Financial Performance - The company reported a total revenue of 741 million yuan, a decrease of 9.62 million yuan compared to the same period last year, representing a year-on-year decline of 1.28% [1] - The net profit attributable to shareholders was 142 million yuan, with net cash inflow from operating activities amounting to 186 million yuan [1] Financial Ratios - The latest debt-to-asset ratio is 19.69%, ranking 50th among disclosed peers, with an increase of 0.63 percentage points from the previous quarter [3] - The latest gross profit margin stands at 66.50%, and the return on equity (ROE) is 3.52% [3] Earnings and Turnover - The diluted earnings per share are 0.35 yuan [4] - The total asset turnover ratio is 0.15 times, ranking 65th among disclosed peers, while the inventory turnover ratio is 0.38 times, ranking 93rd [4] Shareholder Structure - The number of shareholders is 9,034, with the top ten shareholders holding 354 million shares, accounting for 88.53% of the total share capital [4] - The largest shareholder is Shandong Weigao Group Medical Polymer Co., Ltd., holding 50.63% of the shares [4]

Core Viewpoint - Weigao Orthopedics (688161.SH) reported its semi-annual results for 2025, highlighting significant institutional ownership and changes in investor composition [1] Group 1: Institutional Ownership - As of August 27, 2025, a total of 13 institutional investors disclosed holdings in Weigao Orthopedics A-shares, with a combined holding of 354 million shares, representing 88.62% of the total share capital [1] - The top ten institutional investors collectively hold 88.53% of the shares, with a decrease of 0.75 percentage points compared to the previous quarter [1] Group 2: Specific Investors - The top institutional investors include Shandong Weigao Group Medical Polymer Co., Ltd., Weigao International Medical Co., Ltd., and Weigao Group Co., Ltd. among others [1] - In the public fund sector, two new public funds were disclosed this quarter, including a medical device ETF and the China Merchants CSI All-Index Medical Device ETF [1] - In the insurance investment sector, one new insurance investor was disclosed, namely China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L-CT001 [1]

Core Viewpoint - The company reported a slight decline in revenue but a significant increase in net profit, indicating effective cost management and market strategy amidst a growing orthopedic medical device market driven by demographic and policy changes [2][3]. Financial Performance - The company achieved operating revenue of 741 million yuan, a year-on-year decrease of 1.28% [2]. - The net profit attributable to shareholders was 142 million yuan, reflecting a year-on-year increase of 52.43% [2]. - A mid-term dividend proposal was announced, with a cash dividend of 1 yuan per 10 shares (tax included) [2]. Market Strategy - The company maintained stable execution of orthopedic bulk procurement, ensuring continuous market share growth in procurement products while also expanding into incremental markets [2]. - Efforts included structural adjustments, channel integration, and refined management of marketing expenses to reduce sales costs and enhance performance [2]. Industry Trends - The orthopedic medical device market is experiencing steady growth due to an aging population, increased health awareness, and rising demand for orthopedic surgeries [2]. - National policies are accelerating the domestic substitution process, particularly in trauma and spine sectors, providing opportunities for leading domestic companies to expand market share and enhance industry concentration [2]. Innovation and R&D - The company focused on expanding its product lines in response to clinical surgical method changes, particularly in minimally invasive spine surgery, sports medicine, and orthopedic repair and regeneration [3]. - During the reporting period, the company obtained 16 Class I product registration certificates, 15 Class II medical device registration certificates, and 12 Class III medical device registration certificates [3]. International Expansion - The company is advancing its international strategy by establishing sales channels and effectively promoting R&D projects in overseas markets [3]. - A "three-tier market" development strategy is being implemented, focusing on strategic markets (Indonesia, Brazil, Russia, Thailand), consolidating existing trade markets (Central Asia, Africa), and entering new markets (Mexico, Saudi Arabia, Europe) [3]. - The company achieved overseas revenue of 43.21 million yuan, representing a year-on-year growth of 19% [3].

