Group 1 - The core stock price of Weili Medical (603309) closed at 13.57 yuan on December 30, 2025, with a decrease of 0.22% and a trading volume of 18,400 shares, resulting in a transaction amount of 24.99 million yuan [1] - On December 30, the net inflow of main funds was 1.27 million yuan, accounting for 5.07% of the total transaction amount, while retail investors had a net outflow of 2.59 million yuan, representing 10.36% of the total transaction amount [2] - Weili Medical announced a cash dividend of 0.2 yuan per share (including tax) for the third quarter of 2025, with the record date set for January 7, 2026, and the payment date on January 8, 2026 [1][2] Group 2 - The total cash dividend distribution amounts to 58.37 million yuan based on the company's total share capital of 291,871,418 shares [1] - Individual shareholders will face different tax burdens based on their holding periods, with rates of 20%, 10%, or tax exemption; QFII shareholders and Hong Kong Stock Connect investors will have a withholding tax rate of 10%, resulting in an actual distribution of 0.18 yuan per share [1]

2025年三季度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.2元 证券代码：603309 证券简称：维力医疗 公告编号：2025-069 广州维力医疗器械股份有限公司 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/1/7 | － | 2026/1/8 | 2026/1/8 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 12 月 11 日的2025年第二次临时股东会审议通过。 二、 分配方案 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/1/7 | － | 2026/1/8 | 2026/1/8 | 1. 发放年度：202 ...

Macro Research - The core viewpoint of the report indicates that the US economy showed resilience in Q3 2025, with a GDP growth rate of 4.3%, surpassing expectations of 3.3% and the previous value of 3.8% [3][20] - Key drivers of this resilience include strong personal consumption, increased public spending, and enhanced export contributions, with capital market wealth effects supporting consumer spending [3][20] - The report highlights a "K" shaped economic divergence, characterized by income disparities affecting consumption, varying business conditions between large and small enterprises, and differences in investment growth between new and old economies [4][21] Strategy Research - The report emphasizes that Chinese companies are entering a new phase of globalization, aiming to capture high-value segments of the global value chain [9][25] - It notes that the acceleration of Chinese enterprises going abroad is a strategic response to rising domestic costs and tightening external market access, which is essential for high-quality development [9][25] - The report predicts that the demand for capital goods in China will remain strong, driven by industrialization and infrastructure investment in emerging markets [11][27] Biopharmaceutical Research - The report discusses the release of the sixth batch of medical device procurement documents, indicating a moderate expected price drop and a favorable situation for domestic manufacturers to increase market share [13][29] - It provides specific data on the expected demand for various medical devices, highlighting the market shares of different companies in the procurement process [30][32] - The report maintains a "buy" rating for companies likely to benefit from the procurement, such as Lepu Medical and Mindray Medical [29][30]

Core Viewpoint - Weili Medical (603309) is leveraging the opportunities presented by the Hainan Free Trade Port, focusing on expanding its business in the region while adhering to regulatory requirements for information disclosure [1] Group 1: Company Operations - The company has a wholly-owned subsidiary and an automated production base for latex catheters located in Hainan [1] - The main raw material for latex catheters is imported latex, which benefits from duty-free imports and processing value-added duty exemptions [1] Group 2: Strategic Focus - The company is closely monitoring policy developments related to the Hainan Free Trade Port and plans to align its business strategies accordingly [1] - Future investments in Hainan will be made in accordance with the company's development strategy and regulatory guidelines [1]

