Core Viewpoint - Zhenghai Biological (300653) announced on October 27 that the development of its intrauterine repair membrane and breast patch products is progressing smoothly, with plans for product registration and sales strategy based on market conditions [1] Group 1: Product Development - The intrauterine repair membrane product has completed clinical trials and is currently advancing through the product registration process [1] - The breast patch product is in the clinical summary stage [1] Group 2: Sales Strategy - The company will consider the development progress of both products and the market conditions of the corresponding application departments to formulate a sales plan [1] - The aim is to maximize the value of these products in driving revenue growth [1]

Group 1: Company Performance Overview - In the first three quarters of 2025, the company achieved operating revenue of 276 million yuan, a decrease of 5.36% compared to the same period last year [4] - The net profit attributable to shareholders was 67.4 million yuan, down 46.10% year-on-year [4] - The net profit after deducting non-recurring gains and losses reached 59.2 million yuan, a decrease of 45.34% compared to the previous year [4] Group 2: Product Development and Market Strategy - The active biological bone product is a key driver for revenue growth, with ongoing efforts to enhance market coverage and penetration in leading hospitals [5] - The company is actively developing new products, including calcium silicate bio-ceramic bone repair materials, which are in the registration phase [4] - The oral implant market is currently facing weak demand, particularly in the private sector, but the company maintains a stable market position for its oral repair membrane products [5] Group 3: Sales and Marketing Initiatives - The company has established an independent sales team focused on the active biological bone product to enhance market promotion capabilities [7] - Flexible sales policies and long-term relationships with distributors are being pursued to boost product market promotion and hospital admissions [5] - Plans for overseas market expansion are underway, with certain products identified as having export potential [7] Group 4: Research and Development Progress - The company is collaborating with Jiangsu Jicui Future Food Technology Research Institute on the development of recombinant bioactive protein products, with steady progress reported [7] - The research and development of the uterine repair membrane and breast patch products are ongoing, with clinical trials completed for the former [6] Group 5: Investor Relations and Future Outlook - The company has consistently maintained performance dividends since its listing and plans to continue investor return strategies based on overall performance [6] - Employee incentive plans are being developed in accordance with relevant regulations to enhance motivation and performance [6]

Summary of Zhenghai Biological Conference Call Company Overview - **Company**: Zhenghai Biological - **Industry**: Biopharmaceuticals, specifically focusing on bone repair materials and dental products Key Points and Arguments Financial Performance - **Net Profit Decline**: Net profit decreased by 45.34% year-on-year, primarily due to tax policy adjustments (VAT increased from 3% to 13%) and intensified market competition, particularly in the meninges product segment and oral implant sector [2][4][5] - **Revenue Trends**: For the first three quarters of 2025, total revenue was 276 million yuan, a decrease of 5.36% year-on-year. In Q3 alone, revenue was 87.87 million yuan, down approximately 5% year-on-year [3][4] - **Gross Margin**: The overall gross margin was around 85%, showing a recovery compared to the first half of the year due to changes in product mix [3] Product Performance - **Active Biological Bone Products**: Currently in 196 hospitals, with expectations for significant revenue growth due to the inclusion of BMP-2, which enhances bone induction. The company aims to increase market share by expanding hospital admissions and improving penetration in benchmark hospitals [2][6][11] - **Stem Cell Project**: In the process of technology validation, this project is crucial for addressing clinical tissue repair and regeneration issues, indicating strategic importance [7] - **Oral Membrane Products**: The second-generation oral repair membrane is in the early promotion stage, contributing minimally to revenue. The company is focusing on applications in soft tissue defects and avoiding price wars [2][8][10] Market Dynamics - **Market Competition**: The oral implant market is facing challenges due to price governance and a sluggish consumer market, leading to a decline in private institution implant volumes. Some patients are opting for repair treatments instead of implants, impacting the growth of bone powder and membranes [2][13] - **Price Pressure**: The company is experiencing price declines across its products, although it maintains a stable gross margin. Sales and management expenses have increased, putting pressure on net profits [5][16] Regulatory and Development Updates - **Regulatory Approvals**: The company is tracking the procurement policies for artificial bone repair materials and is preparing for the registration of new products like the calcium silicate bone powder, expected to receive certification by the end of this year or early next year [4][20] - **Future Product Launches**: The company anticipates launching the intrauterine repair membrane in 2026 and the breast patch in 2027, with detailed market strategies to be developed closer to launch dates [17] Strategic Outlook - **Acquisition Plans**: The company is open to acquisitions to expand its business pipeline and explore new growth opportunities [29] - **International Expansion**: Zhenghai Biological is exploring overseas business opportunities and has begun preparations for international certifications [28] - **Employee Incentives**: The company has completed share buybacks for employee incentives and plans to implement stock incentive schemes based on future performance [30] Future Market Perspective - **Confidence in Growth**: The company remains optimistic about future development, focusing on core business growth, new product launches, and cost control to achieve good performance returns [31]

Group 1 - Zhenghai Biological (300653.SZ) released its Q3 2025 report on October 25, 2025, indicating that as of October 24, 2025, six institutional investors disclosed holdings in Zhenghai Biological A-shares, totaling 21.9322 million shares, which accounts for 12.18% of the total share capital [1] - The institutional investors include Longwood Biotechnologies Inc., Jiaxing Zhenghai Venture Capital Partnership (Limited Partnership), Industrial and Commercial Bank of China - Dongfanghong New Power Flexible Allocation Mixed Securities Investment Fund, and others, with a total institutional holding ratio increasing by 0.33 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four public funds increased their holdings compared to the previous period, including Dongfanghong New Power Mixed A, Medical Device ETF, and others, with an increase in holding ratio of 0.94% [2] - A total of 43 public funds did not disclose their holdings in this period compared to the previous quarter, including Taiping Fenghe One-Year Open-Ended Bond Initiated Fund, Dongfanghong Zhihua Three-Year Holding Mixed A, and others [2]

