作为营收支柱的硬脑膜补片业务，正面临多重压力。集采政策冲击下的价格体系松动、国产竞品的技术追赶， 叠加自身产品迭代缓慢，共同构成了增长瓶颈。单一产品依赖的商业模式，在市场竞争加剧的背景下更显脆 弱。 研发投入的持续收缩与技术转化的低效，使得第二增长曲线迟迟未现。人工肝、CAR-T等前沿布局与核心业务 缺乏协同，而核心产品创新"断档"的隐患，正让公司在行业变革中逐渐失去主动权，未来发展的不确定性进一 步放大。 业绩增长的背后 2025年半年报显示，公司营收2.01亿元，同比微增5.89%；归母净利润2040万元，增速仅1.27%。 若将时间轴拉长至五年，这份"平淡无奇"的中报，不过是公司漫长估值消化周期的最新注脚。 数据显示，2020—2024年，公司营收从4.37亿元降至3.77亿元，累计降幅13.7%，期间仅2021年、2023年短暂回 升，2022年、2024年分别同比下滑22.84%、6.60%，下行趋势明显。 华夏时报记者 张斯文 于娜 北京报道 冠昊生物（300238）的半年报数据看似显现出回暖迹象，营收与利润的双增长为这家曾被视为"再生医学明 星"的企业带来短暂的市场关注。但拉长周期观察，核心业务 ...

Group 1: Financial Performance and Dividend Policy - The company has not distributed dividends for 7 consecutive years due to negative distributable profits, which complies with relevant regulations [3][18] - The management is focused on improving operational efficiency and resource allocation to meet future dividend conditions [7][18] - The company emphasizes the importance of shareholder returns and plans to develop a cautious dividend policy based on actual profit distribution conditions [3][18] Group 2: Core Business Areas - The company focuses on three main business segments: materials, pharmaceuticals, and cell therapy [3][11] - Key products in the materials segment include biological dura mater patches and sterile biological dressings, applicable in various medical fields [3][11] - The pharmaceutical segment features products like Bimekizumab, which treats inflammatory and autoimmune diseases [3][11] Group 3: Research and Development Progress - The company is actively advancing research in stem cell therapy and has ongoing projects in various medical fields, including liver disease and skin conditions [5][9] - The biological artificial liver project is currently in the preclinical research stage [9][18] - The company collaborates with several hospitals for clinical studies in areas such as cartilage repair and severe psoriasis treatment [5][9] Group 4: Market and Investor Relations - The company acknowledges the need for improved communication with investors regarding clinical results and project updates [6][9] - There are no current plans for share buybacks, but the company will adhere to regulations if such plans arise in the future [9][18] - The management is committed to maintaining transparency and fulfilling information disclosure obligations as required by regulations [6][9]

股东方面，截至2025年8月8日，冠昊生物股东户数33463户，较上次增加2302户，户均持股市值35.28万 元，户均持股数量2.76万股。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13冠昊生物164.85167.708.2545.98亿行业平均 59.3254.705.08121.09亿行业中值39.9739.752.9659.06亿1九安医疗11.6111.740.91195.93亿2英科医疗 15.3516.551.37242.47亿3山东药玻16.3716.421.88154.82亿4新华医疗16.4015.201.34105.14亿5奥美医疗 17.1116.761.7661.81亿6九强生物17.8316.582.1888.30亿7振德医疗18.0617.021.1565.55亿8康德莱 18.2418.261.5139.31亿9奥泰生物18.5219.531.5059.06亿10维力医疗18.6319.902.3443.67亿11鱼跃医疗 20.4920.102.77362.90亿12安图生物20.9620.012.69238.97亿 从行业市盈率排名来看，公司所处的医疗器械行业 ...

