山西锦波生物医药股份有限公司 2024 年度募集资金存放与使用情况鉴证报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 目 录 页 次 一、山西锦波生物医药股份有限公司 2024 年度募集资金存放与 1-2 使用情况鉴证报告 二、山西锦波生物医药股份有限公司关于 2024 年度募集资金存 放与使用情况的专项报告 三、事务所执业资质证明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa ...

中信证券股份有限公司 关于山西锦波生物医药股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为山西锦波 生物医药股份有限公司（以下简称"锦波生物"、"公司"）向不特定合格投资者公 开发行股票并在北京证券交易所上市的保荐机构，根据《证券发行上市保荐业务 管理办法》《北京证券交易所上市公司持续监管办法（试行）》《北京证券交易所 上市公司持续监管指引第 9 号——募集资金管理》《北京证券交易所股票上市规 则（试行）》等相关规定，对公司 2024 年度募集资金年度存放与实际使用情况进 行了专项核查，具体情况如下： 一、募集资金基本情况 （一）募集资金总额、净额及资金到账时间 公司经中国证券监督管理委员会《关于同意山西锦波生物医药股份股份有限 公司向不特定合格投资者公开发行股票注册的批复》（证监许可[2023]1381 号） 同意注册，向不特定合格投资者公开发行人民币普通股不超过 575.00 万股，发 行价为每股人民币 49.00 元，共计募集资金总额为人民币 28,175.00 万元，扣除 券商承销佣金及保荐费 2,326.57 万元后，主 ...

锦波生物 832982 山西锦波生物医药股份有限公司 SHANXI JINBO BIO-PHARMACEUTICAL CO.,LTD. 0 2024 年度报告 公司年度大事记 1、2024 年 3 月，公司荣获"2023 年福布斯中国美业品牌 TOP100"。 2、2024 年 3 月，公司被中国质量检验协会授予"全国产品和服务质量诚信 示范企业"和"全国重组人源化胶原蛋白行业质量领先企业"荣誉称号。 3、2024 年 3 月，公司成功入选"北证 50 成份指数"。 4、2024年3月，公司研发的小分子重组ⅩⅦ型人源化胶原蛋白荣获PCHi2024 年芳典奖。 5、2024 年 4 月，公司完成 2023 年度权益分派，共计转增股本 20,425,800 股，派发现金红利 68,086,000.00 元；2024 年 9 月，公司完成 2024 年半年 度权益分派，共计派发现金红利 88,511,800.00 元。 6、2024 年 8 月，山西省科学技术厅批准公司设立了功能蛋白山西省重点实 验室。 公司董事、监事、高级管理人员保证本报告所载资料不存在虚假记载、误导性陈述或者重大遗漏，并对 其内容的真实性、准确 ...

北交所公司深度报告 全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批，填补国内技术空白 | 日期 |  2025/4/15 | 积极研发新产品、强化品牌建设，领航重组人源化胶原蛋白新应 | | --- | --- | --- | | 当前股价(元) | 376.00 | 公司积极研发新产品、强化品牌建设、努力拓展市场，深耕现有客户并不断拓展 | | 一年最高最低(元) | 412.00/142.60 | 新客户，医疗器械及功能性护肤品的销售规模大幅增长，首个注射用重组Ⅲ型人 | | 总市值(亿元) | 332.80 | 源化胶原蛋白凝胶获批。根据锦波生物 2024 年度业绩快报，2024 年公司实现营 | | 流通市值(亿元) | 172.55 | 业收入 亿元，同比增长 亿元，同比增长 14.47 85.40%；归母净利润 7.33 144.65%， | | 总股本(亿股) | 0.89 | 因此我们维持 2024-2026 年盈利预测，预计 2024-2026 年归母净利润为 | | 流通股本(亿股) | 0.46 | 734/927/1125 百万元，对应 EPS 分别为 8.29/10.47/12.71 ...

