2025 年 4 月 30 日 公司研究 25Q1 业绩略低于预期，期待 CGM 销售和研发推进 ——三诺生物（300298.SZ）2024 年报及 2025 年一季报点评 要点 事件：公司发布 2024 年报及 25 年一季报，2024 年实现营收 44.43 亿元 （YoY+9.47%），归母净利润 3.26 亿元（YoY+14.73%），扣非归母净利润 2.95 亿元（YoY+0.65%）；Q4 单季营收 12.61 亿元（YoY+23.22%），归母净利润 0.71 亿元（YoY 扭亏为盈），符合市场预期。25Q1 实现营收 10.42 亿元 （YoY+2.76%），归母净利润 0.72 亿元（YOY-10.90%），业绩略低于市场预 期。 点评： 全年业绩符合预期，国补政策有望持续拉动销售。公司 24 年血糖监测实现收入 33.21 亿元（YOY+15.58%），公司估计国内传统业务（除 CGM 外）收入端同 比增长约 10% 。 公 司 24Q1~25Q1 单 季 分 别 实现收入 10.14/11.19/10.49/12.61/10.42 亿 元 ， 实 现 归母净 利 润 0.81/1.17/ ...

证券研究报告 三诺生物 (300298 CH) 收入平稳增长，看好后续改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 医疗器械 | 公司 1Q25 实现收入/归母净利 10.42/0.72 亿元（yoy+2.8%/-10.9%）。我们 推测公司 1Q25 利润端同比下滑主因海外子公司 PTS 阶段性推进产能优化 工作拖累利润释放，叠加海外子公司 1Q24 利润贡献基数较高。考虑 PTS 产能优化工作有望于 1H25 结束后重回正常经营轨道，公司后续季度利润同 比增速有望边际改善。公司 1Q25 经营现金流量净额 1.97 亿元（同比转正）， 现金流水平持续向好。考虑公司 BGM 核心主业发展良好，CGM 海内外商 业化工作积极推进，我们看好公司 25 年业绩保持向好发展。维持"买入"。 BGM 主业收入稳健增长，看好海外子公司 25 年实现规模性盈利 1）血糖监测系统：我们推测若剔除心诺健康并表及 CGM 销售贡献，公司 BGM 业务 1Q25 收入同比稳健增长。考虑糖尿病患者血糖监测需求明确且 公司品 ...

证券研究报告 三诺生物 (300298 CH) 风险提示：核心产品销售不达预期，核心产品研发进度低于预期。 收入平稳增长，看好后续改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 医疗器械 | 公司 1Q25 实现收入/归母净利 10.42/0.72 亿元（yoy+2.8%/-10.9%）。我们 推测公司 1Q25 利润端同比下滑主因海外子公司 PTS 阶段性推进产能优化 工作拖累利润释放，叠加海外子公司 1Q24 利润贡献基数较高。考虑 PTS 产能优化工作有望于 1H25 结束后重回正常经营轨道，公司后续季度利润同 比增速有望边际改善。公司 1Q25 经营现金流量净额 1.97 亿元（同比转正）， 现金流水平持续向好。考虑公司 BGM 核心主业发展良好，CGM 海内外商 业化工作积极推进，我们看好公司 25 年业绩保持向好发展。维持"买入"。 BGM 主业收入稳健增长，看好海外子公司 25 年实现规模性盈利 1）血糖监测系统：我们推测若剔除心诺健康并表及 CGM 销售贡献，公司 BGM 业务 1Q25 ...

业绩简述 2025 年 4 月 28 日，公司发布 2025 年一季度报告，25Q1 公司实现 收入 10.42 亿元，同比+2.76%；归母净利润 7212 万元，同比- 10.90%；扣非归母净利润 6684 万元，同比-13.84%。 经营分析 一季度销售费用投入增加，CGM 产品有望快速放量。一季度公司收 入端保持稳健增长，以血糖监测产品为核心的慢性病快速检测业 务经营平稳。Q1 公司销售费用投入 2.89 亿元，同比+19.57%，预 计针对新产品 CGM 的国内外推广投入仍在持续，短期利润端增速 有一定压力，但 CGM 产品保持快速增长趋势，份额有望持续提升。 重视创新研发投入，第二代 CGM 产品顺利获批。2024 年 12 月公司 公告新一代 CGM 产品国内获批，CGM 二代新产品在设计、工艺上进 一步改进。相较于一代产品，公司持续葡萄糖监测系统二代产品采 用一体式植入，无需组装，用户佩戴更简单；此外公司进一步优化 了产品尺寸，能够带给用户更好的佩戴体验。 签订欧洲 CGM 合作协议，海外市场有望逐步放量。2024 年 12 月公 司披露了关于签订日常经营重要合同的公告，公司与 A. MEN ...