8月14日，冠昊生物今日收盘17.65元，下跌3.45%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到167.79倍，总市值46.80亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均55.76倍，行业中值39.14倍，冠昊生物排 名第113位。 资金流向方面，8月14日，冠昊生物主力资金净流出1639.87万元，近5日总体呈流出状态，5日共流出 7166.14万元。 最新一期业绩显示，2025年一季报，公司实现营业收入9479.71万元，同比3.67%；净利润1486.61万 元，同比3.30%，销售毛利率77.05%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13冠昊生物167.79170.708.4046.80亿行业平均 55.7651.784.92117.92亿行业中值39.1439.592.8556.79亿1九安医疗11.1811.310.88188.72亿2英科医疗 14.7815.931.32233.49亿3山东药玻16.1716.211.86152.90亿4新华医疗16.3115.111.33104.53亿5振德医疗 17.0416.061.0861. ...

Company Overview - Guanhao Biological Technology Co., Ltd. focuses on developing new products and technologies with independent intellectual property rights, aiming to enhance product quality and optimize product structure as core drivers of development [2] - The main products include biological dura (spinal) membrane patches, chest repair membranes, sterile biological dressings, and corneal implants [2] - The company is recognized as a "National Intellectual Property Advantage Enterprise" and has several subsidiaries classified as high-tech enterprises [2] Financial Performance - As of the first quarter of 2025, the company reported revenue of 94.79 million yuan, a year-on-year increase of 3.67%, and a net profit of 14.87 million yuan, also up by 3.30% [2] - The gross profit margin stands at 77.05% [2] Market Position - The company's stock closed at 17.9 yuan, with a rolling price-to-earnings (PE) ratio of 170.17, significantly higher than the industry average of 54.79 and the median of 37.86 [1][3] - The total market capitalization is 4.746 billion yuan [1] Shareholder Information - As of July 31, 2025, the number of shareholders is 31,161, an increase of 562 from the previous count, with an average holding value of 352,800 yuan per shareholder [1]

Company Overview - Guanhao Biological Technology Co., Ltd. focuses on developing new products and technologies with independent intellectual property rights, aiming to enhance product quality and optimize product structure as core drivers of development [2] - The main products include biological dura (spinal) membrane patches, B-type dura (spinal) membrane patches, thoracic repair membranes, sterile biological dressings, and other specialized medical materials [2] - The company is recognized as a "National Intellectual Property Advantage Enterprise" and has several subsidiaries that are classified as high-tech enterprises [2] Financial Performance - For Q1 2025, the company reported revenue of 94.79 million yuan, a year-on-year increase of 3.67%, and a net profit of 14.87 million yuan, also up by 3.30%, with a gross profit margin of 77.05% [2] - The current stock price is 17.65 yuan, with a rolling price-to-earnings (PE) ratio of 167.79, significantly higher than the industry average of 53.93 and the median of 37.81 [1][3] Market Position - In terms of market capitalization, Guanhao Biological has a total market value of 4.68 billion yuan, ranking 113th in the medical device industry based on PE ratio [1] - The company has seen a net outflow of 17.35 million yuan in principal funds on August 6, but overall, there has been a net inflow of 61.34 million yuan over the past five days [1]

股东方面，截至2025年7月31日，冠昊生物股东户数31161户，较上次增加562户，户均持股市值35.28万 元，户均持股数量2.76万股。 冠昊生物科技股份有限公司的主营业务是致力于开发具有自主知识产权的新产品、新技术,将提升产品 质量、优化产品结构视为企业发展的核心驱动力,积极应对市场挑战,不断调整优化营销策略,积极提升品 牌影响力和市场占有率,不断推动公司核心业务生物材料、药业、细胞三大业务板块的协同快速发展。 公司的主要产品是生物型硬脑（脊）膜补片、B型硬脑（脊）膜补片、胸普外科修补膜、无菌生物护创 膜、艾瑞欧乳房补片、优得清脱细胞角膜植片。公司作为"国家知识产权优势企业"，其中商标"冠昊生 物""欣比克"纳入广东省重点商标保护名录。冠昊生物及下属子公司北昊研究院、中昊药业、武汉北度 均为高新技术企业；冠昊生物、北昊研究院、中昊药业均为广东省专精特新中小企业；冠昊科技园为国 家级科技企业孵化器、广州市中小企业服务站、优秀科技金融工作站、青年众创空间、粤港澳青少年交 流活动基地、黄埔区企业家服务中心工作站。 最新一期业绩显示，2025年一季报，公司实现营业收入9479.71万元，同比3.67%；净利润 ...