Core Viewpoint - The new round of national centralized procurement for high-value medical consumables has been officially launched, focusing on drug-coated balloon products and urological intervention consumables, with bidding set to open on January 13, 2026 [2][12]. Group 1: Procurement Details - This is the sixth batch of national centralized procurement for high-value medical consumables, which includes drug-coated balloons for coronary arteries and peripheral blood vessels, as well as various urological intervention devices [2][12]. - The procurement cycle will last until December 31, 2028, during which selected companies must supply products at the winning bid price even for quantities exceeding the agreed procurement volume [2][12]. - Two new features have been introduced in this round: the concept of anchor pricing and a multi-revival mechanism [2][12]. Group 2: Anchor Pricing Mechanism - The anchor pricing mechanism aims to balance price reduction and prevent malicious underbidding, helping to avoid extreme low bids that could harm the industry [3][4]. - This mechanism prevents companies from engaging in destructive competition by setting a reasonable price level based on the average of competitive bids [3][4]. - It also disrupts potential collusion among companies aiming to maintain high prices, as any lower bid can significantly affect the anchor price, forcing others to adjust their bids accordingly [4][5]. Group 3: Revival Mechanism - The procurement design includes two revival mechanisms allowing companies that did not win in the first round to re-enter the competition by submitting new bids under certain conditions [5][18]. - Companies that did not qualify in the first round can also submit bids for a chance to be selected in the third round, promoting a more competitive environment [7][18]. Group 4: Market Impact - This procurement round is expected to reshape the market landscape for drug-coated balloons and urological intervention consumables in China [8][19]. - The market for drug-eluting balloons has seen significant growth, with usage increasing from 7,500 units in 2016 to 290,000 units in 2021, and the market size growing from 134 million yuan to 2.01 billion yuan during the same period, reflecting a compound annual growth rate of 56.9% [8][19]. - The implementation of centralized procurement policies is accelerating the penetration of domestic products and the replacement of imports, with domestic balloon market share exceeding 70% [8][19]. Group 5: Urological Intervention Market - The urological intervention market has been dominated by imported brands, but this procurement provides an important opportunity for domestic companies like Weili Medical to capture market share [9][20]. - The establishment of a unified national procurement channel is expected to lower market entry barriers for domestic products, potentially increasing the domestic market share to over 60% [9][20].

Group 1 - The 2025 Welly Medical Science and Technology Park entrepreneur meeting was successfully held with the theme "Meet Friends - Together Towards the Future" [2] - Over 60 entrepreneurs and representatives from fields such as biomedical, intelligent manufacturing, and semiconductors gathered to discuss friendship and future collaboration [2] - Xu Shoujuan, General Manager of the park, delivered a speech highlighting the park's operational achievements and strategic plans for 2025, emphasizing the importance of technological breakthroughs and innovative models [3] Group 2 - The event featured a sharing session focusing on hard technology and biological innovation, with speakers from Anzu Intelligent Technology and Junzhen Biotechnology discussing advancements in smart robotic arms and fungal mycelium materials [6] - A representative from Bank of Communications provided insights into exclusive financial service solutions aimed at empowering technological innovation [8] Group 3 - The "Feast of Ideas" segment included a lecture by Gu Hongxia, an expert in applied economics, who analyzed China's strategic responses to global political and economic changes, particularly regarding the 14th Five-Year Plan [9] - The meeting concluded with a gathering of entrepreneurs, employees, and their families, celebrating the past year's efforts and achievements in a warm atmosphere [9] Group 4 - Awards were presented to over thirty enterprises and individuals, recognizing excellence in various categories such as growth, teamwork, and operational management [10] - The event included a lottery with diverse prizes, enhancing the celebratory spirit and reflecting the close-knit relationships within the park community [10] Group 5 - The meeting served as a platform for knowledge exchange and resource connection, with Welly Medical Science and Technology Park committed to fostering an open and collaborative ecosystem for high-quality development [12] - The park is positioned as a medical device industrial park, offering flexible rental options and excellent geographical advantages within the Shanghai-Suzhou one-hour economic circle [15]

