We hosted Shandong Weigao's CFO and IR team with investors on June 25 at our China Healthcare Corporate Day 2025. Bottom line: Mmgt noted 1) its full-year revenue growth guidance of 10–15% y/y remains unchanged. 1H25 may exhibit slower momentum, while management remains confident in a stronger 2H rebound due to a more favorable base (1H/2H24 revenue split at Rmb6.64bn/6.45bn) and accelerated new product contribution. 2) The ramp-up of new products is progressing as planned, particularly in perioperative car ...

转自：新华财经 "公司研发技术的不断突破，离不开税务部门的大力支持。"威高骨科财务工作人员宋家宁表示，"一直 以来，税务部门对企业的疑难问题快速响应，精准推送优惠政策，有效减轻了公司的资金负担。得益于 税务部门的精准纾困和保驾护航，威高骨科在科技创新道路上迈出了宽阔平稳的步伐。"据了解，威高 骨科2024年享受研发费用加计扣除超5800万元，实实在在的税费红利为企业源源不断的研发注入了源头 活水。 "安全是企业发展的'压舱石'，合规是履行社会责任的'基准线'。"在威高骨科副总经理孔建明看来，合 规管理制度并非被动应对监管的工具，而是融入企业基因的战略选择。除每月、每季定期复盘税务合规 易错点外，威高骨科还构建了全面且精细的税务内控体系，制定了详细的税务管理制度手册，从合同签 订时的涉税条款审核，到采购、生产、销售过程中的税务核算与申报，都有明确的流程指引。 在威高骨科税务内控实践的路上，来自税务部门的支持与引导也必不可少。国家税务总局威海市环翠区 税务局组建税收服务专员团队，对企业展开"风险扫描"，帮助企业建立标准化自查税务操作手册，细化 集团及分公司、子公司的税务报表审核。同时，以政策解读、案例分析与问答互 ...

序号股票简称PE(TTM)PE(静)市净率总市值(元)13威高骨科42.9546.192.58103.36亿行业平均 49.5647.474.64106.50亿行业中值36.1837.862.4148.50亿1英科医疗9.3810.120.83148.24亿2九安医疗 10.1310.250.80171.03亿3新华医疗14.3913.331.1792.22亿4振德医疗14.5813.740.9352.92亿5康德莱 15.0415.051.2532.41亿6奥美医疗15.0914.791.5554.52亿7山东药玻15.1115.161.74142.94亿8维力医疗 15.9616.591.8736.40亿9九强生物15.9814.861.9679.13亿10奥泰生物16.4017.291.3252.31亿11安杰思 17.4017.602.1051.64亿12三鑫医疗18.4618.473.0442.00亿 来源：金融界 截至2025年一季报，共有10家机构持仓威高骨科，其中其他8家、保险1家、券商1家，合计持股数 35710.47万股，持股市值97.06亿元。 山东威高骨科材料股份有限公司的主营业务是公 ...

Core Viewpoint - The medical device industry experienced a slight decline of 0.04% as of the market close on June 11, with a net outflow of approximately 238.92 million in capital [1] Group 1: Market Performance - A total of 47 stocks in the sector increased in value, while 70 stocks saw a decline [1] - The top-performing stocks included: - Haorunbo (4.39%) - AoJing Medical (4.36%) - Sanor Bio (4.27%) - Tianzhihang-U (3.22%) - Huitai Medical (3.0%) [1][1] Group 2: Notable Declines - The stocks with the largest declines included: - Chenguang Medical (-2.8%) - Guanhao Biological (-2.72%) - Chunli Medical (-2.44%) - Kaili Medical (-2.12%) - Ruimaite (-1.76%) [1][1][1] - Notable net capital outflows were observed in: - Chenguang Medical (-25.14 million) - Guanhao Biological (-38.67 million) - Chunli Medical (-5.48 million) [1][1]

本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利0.17元 一、通过分配方案的股东大会届次和日期 本次利润分配方案经山东威高骨科材料股份有限公司（以下简称"公司"）2025年4月21日的2024年年度 股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： （2）本次差异化分红除权除息计算依据 公司根据上海证券交易所的相关规定，按照以下公式计算除权除息开盘参考价： 除权（息）参考价格=（前收盘价格-现金红利）÷（1+流通股份变动比例） 虚拟分派的现金红利=（参与分配的股本总数×实际分派的每股现金红利）÷总股本 ● 是否涉及差异化分红送转：是 ● 每股分配比例 ● 相关日期 ■ 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。（山东威高骨科材料股份有限公司回购专用证 券账户除外） 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所上市公司自律监管指引第 7号一一回购 ...

北京市中伦（深圳）律师事务所 关于山东威高骨科材料股份有限公司 差异化分红的 法律意见书 二〇二五年五月 北京市中伦（深圳）律师事务所 关于山东威高骨科材料股份有限公司 差异化分红的 法律意见书 致：山东威高骨科材料股份有限公司 4. 本所及本所律师同意将本法律意见书作为公司实施本次差异化分红所必 备的法律文件，随同其他材料一同报送及披露。 北京市中伦（深圳）律师事务所（以下简称"本所"）接受山东威高骨科材 料股份有限公司（以下简称"公司"或"威高骨科"）的委托，根据《中华人民 共和国公司法（2023 修订）》（以下简称"《公司法》"）《中华人民共和国证券法 （2019 修订）》（以下简称"《证券法》"）《上市公司股份回购规则（2025 修订）》 （以下简称"《回购规则》"）、《上海证券交易所上市公司自律监管指引第 7 号— —回购股份（2025 年 3 月修订）》（以下简称"《回购指引》"）等有关法律、法 规、规范性文件和《山东威高骨科材料股份有限公司章程》（以下简称"《公司 章程》"）的规定，对威高骨科提供的有关文件进行了核查和验证，就公司 2024 年年度权益分派的差异化分红（以下简称"本次差异化分红" ...