北交所公司深度报告 全球首个注射用重组Ⅲ型人源化胶原蛋白凝胶获批，填补国内技术空白 2025 年 04 月 16 日 投资评级：增持（维持） | 日期 |  2025/4/15 | 积极研发新产品、强化品牌建设，领航重组人源化胶原蛋白新应 | | --- | --- | --- | | 当前股价(元) | 376.00 | 公司积极研发新产品、强化品牌建设、努力拓展市场，深耕现有客户并不断拓展 | | 一年最高最低(元) | 412.00/142.60 | 新客户，医疗器械及功能性护肤品的销售规模大幅增长，首个注射用重组Ⅲ型人 | | 总市值(亿元) | 332.80 | 源化胶原蛋白凝胶获批。根据锦波生物 2024 年度业绩快报，2024 年公司实现营 | | 流通市值(亿元) | 172.55 | 业收入 亿元，同比增长 亿元，同比增长 14.47 85.40%；归母净利润 7.33 144.65%， | | 总股本(亿股) | 0.89 | 因此我们维持 2024-2026 年盈利预测，预计 2024-2026 年归母净利润为 | | 流通股本(亿股) | 0.46 | 734/927/1125 百万 ...

上 市 公 司 美容护理 2025 年 04 月 13 日 锦波生物 (832982) ——重磅胶原填充产品获批，或推动行业格局重塑 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 339.01 | | 一年内最高/最低（元） | 367.00/142.60 | | 市净率 | 22.8 | | 股息率%（分红/股价） | 0.59 | | 流通 A 股市值（百万元） | 15,558 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 14.88 | | 资产负债率% | 28.84 | | 总股本/流通 A 股（百万） | 89/46 | | 流通 B 股/H 股（百万） | -/- | 投资要点： 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 455 CNY, indicating an expected return of over 20% within the next six months [6][17]. Core Insights - The approval of the injectable recombinant type III humanized collagen gel by the National Medical Products Administration exceeded expectations, potentially enhancing the company's market valuation [1]. - The product represents the third type of recombinant type III collagen aesthetic injection from the company, covering various formulations of recombinant humanized collagen in China, thus meeting diverse clinical application needs [2]. - The injectable gel utilizes innovative self-assembly and self-crosslinking technologies, eliminating immunogenicity and toxicity from crosslinking agents, which allows for direct supplementation of collagen tissue and promotes the regeneration of extracellular matrix [3]. Financial Projections - The company is expected to see revenue growth from 14.47 billion CNY in 2024 to 31.82 billion CNY in 2026, with net profit projections of 7.33 billion CNY to 15.58 billion CNY over the same period [4]. - The projected earnings per share (EPS) are expected to rise from 8.29 CNY in 2024 to 17.60 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 41x to 19x [5][4]. - The company’s revenue for 2023 is projected at 780.26 million CNY, with a growth rate of 99.96% compared to the previous year [5]. Market Position - The company is positioned in the beauty care and medical aesthetics industry, with a total market capitalization of approximately 30 billion CNY [6][7]. - The stock has shown significant price fluctuations, with a 52-week high of 367 CNY and a low of 142.60 CNY [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 455 CNY, indicating an expected return of over 20% within the next six months [6][17]. Core Insights - The approval of the injectable recombinant type III humanized collagen gel by the National Medical Products Administration exceeded expectations, potentially enhancing the company's market valuation [1]. - The product represents the third type of recombinant type III collagen aesthetic injection from the company, covering various formulations in the field of biological materials, thus meeting diverse clinical application needs [2]. - The injectable gel utilizes innovative self-assembly and self-crosslinking technologies, eliminating immunogenicity and the toxicity of crosslinking agents, which helps to directly address aging by replenishing collagen tissue and promoting the regeneration of extracellular matrix [3]. Financial Projections - The company is expected to see revenue growth from 14.47 billion CNY in 2024 to 31.82 billion CNY in 2026, with net profit projections of 7.33 billion CNY to 15.58 billion CNY over the same period [4]. - The expected growth rates for revenue are 85.40% in 2024, 62.50% in 2025, and 35.36% in 2026, while net profit growth rates are projected at 144.65%, 56.88%, and 35.38% respectively [5][4]. - The company's earnings per share (EPS) are forecasted to increase from 8.29 CNY in 2024 to 17.60 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 40.91x to 19.26x [5][4]. Market Position - The company operates in the beauty care and medical aesthetics industry, with a total market capitalization of approximately 30 billion CNY [6][7]. - The stock has shown significant price fluctuations, with a 52-week high of 367 CNY and a low of 142.60 CNY [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6]. Core Viewpoints - The company has received its third Class III medical device registration certificate for "Injectable Recombinant Type III Humanized Collagen Gel," solidifying its monopoly in the recombinant collagen aesthetic medicine industry in China [2][3]. - The new product is the first of its kind internationally to utilize self-assembly and self-crosslinking technology, expanding the application of recombinant collagen in aesthetic medicine, particularly in filling and supporting roles [3]. - The company is expected to see significant revenue growth, with projected revenues of 1.446 billion RMB in 2024, reflecting an 85.35% growth rate compared to the previous year [4]. Financial Projections - The company forecasts net profits of 734 million RMB in 2024, with a compound annual growth rate (CAGR) of 144.67% from 2023 to 2024 [4]. - Earnings per share (EPS) are projected to increase from 4.40 RMB in 2023 to 8.29 RMB in 2024, with corresponding price-to-earnings (P/E) ratios of 42 and 28 for 2024 and 2025, respectively [4][10]. - The company’s gross margin is expected to improve from 90.2% in 2023 to 92.6% in 2024, indicating strong profitability [12]. Market Position - The company holds all three Class III medical device certificates for recombinant collagen in China, reinforcing its leading position in the domestic and global recombinant collagen market [2][3]. - The report highlights the rapid growth of the collagen market, with a notable increase in sales of animal-derived collagen in mainland China, suggesting a favorable market environment for the company's new products [4].

