金融界5月8日消息，上证指数低开高走，中证港股通医疗主题指数 (港股通医疗主题，932069)上涨 1.0%，报785.2点，成交额71.29亿元。 数据统计显示，中证港股通医疗主题指数近一个月上涨18.59%，近三个月上涨9.49%，年至今上涨 16.29%。 据了解，中证港股通医疗主题指数从港股通证券范围内选取50只业务涉及医疗器械、医疗商业与服务、 制药与生物科技服务等领域的上市公司证券作为指数样本，以反映港股通内医疗领域上市公司证券的整 体表现。该指数以2018年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证港股通医疗主题指数十大权重分别为：药明生物（15.52%）、京东健康 （11.3%）、阿里健康（7.65%）、国药控股（5.69%）、药明康德（5.44%）、金斯瑞生物科技 （3.74%）、威高股份（3.64%）、微创医疗（2.45%）、信达生物（2.42%）、康方生物（2.29%）。 从中证港股通医疗主题指数持仓样本的行业来看，医疗商业与服务占比35.85%、制药与生物科技服务 占比30.72%、医疗器械占比12.39%、化学药占比10.55%、生物药品占比10.07%、中药 ...

CONTENTS 目錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | CHAIRMAN'S STATEMENT | 主席報告書 | 4 | | FINANCIAL HIGHLIGHTS | 財務概要 | 11 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論與分析 | 15 | | DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT | 董事、監事及高級管理人員 | 30 | | REPORT OF THE SUPERVISORY COMMITTEE | 監事會報告書 | 39 | | REPORT OF THE DIRECTORS | 董事會報告 | 41 | | CORPORATE GOVERNANCE REPORT | 企業管治報告 | 68 | | INDEPENDENT AUDITOR'S REPORT | 獨立核數師報告書 | 89 | | CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND | 綜合損益及其 ...

金融界4月18日消息，A股三大指数收盘涨跌不一，中证港股通医疗主题指数 (港股通医疗主题， 932069)平盘报收，报0.0点，成交额0.0亿元。 从中证港股通医疗主题指数持仓样本的行业来看，医疗商业与服务占比35.98%、制药与生物科技服务 占比30.61%、医疗器械占比12.17%、化学药占比10.73%、生物药品占比10.09%、中药占比0.42%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证券范 围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 数据统计显示，中证港股通医疗主题指数近一个月下跌11.89%，近三个月上涨13.46%，年至今上涨 8.75%。 据了解，中证港股通医疗主题指数从港股通证券范围内选取50只业务涉及医疗器械、医疗商业与服务、 制药与生物科技服务等领域的 ...

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company's 2024 operating performance is stable, and the increase in dividend payout ratio reflects a strong commitment to shareholder returns [3]. - The company has maintained a "Buy" rating based on its 2024 performance and operational trends, with a downward adjustment in the EPS forecast for 2025-2026 [9]. Financial Summary - In 2024, the company achieved revenue of 13,087 million RMB, a year-on-year decline of 1.1%, while the net profit was 2,067 million RMB, showing a growth of 4.2% after excluding one-time impacts from 2023 [9]. - The orthopedic segment reported revenue of 1,440 million RMB, up 13.2%, with operating profit increasing by 196% [9]. - The drug packaging segment generated revenue of 2,280 million RMB, reflecting a growth of 12.6%, driven by high growth in pre-filled syringes and new product launches [9]. - The interventional segment's revenue was 1,980 million RMB, a modest increase of 2.5%, with domestic pressures offset by good overseas growth [9]. - The medical device and blood management segments faced revenue declines, with the medical device segment down 6.5% to 6,510 million RMB, while the blood management segment's revenue fell by 15.8% to 880 million RMB [9]. - The company plans to increase its cash dividend payout ratio to 50% by the end of 2024, with a proposed dividend of 0.1235 RMB per share, totaling 985 million RMB, a 29% increase year-on-year [9]. Growth Strategy - The company is actively developing nine new product series to create a second growth curve, focusing on the perioperative product portfolio and chronic disease management products [9]. - The company aims to leverage its sales channel advantages to ensure rapid market penetration of new products, contributing to revenue growth [9].

