Core Viewpoint - The company, Weili Medical (603309.SH), announced that its products, including disposable sterile catheters and ultrasound-guided nerve block anesthesia puncture needles, have been selected for the second batch of innovative drug and medical device product catalog in Guangzhou, which recognizes the technological advancement and innovation of the company's products [1] Summary by Category - **Product Recognition** - The inclusion of the products in the catalog is a recognition of the technological advancement and innovation of the company's offerings [1] - **Market Impact** - This recognition is expected to enhance the company's brand awareness and market competitiveness, positively influencing the sales of its innovative products [1] - **Short-term Financial Impact** - However, the short-term impact on the company's operating performance is expected to be minimal, and investors are advised to remain cautious regarding investment risks [1]

证券代码：603309 证券简称：维力医疗 公告编号：2025-062 公司上述创新产品入选《广州市创新药械产品目录》，是对公司产品技术先 进性、创新性的认可，有助于提高公司品牌知名度及市场竞争力，对公司创新产 品未来的销售具有积极影响。 公司将借本次入选为契机，继续加大创新药械的研发力度，增强自主创新能 力，积极推动广州市生物医药产业和医疗民生事业的创新发展。 四、风险提示 广州维力医疗器械股份有限公司 关于公司产品入选《广州市创新药械产品目录》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、基本情况 广州维力医疗器械股份有限公司（以下简称"公司"）于近日收到广州市工 业和信息化局通知，公司产品一次性使用无菌导尿管（国械注准20243141963）、 超声引导神经阻滞麻醉穿刺针（国械注准20243082067）2款产品入选广州市第二 批创新药械产品目录。 二、入选背景 广州市创新药械的征集和遴选，其核心是推动广州市生物医药这一战略性新 兴产业创新发展、打造全球产业高地，加快培育新动能，进一步促进创新药械产 品的市 ...

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1] Industry Developments - In the first eight months of this year, Beijing's exports of medical instruments and devices reached 5.83 billion yuan, a year-on-year increase of 21.5% [1] - The overseas market for medical devices is significantly larger than the domestic market, leading to high growth for many companies in international business [1] Innovation and Product Approvals - Under supportive policies, there has been a surge in innovative product approvals in the medical device sector [2] - David Medical's subsidiary received a registration certificate for a disposable endoscopic linear cutting stapler, enhancing the company's product line and core competitiveness [2] - The NMPA approved a new "Extended Depth of Focus Intraocular Lens" from Tianjin Century Kangtai Biomedical Engineering Co., which aims to improve vision correction post-cataract surgery [2] High-End Medical Imaging Equipment - Neusoft Medical's X-ray computed tomography device received approval, featuring higher spatial resolution and multiple energy imaging capabilities [3][4] - The NMPA is actively supporting the innovation of high-end medical devices, including photon-counting CT technology, which represents a significant advancement in imaging [4][5] Company Performance - Weili Medical reported a third-quarter revenue of 446 million yuan, a year-on-year increase of 16.09%, with a net profit of 70.57 million yuan, up 16.31% [6] - Xiangsheng Medical's revenue for the first three quarters was 343 million yuan, a decrease of 5.3%, while its net profit showed a slight decline [6] - Mindray Medical anticipates positive growth in its third-quarter revenue, with international business expected to accelerate [7] International Expansion - Companies are increasingly focusing on internationalization, with Mindray Medical planning to issue H-shares to enhance its global capital operations [8] - Weili Medical is constructing a factory in Indonesia, expected to start shipments by the end of Q1 2026, primarily supplying products to major clients in the U.S. [9] - The international business of medical device companies is projected to surpass domestic business in the future, with many companies transitioning from imitation to leading global innovation [10]

Group 1 - The core point of the news is that Weili Medical's stock price increased by 5.13% to 14.76 CNY per share, with a trading volume of 102 million CNY and a turnover rate of 2.44%, resulting in a total market capitalization of 4.308 billion CNY [1] - Weili Medical, established on April 30, 2004, and listed on March 2, 2015, specializes in the research, production, and sales of medical devices in various fields including anesthesia, urology, catheterization, nursing, respiratory care, and dialysis [1] - The revenue composition of Weili Medical is as follows: anesthesia 31.62%, catheterization 29.03%, urology 14.32%, nursing 11.45%, respiratory care 5.56%, dialysis 5.01%, and others 3.01% [1] Group 2 - From the perspective of Weili Medical's top ten circulating shareholders, a fund under China Merchants Fund, specifically the China Merchants Quantitative Selected Stock Initiation A (001917), entered the top ten circulating shareholders in the third quarter, holding 1.8866 million shares, which accounts for 0.65% of the circulating shares [2] - The estimated floating profit for this fund today is approximately 1.3584 million CNY [2] - The China Merchants Quantitative Selected Stock Initiation A (001917) was established on March 15, 2016, with a latest scale of 2.765 billion CNY, achieving a year-to-date return of 40.44% and a one-year return of 47.04% [2]

