（文章来源：证券日报） 证券日报网讯正海生物11月17日发布公告，在公司回答调研者提问时表示，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 该产品还采用了三维打印成型的制备工艺，能够实现与自体骨相近的多孔结构，使产品具备了定制化生 产匹配患者需求的潜力。公司将充分结合产品在组分、结构及工艺等方面的创新优势以及产品目标市场 的综合情况，差异化制定推广策略，以实现产品盈利水平最大化。 ...

Group 1: R&D and Market Strategy - The company plans to enhance its R&D capabilities by focusing on three main technology platforms: scaffold materials, factors, and cells, aiming to strengthen its position in the high-barrier III class implantable medical device sector [4] - The company aims to deepen its market presence by consolidating existing channels and core brands, driving product revenue growth, and expanding its product matrix to enhance synergy [4] Group 2: Product Advantages and Market Promotion - The active biological bone product has shown excellent performance in clinical applications, combining effectiveness and safety, which helps alleviate concerns regarding BMP products among doctors [5] - The company has successfully participated in bulk procurement for its membrane products across 24 provinces, maintaining a complete record of winning bids [5] Group 3: Future Product Development and International Expansion - The calcium silicate bioceramic bone repair material is designed to promote bone regeneration and has the potential for customized production, with differentiated marketing strategies planned to maximize profitability [6] - The company is exploring opportunities for international market expansion, with plans to increase overseas revenue [6] Group 4: R&D Investment Planning - The company’s R&D investment strategy is aligned with strategic needs, ensuring that investments support overall growth and product development [6]

Core Viewpoint - Zhenghai Biological (300653) emphasizes the high R&D investment and long time span required for the development and commercialization of medical devices, particularly Class III medical devices [1] Group 1: Product Development - The company is advancing the product registration of calcium silicate biological ceramic bone repair materials and intrauterine repair membranes [1] - Clinical trial summary work is underway for breast patches [1] Group 2: Research and Development Strategy - The company is actively exploring and researching in fields such as genetic engineering and synthetic biology to ensure a robust R&D pipeline [1] - This strategy aims to support the company's long-term development [1]

Group 1 - The stock price of Zhenghai Biological as of August 26, 2025, closed at 22.23 yuan, down 0.22 yuan or 0.98% from the previous trading day [1] - The trading volume on that day was 33,418 hands, with a transaction amount of 0.75 billion yuan and a turnover rate of 1.86% [1] - Zhenghai Biological operates in the medical device sector, focusing on the research, production, and sales of biological regenerative materials, including oral repair membranes and biological membranes [1] Group 2 - The company announced that its calcium silicate bioceramic bone repair material is a non-animal-derived synthetic bone repair material, which will be subject to a 13% value-added tax upon market launch [1] - Zhenghai Biological clarified that there are currently no plans to develop non-animal-derived meningeal series products [1] - A temporary shareholders' meeting is scheduled for August 27 to review multiple proposals, including changes to the business scope and amendments to the company’s articles of association [1] Group 3 - On August 26, the net outflow of main funds was 2.4205 million yuan, with a cumulative net outflow of 21.9957 million yuan over the past five days [1]

Core Viewpoint - The company announced that its calcium silicate bio-ceramic bone repair materials are non-animal sourced synthetic bone repair materials, which will be subject to a 13% value-added tax upon future sales [1] Group 1 - The company currently has no plans to develop non-animal sourced meninges series products [1]

Core Viewpoint - Zhenghai Biological (300653.SZ) announced that its calcium silicate bioceramic bone repair materials are non-animal sourced synthetic bone repair materials, which will be subject to a 13% value-added tax upon future sales [1] Group 1 - The company currently has no plans to develop non-animal sourced meninges series products [1]

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].

Core Viewpoint - Zhenghai Biological (300653) announced on August 6 that its calcium silicate bioceramic bone repair material is currently in the registration supplement phase, with an expected approval for the registration certificate by the end of 2025 [1] Group 1: Product Details - The calcium silicate bioceramic bone repair material is a calcium silicate-based product that promotes osteogenic differentiation and vascularization through silicon ions, effectively guiding the repair and regeneration of alveolar bone [1] - The product utilizes 3D printing technology to achieve a porous structure similar to autologous bone, providing an excellent osteogenic environment for tissue [1] - This product has the potential for customized production to meet patient-specific needs [1]

Core Viewpoint - Zhenghai Biological's revenue and net profit declined in the first half of 2025, primarily due to a downturn in the oral sector and increased competition, leading to lower product prices [1] Group 1: Financial Performance - In the first half of 2025, Zhenghai Biological achieved revenue of 187 million yuan, a year-on-year decrease of 5.14%, and a net profit of 46.49 million yuan, down 45.97% year-on-year [1] - The decline in revenue was mainly attributed to a drop in the oral segment, with the implant market experiencing weak demand and intensified competition [1] Group 2: Product Sales and Market Strategy - The main revenue sources for Zhenghai Biological are oral repair membranes and meningeal series products, with the latter generating sales of 80.27 million yuan [1] - Despite challenges in the industry, Zhenghai Biological has maintained a strong market presence through precise marketing strategies and close cooperation with key terminals [1] Group 3: New Product Development - In the first half of 2025, Zhenghai Biological's new oral repair membrane product received certification, and calcium silicate bio-ceramic bone repair materials are in the registration phase [2] - The company is also working on the registration of uterine cavity repair membranes and data management for breast patches, which are expected to contribute to revenue in the next 2-3 years [2] Group 4: Product Impact and Market Dynamics - The company noted that while centralized procurement has led to a decrease in the selling price of meningeal products, it has also resulted in increased sales volume [4] - Zhenghai Biological's meningeal products were successfully selected in procurement projects led by various provincial alliances [4]

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]