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 三诺生物传感股份有限公司 第五届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 三诺生物传感股份有限公司（以下简称"公司"）第五届监事会第十四次会 议于 2025 年 4 月 28 日（星期一）上午 11 时在公司会议室以现场方式召开。本 次会议的通知已于 2025 年 4 月 25 日通过书面或电子邮件方式送达全体监事。应 出席本次会议的监事 3 人，实际出席本次会议的监事 3 人，分别为欧阳柏伸先 生、陈春耕先生和黄绍波先生。本次会议由监事会主席欧阳柏伸先生召集并主持， 公司董事会秘书郑霁耘女士列席了会议。会议的召集、召开符合《公司法》及《公 司章程》《公司监事会议事规则》的规定。 二、会议审议情况 经与会监事认真审议，本次会议以现场表决方式通过如下决议： 经审核，监事会认为：公司编制和审议《2025 年第一季度报告》的程序符 ...

| 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 三诺生物传感股份有限公司 第五届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 三诺生物传感股份有限公司（以下简称"公司"）第五届董事会第十八次会 议于 2025 年 4 月 28 日（星期一）上午 10 时在公司会议室以现场结合通讯方式 召开。本次会议的通知已于 2025 年 4 月 25 日通过书面或电子邮件方式送达全体 董事。应出席本次会议的董事 7 人，实际出席本次会议的董事 7 人，分别为李少 波先生（兼任总经理）、李心一女士、车宏菁女士、李晖（LI HUI）先生、袁洪 先生、康熙雄先生、陈纪正女士。本次会议由董事长李少波先生召集并主持，公 司监事、高级管理人员列席了会议。会议的召集、召开符合《公司法》及《公司 章程》《公司董事会议事规则》的规定。 二、会议审议情况 本次会议采用现场和通讯表决方式进行表决，经与会董事认真 ...

三诺生物传感股份有限公司 2025 年第一季度报告 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 三诺生物传感股份有限公司 2025 年第一季度报告 公告编号：2025-033 2025 年 4 月 1 三诺生物传感股份有限公司 2025 年第一季度报告 | 证券代码：300298 | 证券简称：三诺生物 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：123090 | 债券简称：三诺转债 | | 三诺生物传感股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经过审计 □是 否 2 三诺生物传感股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 ...

Core Viewpoint - The company reported a solid financial performance for 2024, with revenue and net profit growth, alongside significant advancements in its global operations and product development in the continuous glucose monitoring (CGM) sector [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.443 billion yuan, a year-on-year increase of 9.47% [1] - The net profit attributable to shareholders was 326 million yuan, up 14.73% year-on-year [1] - The non-recurring net profit was 295 million yuan, reflecting a slight increase of 0.65% year-on-year [1] - In Q4 2024, revenue reached 1.261 billion yuan, marking a 23.22% year-on-year growth [1] - The net profit for Q4 turned positive at 71 million yuan, compared to a loss in the previous year [1] Operational Efficiency - The overall gross margin for 2024 was 54.88%, an increase of 0.82 percentage points year-on-year, attributed to product structure optimization and cost control [2] - The sales, management, and R&D expense ratios were 26.82%, 9.13%, and 8.44%, respectively, with sales expenses increasing due to rapid growth in online channels and investments in the CGM market [2] - The net profit margin was 7.78%, up 2.95 percentage points year-on-year [2] - Overseas revenue reached 1.865 billion yuan, accounting for 41.98% of total revenue, with non-U.S. regions showing remarkable growth of 65.51% [2] Product Development - The company made significant progress in the CGM sector, with the second-generation CGM product completing domestic registration and obtaining Class III medical device certification [3] - The global strategy for CGM products is advancing, with successful registration and clinical trials in the U.S. and new certifications in Europe for ages 2-17 [3] - By the end of 2024, CGM products were approved in 25 countries and regions, with sales in over 60 countries [3] Future Outlook - Revenue projections for 2025-2027 are 4.938 billion, 5.465 billion, and 6.052 billion yuan, with year-on-year growth rates of 11.13%, 10.67%, and 10.76% respectively [4] - Net profit forecasts for the same period are 435 million, 510 million, and 611 million yuan, with growth rates of 33.23%, 17.41%, and 19.74% respectively [4] - The company focuses on chronic disease rapid testing centered around blood glucose monitoring products, with stable growth in the BGM core business and CGM business contributing new growth momentum [4]