Core Viewpoint - The Social Security Fund's investment movements in the third quarter reveal a strategic shift, with notable changes in holdings across various stocks, indicating potential investment opportunities and sector performance trends [1][2][3][4] Group 1: Holdings Overview - The Social Security Fund appeared in the top ten shareholders of 33 stocks by the end of the third quarter, holding a total of 625 million shares valued at 13.07 billion yuan [1] - The fund maintained its position in 6 stocks, initiated positions in 7 stocks, increased holdings in 10 stocks, and reduced holdings in 10 stocks during the quarter [1] - The stock with the highest number of Social Security Fund shareholders is Sanhe Tree, with three funds listed among the top ten shareholders, holding a total of 15.02 million shares, accounting for 2.04% of the company's circulating shares [1] Group 2: Significant Holdings - The stocks with over 10 million shares held by the Social Security Fund include 17 stocks, with Poly Development having the largest holding of 124 million shares, which increased by 19.86 million shares in the third quarter [2] - China Jushi and CNOOC Development follow with holdings of 85.52 million shares and 55.16 million shares, respectively [2] - The highest holding percentage is in Baiya Shares, at 4.34% of circulating shares, with two funds increasing their holdings by over 3.18 million shares [2] Group 3: Market Performance - The newly acquired stocks by the Social Security Fund have seen an average increase of 0.28% since October, with Jinling Mining leading with a 10.36% increase [3] - Other notable performers include Koyuan Wisdom and Blue Science High-tech, with increases of 7.18% and 6.04%, respectively [3] - Among the new stocks, six reported year-on-year net profit growth, with Blue Science High-tech turning a profit with a net profit of 33.31 million yuan [3] Group 4: Performance of Increased Holdings - Among the stocks where the Social Security Fund increased its holdings, nine reported year-on-year net profit growth, with Xinqiang Lian turning a profit with a total revenue of 3.618 billion yuan, up 84.10% year-on-year [4] - The profit growth for Xinqiang Lian is attributed to the recovery in wind power demand and improved cost management [4] - Other companies with significant profit growth include Sanhe Tree, Stanley, Jiuzhou Pharmaceutical, Weili Medical, and Haida Group [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for the first three quarters of 2025 at 1.191 billion, 192 million, and 184 million yuan respectively, representing year-on-year growth of 12.33%, 14.94%, and 15.22% [5] - In Q3 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 446 million, 71 million, and 67 million yuan respectively, with year-on-year growth of 16.09%, 16.31%, and 13.17% [5] - The overall performance of the company is in line with expectations, continuing its stable business style [5] Summary by Sections Domestic and Overseas Market Performance - The domestic market growth rate improved significantly in Q3 2025, with revenue reaching 446 million yuan, a year-on-year increase of approximately 16.09%, compared to 12.60% and 8.16% in Q1 and Q2 respectively [6] - The overseas market remains a key growth driver, with ongoing construction of factories in Indonesia and Mexico aimed at serving North and South American clients, with the Indonesian factory expected to commence production in Q1 next year [6] Profitability and Product Mix - The company's gross margin in Q3 2025 was approximately 42.75%, and the net profit margin was about 16.31%, compared to 44.32% and 16.03% in Q3 2024 [7] - The decline in gross margin is attributed to lower average factory prices and a decrease in average gross margin from domestic operations, while the net profit margin remains high due to an increase in the proportion of high-margin products like silicone catheters and stone retrieval sheaths [7] - The company is shifting its product mix from low-value consumables to mid and high-value consumables, with a focus on high-margin products in its pipeline [7] Financial Projections - Revenue projections for 2025-2027 are 1.779 billion, 2.073 billion, and 2.426 billion yuan, with growth rates of 17.9%, 16.6%, and 17.0% respectively [8] - Net profit attributable to shareholders for the same period is projected to be 267 million, 318 million, and 384 million yuan, with growth rates of 21.5%, 19.1%, and 20.9% respectively [8] - The corresponding P/E ratios for 2025-2027 are expected to be 15x, 12x, and 10x [8]