中金主要观点如下： 各业务表现分化，骨科收入修复明显 2024年分业务来看：1)医疗器械收入65.1亿元，同比-6.5%;经营利润10.7亿元，同比+1%。该行判断主要 产品销量和市占率均有稳步提升。2)骨科收入14.4亿元，同比+13.2%;经营利润2.2亿元，同比+196%。 该行判断脊柱、关节等大规模集采影响已经基本出清。3)药品包装收入22.8亿元，同比+12.6%。4)介入 板块收入同比+2.5%。5)血液管理收入8.8亿元，同比-15.8%;经营利润(不考虑无形资产摊销)同 比-41.4%，该行判断该板块业绩波动的原因可能包括国内采血量下降、设备周期性影响以及新品前期投 入较大。 中金：维持威高股份(01066)跑赢行业评级 目标价 6.4港元 关注第二增长曲线打开，公司或步入双位数增长阶段 智通财经APP获悉，中金发布研报称，维持威高股份(01066)2025年核心净利润不变，并首次引入2026年 核心净利润预测26.22亿元，当前股价对应2025/26年市盈率9.3/8.2倍。该行维持跑赢行业评级和目标价 6.4港元不变，对应2025/26年市盈率11.6/10.3倍。公司公布2024年业绩， ...

威高股份 20250326 摘要 Q&A 威高股份在 2024 年面临的主要挑战和机遇是什么？ 2024 年，威高股份面临复杂多变的国内外宏观环境和医疗器械行业加速变革的 挑战。政策层面，集采常态化持续推进，对产品价格带来了下行压力，迫使企 业加速创新降本增效。同时，国家对创新医疗器械和设备的支持力度不断加大， 鼓励企业增加研发投入，推动高端医疗器械国产替代。市场方面，人口老龄化 和居民健康意识不断提升，使得医疗器械市场需求呈现结构性变化。一方面， 基层医疗需求日益增长；另一方面，高端医疗器械需求也与日俱增。技术层面， • 威高股份 2024 年营收 131 亿元，净利润 20.7 亿元，同比增长 5%，通过平 台化、国际化、数字化和人才战略，实现生态协同拓展、海外市场突破、 运营效率提升及创新研发驱动，巩固行业领先地位。 • 临床护理板块收入 63.22 亿元，同比下降 9%，但通过优化产品结构、提升 市场占有率、推动自动化生产和改进产品性能，积极应对集采降价影响， 并计划拓展数智化产品等新业务。 • 骨科板块收入 14.4 亿元，同比增长 13%，经营利润增长 187%，受益于集采 和国产替代，运动医学、 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately RMB 13,087,071,000, a decrease of 1.1% compared to RMB 13,229,453,000 in the previous year[4] - The net profit attributable to the company's owners was approximately RMB 2,066,668,000, representing a growth of 3.2% from RMB 2,001,906,000 in the prior year[4] - Excluding special items, the net profit attributable to the company's owners was RMB 2,066,668,000, an increase of 4.2% compared to RMB 1,982,432,000 in the previous year[4] - The basic earnings per share for the year was RMB 0.46, up from RMB 0.44 in the previous year[6] - Total comprehensive income for the year was RMB 2,264,712,000, compared to RMB 2,119,784,000 in the previous year[6] - The group reported a total segment profit of RMB 2,304,781,000 for the year ended December 31, 2024, compared to RMB 2,166,194,000 in the previous year, reflecting an increase of 6.4%[14][15] - The company achieved a gross profit of RMB 6,580,631,000, a decrease of 0.9% compared to the previous year[66] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.1235 per share, compared to RMB 0.0943 per share in the previous year, pending shareholder approval[3] - The total dividends declared for the year amounted to RMB 851,052,000, an increase of 22.2% from RMB 696,565,000 in 2023[39] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.1235 per share, totaling RMB 564,473,092, compared to RMB 431,010,628 for the previous year[97] - The final dividend will be subject to shareholder approval at the upcoming annual general meeting scheduled for May 27, 2025[97] Assets and Liabilities - The company's total assets amounted to RMB 28,679,345,000, an increase from RMB 26,088,190,000 in the previous year[8] - The company's cash and bank balances rose to RMB 7,780,310,000 from RMB 6,988,731,000 in the previous year[8] - The company’s non-current liabilities increased significantly to RMB 3,337,779,000 from RMB 2,095,485,000 in the previous year[8] - Total liabilities as of December 31, 2024, were RMB 9,418,283 thousand, a decrease from RMB 9,677,526 thousand in 2023[18] - The total accounts payable was RMB 4,473,851,000, a slight decrease from RMB 4,546,147,000 in 2023[51] Research and Development - Research and development expenses increased to RMB 625,233,000 from RMB 592,850,000 in the previous year[5] - Research