证券日报网讯正海生物8月11日在互动平台回答投资者提问时表示，产品的降解行为与手术术式、植入 部位、患者的具体情况等因素有关。 （文章来源：证券日报） ...

8月6日，正海生物今日收盘21.62元，下跌1.77%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到40.92倍，总市值38.92亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均53.93倍，行业中值37.81倍，正海生物排 名第81位。 来源：金融界 烟台正海生物科技股份有限公司的主营业务是生物再生材料的研发、生产与销售。公司的主要产品是口 腔修复膜、可吸收硬脑（脊）膜补片、硬脑（脊）膜补片、皮肤修复膜、骨修复材料、活性生物骨、光 固化复合树脂、自酸蚀粘接剂、窝沟封闭剂、磷酸酸试剂、外科用填塞海绵。公司历经20余年的发展， 先后承担了国家"863计划"、国家火炬计划，是国家首批专精特新"小巨人"企业、国家知识产权示范企 业、高新技术企业。 最新一期业绩显示，2025年半年报，公司实现营业收入1.88亿元，同比-5.14%；净利润4648.57万元，同 比-45.97%，销售毛利率83.92%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13正海生物40.9228.904.5638.92亿行业平均 53.9350.274.74115.25亿行业中值37.8137.57 ...

烟台正海生物科技股份有限公司 投资者关系活动记录表 编号：2025007 投资者关系活动 类别 √特定对象调研□媒体采访 □分析师会议 □新闻发布会□业绩说明会 □路演活动 □现场参观□其他 参与单位名称及 人员姓名 详见附件 时间 2025 年 8 月 5 日 地点 线上会议 上市公司接待人 员姓名 副总经理、财务总监、董事会秘书：赵丽女士 投资者关系活动主要内容 一、公司基本情况介绍 证券代码：300653 证券简称：正海生物 答：钙硅生物陶瓷骨修复材料目前处于注册发补阶段，预计于 2025 年年底前获 批注册证。钙硅生物陶瓷骨修复材料是一款钙硅基产品，硅离子具有促进成骨分化 和血管化的作用，能够有效引导牙槽骨的修复和再生。同时，该产品采用了三维打 印的方式成型，能够实现与自体骨相近的多孔结构，为组织提供了更优异的成骨环 境，使得该产品具备定制化生产匹配患者需求的潜力。谢谢！ 2025 年上半年，公司实现营业总收入 1.87 亿元，较上年同期减少 5.14%；实 现归属于上市公司股东的净利润 4648.57 万元，较上年同期减少 45.97%；归属于 上市公司股东的扣除非经常性损益的净利润达到 4028. ...

Overview of Financial Performance - The total revenue for the first half of 2025 was 188 million yuan, a decrease of 5.14% year-on-year [2] - The net profit attributable to shareholders was 46.49 million yuan, down 45.97% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 40.28 million yuan, a decline of 46.77% year-on-year [2] - In Q2 2025, total revenue was 90.43 million yuan, a decrease of 16.57% year-on-year [2] - The net profit attributable to shareholders in Q2 was 19.86 million yuan, down 56.5% year-on-year [2] - The net profit after deducting non-recurring gains and losses in Q2 was 16.44 million yuan, a decline of 59.44% year-on-year [2] Profitability Analysis - The gross margin was 83.92%, a decrease of 3.24% year-on-year [3] - The net profit margin was 24.75%, down 43.04% year-on-year [3] - Earnings per share were 0.26 yuan, a decrease of 45.83% year-on-year [3] Expense Control and Cash Flow - Total operating expenses (selling, administrative, and financial expenses) amounted to 86.98 million yuan, accounting for 46.31% of revenue, an increase of 43.77% year-on-year [4] - Selling expenses increased by 38.87% due to targeted marketing efforts [4] - Financial expenses rose by 52.52% due to a decrease in current interest income [4] - The net cash flow from operating activities was 0.26 yuan per share, a decrease of 42.05% year-on-year, primarily due to increased selling expenses [4] Asset Status - As of the end of the reporting period, cash and cash equivalents were 49.30 million yuan, a decrease of 48.81% year-on-year [5] - Accounts receivable stood at 56.74 million yuan, an increase of 0.87% year-on-year [5] - The net cash flow from investing activities decreased by 126.57% due to reduced maturity of financial products [5] - The net cash flow from financing activities increased by 48.61% due to a decrease in dividend distribution [5] Main Business Composition - Main business revenue primarily comes from meninges series products and oral repair membranes, accounting for 42.73% and 41.05% of main revenue, respectively [6] - The gross margin for meninges series products was 88.84%, while for oral repair membranes it was 85.98% [6] - Other main business and supplementary revenue accounted for 16.19% and 0.03%, respectively [6] Development Review and Outlook - The company is a leading player in the domestic regenerative medicine sector, focusing on the R&D, production, and sales of biological regenerative materials [7] - The company has successfully incubated multiple products and has been selected in various provincial centralized procurement projects [7] - Despite facing intensified market competition, the company is enhancing brand awareness and academic influence through optimizing sales team structure and cost-reduction initiatives [7]