Core Viewpoint - Jinbo Biological has emerged as a significant player in the Shanxi capital market, being the highest-priced and highest-valued stock on the Beijing Stock Exchange, symbolizing the province's industrial transformation [1] Group 1: Company Overview - Jinbo Biological specializes in various terminal medical devices and functional skincare products, with A-type recombinant humanized collagen as its core material [2] - The company’s recombinant type III humanized collagen freeze-dried fibers received approval from the National Medical Products Administration in June 2021, marking it as the first medical device in China made from this innovative biomaterial [2] Group 2: Financial Performance - In the 2024 performance report, Jinbo Biological achieved a revenue of 1.447 billion yuan, representing a year-on-year growth of 85.40%, and a net profit of 733 million yuan, up 144.65% year-on-year [3] - Over four years, the company's revenue has increased more than fivefold, while net profit has nearly increased twelvefold compared to 2021 [3] Group 3: Strategic Focus - The company aims to focus on scientific innovation rather than competing in saturated markets, emphasizing the creation of new products and applications [3] - Jinbo Biological is committed to enhancing its brand presence both domestically and internationally, with plans to strengthen brand development in the coming year [7][8] Group 4: Talent Development - The company employs a "mentorship" approach for internal talent development, sending employees to prestigious research institutions for training [6] - Jinbo Biological is building a collaborative framework with academic and research institutions to continuously infuse new talent into the company [6] Group 5: Industry Context - Shanxi is undergoing a high-quality transformation, actively promoting emerging industries such as biomedicine, which supports the rapid rise of Jinbo Biological and the humanized collagen industry [4] - The biomedicine sector's reliance on high-end talent presents challenges for Jinbo Biological in attracting intellectual resources in Shanxi compared to larger cities [5]