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 ...

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 ...

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 ...

烟台正海生物科技股份有限公司 董事会秘书工作细则 第一章 总 则 第一条 为了促进烟台正海生物科技股份有限公司（以下简称"公司"）的规 范运作，充分发挥董事会秘书的作用，加强对董事会秘书工作的管理与监督，依 据《中华人民共和国公司法》（以下简称《公司法》）《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》等有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定，制定本细则。 第二条 公司设董事会秘书 1 名。董事会秘书为公司的高级管理人员，对公 司和董事会负责，承担法律、法规和公司章程对公司高级管理人员所要求的义务， 享有相应的工作职权。作为与证券监管部门和证券交易所（以下简称"交易所"） 之间的指定联络人，依据有关法律法规、交易所的规则及《公司章程》履行职责。 第二章 董事会秘书的任职资格 第三条 公司董事会秘书须具有以下任职资格： （一）具有大学本科以上学历，从事经济、管理、证券等工作 2 年以上； 烟台正海生物科技股份有限公司 董事会秘书工作细则 （二）具备履行职责所必需的财务、管理、法律等专业知识； （三）具 ...

第二条 本制度所称内部审计，是指公司内部设立的审计机构依据国家法律 法规和公司内部管理制度，对其内部控制和风险管理的有效性、财务信息的真实 性和完整性以及经营活动的效率和效果等开展的一种评价活动。 内部审计管理制度 第一章 总则 第一条 为了规范和加强公司内部管理和审计监督，提高经营管理水平和风 险防范能力，促进公司整体战略和经营目标的实现，根据《中华人民共和国审计 法》《中国内部审计准则》《审计署关于内部审计工作的规定》等相关法律法规， 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》《公司章程》等相关规定，结合公司实际情况，特制定本制度。 烟台正海生物科技股份有限公司 内部审计管理制度 烟台正海生物科技股份有限公司 第三条 本制度适用于烟台正海生物科技股份有限公司、控股子公司以及对 公司具有重大影响的参股公司。 第二章 内部审计机构和人员 第四条 公司设立合规审计部作为公司的内部审计部门，受董事会下设的审 计委员会的监督指导并对其负责。合规审计部应当保持独立性，不得置于公司财 务管理部的领导之下，也不得与财务管理部合署办公。 第五条 合规审计部设负责人一名，由审计委员会提名 ...