支柱产品集采后遗症逐步显现 境外依赖与关联交易风险交织 财务数据显示，天星医疗近年业绩保持增长态势。2022年至2024年，公司收入从1.47亿元增长至3.27亿 元，净利润从4034万元提升至9538万元。2025年前5个月，公司实现收入1.11亿元，净利润3260万元， 同比增长142%。 然而，在这些光鲜的增长数据背后，公司的产品结构隐患日益凸显。天星医疗的收入高度依赖植入物产 品，2022年至2024年，该类产品收入占比分别为79.8%、78.2%和76.4%。尽管比例微降，但依然构成公 司收入的绝对主力。 2023年9月，运动医学类耗材被正式纳入第四批国家高值医用耗材集采目录，并于2024年5月开始执行。 此次集采中选产品平均降价幅度达60%，天星医疗虽有14款产品中标，但也不得不接受大幅降价。 集采政策的直接影响已经体现在公司财务报表中。2024年，公司毛利率为69.6%，较2023年的74.3%下 降4.7个百分点。公司坦言，毛利率下滑主要是植入物产品纳入带量采购计划导致销售价格下调所致。 带量采购政策虽然通过"以价换量"策略在短期内帮助公司维持了收入增长，但长期来看，如果销量增长 无法完全抵消 ...

Core Viewpoint - Yantai Zhenghai Bio-Tech Co., Ltd. focuses on the research and commercialization of regenerative medicine products, primarily oral repair membranes and dura mater products, which are the main sources of revenue for the company. The company faces increasing market pressures and competition while actively developing new products to enhance its revenue growth potential [2][3]. Company Overview - The company is a high-tech enterprise dedicated to the research, production, and sales of biological regenerative materials, being one of the earliest players in the regenerative medicine sector in China [9][11]. - The company has developed a range of products, including oral repair membranes, absorbable dura mater patches, and bone repair materials, which are widely used in various medical fields [11][21]. Financial Performance - For the first half of 2025, the company reported a revenue of approximately 187.84 million yuan, a decrease of 5.14% compared to the same period in 2024. The net profit attributable to shareholders decreased by 46.77% to approximately 40.28 million yuan [7][14]. - The basic earnings per share were 0.26 yuan, down 45.83% from the previous year [7][14]. Market Environment - The Chinese medical device industry is experiencing rapid growth, with an average annual growth rate of 10% from 2014 to 2023, and the market size reached 1.31 trillion yuan in 2023 [8][9]. - The implementation of centralized procurement policies for high-value medical consumables is increasing pressure on companies in the sector, with the government aiming to control prices and improve service quality [3][9]. Product Development and Innovation - The company is actively developing new products, including calcium silicate bio-ceramic bone repair materials and other regenerative products, to enhance its product portfolio and market competitiveness [2][16]. - The company has a robust pipeline of products under development, including a uterine repair membrane and breast patches, which are expected to expand its clinical application areas [16][20]. Competitive Position - The company has established a strong market presence with over 1,175 distributors nationwide, ensuring a broad and balanced marketing network [22]. - The company has received multiple certifications and honors, including being recognized as a national "little giant" enterprise and a high-tech enterprise, which underscores its commitment to innovation and quality [11][20]. Operational Efficiency - The company has implemented digital management systems to enhance operational efficiency, reduce errors, and improve decision-making speed [18][19]. - Continuous efforts in cost reduction and efficiency improvement have been made, focusing on optimizing production processes and enhancing quality control [17][18].