and development expenses totaled approximately RMB 625,233,000, accounting for 4.8% of the group's revenue, compared to 4.5% in 2023[57] - The group acquired 150 new product registrations and obtained 127 new patents during the year[55] Market Segments and Revenue Sources - The medical device segment generated revenue of RMB 6,512,192,000, accounting for 49.8% of total revenue, while the orthopedic products segment contributed RMB 1,439,446,000, representing 11%[14] - Sales of medical device products amounted to RMB 6,296,502 thousand, down 6.43% from RMB 6,727,859 thousand in the previous year[22] - Orthopedic product sales increased by 13.23% to RMB 1,439,446 thousand from RMB 1,271,203 thousand[22] - Revenue from blood management products decreased by 15.77% to RMB 876,777 thousand compared to RMB 1,041,994 thousand in 2023[22] - The pharmaceutical packaging business achieved revenue of approximately RMB 2,278,608,000, representing a growth of 12.6% year-on-year[56] Employee and Operational Metrics - The company employed a total of 12,719 employees as of December 31, 2024, an increase from 12,519 in the previous year[63] - The total employee costs amounted to RMB 2,431,338,000, up from RMB 2,209,253,000, reflecting an increase of 10.0%[37] Corporate Governance and Compliance - The company has confirmed the independence of its non-executive directors in accordance with the listing rules[89] - The audit committee has reviewed the audited consolidated financial statements for the year and found them to comply with applicable accounting standards[88] - The company has maintained high standards of corporate governance throughout the year, adhering to the corporate governance code[91] Future Plans and Investments - The group plans to continue expanding its product lines and market presence, particularly in the medical device and blood management sectors, to drive future growth[12] - The company plans to continue expanding production facilities and improving production processes to meet future market demand[58] - The group plans to invest approximately RMB 250,000,000 in the new pre-filled syringe and automatic injection pen production lines, expected to commence production in 2026[72] - The group plans to invest RMB 770,000,000 in the Songyuan Health Medical Industry Fund, accounting for 38.5%, with a cumulative investment of RMB 308,000,000[72] Financial Management and Taxation - Current corporate income tax expense increased to RMB 497,733,000, up 23.5% from RMB 403,063,000 in the previous year[32] - The company has a cumulative tax provision of RMB 31,180,000 related to product liability claims, a decrease from RMB 34,962,000 in the previous year[29] - The company’s effective tax rate remains at 15% for certain subsidiaries recognized as high-tech enterprises[33] Miscellaneous - The company recorded a net gain of RMB 4,474,000 from litigation, a significant decrease from RMB 28,548,000 in the previous year[29] - The company received government subsidies amounting to RMB 59,563,000, down from RMB 79,142,000 in the previous year[27] - The company will suspend the transfer of H shares from June 4, 2025, to June 10, 2025, to determine the entitlement to the proposed final dividend[96] - The annual report for the year ending December 31, 2024, is expected to be distributed to shareholders around April 30, 2025[99]

