格隆汇1月8日丨威高股份(01066.HK)发布公告，2026年1月8日耗资519.96万港元回购99.48万股，回购价 格每股5.2-5.26港元。 ...

呈交日期： 2026年1月8日 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 山東威高集團醫用高分子製品股份有限公司 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01066 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份 ...

Summary of Weigao Co., Ltd. Conference Call Company and Industry Overview - **Company**: Weigao Co., Ltd. (威高股份) - **Industry**: Medical Devices and Biopharmaceuticals Key Points and Arguments Restructuring and Strategic Moves - Weigao Co., Ltd. plans to restructure by acquiring Weigao Clean, aiming to achieve synergies with Weigao Blood Purification and enter the upstream biopharmaceutical industry, initiating a second growth curve. The transaction is expected to complete around June to July 2026 [2][4] - The valuation of Weigao Purui is set at 8.51 billion RMB, with a PE ratio of 14.66, which is higher than similar listed companies but meets regulatory requirements and includes performance commitments [2][7] - Post-transaction, Weigao Co. and its employee stock ownership platform will hold 52.10% of Weigao Blood Purification, significantly diluting Weigao Group's direct stake to 24.90% [2][10] Financial Projections and Performance Commitments - Weigao Blood Purification commits to distributing dividends of no less than 50% of net profit over the next three years, with Weigao's overall dividend policy expected to remain at or above 50% [2][9] - Revenue and net profit for Weigao Purui are projected to grow at a compound annual growth rate (CAGR) of less than 10% over the next two to three years, while the blood purification business is expected to exceed 100 million RMB in sales within three years, with a gross margin of at least 50% [3][30] Market Dynamics and Growth Opportunities - The biopharmaceutical upstream market is projected to reach 150 billion RMB globally, with a 21 billion RMB market in China. The demand for upstream biopharmaceutical products is rapidly increasing, with a growth rate of approximately 11% to 12% for filters [2][14][21] - The Chinese innovative drug industry has seen record highs in licensing and business development transactions, contributing nearly 1 trillion RMB, indicating a significant opportunity for domestic alternatives in the biopharmaceutical sector [14][15] Competitive Landscape and Advantages - Weigao Blood Purification is a leader in the domestic dialysis market, holding over 30% market share, and has rapidly expanded into overseas markets [5][6] - The company has developed a strong competitive advantage in the biopharmaceutical upstream sector through its proprietary hollow fiber membrane technology and extensive customer base, covering around 700-800 clients domestically and establishing a presence in markets like South Korea and Russia [13][22][27] Risks and Challenges - The restructuring may lead to a dilution of earnings per share (EPS) by approximately 5%, but the blood purification business is expected to contribute significantly to overall revenue and net profit [16][30] - If performance commitments are not met, Weigao Purui will compensate with shares or cash, ensuring that the total compensation does not exceed the total shares obtained from the transaction [24] Future Outlook - The restructuring is seen as a strategic move to enhance product diversity and resilience against market risks, with potential for further strategic acquisitions in the future [11][17] - The company anticipates a gradual recovery in the industry by 2026, driven by increasing medical demand and the consolidation of smaller competitors, positioning Weigao for market share expansion [31] Additional Important Information - The transaction's pricing for Weigao Blood Purification was set at 31.229 RMB per share, reflecting a maximum discount of 80% from the average closing price prior to suspension [7][19] - The integration of Weigao Purui's existing resources and technology into the biopharmaceutical upstream market is expected to enhance overall competitiveness and market penetration [8][25]

