证券日报网讯正海生物（300653）9月17日发布公告，在公司回答调研者提问时表示，活性生物骨是国 内首个含与胶原特异结合的rhBMP-2的骨填充产品，具有很高的创新性。目前，骨形态发生蛋白(BMP) 类产品在骨修复材料领域的市场份额相对较小，仍具备较大的增长潜力。在骨形态发生蛋白类产品的细 分赛道内，公司活性生物骨将凭借该产品特性等优势，不断提升产品市占率，逐步实现产品销售收入的 增长。今年以来，活性生物骨的推广入院工作有序开展，整体入院节奏符合预期，公司将不断强化销售 团队的专业推广能力，加速市场开拓。 ...

Group 1: Market Outlook and Product Development - The active biological bone product is the first domestic bone filling product containing rhBMP-2, indicating high innovation potential. The market share for BMP products in bone repair materials is currently small but has significant growth potential [3]. - The company is enhancing its sales team's professional promotion capabilities to accelerate market expansion for the active biological bone product, with promotional activities progressing as expected this year [3]. Group 2: Oral Implant Industry and Competitive Landscape - Short-term demand for oral implants is relatively flat; however, long-term growth is expected due to factors like aging population and cost reductions from centralized procurement policies, which will increase implant penetration [3]. - The company aims to solidify its position in the oral repair membrane market by deepening cooperation with key terminals and stabilizing market share despite increasing competition and price wars [4]. Group 3: Procurement Projects and Market Share - As of now, 6 provincial and 2 inter-provincial alliances have initiated bulk procurement for the company's membrane products, covering a total of 24 provinces. The company has successfully bid in all provinces where procurement has occurred [4]. - Although bulk procurement has led to a decrease in membrane prices, it has also resulted in increased sales volume, maintaining stable market share [4]. Group 4: Stem Cell Project and Future Plans - The company is in the product process verification stage for its umbilical cord mesenchymal stem cell project, which will enhance its product offerings in the field of soft tissue repair and regenerative medicine [4]. - The company is actively planning to expand some products into overseas markets, aiming to achieve overseas revenue growth [5].

Core Viewpoint - Zhenghai Biological is at a crossroads of transformation as its marketing expenses surged by 39%, yet it failed to achieve revenue growth, with a significant decline in net profit and core product revenues [4][5] Financial Performance - The company reported a 5.14% year-on-year decline in revenue to 187 million yuan, while net profit dropped by 45.97% to 46.49 million yuan, and non-recurring net profit fell by 46.77% to 40.28 million yuan [4][6] - The main reasons for the profit decline include a nearly 20% drop in oral repair membrane revenue, increased cost pressures, and changes in the external environment [4][6] Product Performance - The sales revenue of the brain membrane series products increased by 5.88% to 80.27 million yuan, becoming a rare highlight in the report, attributed to successful bids in multiple provincial alliances [6] - Conversely, the oral repair membrane business saw a revenue decline of 19.38% to 77.12 million yuan, with a decrease in gross margin by 1.63 percentage points to 85.98% [6][7] - The decline in oral repair membrane revenue is attributed to weak market demand, intensified competition, and continuous price reductions [6][7] Tax and Regulatory Impact - Starting January 1, 2025, the VAT on key raw materials for Zhenghai Biological's main products will increase from a simplified rate of 3% to a general rate of 13%, significantly eroding profit margins [7] Structural Issues - The company's revenue structure is heavily reliant on two main products, which account for over 80% of total revenue, making it vulnerable to market fluctuations [6][7] Marketing and Sales Strategy - In response to declining performance, the company increased its sales expenses to 71.18 million yuan, a 38.87% increase, primarily for market promotion and commercial support [8] - The sales expense ratio rose from 25.88% to 37.90%, while net profit margin decreased from 43.45% to 24.75%, indicating a mismatch between marketing investment and revenue generation [8][9] New Product Development - The company is pinning hopes on new products like active biological bone, which has not yet generated significant sales despite being registered for nearly three years [9][10] - Other in-development products are progressing slowly, with potential revenue contributions expected in 2-3 years, which may not address immediate financial pressures [10] International Expansion - The company is exploring international markets, which present significant potential but require higher standards for product quality, certification, and marketing capabilities [10]

