Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in its blood glucose business in 2024, with a projected revenue of 4.443 billion yuan, representing a year-over-year increase of 9.47%. The net profit attributable to shareholders is forecasted to be 326 million yuan, up 14.73% year-over-year [5] - The company's continuous improvement in profitability is attributed to an increase in online sales and effective e-commerce promotions, with a significant rise in Q4 2024 net profit by 310.96% year-over-year [5] - The company is positioned for strong growth in both domestic and international Continuous Glucose Monitoring (CGM) markets, with expectations for increased market share [6][7] Financial Summary - Revenue for 2024 is projected at 4.443 billion yuan, with a year-over-year growth of 9.5% [9] - The net profit attributable to shareholders for 2024 is estimated at 326 million yuan, reflecting a year-over-year increase of 14.7% [9] - The gross margin is expected to improve to 54.9% in 2024, with a net margin of 7.3% [9] - Earnings per share (EPS) for 2025 is projected to be 0.71 yuan, with a corresponding price-to-earnings (P/E) ratio of 28.3 [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in its blood glucose business in 2024, with a projected revenue of 4.443 billion yuan, representing a year-over-year increase of 9.47%. The net profit attributable to shareholders is forecasted to be 326 million yuan, up 14.73% year-over-year [5] - The company's continuous improvement in profitability is attributed to an increase in online sales and effective e-commerce promotions, with a significant rise in Q4 2024 net profit by 310.96% year-over-year [5] - The company is positioned for strong growth in both domestic and international Continuous Glucose Monitoring (CGM) markets, with expectations for increased market share [6][7] Financial Summary - Revenue for 2024 is projected at 44.43 billion yuan, with a year-over-year growth of 9.47%. The net profit attributable to shareholders is expected to be 3.26 billion yuan, reflecting a year-over-year increase of 14.73% [5] - The company’s revenue from blood glucose monitoring systems is anticipated to reach 33.21 billion yuan in 2024, marking a 15.58% increase year-over-year [7] - The company’s gross margin is expected to improve to 55.3% by 2025, with net profit margins projected to reach 8.0% [9] Market Performance - Domestic revenue is expected to be 25.78 billion yuan, showing a year-over-year increase of 9.81%, while international revenue is projected at 18.65 billion yuan, with significant growth in other regions [6] - The company’s CGM product "Sanofi Aikan" has received regulatory approval in 25 countries and regions, with sales ongoing in over 60 countries [6] Product Development - The company has diversified its product matrix, expanding from blood glucose monitoring to include over 70 testing indicators, enhancing its competitive edge in the market [7] - The iPOCT monitoring system revenue is projected to grow by 9.11% year-over-year, indicating a robust expansion in point-of-care testing [7]

Summary of Sanofi Biotech Conference Call Company Overview - **Company**: Sanofi Biotech - **Industry**: Biotechnology and Medical Devices Key Points Financial Performance - In 2024, Sanofi Biotech achieved a revenue of 4.443 billion yuan, a year-on-year increase of 9.47% and a net profit of 326 million yuan, reflecting a growth of 14.73% [3][4][22] - The revenue growth was driven by stable performance in traditional business segments such as blood glucose monitoring (BGM) and continuous glucose monitoring (CGM) systems [3][4] Market Strategy - The company aims for CGM sales of 400-600 million yuan in 2025, with 100 million yuan expected from overseas markets, primarily through a partnership with Menarini to cover Europe and the Middle East [1][5] - Sanofi Biotech is focusing on local production and distribution models to maintain high margins, avoiding low-price strategies [1][5] International Expansion - The company has signed a seven-year strategic cooperation agreement with European distributor Mariner, which has already begun generating orders exceeding initial forecasts [1][40][41] - Sanofi Biotech is actively participating in European healthcare tenders, with demand exceeding expectations [1][9] Impact of Tariffs - The impact of US-China tariffs is primarily on raw material procurement, with an estimated effect of 200-300 million USD, but the company is seeking alternative sourcing options [6][7][8] - The company is exploring tariff exemption paths for BGM products imported into the US and may adjust production layouts to mitigate tariff impacts [6][8] Asset Impairment - In 2024, the company reported over 70 million yuan in asset impairments, mainly from inventory write-downs in domestic operations and US subsidiaries [10][16] - Future impairment pressures are expected to remain stable, with no significant increases anticipated [10] Competitive Landscape - The domestic CGM market is highly competitive, with significant price competition, but Sanofi Biotech maintains a strong position through product differentiation and customer service [19][22] - The company is leveraging AI and IoT technologies to enhance diabetes management and improve customer engagement [20][42] Research and Development - R&D investments will continue to focus on CGM system upgrades, with plans to expedite the registration of second-generation products in the US [21][29] - The company aims to enhance its product offerings and operational efficiency through ongoing innovation [43] Future Outlook - Sanofi Biotech's strategic goals for 2025 include deepening product innovation, optimizing operations, and enhancing international collaboration to create sustainable shareholder value [43] Additional Insights - The company has seen a shift in sales channels, with online sales increasing significantly, particularly during promotional events [17][18] - The expected growth in international markets, particularly in Southeast Asia and Eastern Europe, is anticipated to continue, with significant improvements in gross margins [27] This summary encapsulates the key insights from the conference call, highlighting Sanofi Biotech's financial performance, market strategies, international expansion efforts, and future outlook.

