山西锦波生物医药股份有限公司 证券代码：832982 证券简称：锦波生物 公告编号：2025-048 董事会战略与可持续发展委员会议事规则 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、 审议及表决情况 本议事规则已经公司 2025 年 4 月 29 日第四届董事会战略委员会第二次会 议、第四届董事会第十次会议审议通过，无需提交股东会审议。 二、 制度的主要内容，分章节列示： 第一章 总则 第一条 为适应山西锦波生物医药股份有限公司（以下简称"公司"）战略 发展需要，保证公司发展规划和战略决策的科学性，提高重大投资决策的效率和 质量，完善公司治理结构，增强公司核心竞争力和可持续发展能力，根据《中华 人民共和国公司法》《上市公司独立董事管理办法》《北京证券交易所股票上市 规则》《北京证券交易所上市公司持续监管指引第 1 号——独立董事》等法律、 法规、规范性文件及《山西锦波生物医药股份有限公司章程》（以下简称《公司 章程》）的有关规定，公司设立董事会战略与可持续发展委员会（以下简称"战 略与可持续发 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-047 山西锦波生物医药股份有限公司 关于董事会战略委员会调整为 本次仅涉及董事会战略委员会更名为董事会战略与可持续发展委员会，委 员会的成员构成及任期均不作调整。 董事会战略与可持续发展委员会委员为：杨霞、金雪坤、张金鑫，由杨霞 担任召集人，任期自公司董事会审议通过之日起至第四届董事会届满之日止。 三、关于制度制订情况 在公司董事会战略委员会原有职责基础上增加可持续发展管理职责等内容， 并制定《山西锦波生物医药股份有限公司董事会战略与可持续发展委员会议事 规则》，原《山西锦波生物医药股份有限公司董事会战略委员会议事规则》自公 董事会战略与可持续发展委员会的公告 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。 山西锦波生物医药股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日 召开第四届董事会战略委员会第二次会议、第四届董事会第十次会议，审议通 过了《关于公司董事会战略委员会调整为董事会战略与可持续发展委员会并制 定相关制度 ...

002 001 关于本报告 董事长致辞 关于我们 年度专题 锦心治理 锦质匠心 锦色发展 锦程共进 2024 年度可持续发展报告 002 003 关于本报告 董事长致辞 关于我们 年度专题 锦心治理 锦质匠心 锦色发展 锦程共进 2024 年度可持续发展报告 CONTENTS 目录 关于本报告 董事长致辞 年度专题：科技创新驱动可持续发展 关于我们 | 恪守原始创新 打造细胞工厂 | 19 | | --- | --- | | 公司重要研发历程 | 19 | | 研发治理与战略 | 20 | | 风险与机遇 | 22 | | 指标与目标 | 24 | 01 锦心治理 筑牢发展基石 | 践行可持续发展 | 27 | | --- | --- | | 完善公司治理 | 32 | | 健全风险管理 | 38 | | 诚信阳光经营 | 42 | | 坚定党建引领 | 44 | 02 锦质匠心 锻造卓越品牌 | 完备质量管理 | 47 | | --- | --- | | 守护供应安全 | 53 | | 提升客户服务 | 55 | | 坚守科技伦理 | 58 | 03 锦色发展 践行绿色使命 | 优化环境管理 | 61 | ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-046 山西锦波生物医药股份有限公司 第四届董事会第十次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 3.会议召开方式：现场加通讯 4.发出董事会会议通知的时间和方式：2025 年 4 月 27 日以邮件方式发出 5.会议主持人：董事长杨霞女士 6.会议列席人员：汤莉、于玉凤、何振瑞、薛芳琴、兰小宾 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议过程符合《中华人民共和国公司法》等有关法 律、行政法规、部门规章、规范性文件及《公司章程》的规定。 （二）会议出席情况 1.会议召开时间：2025 年 4 月 29 日 2.会议召开地点：公司四楼会议室 为进一步完善公司治理架构，适应公司战略发展需要，提升公司可持续发展 能力，经研究并结合公司实际，将原董事会下设专门委员会"董事会战略委员会" 调整为"董事会战略与可持续发展委员会"，并在原有职责基础上增加可持续发 展管理 ...

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 ...