Core Viewpoint - Zhenghai Biological is facing significant challenges with a nearly halved net profit and sluggish growth in its main products, indicating a development bottleneck [1][2]. Financial Performance - In the first half of 2025, Zhenghai Biological reported revenue of 188 million yuan, a year-on-year decline of 5.14% [2][3]. - The net profit attributable to shareholders was 46.49 million yuan, down 45.97% year-on-year, marking the second consecutive year of mid-year profit decline [2][3]. - The company's net profit growth has been slowing since 2022, with a historical peak of 191 million yuan in 2023, but the growth rate dropped to 2.98% [2][3]. Marketing and Sales Expenses - Sales expenses for the first half of 2025 reached 71.18 million yuan, a 38.87% increase compared to 51.25 million yuan in the same period of 2024 [3][4]. - The increase in marketing expenses did not translate into profit growth, with the revenue from the brain membrane series only increasing by 5.88% while its gross margin declined by 3 percentage points [3][4]. Product Performance - Zhenghai Biological's main products include oral repair membranes and brain membrane series, with the oral repair membrane revenue declining by 19.38% to 77.12 million yuan [3][4]. - The company has received approval for 13 medical device products, with 9 classified as Class III medical devices, primarily used in various surgical fields [2][3]. New Product Development - The company is focusing on the commercialization of its active biological bone product, "Haiyu," which is the first drug-device combination bone repair material in China [4][5]. - Despite the potential of "Haiyu," there is uncertainty regarding market acceptance and subsequent sales performance, as no specific sales data has been disclosed [4][5]. Market Challenges - Zhenghai Biological faces intense competition in the domestic bone repair materials market, with numerous domestic and international players vying for market share [5]. - The company needs time to cultivate the market and enhance awareness and acceptance of its new products among doctors and patients [5].

正海生物 2025 年上半年净利润同比减少 46.77%，每股收益下降 45.83%，主要受增值税税率调整影响，税率从 3%调整至 13%直接降 低了收入和利润，同时费用端压力未减，对公司整体盈利能力造成显著 压力。 脑膜系列产品和口腔修复膜仍是主要收入来源，上半年分别实现销售收 入 8,027.17 万元和 7,711.62 万元。脑膜产品在集采和非集采区域均 表现良好，并在多个省级联盟采购项目中中标，但口腔业务受种植需求 不旺和价格下探影响，全年目标实现存在难度。 公司成立骨科事业部，专注活性生物骨的市场推广，团队约 20 人。活 性生物骨入院节奏明显改善，上半年基本达到预期目标，产品临床应用 表现出良好的有效性和安全性，但作为高值耗材，受到 DRG 费用包约 束。 钙硅生物陶瓷修复材料进入注册发补阶段，计划年底前获批。该产品通 过引入硅元素和 3D 打印技术，在骨修复和再生方面具有优势，并具备 定制化生产潜力，公司正在制定详细的市场推广规划。 Q&A 请介绍一下正海生物 2025 年上半年的经营情况。 2025 年上半年，正海生物实现营业收入 1.87 亿元，同比减少 5.14%。归属 于上市公司股东的 ...