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.64 RMB [7][8]. Core Views - The company achieved revenue and net profit of 4.443 billion RMB and 326 million RMB in 2024, representing year-on-year growth of 9.5% and 14.7% respectively, slightly above expectations [1]. - The company is expected to maintain a steady growth trajectory in 2025, driven by the robust development of its core BGM business and the positive growth of its CGM business [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue and net profit of 1.261 billion RMB and 71 million RMB, showing year-on-year growth of 23.2% and a return to profitability [1]. - The gross margin for 2024 was 54.9%, an increase of 1.3 percentage points year-on-year, attributed to product revenue structure optimization and ongoing cost reduction efforts [1]. Business Segments - The BGM business is projected to grow by 10-15% in 2024, with the company being the fourth largest blood glucose meter manufacturer globally and holding over 50% market share in China's retail market [2]. - The PTS segment is expected to achieve a net profit exceeding 1 million USD in 2024, with further improvements anticipated in 2025 [2]. - Trividia turned a profit in 2024 with a net profit of 75.35 million RMB, recovering from a net loss of approximately 9 million USD in 2023, and is expected to continue its profitable trajectory in 2025 [2]. CGM Market Outlook - The CGM segment is expected to see rapid growth in the domestic market in 2024, with projected sales of 400-600 million RMB in 2025 due to improved product recognition and the approval of the second-generation CGM [3]. - The company has established a strategic distribution agreement in the EU and anticipates CE certification for the second-generation CGM in the second half of 2025, which will facilitate market entry in key EU countries [3]. - The company has submitted an FDA registration application for its products in the US, with expectations for approval in the second half of 2025, which will contribute to revenue growth in overseas markets [3]. Profit Forecast and Valuation - The company is projected to achieve EPS of 0.78, 0.93, and 1.09 RMB for 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 24% for net profit from 2024 to 2026 [4]. - The company is valued at a 38x PE for 2025, compared to a 27x average for comparable companies, with a target price of 29.64 RMB [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 4.443 billion yuan in 2024, representing a year-on-year increase of 9.47%, with overseas revenue accounting for 41.98% [1]. - The company is positioned as a leader in the domestic blood glucose monitoring retail market, holding nearly 50% market share and serving over 22 million users [3]. - The company is actively expanding its global presence, with products registered and sold in over 60 countries, including the U.S. and various European nations [2][3]. Financial Performance Summary - In 2024, the company reported a net profit of 326 million yuan, up 14.73% year-on-year [1]. - The projected revenues for 2025, 2026, and 2027 are 4.942 billion yuan, 5.539 billion yuan, and 6.270 billion yuan, respectively, with growth rates of 11.2%, 12.1%, and 13.2% [4][5]. - The net profit forecasts for the same years are 480 million yuan, 560 million yuan, and 675 million yuan, with growth rates of 47.2%, 16.7%, and 20.5% [5][7]. Cost and Profitability Metrics - The gross profit margin for Q4 2024 was 54.01%, showing a slight decrease compared to the previous year [1]. - The company has optimized its expense ratios, with R&D expense ratio at 7.65%, sales expense ratio at 27.72%, and management expense ratio at 6.24% [1]. Market Position and Strategy - The company has developed a comprehensive chronic disease management system, collaborating with over 3,800 hospitals and providing services to more than 10,000 community hospitals [3]. - The company is leveraging e-commerce to expand its reach, covering 187 countries and regions, and establishing local logistics in 18 countries [3].

Investment Rating - The investment rating for Sanofi Biologicals (300298) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and market expansion [1]. Core Viewpoints - The company reported a revenue of 4.443 billion yuan in 2024, representing a year-over-year increase of 9.47%, with a net profit of 326 million yuan, up 14.73% year-over-year [1][2]. - The blood glucose monitoring business showed robust growth, with a 15.58% increase in revenue, driven by stable growth in BGM and progress in CGM [2]. - The company is expanding its overseas market presence, with non-U.S. markets experiencing a significant growth of 65.51% [2]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 44.43 billion yuan, with a net profit of 3.26 billion yuan and a net cash flow from operating activities of 6.31 billion yuan [1]. - The gross profit margin improved to 54.88%, and the net profit margin increased to 7.78% [2]. - The company expects revenues for 2025-2027 to be 49.10 billion, 54.39 billion, and 60.11 billion yuan, respectively, with corresponding net profits of 4.35 billion, 5.25 billion, and 6.17 billion yuan [2][3]. Market Analysis - The domestic market revenue reached 25.78 billion yuan, growing by 9.81%, while the U.S. market revenue decreased by 2.68% to 13.80 billion yuan [2]. - The company is focusing on enhancing its market coverage and brand influence through partnerships with retail pharmacies and e-commerce platforms [2]. Profitability Forecast - The company anticipates a continued increase in profitability, with projected net profit growth rates of 33.4%, 20.7%, and 17.5% for the years 2025, 2026, and 2027, respectively [2][3].

