近日，锦波生物发布公告称，收到证监会批复，同意公司向特定对象发行股票的注册申请，该批复自同 意注册之日起12个月内有效。据北交所官网，这是2024年以来北交所首个注册获批的定向发行股票项 目，能够为后续北交所企业再融资提供可复制、可借鉴的实践经验，也推动北交所进一步完善再融资制 度体系。 募资重点投向AI研发平台 ● 本报记者杨洁 持续完善再融资制度体系 中国证券报记者了解到，北交所自成立以来，坚持服务创新型中小企业的市场定位，构建了具有特色且 灵活多元的再融资机制。 再融资主要可以通过配股、增发和发行可转换债券三种方式进行，北交所再融资尚没有配股的案例出 现，近两年北交所再融资市场实践案例以定向可转债为主，定向发行股票的实践案例则主要集中于2022 年和2023年，2024年和2025年尚未有项目成功注册发行，锦波生物定增项目在2026年初取得注册批文实 现了近两年的破冰。 专家表示，从现实情况看，不少北交所上市公司IPO时募集资金量不大，再融资发展的需求逐步显现， 进一步打通再融资通道有利于公司聚集资源抓住发展机遇。 根据北交所官网，2025年以来，优机股份、万通液压、威博液压、克莱特四家公司披露定向可转 ...

根据公告，锦波生物此次发行对象为养生堂，拟发行股票不超过717.57万股，预计募集资金总额不超过 20亿元。据介绍，养生堂在工业化生产、严肃医疗产品转化及市场商业化方面积淀深厚经验，引入养生 堂作为战略投资者，有利于锦波生物突破发展瓶颈，对产业链上下游企业起到带动效应。 合成生物制造作为一种全新的"造物"技术，是代表新质生产力的新赛道和新业态，成为国际各方竞相抢 占的科技高地。公告介绍，锦波生物本次募集资金将重点投向"人源化胶原蛋白FAST数据库与产品开发 平台项目"。 FAST数据库基于公司自主研发的"AI胶原智脑系统"技术，是集人源化胶原蛋白"序列－结构－功能－应 用"于一体化的数据库，可提升功能区筛选和结构预测的效率，为公司人源化胶原蛋白的研发提供了全 面、精准、高效的解决方案。将AI技术运用于重组胶原蛋白行业深度契合新质生产力"创新主导、要素 重构、产业升级"的核心逻辑，有助于公司抢占国际合成生物技术制高点。 ● 本报记者 杨洁 近日，锦波生物发布公告称，收到证监会批复，同意公司向特定对象发行股票的注册申请，该批复自同 意注册之日起12个月内有效。据北交所官网，这是2024年以来北交所首个注册获批的定 ...

Core Insights - The company reported a total revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 31.10%, and a net profit attributable to shareholders of 568 million yuan, up 9.29% year-on-year, driven by continuous investment in research and innovation [2] Group 1: Financial Performance - The company achieved a total revenue of 1.296 billion yuan in the first three quarters of 2025, marking a 31.10% increase compared to the previous year [2] - The net profit attributable to shareholders reached 568 million yuan, reflecting a year-on-year growth of 9.29% [2] Group 2: Product Development and Innovation - The company received registration for "recombinant type III humanized collagen protein lyophilized fibers" as a pharmaceutical excipient, marking a significant milestone in its development history and indicating the entry of recombinant collagen materials into core pharmaceutical applications [3] - The new material has broad application prospects in various fields, including injectables, biological agents, and topical preparations, particularly as a drug carrier for targeted delivery and sustained release [3] - The successful registration of the pharmaceutical excipient demonstrates the company's core technological advantages and continuous innovation capabilities in the field of recombinant humanized collagen [3] Group 3: Research and Development - The company's R&D expenses reached 71.2616 million yuan, a year-on-year increase of 64.31%, driven by increased collaboration with universities and research institutions, as well as a rise in research projects [4] - The company has established a dual-driven model of "independent innovation + joint research," effectively integrating resources for basic research and industrialization [4] - The company led an international standard proposal on medical devices, marking a significant breakthrough in the international standardization of bioengineering medical devices in China [4] Group 4: Digital Transformation and AI Integration - The company developed the "AI Collagen Brain System," which includes six core technology platforms for high-throughput screening, structural research, and efficient biosynthesis [5] - The "AI Collagen Brain System" was recognized as a national-level case in the Ministry of Industry and Information Technology's 2025 digital transformation case collection, indicating its leading position in digital transformation [6] - The integration of AI in production processes has significantly improved efficiency, with reports indicating a tenfold increase in fermentation process optimization [6]