锦波生物（832982.BJ）2024 年年报及 2025 年一季报点评 ➢ 公司拟实施股权激励计划，彰显长期发展信心。本次计划激励股权 100 万份 （占总股本 1.13%），其中首次授予 80 万份（占总股本的 0.90%）；预留 20 万 份，（占总股本的 0.23%），行权价格 276 元/份。激励对象包括公司董事、高 级管理人员等在内的合计 87 人，考核分为 2025-2027 年三期，分别考核目标为 25/26/27 年 净 利 润 不 低 于 10/14/18 亿 元 ， 同 比 增 速 分 别 不 低 于 37%/40%/29%。 ➢ 投资建议：公司是重组胶原蛋白龙头企业，我们预计 25-27 年公司归母净 利润为 11.1/16.0/21.5 亿元，同比增速+50.9%/+44.6%/+34.2%，当前股价对 应 25-27 年 PE 分别为 30x、21x、16x，维持"推荐"评级。 ➢ 风险提示：政策变动风险；行业竞争加剧；新品研发不及预期。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | -- ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [7] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 1.443 billion yuan, a year-on-year increase of 84.92%, and net profit attributable to shareholders reaching 732 million yuan, up 144.27% [3][6] - In Q1 2025, the company continued to show strong growth, with revenue of 366 million yuan, a year-on-year increase of 62.51%, and net profit attributable to shareholders of 169 million yuan, up 66.25% [3][6] - The company has expanded its product matrix and strengthened its technological barriers, receiving a third-class medical device registration for a new injectable product [6] Summary by Sections Financial Performance - In 2024, the company's medical device sales generated revenue of 1.254 billion yuan, a growth of 84.37%, with a gross margin of 95.03% [6] - The functional skincare segment saw an 86.83% increase in revenue, driven by the growth of the "重源" and "ProtYouth" brands [6] - The company’s revenue from raw materials and other segments increased by 89.07%, attributed to stable procurement from brand clients and rising brand awareness [6] Q1 2025 Performance - The company reported a gross margin of 90.11% in Q1 2025, a decrease of 1.78 percentage points year-on-year, but net profit margin improved by 0.94 percentage points to 45.99% due to effective cost control [6] - Sales and management expense ratios decreased by 2.6 and 2.58 percentage points respectively, while R&D expense ratio increased by 0.64 percentage points, indicating a balance between cost control and innovation investment [6] Future Earnings Forecast - The company is projected to achieve earnings per share of 11.88 yuan and 16.50 yuan for 2025 and 2026 respectively, with corresponding price-to-earnings ratios of 33 times and 23 times [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a strong performance in 2024 with total revenue of 1,443 million yuan, a year-on-year increase of 84.9%, and a net profit of 732 million yuan, up 144.3% year-on-year [6][7]. - The company plans to implement its first stock incentive plan post-listing, indicating confidence in high growth targets for net profit of no less than 10 billion yuan in 2025, 14 billion yuan in 2026, and 18 billion yuan in 2027 [6][7]. - The revenue forecast for 2025-2027 is adjusted to 2,390 million yuan, 3,227 million yuan, and 3,952 million yuan respectively, reflecting a slight downward adjustment due to new stock incentive expenses [7]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 366 million yuan, a year-on-year increase of 62.5%, and a net profit of 169 million yuan, up 66.3% year-on-year [6][7]. - The gross profit margin for 2024 was reported at 92.0%, with a net profit margin of 50.8%, reflecting significant scale effects [6][7]. - The company’s earnings per share (EPS) for 2025 is projected to be 12.97 yuan, with a price-to-earnings (PE) ratio of 30 [2][7]. Business Segment Insights - The company’s revenue breakdown shows that single material medical devices accounted for 78.2% of total revenue, with the flagship product, Wei Yi Mei®, achieving sales of 1.2428 million units, a year-on-year increase of 115.8% [6][7]. - The functional skincare segment saw revenue of 1.42 billion yuan, up 86.8%, driven by the growth of the Rejuvenation® brand and high-end brand ProtYouth® [6][7]. - The company is focusing on enhancing brand interaction and expanding its customer base, which is expected to sustain high growth momentum [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue reaching 366 million yuan, a year-on-year growth of 62.51%, and a net profit attributable to shareholders of 169 million yuan, up 66.25% year-on-year [1]. - The company launched a new freeze-dried fiber product aimed at addressing eye area aging, and has received approval for multiple types of gel products, positioning itself as a leader in the industry [2]. - A stock option incentive plan was introduced, targeting 87 employees, which represents 10.57% of the total workforce, to align core talent with the company's long-term goals [3]. Financial Performance Summary - For Q1 2025, the gross margin was 90.11%, with a net profit margin of 45.89%. The company effectively managed its expenses, with a sales expense ratio of 21.33% and a management expense ratio of 8.26% [1]. - The financial forecast estimates revenues of 2.13 billion yuan in 2025, with a projected net profit of 1.07 billion yuan, reflecting a year-on-year growth of 46.40% [6]. - The expected earnings per share (EPS) for 2025 is 12.11 yuan, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 20 for the years 2025, 2026, and 2027 respectively [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue reaching 366 million yuan, a year-on-year growth of 62.51%, and a net profit attributable to shareholders of 169 million yuan, up 66.25% year-on-year [1]. - The company launched a new freeze-dried fiber product aimed at addressing eye area aging, which has already seen over 2 million clinical injections since its launch in June 2021 [2]. - A stock option incentive plan was introduced, targeting 87 employees, which represents 10.57% of the total workforce, to align core talent with the company's long-term goals [3]. Financial Performance Summary - For Q1 2025, the gross margin was 90.11%, with a net profit margin of 45.89%, reflecting effective cost control [1]. - The company is projected to achieve earnings per share (EPS) of 12.11, 16.28, and 20.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 20 [4][6]. - The financial forecast indicates a revenue increase from 780.26 million yuan in 2023 to 3,502.88 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.56% [6].