Investment Rating - The report maintains a "Buy" rating for Sanofi Biologicals [5] Core Views - In 2024, the company achieved a revenue of 4.443 billion yuan, a year-on-year increase of 9.47%, and a net profit attributable to the parent company of 326 million yuan, up 14.73% year-on-year [1] - The growth in revenue is driven by stable traditional business and rapid growth in new business, with government subsidies impacting the non-recurring profit growth [2][3] - The company is expanding its overseas market access for Continuous Glucose Monitoring (CGM) products, with significant progress in approvals across various countries [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.261 billion yuan, a year-on-year increase of 23.22%, and a net profit of 70.95 million yuan, up 310.96% year-on-year [1] - The gross profit margin for 2024 was 54.88%, with a sales expense ratio of 26.82% and a management expense ratio of 9.13% [2] - The company plans to achieve a revenue target of 4.9 billion yuan in 2025, aiming for steady growth in revenue and operating profit [2] Market Expansion - Domestic revenue reached 2.578 billion yuan, a year-on-year increase of 9.81%, while revenue from the U.S. was 1.38 billion yuan, a decrease of 2.68% [3] - The company has established localized services in 18 countries, enhancing logistics and market presence [3] - CGM products have received regulatory approvals in 25 countries, with significant potential for future sales growth [3] Product Performance - The blood glucose monitoring segment generated 3.321 billion yuan in revenue, a year-on-year increase of 15.58%, accounting for 74.73% of total revenue [3] - Other product segments, including blood pressure monitors and iPOCT systems, also showed stable growth [3] Profit Forecast - Revenue projections for 2025-2027 are 4.926 billion, 5.483 billion, and 6.125 billion yuan, with corresponding net profits of 390 million, 470 million, and 566 million yuan [3]

Group 1 - Sanofi Bio (300298.SZ) released its 2024 annual report on April 21, 2025, with 203 institutional investors holding a total of 162 million shares, representing 28.65% of the total share capital [1] - The top ten institutional investors collectively hold 19.74% of the shares, with a decrease of 2.43 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for 0.12% of the total, while 17 funds decreased their holdings, representing a reduction of 1.63% [2] - A total of 177 new public funds were disclosed this period, including notable funds such as Southern CSI 1000 ETF and Huatai-PineBridge Innovation Medicine Mixed Fund [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.20%, while UBS AG was not disclosed this period [2]

2024 年度 三诺生物传感股份有限公司 内控审计报告 索引 页码 内部控制审计报告 1-2 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 XYZH/2025CSAA2B0028 三诺生物传感股份有限公司 三诺生物传感股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了三诺生物传感股份有限公司（以下简称三诺生物公司）2024 年 12 月 31 日财务报告内 部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是三诺生物公司董事会 的责任。 四、 财务报告内部控制审计意见 我们认为，三诺 ...

关于三诺生物传感股份有限公司 中信证券股份有限公司 2、2020 年向不特定对象发行可转换公司债券募集资金基本情况 经中国证券监督管理委员会核发的《关于同意三诺生物传感股份有限公司向不特 定对象发行可转换公司债券注册的批复》【证监许可﹝2020﹞2951】号批准，公司获 准向不特定对象发行可转换公司债券 5,000,000 张，共计募集资金总额为人民币 500,000,000.00 元，本次募集资金扣除承销及保荐费用人民币 7,000,000.00 元（含税） 1 一、募集资金基本情况 （一）募集资金金额及到账时间 1、2018 年重组配套募集资金基本情况 经中国证券监督管理委员会核发的《关于核准三诺生物传感股份有限公司向建投 嘉孚（上海）投资有限公司等发行股份购买资产并募集配套资金的批复》 【证监许 可﹝2018﹞38】号批准，公司获准非公开发行股份募集配套资金不超过 50,265 万元。 公司根据发行方案已经实际向特定投资者非公开发行人民币普通股（A 股）股票 27,987,193 股，发行价格为人民币 17.96 元/ 股，募集资金总额人民币 502,649,986.28 元，扣除各项发行费用人民币 1 ...