Summary of Conference Call on Hainan Free Trade Port's Impact on the Pharmaceutical Industry Industry Overview - The conference call discusses the impact of the Hainan Free Trade Port (FTP) on the pharmaceutical industry, highlighting the benefits of zero tariffs, low tax rates, and value-added tax exemptions for pharmaceutical companies operating in the region [1][2]. Key Points and Arguments 1. Cost Reduction and Profitability - The zero tariff policy and 30% value-added tax exemption in Hainan significantly reduce operational costs for pharmaceutical companies, enhancing their gross margins. For instance, Weili Medical in Haikou High-tech Zone benefits from these policies by utilizing imported latex for processing [3][5]. 2. Accelerated Drug Approval Processes - The establishment of real-world data research in the Lecheng Pilot Zone has expedited the approval process for innovative drugs and medical devices, saving companies substantial costs in clinical trials and shortening the cash flow recovery period [3][4]. 3. Investment Fund Expansion - The Hainan Free Trade Port Construction Investment Fund is set to expand from 10 billion to 20 billion yuan, focusing on supporting innovation in the biopharmaceutical sector and cross-border mergers and acquisitions [1][5][6]. 4. Growth in Haikou High-tech Zone - The Haikou High-tech Zone accounts for approximately 70%-80% of Hainan's pharmaceutical output, with a reported output of 420 million yuan as of August 2025, and an expected growth of 20%-30% in 2023 [4][5]. 5. Tax Incentives and Internationalization - The corporate income tax rate in Hainan is 15%, positioning it as a potential offshore center for Chinese pharmaceutical companies, attracting international capital and enhancing local industry competitiveness [5][9]. 6. Medical Device Maintenance and Repair - The combination of zero tariffs and a bonded maintenance model allows foreign equipment to be repaired in Hainan before being re-exported, reducing maintenance costs and improving customs efficiency [5][9]. 7. Patient Access and Drug Availability - The establishment of medical alliances with hospitals across provinces has improved patient access to special medications, with an anticipated patient flow conversion rate of 70% [2][14][15]. 8. Regulatory Adjustments Post-Closure - Post-closure, the regulatory framework in the Lecheng Pilot Zone will focus on balancing safety and convenience, including measures for drug traceability and online follow-up services [16]. 9. Fund Focus for 2025 - The investment strategy for the Hainan Free Trade Port Fund in 2025 will emphasize licensing in and medical technology transformation, leveraging unique policy advantages for biopharmaceutical development [17]. 10. Cross-Border Financial Advantages - The unique EF account system in Hainan facilitates seamless cross-border capital flow, exempting new foreign direct investments from corporate income tax, which attracts large pharmaceutical companies to establish operations in the region [18]. Additional Important Insights - The Haikou High-tech Zone is actively attracting companies in the stem cell and cell therapy sectors, although economic benefits from these new entrants have yet to materialize [7]. - The real-world data research pathway has led to the approval of numerous products, with a goal of reaching 1,000 approved products to enhance international competitiveness [7][12]. - Successful case studies, such as SuSheng Bio and Huaxi Bio, illustrate the potential for rapid growth and operational success in Hainan due to favorable policies [10]. This summary encapsulates the critical insights from the conference call regarding the Hainan Free Trade Port's influence on the pharmaceutical industry, emphasizing the strategic advantages and growth opportunities presented by the region's policies.

Group 1 - The core point of the announcement is that the controlling shareholder, Gaobo Investment (Hong Kong) Co., Ltd., holds 92.0192 million shares of the company, accounting for 31.53% of the total share capital, and has pledged 46 million shares, which is 49.99% of its holdings and 15.76% of the total share capital [1] - The pledged shares are not used as collateral for major asset restructuring performance compensation or other guarantee purposes [1] - Gaobo Investment and its concerted parties have a cumulative pledge of shares, which is detailed in the announcement [1] Group 2 - The announcement states that the stock pledge will not lead to a change in the actual control of the company by Gaobo Investment [1] - Gaobo Investment has a good repayment ability and sufficient risk control capacity, with no current risk of forced liquidation [1] - The company will continue to monitor the share pledge risk of Gaobo Investment and fulfill its information disclosure obligations based on actual circumstances [1]

Group 1 - Hainan Free Trade Port officially commenced operations on December 18, implementing a more favorable "zero tariff" policy for goods, increasing the proportion of "zero tariff" imported goods from 21% to 74% [1] - Hainan Weili Medical Technology Co., Ltd. was the first company to benefit from the new tax exemption policy, with 410,000 latex catheters valued at 881,100 yuan passing through the new port on the day of the closure [1] - The company has saved nearly 4 million yuan in tariffs since the trial of the processing value-added policy began in 2023, with each ton of imported raw materials saving approximately 900 yuan in tariffs [2] Group 2 - Hainan Weili Medical is the largest single production facility for disposable latex catheters globally, with an annual production capacity of 100 million units, expected to increase to 120 million units by 2026 [1] - The company's products are exported to over 100 countries and regions, covering more than 3,000 hospitals in China, including over 1,000 tertiary hospitals [1]

Core Viewpoint - The company announced that its controlling shareholder, Gaobo Investment (Hong Kong) Co., Ltd., has pledged 16 million shares of the company as of December 18, 2025 [1] Group 1 - The total number of shares pledged by the controlling shareholder is 16 million [1]