Investment Rating - The investment rating for the company is "Buy" with a target price of 494 CNY, corresponding to a PE ratio of 38 times for 2025 [6][18]. Core Views - The company has demonstrated continuous high-speed growth, with 2024 revenue reaching 1.443 billion CNY, a year-on-year increase of 84.92%, and a net profit of 732 million CNY, up 144.27% year-on-year [1]. - The company is effectively reducing costs and increasing efficiency, resulting in a stable rise in profitability, with a gross margin of 92.02% for 2024, up 1.86 percentage points year-on-year [2]. - The core segment of medical devices performed exceptionally well, generating 1.254 billion CNY in revenue for 2024, a year-on-year increase of 84.37% [3]. - The company is expanding its product matrix and making steady progress in internationalization, with new product launches and FDA certifications for several products [4]. - A stock incentive plan is proposed, aiming for net profits of no less than 1 billion CNY in 2025, 1.4 billion CNY in 2026, and 1.8 billion CNY in 2027 [5]. Financial Performance Summary - In 2024, the company reported a revenue of 1,442.83 million CNY, with a growth rate of 84.92% [12]. - The net profit attributable to the parent company for 2024 was 732.30 million CNY, reflecting a growth rate of 144.27% [12]. - The projected revenues for 2025, 2026, and 2027 are 2,350.81 million CNY, 3,181.93 million CNY, and 4,140.33 million CNY, respectively [12]. - The projected net profits for the same years are 1,150.75 million CNY, 1,557.79 million CNY, and 1,979.26 million CNY, respectively [12]. Product and Market Development - The medical device segment accounted for 86.89% of total revenue in 2024, with a gross margin of 95.03% [3]. - The company has launched new specifications for its products and received approvals for new gel products, which are expected to open up additional market opportunities [4]. - The company has expanded its domestic channel coverage to 4,000 medical institutions and has made progress in international markets, including obtaining patents in Brazil and FDA certifications in the U.S. [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 494 CNY, corresponding to a PE ratio of 38 times for 2025 [6][18]. Core Views - The company has demonstrated continuous high-speed growth, with 2024 revenue reaching 1.443 billion CNY, a year-on-year increase of 84.92%, and a net profit of 732 million CNY, up 144.27% year-on-year [1]. - The company is implementing a stock incentive plan aimed at motivating employees and driving future growth, with profit targets set for 2025, 2026, and 2027 [5]. Financial Performance - In 2024, the gross margin was 92.02%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 50.75%, up 12.33 percentage points year-on-year [2]. - The company reported a revenue of 366 million CNY in Q1 2025, reflecting a year-on-year growth of 62.51% [1]. Business Segments - The medical device segment generated 1.254 billion CNY in revenue in 2024, a year-on-year increase of 84.37%, accounting for 86.89% of total revenue [3]. - Functional skincare products saw significant growth, with revenue of 142 million CNY in 2024, up 86.83% year-on-year [3]. Product Development and International Expansion - The company is expanding its product matrix with new specifications and has received approvals for new gel products, enhancing its market presence [4]. - The company has made strides in international markets, with new patents in Brazil and FDA certifications for several products in the U.S. [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.351 billion CNY, 3.182 billion CNY, and 4.140 billion CNY, respectively, with net profits expected to be 1.151 billion CNY, 1.558 billion CNY, and 1.979 billion CNY [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to show high growth in performance, with 2024 revenue projected at 1.44 billion yuan, representing an 84.92% year-on-year increase, and a net profit of 732 million yuan, reflecting a 144.27% increase [7] - The company holds all three types of approved recombinant collagen products in China, leading globally in technology, and has expanded its product matrix [7] - A stock option incentive plan is set to be implemented in 2025, aimed at motivating core team members and key employees [7] - All three business segments are experiencing high growth, with medical devices achieving a gross margin of 95% [7] - Long-term healthy growth is expected, with net profit forecasts for 2025-2027 at 1.11 billion, 1.56 billion, and 2.00 billion yuan respectively, corresponding to P/E ratios of 31, 22, and 17 [7] Financial Summary - For 2024, total revenue is expected to be 1.44 billion yuan, with a net profit of 732 million yuan [7] - The gross margin for 2024 is projected at 92.02%, with a net profit margin of 50.75% [7] - The company plans to cover approximately 4,000 medical institutions by 2024, enhancing its market presence [7] - The operating cash flow for 2024 is estimated at 767 million yuan, with a projected increase in net profit for subsequent years [8]

