福证券、光 大证券、开源证券、国泰海通证券、申万宏源证券、东方财富证券、民生证券、 中欧基金、工银瑞信、富国基金、汇添富基金、广发基金等 104 家机构。 上市公司接待人员：公司董事、副总经理、董事会秘书：唐梦华女士；公司 董事、副总经理：李飞先生。 三、 投资者关系活动主要内容 问题 1、请介绍一下目前公司在重组人源化胶原蛋白领域的国际地位？与同 行相比，公 ...