海正生材 20250820 摘要 海正生材 2025 年上半年营收同比下降 87.32%，扣非净利润同比下降 88.82%，主要受产品售价下降及利息收入、政府补助减少影响。聚碳 酸酯销量增长，尤其在 3D 打印和挤出热成型领域分别增长 138%和 55%。 海正生材纯聚乳酸产量约 2.5 万吨，子公司海诺产线负荷率达 88.45%。纯聚乳酸销量同比增长超 7%，改性聚乳酸略降。3D 打印领 域占比显著提升至 20%，热成型领域增长较高，其他应用领域变化不大。 3D 打印增材制造市场快速发展，上半年机台销量增长 40%-50%，预 计 2026 年对聚乳酸需求将达 10 万吨级别。聚乳酸在该领域仍占据主 导地位，且增速保持第一。 国内 PLA 主要厂家包括海正、金发、普利斯、联恒、汇通等，各家产能 不同。海正拥有 6 万吨产能，并调试新项目中的 7.5 万吨，根据市场情 况决定投放产品。 二季度毛利率提升主要因产量提升及原料价格略降。公司预计聚乳酸价 格已逼近成本底线，不会大幅下跌，但若供大于求，仍可能下滑。 Q&A 海正生材在纯聚乳酸树脂的产量和销售方面表现如何？ 2025 年上半年，海正生材纯聚乳酸树脂的产 ...

Group 1 - The core viewpoint of the news is that Aidi Te is expected to outperform its 2024 performance in 2025, with stable product prices and a high proportion of domestic revenue [1] - Aidi Te plans to strengthen market expansion and brand building in 2025, anticipating significant revenue growth [1] - The company is launching invisible correction solutions and providing a full suite of digital orthodontic services, relying on automated equipment upgrades that are not expected to affect shipments [1] Group 2 - Aidi Te will upgrade its turning machines in 2025 and introduce rapid sintering furnaces and new 3D printing equipment [1] - The company aims to enhance brand building and training to increase market share, while also introducing 3D printing additive manufacturing solutions and implant guides into the US healthcare system [1] - The demand for implants is expected to increase due to domestic centralized procurement policies, and Aidi Te has already acquired a controlling stake in Korean company Wolan, with plans to establish production bases in Europe and Asia [1]