Core Viewpoint - Zhenghai Biological is facing significant challenges with a nearly halved net profit and sluggish growth in its main products, indicating a development bottleneck [2][4]. Financial Performance - In the first half of 2025, Zhenghai Biological reported operating revenue of 188 million yuan, a year-on-year decrease of 5.14% [3][4]. - The net profit attributable to shareholders was 46.49 million yuan, down 45.97% year-on-year, marking the second consecutive year of decline in mid-year net profit [2][4]. - The net profit after deducting non-recurring gains and losses was 40.28 million yuan, a decrease of 46.77% compared to the previous year [3][4]. - Cash flow from operating activities was 47.67 million yuan, down 42.05% year-on-year [3]. - Basic and diluted earnings per share were both 0.26 yuan, compared to 0.48 yuan in the same period last year [3]. Marketing and Sales Expenses - Sales expenses surged by 38.87% to 71.18 million yuan in the first half of 2025, compared to 51.25 million yuan in the same period of 2024 [4][5]. - The increase in marketing expenses was attributed to precise marketing and academic promotion efforts [5]. - Despite the high marketing expenditure, profit growth did not materialize, with the main revenue sources experiencing significant declines [5]. Product Performance - Zhenghai Biological's primary business focuses on regenerative medical products for tissue repair and reconstruction, with 13 approved medical device products, including 9 Class III devices [5]. - The revenue from the oral repair membrane decreased by 19.38% to 77.12 million yuan, and the gross margin also declined [5]. - The brain membrane series saw a slight revenue increase of 5.88%, but the gross margin dropped by 3 percentage points due to price pressures from competitive bidding [5]. New Product Development - Zhenghai Biological is actively working on commercializing its active biological bone product, "Haiyu," which is the first domestic drug-device combination bone repair material [6]. - The product has been approved and launched, but specific sales figures have not been disclosed, raising concerns about market acceptance and future performance [6][7]. - The company is collaborating with distributors to promote the "Haiyu" product, but market cultivation will take time [7]. Market Challenges - The domestic bone repair materials market is highly competitive, with numerous domestic and international players, as well as emerging technologies posing threats to Zhenghai Biological [7]. - The management faces the challenge of converting high marketing investments into profits, which is critical for the company's performance in the second half of the year [8].

Group 1 - Niuwei Co., Ltd. reported a net profit of 637 million yuan for the first half of 2025, representing a year-on-year increase of 30.47% [1] - The company achieved a total operating revenue of 3.404 billion yuan, up 19.96% year-on-year [1] - Niuwei specializes in the research, manufacturing, and sales of industrial valves [2] Group 2 - Shandong Haohua plans to acquire a 29% stake in Zhongyan Alkali Industry with a total investment of 2.32 billion yuan [2] - The company is involved in the production of soda ash and caustic soda [3] Group 3 - Dongfang Co., Ltd. announced a partnership with Dongfang Import and Export Company to develop overseas marketing business [38] - The company focuses on the research, production, and sales of light commercial vehicles and powertrains [38] Group 4 - Xinyuan Technology reported a net profit of 52.6 million yuan for the first half of 2025, a year-on-year increase of 10.70% [12] - The company achieved an operating revenue of 2.871 billion yuan, up 3.86% year-on-year [12] - Xinyuan provides one-stop custom development and production services for pharmaceutical companies and research institutions [12] Group 5 - Zhuhai Piano announced that its subsidiary won the operating rights project for the Baihuazhai scenic area, with an investment of no less than 400 million yuan over 20 years [21] - The company specializes in the research, manufacturing, and sales of pianos and digital musical instruments [21] Group 6 - Zhenghong Technology reported a sales revenue of 26.02 million yuan from pig sales in July, a year-on-year increase of 288.69% [16] - The company sold 63,000 pigs in total from January to July 2025, with a cumulative sales revenue of 109 million yuan, representing a year-on-year increase of 38.06% [16] - Zhenghong focuses on feed products and pig farming [17] Group 7 - ST Nuotai received the cGMP certification from Brazil's National Health Surveillance Agency for its production facility [15] - The company specializes in the research and development of peptide drugs and small molecule pharmaceuticals [15] Group 8 - Guizhou Moutai has repurchased a total of 3.4517 million shares, accounting for 0.2748% of its total share capital, with a total expenditure of 5.301 billion yuan [48][49] - The company is engaged in the production and sales of Moutai liquor and related products [49]