Core Insights - Zhenghai Biological reported an increase in sales expenses primarily due to market promotion of active biological bones and targeted marketing in the oral sector [2] - The decline in revenue was mainly attributed to a decrease in income from the oral segment [2] - The company plans to continue focusing on its advantageous areas and consistently incubate new products to achieve stable revenue growth in the future [2]

Core Viewpoint - Zhenghai Biological's performance in the first half of 2025 shows a significant decline in revenue and net profit, primarily due to the contrasting performance of its core products, with the membrane series growing while the oral repair membrane business suffers a decline [1][2][3]. Financial Performance - The company reported a revenue of 187 million yuan, a year-on-year decrease of 5.14% [1]. - The net profit attributable to shareholders was 46.49 million yuan, down 45.97%, marking the largest decline since its listing [1]. - The gross profit margin decreased by 2.81 percentage points to 83.92%, and the net profit margin fell from 43.45% to 24.75% [3]. Product Performance - The membrane series products achieved sales of 80.27 million yuan, a year-on-year increase of 5.88%, benefiting from continued success in centralized procurement [1][2]. - In contrast, the oral repair membrane's revenue was 77.12 million yuan, down 19.38%, with a gross margin decline of 1.63 percentage points to 85.98% [2][3]. - The company attributes the decline in the oral repair membrane segment to intense competition in the private market and a lack of demand in the dental implant market [2]. Marketing and Sales Strategy - Sales expenses increased by 38.87% to 71.18 million yuan, primarily for market promotion and competitive marketing strategies [1][3]. - Despite the increase in marketing expenses, the sales expense ratio rose from 25.88% to 37.90%, indicating that higher spending did not translate into improved market share [3]. New Product Development - The company is focusing on new products like active biological bone, which has started sales in 2023, but specific revenue figures have not been disclosed [5]. - Future products, including calcium silicate biological ceramic bone repair materials and uterine cavity repair membranes, are in various stages of development and are expected to contribute to revenue in the next 2-3 years [5][6]. - The success of new products will depend on their ability to gain market share amidst intense competition [6].

针对投资者关心的公司新品活性生物骨产品、生物陶瓷骨修复材料等，正海生物也给予了回应。 日前，正海生物（300653）接受投资者调研，针对上半年业绩变动以及相关产品销售情况进行了回应。 财报显示，2025年上半年，正海生物实现营收1.87亿元，同比减少5.14%，净利润4648.57万元，同比减 少45.97%。正海生物表示，上半年公司的收入下滑主要受口腔板块的收入下滑影响，种植市场需求不 旺，竞争日益激烈，产品价格走低导致口腔修复膜收入同比下滑。此外，受到税率调整的影响，公司整 体收入承压。 据介绍，目前，口腔修复膜和脑膜系列产品仍是正海生物的主要收入来源，其中，脑膜系列产品合计实 现销售收入8027.17万元，在辽宁牵头省际联盟、陕西牵头省际联盟、河北省、山东省的接续采购项目 中成功中选，继续保持着脑膜系列产品在集中带量采购项目中持续中标的良好态势。口腔修复膜实现销 售收入7711.62万元，尽管行业面临竞争加剧、需求波动等压力和挑战，但正海生物坚持精准化营销策 略，不断增进与头部终端的紧密合作，稳住了渠道对市场份额的覆盖。 此外，2025年上半年，正海生物新产品口腔修复膜产品获证，钙硅生物陶瓷骨修复材料进 ...