冠昊生物科技股份有限公司的主营业务是致力于开发具有自主知识产权的新产品、新技术,将提升产品 质量、优化产品结构视为企业发展的核心驱动力,积极应对市场挑战,不断调整优化营销策略,积极提升品 牌影响力和市场占有率,不断推动公司核心业务生物材料、药业、细胞三大业务板块的协同快速发展。 公司的主要产品是生物型硬脑（脊）膜补片、B型硬脑（脊）膜补片、胸普外科修补膜、无菌生物护创 膜、艾瑞欧乳房补片、优得清脱细胞角膜植片。公司作为"国家知识产权优势企业"，其中商标"冠昊生 物""欣比克"纳入广东省重点商标保护名录。冠昊生物及下属子公司北昊研究院、中昊药业、武汉北度 均为高新技术企业；冠昊生物、北昊研究院、中昊药业均为广东省专精特新中小企业；冠昊科技园为国 家级科技企业孵化器、广州市中小企业服务站、优秀科技金融工作站、青年众创空间、粤港澳青少年交 流活动基地、黄埔区企业家服务中心工作站。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均55.46倍，行业中值37.74倍，冠昊生物排 名第111位。 股东方面，截至2025年7月18日，冠昊生物股东户数30599户，较上次减少1124户，户均持股市值35.28 万元，户 ...

Group 1 - The core business of the company focuses on developing new products and technologies with independent intellectual property rights, aiming to enhance product quality and optimize product structure as key drivers for growth [2] - The company reported a revenue of 94.79 million yuan for Q1 2025, representing a year-on-year increase of 3.67%, and a net profit of 14.87 million yuan, also up by 3.30%, with a gross profit margin of 77.05% [2] - As of July 18, 2025, the number of shareholders decreased to 30,599, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - The company's current rolling PE ratio is 163.32, which is significantly higher than the industry average of 54.55 and the industry median of 37.54, ranking it 111th in the industry [1][3] - The company is recognized as a "National Intellectual Property Advantage Enterprise" and has several subsidiaries that are classified as high-tech enterprises, contributing to its brand influence and market share [2] - The company operates in three main business segments: biomaterials, pharmaceuticals, and cell therapy, which are expected to develop synergistically [2]

最新一期业绩显示，2025年一季报，公司实现营业收入9479.71万元，同比3.67%；净利润1486.61万 元，同比3.30%，销售毛利率77.05%。 7月22日，冠昊生物今日收盘16.71元，下跌2.34%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到158.86倍，总市值44.31亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均53.47倍，行业中值37.00倍，冠昊生物排 名第111位。 资金流向方面，7月22日，冠昊生物主力资金净流出1321.89万元，近5日总体呈流出状态，5日共流出 1092.10万元。 冠昊生物科技股份有限公司的主营业务是致力于开发具有自主知识产权的新产品、新技术,将提升产品 质量、优化产品结构视为企业发展的核心驱动力,积极应对市场挑战,不断调整优化营销策略,积极提升品 牌影响力和市场占有率,不断推动公司核心业务生物材料、药业、细胞三大业务板块的协同快速发展。 公司的主要产品是生物型硬脑（脊）膜补片、B型硬脑（脊）膜补片、胸普外科修补膜、无菌生物护创 膜、艾瑞欧乳房补片、优得清脱细胞角膜植片。公司作为"国家知识产权优势企业"，其中商标"冠昊生 ...