Core Viewpoint - Zhenghai Biological's stock closed at 22.01 yuan, down 4.84%, with a rolling PE ratio of 41.66 times and a total market value of 3.962 billion yuan [1] Company Summary - Zhenghai Biological focuses on the research, production, and sales of bio-regenerative materials, with key products including oral repair membranes, absorbable dura mater patches, skin repair membranes, and active biological bone [1] - The company has over 20 years of development and has participated in national programs such as the "863 Program" and the National Torch Program, recognized as a national "specialized and innovative" small giant enterprise and a high-tech enterprise [1] Financial Performance - For the first half of 2025, the company reported operating revenue of 188 million yuan, a year-on-year decrease of 5.14%, and a net profit of 46.4857 million yuan, down 45.97% year-on-year, with a gross profit margin of 83.92% [1] Industry Comparison - The average PE ratio for the medical device industry is 54.24 times, with a median of 37.92 times, placing Zhenghai Biological at the 82nd position in the industry ranking [1][2] - The company's static PE ratio is 29.43 times, and its price-to-book ratio is 4.64 [2]

Group 1: Pharmaceutical Regulations - Starting from August 1, all retail pharmacies in Foshan will implement a real-name registration system for the sale of 47 key controlled drugs, primarily for treating symptoms of Chikungunya fever [1] - The list of controlled drugs includes common medications such as Ibuprofen, Compound Cold Medicine, and Lianhua Qingwen capsules [1] Group 2: Clinical Trials and Drug Approvals - Kangning Jereh's innovative drug JSKN022, a PD-L1/αvβ6 dual-specific antibody drug conjugate, has received acceptance for clinical trial application from the National Medical Products Administration [3] - Yipin Hong's innovative drug APH03621 for endometriosis treatment has also received clinical trial registration acceptance from the National Medical Products Administration [5] - Lianhua Pharmaceutical's subsidiary has passed the consistency evaluation for the generic drug Lincomycin Hydrochloride Injection [4] Group 3: Financial Performance - China Resources Medical expects a profit decline of 20% to 25% for the first half of the year, with a significant drop of 55% to 60% when excluding one-time gains [6] - Zhenghai Bio reported a net profit of 46.49 million yuan for the first half of 2025, a decrease of 45.97% year-on-year, with revenue of 188 million yuan, down 5.14% [8] Group 4: Corporate Actions - Kexing Bio has spent 47.38 million yuan to repurchase 1.27 million shares, representing 0.63% of its total share capital [8] - WuXi AppTec has repurchased 6.51 million A-shares for a total of 497 million yuan [10] - Tian Tan Bio has decided to abandon the acquisition opportunity of Pailin Bio due to potential competition with its core business [9] Group 5: Industry Developments - Significant progress has been made in HIV vaccine research in China, with the completion of the first phase clinical trial for a replicating Tian Tan smallpox vaccine carrier HIV vaccine [11][13] - Sanofi announced the discontinuation of its PCSK9 inhibitor drug Alirocumab in China due to global supply issues and a strategic shift in its cardiovascular product line [12]