Group 1: Company Performance Overview - In the first half of 2025, the company achieved total revenue of 187 million yuan, a decrease of 5.14% compared to the same period last year [3] - Net profit attributable to shareholders was 46.49 million yuan, down 45.97% year-on-year [3] - Earnings per share were 0.26 yuan, reflecting a decline of 45.83% compared to the previous year [3] Group 2: Key Product Performance - The main revenue sources were oral repair membranes and meningeal series products, with meningeal products generating sales of 80.27 million yuan [3] - Oral repair membranes achieved sales of 77.12 million yuan despite increased competition and demand fluctuations [3] - New product active biological bone showed steady growth, with hospital admissions meeting targets and sales gradually increasing [3][4] Group 3: Future Product Development - The new oral repair membrane product has received certification, and calcium silicate biological ceramic bone repair materials are in the registration phase, expected to enhance the company's product portfolio [4] - Other pipeline products, including uterine repair membranes and breast patches, are in the registration and data management stages, anticipated to contribute to revenue in the next 2-3 years [4] Group 4: Market Challenges and Strategies - The decline in revenue was primarily due to decreased income from the oral sector, driven by weak demand in the implant market and intensified competition [6] - The company plans to continue focusing on its strengths and developing new products to achieve stable revenue growth [6] - The impact of centralized procurement on meningeal product pricing has led to a decrease in prices but an increase in sales volume [7] Group 5: International Expansion Plans - The company is exploring the potential for some products to enter international markets and is currently planning related activities [7]

Summary of Zhenghai Biological Conference Call Company Overview - **Company**: Zhenghai Biological - **Industry**: Biopharmaceuticals, specifically focusing on medical materials and products Key Financial Performance - **Net Profit**: Decreased by 46.77% YoY in H1 2025, with a net profit of 46.49 million yuan [2][3] - **Earnings Per Share**: Dropped by 45.83% YoY, standing at 0.26 yuan [2][3] - **Revenue**: Total revenue for H1 2025 was 187 million yuan, a decline of 5.14% YoY [3] - **Impact of VAT Adjustment**: The increase in VAT from 3% to 13% significantly affected revenue and profit, leading to an effective price drop of approximately 9% [2][18][19] Product Performance - **Main Revenue Sources**: - Meningeal series products generated sales of 80.27 million yuan - Oral repair membranes contributed 77.12 million yuan [2][3] - **Active Biological Bone**: - Sales team consists of about 20 members, with a network of 1,175 distributors [3][12] - Target to achieve sales of approximately 40 million yuan for the year, doubling last year's figures [3][24] - **Calcium Silicate Bioceramic Repair Materials**: - Currently in the registration phase, expected to be approved by the end of the year [5][6] Market Challenges and Strategies - **Oral Sector Pressure**: The oral segment faces challenges due to weak demand for implants and price reductions, making it difficult to meet annual targets [2][7] - **Sales Strategy**: The company is focusing on precise marketing strategies and collaboration with leading terminals to stabilize market share [4][7] - **Clinical Application**: Active biological bone products have shown good effectiveness and safety in clinical applications, gaining recognition from clinicians [4][12] Future Outlook - **Annual Growth Target**: The company aims for a 20% revenue growth despite the challenges faced in H1 2025 [3][14] - **Stem Cell Project**: Currently in the process validation stage, with no clinical trials yet; the timeline for future progress remains uncertain [8][9] - **Market Expansion**: Plans to explore Southeast Asian markets, with recruitment for overseas sales personnel underway [27] Additional Insights - **Accounts Receivable**: Increased to 56.71 million yuan, primarily from hospitals, but cash flow remains stable [3][28] - **Stock Levels**: Inventory levels are normal, with no significant issues reported [38] - **Long-term Goals**: The company aims to increase market penetration for BMP-containing products, currently at less than 10% market share [31] Conclusion Zhenghai Biological is navigating significant challenges due to regulatory changes and market dynamics. The company is actively pursuing growth through strategic marketing, product development, and market expansion while managing financial pressures from increased taxation and competitive pricing.

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].

烟台正海生物科技股份有限公司 2025 年半年度报告摘要 证券代码：300653 证券简称：正海生物 公告编号：2025-028 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监 会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 ?不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 ?不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 烟台正海生物科技股份有限公司 烟台正海生物科技股份有限公司 2025 年半年度报告摘 要 二、公司基本情况 | 股票简称 | | 正海生物 | 股票代码 | 300653 | | --- | --- | --- | --- | --- | | 股票上市交易所 | | 深圳证券交易所 | | | | | 联系人和联系方式 | 董事会秘书 | | 证券事务代表 | | 姓名 | 赵丽 | | 吕杨琼 | | | 电话 | | 0535-6971993 | 0535-6971993 | | | 办公地址 | | 烟台经济技术开发 ...