Summary of Shandong Weigao Conference Call Company Overview - **Company**: Shandong Weigao (1066.HK) - **Industry**: China Healthcare - **Stock Rating**: Equal-weight - **Price Target**: HK$6.40 - **Current Price (as of August 27, 2025)**: HK$6.49 - **Market Capitalization**: HK$29,350 million - **Fiscal Year Ending**: December Key Financial Results - **1H25 Sales**: Rmb6.64 billion, a slight decrease of 0.1% YoY, and 3% below Morgan Stanley estimates [7] - **Recurring Net Profit**: Rmb967 million, down 12.7% YoY, and 8% below estimates [7] - **Gross Profit Margin**: Fell by 1.2 percentage points YoY due to foreign exchange fluctuations and VBP pricing pressure [7] - **Operating Cash Flow**: Decreased by 14% YoY to Rmb882 million, attributed to FX losses and slower accounts receivable collection [7] - **Interim Dividend**: HK$9.69 cents per share, with a payout ratio of approximately 44% [7] Segment Performance - **General Consumables**: Increased by 0.2% YoY, but operating profit margin (OPM) fell by 3.1 percentage points due to FX and VBP impacts [2] - **Pharma Packaging**: Flat performance; prefilled syringes grew by 3-5%, while auto-injectors surged by 200% from a small base [2] - **Ortho Segment**: Decreased by 1.6%, but OPM improved by 9 percentage points YoY due to sales model transition [2] - **Interventional Consumables**: Slipped by 2.0% [2] - **Blood Management**: Grew by 8.1% [2] - **Overseas Sales**: Grew faster at 4% YoY, accounting for 24% of group revenue, with US growth at approximately 10% excluding a Rmb20 million tariff impact [2] Growth Outlook - **Mid-term CAGR Target**: Unchanged at over 10% [3] - **2025 Revenue Growth Expectation**: Likely to be in the mid-single to high-single digits percentage range [3] - **General Consumables Growth**: Expected to be around 10% in 2025, supported by anesthesia ramp-up and manageable VBP impact [3] - **Pharma Packaging Growth**: Anticipated to deliver over 10% CAGR in the mid-term, driven by pre-filled syringes and auto-injectors [3] - **New Product Launches**: Expected to benefit other segments, including Cleaner Vac and plasma surgical tools [3] Valuation and Risks - **Valuation Methodology**: Discounted cash flow with a WACC of 13.0% and a terminal growth rate of 3% [8] - **Upside Risks**: Better-than-expected core business performance, favorable government policies, and successful product rollouts [10] - **Downside Risks**: Regulatory headwinds, intense industry competition, and underperformance in orthopedics and interventional devices [10] Additional Insights - **Stock Performance**: 52-week range was HK$3.96 to HK$7.39 [4] - **Earnings Per Share (EPS) Estimates**: Expected EPS for 2025 is Rmb0.49, with a gradual increase projected for subsequent years [4] - **Return on Equity (ROE)**: Expected to decline slightly from 9.2% in 2025 to 8.8% in 2027 [4] This summary encapsulates the key points from the conference call regarding Shandong Weigao's financial performance, segment results, growth outlook, valuation, and associated risks.

证券代码：688161 证券简称：威高骨科 公告编号：2025-030 山东威高骨科材料股份有限公司 关于进行 2025 年度中期分红的公告 公司在 2025 年度进行中期分红的，应同时满足下列条件： （一）公司当期盈利、累计未分配利润为正。 （二）公司现金流可以满足正常经营和持续发展的需求。 二、中期分红的金额上限 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。 山东威高骨科材料股份有限公司（以下简称"公司"）根据中国证监会《上 市公司监管指引第 3 号—上市公司现金分红》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运作》等相 关法律法规及《公司章程》的规定，为进一步加大投资者回报力度，提高投资者 回报水平，结合公司实际情况拟定 2025 年中期分红方案，具体内容如下： 一、中期分红的前提条件 数为 397,286,124 股。公司拟以前述剩余股本数为基数，向全体股东（不含公司 回购专户回购股份）每 10 股派发现金红利 1.00 元（含税），向股东派发现金分 红总额为 3 ...

Core Viewpoint - Shandong Weigao Orthopedic Materials Co., Ltd. announced plans to use part of its idle funds for cash management, aiming to enhance fund efficiency and returns while ensuring normal operations and fund safety [1][2]. Cash Management Overview - Investment Purpose: To improve fund efficiency and returns while safeguarding normal operations and fund safety, ultimately benefiting shareholders [2]. - Investment Products: The company plans to invest in high-security, liquid financial products with capital protection agreements, such as principal-protected wealth management products, structured deposits, and fixed-term deposits [2]. - Decision Validity: The resolution is valid for 12 months from the date of board approval, with a maximum investment of RMB 2.3 billion [2]. - Implementation: The board authorizes the chairman and management to make investment decisions within the approved limits and timeframe [2]. - Information Disclosure: The company will comply with legal requirements for timely information disclosure [2]. Risk Management and Control - The company has implemented several risk control measures, including selecting reputable financial institutions, real-time monitoring of product performance, and prohibiting personal account operations [3]. - Internal audits will evaluate investment risks and returns, with oversight from independent directors and the supervisory board [3]. Impact on the Company - The cash management initiative will not affect the company's main business operations or shareholder interests, and is expected to enhance fund efficiency and returns [4]. - Both the board and supervisory board have expressed clear agreement on the cash management plan, deeming it compliant with relevant requirements [4].

