ZHBIO(SZ:300653) Zheng Quan Zhi Xing·2025-08-05 22:17Overview 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]