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1] Group 1: Market Performance - In the first eight months of this year, Beijing's medical instruments and devices exports reached 5.83 billion, a year-on-year increase of 21.5% [1] - Some medical device companies have reported strong Q3 performance, with Weili Medical achieving a Q3 revenue of 446 million, up 16.09% year-on-year [5] - Xiamen Medical reported a revenue of 343 million in the first three quarters, a decrease of 5.3% year-on-year, while its Q3 net profit increased by 41.95% [6] Group 2: Innovation and Product Development - Under supportive policies, Chinese medical device companies are experiencing a surge in innovation, with multiple new products receiving approval [2] - David Medical's subsidiary received a registration certificate for a new type of surgical stapler, enhancing the company's product line and competitiveness [2] - Neusoft Medical's X-ray CT device received approval, offering higher spatial resolution and better clinical imaging capabilities compared to traditional CT [3] Group 3: International Expansion - Companies are increasingly focusing on international markets, with Mindray Medical planning to issue H-shares to enhance its global capital operations [7] - Weili Medical is constructing a factory in Indonesia, expected to start shipments in Q1 2026, primarily supplying products to major US clients [8] - Analysts believe that the international business potential is vast, with many companies experiencing high growth in overseas markets [8]

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1][3] - Medical device exports from Beijing reached 5.83 billion yuan in the first eight months of the year, marking a 21.5% year-on-year increase, indicating significant growth potential in international markets [1] - Several innovative medical devices have recently received approval, showcasing the industry's innovation vitality [2][3] Regulatory Support - The NMPA has issued measures to optimize the regulatory support for high-end medical device innovation, focusing on key areas such as medical robots, high-end medical imaging, and AI medical devices [3] - The approval of advanced imaging devices like photon-counting CT is seen as a major technological breakthrough, significantly improving traditional imaging methods [3] Company Performance - Weili Medical reported a 16.09% year-on-year increase in Q3 revenue, reaching 446 million yuan, and a net profit of 70.57 million yuan, up 16.31% [4] - Xiangsheng Medical's revenue for the first three quarters was 343 million yuan, down 5.3%, but Q3 net profit increased by 41.95% [4] International Expansion - Companies are increasingly focusing on internationalization, with Mindray Medical planning to issue H-shares for further capital strength and global market engagement [6][7] - Weili Medical is constructing a factory in Indonesia, expected to start shipments by Q1 2026, primarily supplying products to major clients in the U.S. [7] - Analysts believe that the international business potential is vast, with many domestic companies experiencing high growth in overseas markets [7]

Summary of Weili Medical's Conference Call Company Overview - **Company**: Weili Medical - **Period**: First three quarters of 2025 - **Total Revenue**: 1.16 billion CNY, up 12% year-on-year - **Net Profit**: 190 million CNY, up 14.74% year-on-year - **Overseas Revenue**: 670 million CNY, up 19.19% year-on-year, a key growth driver [2][3] Key Points and Arguments Financial Performance - **Domestic Revenue**: 490 million CNY, up 4.5% year-on-year [3] - **Overseas Revenue Growth**: Strong performance with a historical high of 261 million CNY in Q3, up approximately 15% [2][6] - **High-Gross Margin Products**: - Visual double catheter: 80% gross margin, nearly 20% growth - Silicone catheters: 50% gross margin, 31% growth - Special catheters: 64% gross margin, double-digit growth [2][4] Product Line Performance - **Urology Products**: 33% growth, significant contributor to revenue [7] - **Nursing Products**: 27% growth, also a strong performer [7] - **Anesthesia Products**: Highest revenue share (30%) but low growth (2.75%) [7] - **Respiratory Products**: Declined by 30% year-on-year [7] Strategic Focus - **High-Gross Margin and High-Value Products**: Company strategy emphasizes these products and overseas market expansion [2][8] - **Future Growth Expectations**: Anticipated 20% annual growth in overseas markets over the next 3-5 years [8] Market Dynamics - **Regional Performance**: - North America: 33% growth - Asia: 41% growth, recovering from a low base [9] - Europe: Flat performance, expected recovery in Q4 [9] - **Export Business**: 30% growth in agency export business, indicating successful transformation [9] Production Capacity Expansion - **New Factory in Indonesia**: Expected to start production in Q1 2026, enhancing capacity and order volume [6][19] - **Mexico Factory Plans**: Dependent on the performance of the Indonesian factory, with cautious evaluation due to high costs [20] Challenges and Risks - **Price Pressure from Procurement Policies**: Impact on margins due to competitive pricing and procurement policies [16][18] - **Collective Procurement Impact**: Potential for double-digit growth if new procurement rounds are favorable [18] Future Outlook - **High-Consumption Products**: Expected to grow 15-20% annually, potentially reaching 30-35% of total revenue in three years [17] - **Overall Performance**: Stable performance with a focus on overseas market expansion and high-value products [28] Additional Insights - **Government Subsidies**: Contributed to discrepancies between operating profit and net profit due to seasonal factors [25] - **Gross Margin Trends**: Expected to remain stable with slight fluctuations, while net margin may gradually improve [26] Conclusion - **Investment Potential**: Weili Medical shows strong growth in overseas markets and high-margin products, making it a company of interest for future investment opportunities [28]