Core Viewpoint - Zhenghai Biological reported a decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - In Q3 2025, the company achieved a revenue of 87.87 million yuan, a year-on-year decrease of 5.84% [1] - The net profit attributable to shareholders for Q3 2025 was 20.92 million yuan, reflecting a significant year-on-year decline of 46.4% [1] - For the first three quarters of 2025, the company reported a total revenue of 276 million yuan, down 5.36% compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters of 2025 was 67.40 million yuan, also showing a decline of 46.1% year-on-year [1]

智通财经APP讯，正海生物(300653.SZ)发布2025年三季度报告，该公司前三季度营业收入为2.76亿元， 同比减少5.36%。归属于上市公司股东的净利润为6740.22万元，同比减少46.10%。归属于上市公司股东 的扣除非经常性损益的净利润为5918.16万元，同比减少45.34%。基本每股收益为0.37元。 ...

Group 1 - The company Zhenghai Biological announced that its fourth board meeting was held on October 23, 2025, via communication, where the agenda included the review of the third quarter report for 2025 [1] - For the year 2024, the company's revenue composition is 100% from medical devices [1] - As of the report, Zhenghai Biological has a market capitalization of 3.6 billion yuan [1] Group 2 - The Chinese innovative drug sector has generated $80 billion in overseas licensing deals this year [1] - The secondary market for biomedicine is thriving, while the primary market is facing challenges in fundraising [1]

第四条 本制度所指年度报告信息披露重大差错包括但不限于年度财务报告 存在重大会计差错、其他年度报告信息披露存在重大错误或重大遗漏、业绩预告 或业绩快报存在重大差异等情形。具体包括以下情形： （一）年度财务报告违反《中华人民共和国会计法》、《企业会计准则》及相 关规定，存在重大会计差错； （二）会计报表附注中财务信息的披露违反了《企业会计准则》及相关解释 规定、中国证监会发布的《公开发行证券的公司信息披露编报规则第 15 号—财 务报告的一般规定》等信息披露编报规则的相关要求，存在重大错误或重大遗漏； （三）其他年度报告信息披露的内容和格式不符合中国证监会发布的《公开 发行证券的公司信息披露内容与格式准则第 2 号—年度报告的内容与格式》和深 圳证券交易所信息披露指引等规章制度、规范性文件和《公司章程》、公司《信 息披露管理制度》及其他内部控制制度的规定，存在重大错误或重大遗漏； 烟台正海生物科技股份有限公司 年度报告信息披露重大差错责任追究制度 烟台正海生物科技股份有限公司 年度报告信息披露重大差错责任追究制度 第一章 总 则 第一条 为了进一步提高烟台正海生物科技股份有限公司（以下简称"公司"） 规范运作水 ...

烟台正海生物科技股份有限公司 互动易平台信息发布及回复内部审核制度 烟台正海生物科技股份有限公司 互动易平台信息发布及回复内部审核制度 第一章 总 则 第一条 为规范烟台正海生物科技股份有限公司（以下简称"公司"）互动易 平台信息发布及回复的管理工作，建立公司与投资者良好沟通机制，持续提升公 司治理水平，根据《上市公司信息披露管理办法》《上市公司投资者关系管理工 作指引》以及《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司 规范运作》《深圳证券交易所上市公司自律监管指南第 1 号—业务办理》等法律 法规及《公司章程》的规定，制定本制度。 第二条 本制度所指"互动易平台"（以下简称"互动易"）是指深圳证券交 易所为上市公司与投资者之间搭建的自愿性、交互式信息发布和进行投资者关系 管理的综合性网络平台，是上市公司法定信息披露的有益补充。具体网址为： http://irm.cninfo.com.cn。 第二章 总体要求 第三条 公司在深交所互动易信息发布及回复的总体要求： (一)公司在互动易平台发布信息及回复投资者提问，应当注重诚信，严格遵 守有关规定，尊重并平等对待所有投资者，主动加强与投资者的沟通 ...

第三条 公司应自行审慎判断应当披露的信息是否存在《上市公司信息披露 暂缓与豁免规定》《上市规则》《规范运作》等规定的暂缓、豁免情形，并采取有 效措施防止暂缓或豁免披露的信息泄露，接受证券交易所对有关信息披露暂缓、 豁免事项的事后监管。 第二章 信息披露暂缓与豁免的适用情形 第四条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 烟台正海生物科技股份有限公司 信息披露暂缓与豁免业务管理制度 烟台正海生物科技股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总 则 第一条 为规范烟台正海生物科技股份有限公司（以下简称"公司"）信息披 露暂缓与豁免行为，确保公司依法合规履行信息披露义务，保护投资者的合法权 益，根据《中华人民共和国证券法》《上市公司信息披露管理办法》《上市公司信 息披露暂缓与豁免管理规定》《深圳证券交易所创业板股票上市规则》（以下简称 "《上市规则》"）《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公 司规范运作》（以下简称"《规范运作》"）等相关法律法规，并根据《公 ...