Core Viewpoint - CICC has downgraded Weigao's net profit estimates for 2025 and 2026 by 7% to RMB 19.89 billion and RMB 21.83 billion respectively, while introducing a net profit estimate of RMB 23.48 billion for 2027, maintaining a target price of HKD 6.40 and an outperform rating, indicating a potential upside of 22.4% [1] Group 1 - Weigao announced a reasonable exchange price for the share swap transaction with Weigao Blood Products, which will result in Weigao controlling Weigao Blood Products [2] - The final valuation for Weigao Purui was confirmed at RMB 8.511 billion, with the share swap involving 272 million shares, representing 65.11% of Weigao Blood Products' current issued shares [2] - After the transaction, Weigao's stake in Weigao Blood Products will increase from 23.53% to 51.35%, making Weigao Blood Products a subsidiary of Weigao [2] Group 2 - Weigao Purui's profit commitment is set at RMB 6.39 billion, RMB 7.20 billion, and RMB 7.84 billion for 2026 to 2028, with a compound annual growth rate (CAGR) of 10.7% [3] - If the transaction is delayed until 2027, the profit commitments for Weigao Purui will be RMB 7.20 billion, RMB 7.84 billion, and RMB 8.45 billion for 2027 to 2029, with a CAGR of 8.3% [3] Group 3 - Weigao Blood Products focuses on dialysis consumables and equipment, while Weigao Purui specializes in pre-filled delivery systems and automatic safety delivery systems, creating synergies in the biopharmaceutical upstream market [4] - The upstream biopharmaceutical market in China is projected to reach RMB 21.2 billion in 2024, with an expected growth to RMB 40.6 billion by 2030, reflecting a CAGR of 11.5% and significant potential for domestic substitution [4]

Group 1 - The core viewpoint of the report is that the company Weigao Co., Ltd. (01066) has its net profit estimates for 2025 and 2026 revised down by 7% to 19.89 billion yuan and 21.83 billion yuan respectively, while introducing a net profit estimate of 23.48 billion yuan for 2027. The current stock price corresponds to a P/E ratio of 9.9x for 2026 and 8.9x for 2027, with a target price maintained at 6.40 HKD, indicating a potential upside of 22.4% based on a sector valuation increase [1][2]. Group 2 - On January 5, 2026, Weigao Co., Ltd. announced the progress of a share swap transaction with Weigao Blood Products (603014), which is deemed reasonable. Following the transaction, Weigao Co., Ltd. will hold a controlling stake in Weigao Blood Products. The final valuation for Weigao Purui was confirmed at 8.511 billion yuan, corresponding to a static P/E of 14.66x for 2024, with the share swap involving 272 million shares, representing 65.11% of the current issued shares of Weigao Blood Products [2][3]. Group 3 - Weigao Co., Ltd. has made a cautious and reasonable profit commitment for Weigao Purui, projecting net profits of 639 million yuan, 720 million yuan, and 784 million yuan for the years 2026 to 2028, reflecting a compound annual growth rate (CAGR) of 10.7%. If the transaction is delayed until 2027, the profit commitments for 2027 to 2029 will be 720 million yuan, 784 million yuan, and 845 million yuan, with a CAGR of 8.3% [3]. Group 4 - Weigao Blood Products and Weigao Purui are expected to have synergistic effects as they jointly expand into the upstream biopharmaceutical market. Weigao Blood Products focuses on consumables and equipment for blood dialysis and peritoneal dialysis, while Weigao Purui specializes in pre-filled delivery systems and automatic safety delivery systems for vaccine, antibody, and recombinant protein pharmaceutical companies. The upstream biopharmaceutical market in China is projected to reach 21.2 billion yuan in 2024, with an expected growth to 40.6 billion yuan by 2030, reflecting a CAGR of 11.5% and significant potential for domestic substitution due to low localization rates [4].

自1月6日以来公司已连续2日进行回购，合计回购267.48万股，累计回购金额1395.49万港元。 其间该股 累计上涨0.38%。（数据宝） 证券时报·数据宝统计，威高股份在港交所公告显示，1月7日以每股5.260港元至5.350港元的价格回购 108.00万股，回购金额达573.16万港元。该股当日收盘价5.320港元，上涨1.72%，全天成交额1.55亿港 元。 威高股份回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.07 | 108.00 | 5.350 | 5.260 | 573.16 | | 2026.01.06 | 159.48 | 5.230 | 5.010 | 822.33 | （文章来源：证券时报网） ...

威高股份(01066)发布公告，该公司于2026年1月7日斥资573.16万港元回购108万股股份，每股回购价格 为5.26-5.35港元。 ...

格隆汇1月7日丨威高股份(01066.HK)发布公告，2026年1月7日耗资573.16万港元回购108万股，回购价 格每股5.26-5.35港元。 ...

智通财经APP讯，威高股份(01066)发布公告，该公司于2026年1月7日斥资573.16万港元回购108万股股 份，每股回购价格为5.26-5.35港元。 ...

FF305 第 1 頁 共 6 頁 v 1.3.0 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 山東威高集團醫用高分子製品股份有限公司 呈交日期： 2026年1月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01066 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括 ...