ZHBIO(SZ:300653) Xin Lang Cai Jing·2025-08-05 02:33Core Viewpoint - The company experienced a decline in revenue and net profit in the first half of 2025, attributed to changes in tax regulations and a slow recovery in consumer medical demand, particularly in oral repair membranes and increased competition in the market [1][2][3] Group 1: Financial Performance - In 1H25, the company reported revenue of 1.88 billion yuan, a decrease of 5.1% year-on-year, with net profit attributable to shareholders at 0.46 billion yuan, down 45.6% [1] - The second quarter of 2025 saw revenue of 0.90 billion yuan, a decline of 16.6% year-on-year, and net profit of 0.20 billion yuan, down 56.5% [1] - The company anticipates a gradual improvement in performance as consumer medical demand recovers and surgical volumes increase [1] Group 2: Product Performance - Revenue from oral repair membranes in 1H25 was 0.77 billion yuan, a year-on-year decrease of 19.4%, with a gross margin of 85.98%, down 1.63 percentage points [1] - The company’s meningeal products achieved stable growth, with revenue of 0.80 billion yuan in 1H25, reflecting a 5.9% year-on-year increase and a gross margin of 88.84%, down 3.04 percentage points [2] - New product developments include the approval of oral repair membranes for additional indications and ongoing clinical trials for breast patches and uterine repair membranes [2] Group 3: Cost and Expense Management - In 1H25, the sales expense ratio increased to 37.89%, reflecting a year-on-year rise of 12.01 percentage points, while the overall gross margin decreased to 83.92%, down 2.81 percentage points [2] - The company is increasing investment in sales expenses, which is contributing to the higher sales expense ratio [2] Group 4: Future Outlook - The company has adjusted its revenue growth and gross margin expectations for oral repair membranes and bone repair materials downward, while increasing the sales expense ratio forecast [3] - Projected net profits for 2025-2027 are 1.17 billion yuan, 1.30 billion yuan, and 1.44 billion yuan, respectively, with a corresponding EPS of 0.65, 0.72, and 0.80 yuan [3] - The target price for 2025 is set at 25.38 yuan, based on a PE ratio of 39x [3]