营销投入打水漂 正海生物失速

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].