烟台正海生物科技股份有限公司 投资者关系活动记录表 编号：2025007 投资者关系活动 类别 √特定对象调研□媒体采访 □分析师会议 □新闻发布会□业绩说明会 □路演活动 □现场参观□其他 参与单位名称及 人员姓名 详见附件 时间 2025 年 8 月 5 日 地点 线上会议 上市公司接待人 员姓名 副总经理、财务总监、董事会秘书：赵丽女士 投资者关系活动主要内容 一、公司基本情况介绍 证券代码：300653 证券简称：正海生物 答：钙硅生物陶瓷骨修复材料目前处于注册发补阶段，预计于 2025 年年底前获 批注册证。钙硅生物陶瓷骨修复材料是一款钙硅基产品，硅离子具有促进成骨分化 和血管化的作用，能够有效引导牙槽骨的修复和再生。同时，该产品采用了三维打 印的方式成型，能够实现与自体骨相近的多孔结构，为组织提供了更优异的成骨环 境，使得该产品具备定制化生产匹配患者需求的潜力。谢谢！ 2025 年上半年，公司实现营业总收入 1.87 亿元，较上年同期减少 5.14%；实 现归属于上市公司股东的净利润 4648.57 万元，较上年同期减少 45.97%；归属于 上市公司股东的扣除非经常性损益的净利润达到 4028. ...

Overview 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]

正海生物 2025 年上半年净利润同比减少 46.77%，每股收益下降 45.83%，主要受增值税税率调整影响，税率从 3%调整至 13%直接降 低了收入和利润，同时费用端压力未减，对公司整体盈利能力造成显著 压力。 脑膜系列产品和口腔修复膜仍是主要收入来源，上半年分别实现销售收 入 8,027.17 万元和 7,711.62 万元。脑膜产品在集采和非集采区域均 表现良好，并在多个省级联盟采购项目中中标，但口腔业务受种植需求 不旺和价格下探影响，全年目标实现存在难度。 公司成立骨科事业部，专注活性生物骨的市场推广，团队约 20 人。活 性生物骨入院节奏明显改善，上半年基本达到预期目标，产品临床应用 表现出良好的有效性和安全性，但作为高值耗材，受到 DRG 费用包约 束。 钙硅生物陶瓷修复材料进入注册发补阶段，计划年底前获批。该产品通 过引入硅元素和 3D 打印技术，在骨修复和再生方面具有优势，并具备 定制化生产潜力，公司正在制定详细的市场推广规划。 Q&A 请介绍一下正海生物 2025 年上半年的经营情况。 2025 年上半年，正海生物实现营业收入 1.87 亿元，同比减少 5.14%。归属 于上市公司股东的 ...

Core Viewpoint - Zhenghai Biological is facing significant challenges with a nearly halved net profit and sluggish growth in its main products, indicating a development bottleneck [2][4]. Financial Performance - In the first half of 2025, Zhenghai Biological reported operating revenue of 188 million yuan, a year-on-year decrease of 5.14% [3][4]. - The net profit attributable to shareholders was 46.49 million yuan, down 45.97% year-on-year, marking the second consecutive year of decline in mid-year net profit [2][4]. - The net profit after deducting non-recurring gains and losses was 40.28 million yuan, a decrease of 46.77% compared to the previous year [3][4]. - Cash flow from operating activities was 47.67 million yuan, down 42.05% year-on-year [3]. - Basic and diluted earnings per share were both 0.26 yuan, compared to 0.48 yuan in the same period last year [3]. Marketing and Sales Expenses - Sales expenses surged by 38.87% to 71.18 million yuan in the first half of 2025, compared to 51.25 million yuan in the same period of 2024 [4][5]. - The increase in marketing expenses was attributed to precise marketing and academic promotion efforts [5]. - Despite the high marketing expenditure, profit growth did not materialize, with the main revenue sources experiencing significant declines [5]. Product Performance - Zhenghai Biological's primary business focuses on regenerative medical products for tissue repair and reconstruction, with 13 approved medical device products, including 9 Class III devices [5]. - The revenue from the oral repair membrane decreased by 19.38% to 77.12 million yuan, and the gross margin also declined [5]. - The brain membrane series saw a slight revenue increase of 5.88%, but the gross margin dropped by 3 percentage points due to price pressures from competitive bidding [5]. New Product Development - Zhenghai Biological is actively working on commercializing its active biological bone product, "Haiyu," which is the first domestic drug-device combination bone repair material [6]. - The product has been approved and launched, but specific sales figures have not been disclosed, raising concerns about market acceptance and future performance [6][7]. - The company is collaborating with distributors to promote the "Haiyu" product, but market cultivation will take time [7]. Market Challenges - The domestic bone repair materials market is highly competitive, with numerous domestic and international players, as well as emerging technologies posing threats to Zhenghai Biological [7]. - The management faces the challenge of converting high marketing investments into profits, which is critical for the company's performance in the second half of the year [8].