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 5.60 [4][66]. Core Views - The company is expected to emerge from the shadow of centralized procurement, with significant growth anticipated in its drug packaging and orthopedic product segments starting in 2024 [2][4][39]. - The medical device sector is projected to recover post-procurement, with a gradual increase in demand for low-value consumables as hospital visits and bed occupancy rates rise [3][40]. Summary by Sections Company Overview - The company is a well-known medical consumables manufacturer, with a broad sales network covering over 5,000 hospitals and 400 blood stations by the end of 2023 [1][17]. - Its product range includes syringes, infusion devices, orthopedic products, interventional products, and blood management products [1][17]. Financial Projections - Revenue for 2024 is projected to increase by 0.4% to RMB 13.278 billion, with a compound annual growth rate (CAGR) of 3.9% expected from 2023 to 2026 [5][53]. - The net profit for 2024 is expected to be RMB 2.024 billion, reflecting a 1.1% increase [5][54]. Drug Packaging Business - The drug packaging segment is anticipated to grow at a CAGR of 10.3% from 2023 to 2026, driven by the increasing demand for pre-filled syringes and pre-filled flushing syringes [2][20][28]. - The pre-filled syringe sales are expected to see a CAGR of 12.6% during the same period, with a significant market share of over 70% in China [21][28]. Orthopedic Products - After experiencing revenue declines due to centralized procurement, the orthopedic segment is expected to recover starting in 2024, with a projected CAGR of 11.8% from 2023 to 2026 [2][29]. - Sales of spinal, trauma, and joint products have shown a rebound, indicating a growing end-user demand [2][33]. Interventional Products - The interventional product segment is projected to maintain steady growth, with a CAGR of 5.3% from 2023 to 2026, supported by the global recognition of the company's products [3][35]. Medical Device Sector - The medical device sector is expected to recover from the impacts of centralized procurement, with revenue anticipated to stabilize and grow from 2025 onwards [3][40]. - The demand for low-value consumables is expected to increase as hospital activity resumes, with sales of key products like infusion devices and syringes showing positive growth trends [3][40]. Blood Management Business - The blood management segment is expected to remain stable in the short term, with a projected revenue decline of 17.4% in 2024, but long-term stability is anticipated due to supportive government policies [51][52].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][13][18] Core Insights - The company's revenue for the first half of 2024 was 6.636 billion (down 3.8%), with a net profit of 1.108 billion (down 7.5%), but a quarter-on-quarter growth of 37.7% in net profit [1][5] - The company is experiencing improved profitability despite challenges from centralized procurement and the impact of pandemic-related product sales [1][5] - The board has proposed an interim dividend of approximately 420 million, maintaining a 40% payout ratio [1][5] Revenue Breakdown - Medical Devices: Revenue of approximately 3.189 billion (down 7.7%), with stable growth in major product sales between 5%-15% [6][10] - Pharmaceutical Packaging: Revenue of approximately 1.168 billion (up 10.0%), with strong demand for pre-filled syringes and a market share increase [6][10] - Orthopedics: Revenue of 745 million (down 6.5%), with significant sales growth in spinal, trauma, and joint products between 20%-40% [6][10] - Interventional Business: Revenue of 1.114 billion (up 5.0%), with stable performance in the US and robust growth in Europe [6][10] Financial Metrics - The gross profit margin for the first half of 2024 was 50.9% (down 0.5 percentage points year-on-year), while the net profit margin decreased to 17.4% (down 0.6 percentage points year-on-year) [7][9] - Operating cash flow for the first half of 2024 was 1.023 billion, with cash content of net profit exceeding 90% [9][10] - The company has adjusted its revenue forecasts for 2024-2026 to 13.66 billion, 14.46 billion, and 15.43 billion respectively, with corresponding net profits of 2.186 billion, 2.351 billion, and 2.539 billion [12][16]

SUMMARY For the six months ended 30 June 2024 (the "Period"), the unaudited revenue of Shandong Weigao Group Medical Polymer Company Limited (the "Company") and its subsidiaries (the "Group") was approximately RMB6,635,688,000 ( s a m e p e r i o d i n 20 2 3: a p p ro x i m a t e l y RMB6,897,700,000), representing a decrease of approximately 3.8% as compared with the same period last year, the unaudited net profit attributable to the owners of the Company was approximately RMB1,107,549,000 (same period in ...