山东威高骨科材料股份有限公司 第一章 总则 第一条 为规范独立董事行为，充分发挥独立董事在公司治理中的作用，促 进提高公司质量，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上 市公司独立董事管理办法》等法律、法规、规范性文件以及《山东威高骨科材料 股份有限公司章程》（以下简称"《公司章程》"）的相关规定，制定本细则。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与 决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 第四条 公司独立董事占董事会成员的比例不得低于三分之一，且至少包括 一名会计专业人士。 公司应当在董事会中设置审计委员会。审计委员会成员应当为不在公司担任 高级 ...

证券代码：688161 证券简称：威高骨科 公告编号：2025-031 山东威高骨科材料股份有限公司 关于取消监事会、修订《公司章程》及公司部分管理 制度的公告 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、准确性和完整性依法承担法律责任。 山东威高骨科材料股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召 开了公司第三届董事会第十五次会议，审议并通过了《关于取消监事会、修订< 公司章程>的议案》以及《关于修订公司部分管理制度的议案》，现将相关情况公 告如下： 一、取消监事会及《公司章程》修订情况 根据最新的《中华人民共和国公司法》 《上市公司章程指引》 《上市公司独立 董事管理办法》 《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板 上市公司自律监管指引第 1 号——规范运作》等相关法律法规及规定，结合公司 实际情况，公司将不再设置监事会，监事会的职权由董事会审计委员会行使， 《山 东威高骨科材料股份有限公司监事会议事规则》等监事会相关制度相应废止。 根据《上市公司章程指引》 《上海证券交易所科创板股票上市规则》 《上海证 ...

Core Points - The document outlines the governance structure and operational rules of Shandong Weigao Orthopedic Materials Co., Ltd, emphasizing the responsibilities and powers of the board of directors [1][2][3] Board Composition - The board of directors is the executive body of the shareholders' meeting, responsible for executing resolutions and reporting work to the shareholders [2][3] - The board consists of several directors, including one chairman, and directors do not need to hold shares in the company [4][5] Board Powers - The board has the authority to convene shareholder meetings, execute resolutions, decide on business plans and investment proposals, and formulate profit distribution plans [10][11] - It can also propose amendments to the company’s articles of association and appoint or dismiss senior management [10][12] Transaction Approval - Certain transactions require board approval if they exceed specified thresholds, such as asset totals or transaction amounts that exceed 10% of the company's audited total assets [5][6] - Transactions involving related parties must also be approved by the board if they exceed 1% of total assets or market value [14] Independent Directors - The company must have independent directors, who should constitute at least one-third of the board, including at least one accounting professional [9][10] - Independent directors must meet specific independence criteria and possess relevant experience [9] Board Meetings - The board must hold at least two meetings annually, with proper notice given to all directors [20][21] - Decisions require a majority vote from attending directors, and specific procedures are in place for handling conflicts of interest [26][27] Specialized Committees - The board may establish specialized committees, such as an audit committee, which must include a majority of independent directors [30][31] - These committees have defined responsibilities, including overseeing audits and evaluating financial information [33][34] Secretary of the Board - The company must appoint a board secretary responsible for assisting in daily operations, organizing meetings, and ensuring compliance with legal requirements [36][37] - The board secretary can be a senior management member but cannot be a registered accountant or lawyer from the company’s auditing firm [38]

General Information - Shandong Weigao Orthopedic Device Company Limited is established as a joint-stock company according to the Company Law and Securities Law of the People's Republic of China [2][3] - The company was registered in Weihai City and has a registered capital of RMB 400 million [2][3] - The company went public on June 30, 2021, with an initial public offering of 41,414,200 shares [2][3] Company Structure - The company is a permanent joint-stock company with the chairman serving as the legal representative [3] - The legal representative's civil activities conducted on behalf of the company will have legal consequences for the company [3] - Shareholders are liable for the company's debts only to the extent of their subscribed shares, while the company is liable for its debts with all its assets [3] Business Objectives and Scope - The company's business objective is to provide high-quality orthopedic medical devices and contribute to the development of the orthopedic medical device industry [4] - The business scope includes the sale and production of various classes of medical devices, as well as import and export activities [4] Share Issuance and Management - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [5] - The total number of shares issued by the company is 400 million, with 358,585,800 shares issued prior to the public offering [5] - All issued shares are ordinary shares, and the company does not provide financial assistance for acquiring its shares, except under specific conditions [6][7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company meetings, as well as the right to request information and documents [10][11] - Shareholders must comply with laws and the company's articles of association, and they are liable for damages caused by abusing their rights [15][16] Governance and Decision-Making - The company’s highest authority is the shareholders' meeting, which has the power to elect directors, approve financial reports, and make significant corporate decisions [46][47] - Decisions requiring a special resolution must be approved by at least two-thirds of the voting rights present at the meeting [81][82] Legal Compliance and Accountability - The company must comply with legal requirements for convening meetings and making decisions, and shareholders can seek legal recourse if the company fails to adhere to these regulations [36][39] - The company is obligated to disclose information regarding significant events and decisions to ensure transparency and accountability [12][18]