Financial Performance - In 2024, the company achieved operating revenue of CNY 444,312.36 million, a year-on-year increase of 9.47% [2][3] - Total profit reached CNY 39,526.12 million, up 59.02% year-on-year, with net profit attributable to the parent company at CNY 32,629.10 million, a 14.73% increase [3] - Overseas revenue amounted to CNY 186,513.93 million, accounting for 41.98% of total revenue [3] Business Strategy and Market Expansion - The company focuses on blood glucose monitoring products as its core business, emphasizing technological innovation and cost reduction to enhance operational efficiency [2][4] - The company is expanding into Southeast Asia and other developing markets to seize new opportunities [2][4] - A partnership with A. MENARINI DIAGNOSTICS S.r.l. was established for exclusive distribution in over 20 European countries [5] Product Development and Regulatory Progress - The self-developed Continuous Glucose Monitoring (CGM) system entered the substantive review phase of FDA 510(k) registration in December 2024 [7] - The company is actively exploring AI applications in diabetes management, aiming to create a closed-loop system for smart diabetes management [17] Sales and Marketing Insights - In 2024, the company’s sales expenses increased by 21.53% to CNY 119,177.46 million, driven by online sales and CGM product marketing [14] - The blood glucose monitoring system product revenue grew by 15.58% year-on-year, with a gross margin increase of 1.11% [14][15] Challenges and Risk Management - The company reported asset impairment losses exceeding CNY 74 million, primarily due to inventory and long-term equity investments [11] - The impact of US-China tariff policies on business operations is considered manageable, with 31.06% of revenue derived from the US market [8][9] Future Goals - The company aims to achieve operating revenue of CNY 49 billion in 2025, focusing on professionalization, digitalization, and globalization [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The traditional business remains stable, and the overseas expansion of Continuous Glucose Monitoring (CGM) is expected to begin in 2025 [5] - The company is a leader in the blood glucose monitoring industry, with new products in CGM experiencing rapid growth and an expanding market ceiling [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 4,059 million RMB - 2024: 4,443 million RMB (growth of 9.47%) - 2025E: 4,927 million RMB (growth of 10.89%) - 2026E: 5,478 million RMB (growth of 11.19%) - 2027E: 6,102 million RMB (growth of 11.38%) [6] - Net profit attributable to the parent company is projected to grow from 284 million RMB in 2023 to 625 million RMB in 2027, with a notable increase of 27.55% in 2025 [6][7] - Earnings per share (EPS) is expected to rise from 0.50 RMB in 2023 to 1.11 RMB in 2027 [6] Business Segment Performance - In 2024, the company achieved a total revenue of 44.4 billion RMB, with a year-on-year increase of 9.5% and a net profit of 3.3 billion RMB, up 14.7% [7] - The blood glucose monitoring revenue for 2024 is projected at 33.2 billion RMB, reflecting a year-on-year growth of 15.6% [7] - The gross margin for the blood glucose monitoring system improved to 60.2% in 2024, an increase of 1.1 percentage points [7] Market Expansion and Product Development - The CGM product line has been launched domestically, with plans for further international registration in countries such as Singapore, Pakistan, Russia, and Saudi Arabia [7] - The company is in the substantive review stage with the FDA in the United States, indicating potential for overseas market penetration starting in 2025 [7]