重要内容提示： 证券代码：688161 证券简称：威高骨科 公告编号：2025-025 山东威高骨科材料股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.17元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/11 | 2025/6/12 | 2025/6/12 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经山东威高骨科材料股份有限公司（以下简称"公司"）2025 年 4 月 21 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （山东威高骨科材料股份有限公司回购专用证券账户除外） 根据《中华人民共和国公司法》《中华人民共和国证券法》《 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][32]. Core Views - The company has shown a significant recovery with a 48% year-on-year increase in net profit attributable to shareholders in Q1 2025, despite a 16.6% decline in revenue due to sales model integration [1][10]. - The company is actively expanding its market share and customer coverage by adjusting its operational strategies in response to the stable execution of centralized procurement policies [1][2]. - The company has launched a new stock incentive plan aimed at achieving a compound annual growth rate (CAGR) of 18.1% in net profit from 2025 to 2028 [1][31]. Financial Performance - In 2024, the company achieved a revenue of 1.453 billion (up 13.2%) and a net profit of 224 million (up 99.2%) [1][5]. - The gross profit margin for 2024 was 65.7%, with a notable decrease in sales expense ratio to 33.1% (down 10.6 percentage points) [3][23]. - The net profit margin improved to 15.7% in 2024, reflecting enhanced profitability [3][23]. Revenue and Profit Forecast - The company forecasts net profits of 254 million, 312 million, and 377 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.3%, 23.2%, and 20.9% [4][32]. - The projected revenue for 2025 is 1.646 billion, with a growth rate of 13.3% [5][34]. Product Line Performance - The revenue from the spine product line in 2024 was 421 million (down 10.9%), but excluding the impact of centralized procurement price reductions, the sales volume increased by 21.37% [2][20]. - The trauma product line saw a revenue increase of 24.0%, while the joint product line revenue surged by 46.1% with a sales volume growth of 51.7% [2][20]. - The sports medicine product line revenue reached 44.25 million, marking a nearly fourfold increase [2][24]. Strategic Initiatives - The company is implementing an overseas expansion strategy to establish sales channels and advance research projects globally [2][24]. - The stock incentive plan involves granting 7.2 million shares to 55 key personnel, with performance targets linked to net profit growth [31][32].

Group 1 - The stock of Weigao Orthopedics (688161) has a comprehensive score of 37.48, indicating a weak performance [1] - The main cost analysis shows that the current main cost is 25.69 yuan, with a 5-day main cost of 25.67 yuan, a 20-day main cost of 26.36 yuan, and a 60-day main cost of 27.15 yuan [1] - Over the past year, the stock has not experienced any limit-up or limit-down events [1] Group 2 - On May 28, 2025, the net inflow of main funds was 147.79 million yuan, accounting for 11% of the total transaction amount [2] - The short-term pressure level is at 26.30 yuan, while the short-term support level is at 25.47 yuan [2] - The medical device sector showed a slight decline, with the medical device industry down by 0.53% and the medical device concept down by 0.54% [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][32]. Core Insights - The company reported a 48% year-on-year growth in net profit attributable to shareholders in Q1 2025, driven by effective management of procurement policies and market strategies [1][10]. - The company has launched a new stock incentive plan with a target compound annual growth rate (CAGR) of 18.1% for net profit from 2025 to 2028 [1][31]. - The company is positioned as a leading domestic orthopedic platform, covering various product lines including spine, trauma, joints, and sports medicine, while actively expanding into overseas markets [4][32]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.453 billion (up 13.2%) and net profit of 224 million (up 99.2%) [1][5]. - Q1 2025 revenue was 290 million (down 16.6%), but net profit increased to 52 million (up 48.4%) due to reduced sales expenses and improved operational efficiency [1][10]. - The gross margin for 2024 was 65.7%, with a net margin of 15.7% [3][23]. Product Line Performance - The revenue from the spine product line in 2024 was 421 million (down 10.9%), but excluding the impact of price reductions, sales volume increased by 21.37% [2][20]. - The trauma product line revenue was 242 million (up 24.0%), and the joint product line revenue was 421 million (up 46.1%) with a sales volume increase of 51.7% [2][20]. - The sports medicine product line saw revenue of 44.25 million, nearly quadrupling year-on-year [2][24]. Cost Management and Efficiency - The sales expense ratio decreased significantly to 33.1% (down 10.6 percentage points), with sales expenses down 14.3% year-on-year [3][23]. - The net profit margin for Q1 2025 was 18.1%, indicating a positive trend in profitability [3][23]. Future Projections - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 254 million and 312 million respectively, with a growth rate of 13.3% and 23.2% [4][32]. - The projected net profits for 2027 are estimated at 377 million, reflecting a growth rate of 20.9% [4][32].