Group 1: Report Overview - Report research object: Veli Medical, a company in the medical device industry [2][16] - Research date: October 21, 2025 [1][16] - Companies participating in the research: CITIC Futures, Yong'an Guofu, Zhongtai Medicine, Galaxy, Boyuan, etc. [2] Group 2: Core Views - From January to September 2025, the company achieved an operating revenue of 1.191 billion yuan, a year - on - year increase of 12.33%, and a net profit attributable to shareholders of the parent company of 192 million yuan, a year - on - year increase of 14.94%. The net profit after deducting non - recurring gains and losses attributable to shareholders of the parent company was 184 million yuan, a year - on - year increase of 15.22%. In Q3 2025, the company achieved an operating income of 446 million yuan, a year - on - year increase of 16.09%, a net profit attributable to shareholders of the parent company of 71 million yuan, a year - on - year increase of 16.31%, and a net profit after deducting non - recurring gains and losses attributable to shareholders of the parent company of 67 million yuan, a year - on - year increase of 13.17% [28] - The company will continue to be market - oriented, closely follow clinical needs, increase R & D investment, and accelerate the R & D of new products. It will also promote the rapid listing of more innovative products, accelerate the construction of the Indonesian factory overseas, and actively promote the overseas localization process [28] - The Indonesian factory is in the construction and pre - certification stage of products, and is expected to start shipping gradually by the end of Q1 2026. The first - phase production capacity will mainly supply large US customers, producing catheters and suction connecting tubes, and may add anesthetic products later. After the Indonesian factory is put into operation, it is expected to have a positive impact on the growth of the company's export orders [28] - The company will determine the ex - factory price of products from the overseas factory through negotiation with customers while maintaining the original product gross profit margin. It is expected that overseas production will not have a significant impact on the product gross profit margin [29] - The proportion of the company's high - margin products in overall operating income has exceeded 20% and is expected to further increase. Since 2023, the company has increased the export of urological products, and the export revenue of urological products has grown rapidly in the past two years. With the implementation of customized projects for overseas large customers, the product structure of overseas business has been optimized, and the proportion of high - margin products has increased [30] - The company's R & D products are mainly high - value - added and high - margin products. With the launch of new products, the company's product and business structure will be further optimized, and the proportion of high - margin products is expected to continue to increase [31] Group 3: Detailed Information by Section 1. Basic Research Information - Research object: Veli Medical [16] - Industry: Medical devices [16] - Reception time: October 21, 2025 [16] - Company reception personnel: Deputy General Manager and Secretary of the Board Chen Bin, Chief Financial Officer Zhu Yimin, and Securities Affairs Representative Wu Lifang [16] 2. Detailed Research Institutions - Institutions include futures brokerage companies (CITIC Futures), asset management companies (Yong'an Guofu, Mingyu Assets, etc.), other types (Zhongtai Medicine, etc.), fund management companies (Galaxy, Boyuan, etc.), insurance asset management companies (Taikang, etc.), and investment companies (Shenzhen Guoyin Capital, Zhuhai Shangshi, etc.) [17] 3. Research Institution Proportion - No relevant content provided 4. Main Content Materials - 2025 Q3 operating results: As mentioned above, showing growth in revenue and profit [28] - Indonesian factory: Construction progress, product supply, and expected impact on export orders and gross profit margin [28][29] - High - margin products: Current proportion, growth trends, and future expectations [30][31]