证券代码：832982 证券简称：锦波生物 公告编号：2025-043 一、 说明会类型 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 21 日在北京证券交易所官网（www.bse.cn）披露了《2024 年年度报告》（公告编 号：2025-009）、《2024 年年度报告摘要》（公告编号：2025-010），为方便广大 投资者更深入了解公司 2024 年度经营业绩的具体情况，加强与投资者的交流 互动，公司拟召开 2024 年年度报告业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 25 日（星期五）15：00-17：00。 （二）会议召开地点 本次业绩说明会将采用网络远程的方式举行，投资者可登录全景网"投资 者关系互动平台"（https://rs.p5w.net/html/146090.shtml）参与本次业绩说 明会。 三、 参加人员 山西锦波生物医药股份有限公司 2024 年年度报告说明会预告公告 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a revenue of 370 million yuan in Q1 2025, representing a year-on-year growth of 62.5%, and a net profit of 170 million yuan, up 66.3% year-on-year [1] - The company continues to focus on product innovation and brand marketing, with significant growth in its medical device and skincare segments [2] - The company has implemented a stock incentive plan for 87 individuals, aiming for net profit targets of no less than 1 billion yuan in 2025, 1.4 billion yuan in 2026, and 1.8 billion yuan in 2027 [3] Summary by Sections Financial Performance - Q1 2025 operating cash flow was 170 million yuan, a 66.1% increase year-on-year [1] - The gross margin decreased by 1.8 percentage points to 90.1%, while the net profit margin increased by 1.0 percentage points to 46.0% [2] - The company’s expense ratio decreased by 5.0 percentage points to 35.4% in Q1 2025 [3] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 2.08 billion yuan, 2.81 billion yuan, and 3.65 billion yuan, respectively, with corresponding net profits of 1.09 billion yuan, 1.49 billion yuan, and 1.97 billion yuan [5] - The expected EPS for 2025, 2026, and 2027 are 12.29 yuan, 16.85 yuan, and 22.28 yuan, respectively [3][5] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 33, 24, and 18 times, respectively [3][5] - The company’s return on equity (ROE) is expected to be 44.48% in 2025, 41.92% in 2026, and 39.39% in 2027 [12]

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]. Core Insights - The company reported a significant revenue growth of 84.92% year-on-year, achieving a total revenue of 1.443 billion yuan in 2024. The net profit reached 732 million yuan, reflecting a 144.27% increase, with a net profit margin of 50.68%, up by 12.39 percentage points [2][4]. - The company has successfully expanded its product offerings, particularly in the medical device sector, with single-material medical devices generating 1.128 billion yuan in revenue, marking a 99.69% increase year-on-year [2]. - The company has received approval for its collagen gel products, enhancing its product portfolio with a full range of formulations, including solutions, gels, and solids. This positions the company favorably in both domestic and international markets [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 92.02%, an increase of 1.86 percentage points year-on-year, while the sales expense ratio decreased to 17.92% [2]. - The company’s revenue from functional skincare products reached 142 million yuan, growing by 86.83% year-on-year, with a gross margin of 70.41% [2]. - The financial forecast estimates earnings per share (EPS) of 12.30, 16.04, and 19.45 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 21 [4][6].

证券代码：832982 证券简称：锦波生物 公告编号：2025-037 山西锦波生物医药股份有限公司 关于独立董事公开征集表决权公告 5、《关于提请股东大会授权董事会办理 2025 年股票期权激励计划相关事项 的议案》。 独立董事（梁桐栋、阎丽明、张金鑫）作为征集人保证本公告不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担法律责任。 征集人作为独立董事，符合《证券法》《公开征集上市公司股东权利管理暂 行规定》规定的征集条件，并保证其在本公告披露后至代为行使股东权利之日持 续符合征集条件。 一、征集事由 按照《公司法》《证券法》《公开征集上市公司股东权利管理暂行规定》《北 京证券交易所股票上市规则(试行)》的有关规定，独立董事（梁桐栋、阎丽明、 张金鑫）作为征集人，就公司拟于2025年5月8日召开的2025年第一次临时股东大 会审议的有关议案向公司全体股东征集表决权。 征集表决权议案： 1、《关于公司<2025 年股票期权激励计划（草案）>的议案》； 2、《关于公司<2025 年股票期权激励计划实施考核管理办法>的议案》； 3、《关于公司<2025 年股票期权激励计划首次授予激励对象名单 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-042 山西锦波生物医药股份有限公司 关于召开 2025 年第一次临时股东大会通知公告（提供网络投票） 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、会议召开基本情况 （一）股东大会届次 本次会议为 2025 年第一次临时股东大会。 （二）召集人 本次股东大会的召集人为董事会。 2025 年 4 月 21 日，公司第四届董事会第九次会议审议通过了《关于提请召 开公司 2025 年第一次临时股东大会的议案》。 （三）会议召开的合法性、合规性 本次股东大会的召集、召开所履行的程序符合《公司法》和《公司章程》的 有关规定。会议召开无需相关部门批准或履行必要程序。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东只能选择现场投票、网络投票中的一种方式，如果同一表决 票出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2025 年 5 月 8 日 14:30。 2、网 ...

证券代码：832982 证券简称：锦波生物 公告编号：2025-033 山西锦波生物医药股份有限公司 第四届监事会第五次会议决议公告 本公司及监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 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 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 1.议案内容： 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 本议案不涉及关联交易，无需回避表决。 本议案无需提交股东大会审议。 （二）审议通过《关于公司<2025 年股票期权激励计划（草案）>的议案》 1.议案内容： 为了进一步健全公司长效激励机制，吸引和留住优秀人才，充分调动员工的 积极性，有效地将股东利益、公司利益和核心团队个人利益结合在一起，使各方 共同关注公司的长远 ...

山西锦波生物医药股份有限公司 第四届董事会第九次会议决议公告 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。 证券代码：832982 证券简称：锦波生物 公告编号：2025-032 一、会议召开和出席情况 （一）会议召开情况 5.会议主持人：董事长杨霞女士 6.会议列席人员：汤莉、何振瑞、于玉凤、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 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事王玲玲、张金鑫、阎丽明、梁桐栋因出差或外地办公以通讯方式参与表 决。 1.会议召开时间：2025 年 4 月 21 日 2.会议召开地点：公司四楼会议室 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 19 日以邮件方式发出 二、议案审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 1.议案内容： ...