Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, evolving from strategic support to a key pillar of national competitiveness. By 2024, the industry scale is projected to exceed 60 trillion yuan, maintaining a 20% annual growth rate, making it the fastest-growing new materials market globally [2] - The "14th Five-Year Plan" identifies innovative materials as a core area of strategic emerging industries, with the release of the "Guidance Directory for the First Batch of Key New Materials Application Demonstration (2024 Edition)" covering 299 new materials, providing clear guidance for industry development [2] - The industry is entering a quality upgrade phase, with the localization rate of semiconductor materials increasing from 15% in 2020 to 25% in 2024, while lithium iron phosphate cathode materials in the new energy sector have reached a 95% localization rate, supporting companies like CATL and BYD with over 60% global market share [2] Market Status Analysis - The Chinese innovative materials market has formed a diversified tiered structure, with an overall scale reaching 60 trillion yuan in 2024 and expected to surpass 100 trillion yuan by 2025. Key growth areas include semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%), while traditional structural materials grow steadily at 8-10% [4] - The regional distribution shows the Yangtze River Delta (45% share in semiconductor materials), the Pearl River Delta (leading in new energy materials), and the Beijing-Tianjin-Hebei region (cluster advantage in biomedical materials) [4] Competitive Landscape and Industry Chain Evolution - The industry concentration is accelerating, characterized by a dual-track model of "national teams leading + specialized private enterprises." China National Building Material Group has made breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [7] - The semiconductor materials sector has developed a "wafer factory + material factory" collaborative development model, while new energy materials show a "vehicle manufacturers + battery factories + material suppliers" integrated R&D approach [7] Policy Environment and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for frontier materials, including superconductors and graphene [9] - The establishment of a standard system that aligns with international standards is accelerating, with China National Building Material Group participating in the formulation of 52 ISO international standards [9] Future Forecast Analysis - The Chinese innovative materials market is expected to experience structural growth, reaching 100 trillion yuan by 2025 and exceeding 300 trillion yuan by 2030, with a CAGR of 18%. Growth drivers include deepening domestic substitution, technological iteration benefits, and the expansion of emerging applications [14] - The future five years will focus on four major technological breakthroughs: extreme performance, intelligent upgrades, green manufacturing, and cross-border integration [15] Investment Strategy Recommendations - Key investment areas include semiconductor materials, new energy materials, and biomedical materials, with a focus on technological breakthroughs and capacity releases [20]

Revenue and Profit - The company achieved total revenue of 290 million yuan in Q1 2025, a decrease of 16.59% year-on-year [1] - Despite the decline in revenue, the net profit attributable to shareholders reached 51.79 million yuan, an increase of 48.37% year-on-year; the net profit excluding non-recurring items was 49.07 million yuan, up 41.95% year-on-year, indicating effective cost control and improved operational efficiency [1] Profitability - The company's profitability significantly improved, with a gross margin of 63.68%, an increase of 7.1% year-on-year; the net profit margin was 18.11%, a substantial increase of 75.73% year-on-year [2] - Earnings per share were 0.13 yuan, reflecting a year-on-year growth of 44.44%, demonstrating strong profitability [2] Cost Control - Total expenditures on sales, management, and financial expenses amounted to 97.56 million yuan, with the proportion of these expenses to revenue decreasing from 41.20% in the same period last year to 33.62%, a reduction of 18.40 percentage points, highlighting the company's efforts in cost control [3] Cash Flow and Asset Status - Operating cash flow per share was 0.14 yuan, a significant increase of 272.12% year-on-year, indicating a healthy cash flow situation from operating activities [4] - The cash balance was 1.714 billion yuan, a decrease of 5.70% year-on-year, but still at a healthy level; interest-bearing debt decreased from 4.5736 million yuan to 3.7439 million yuan, a decline of 18.14% [4] Accounts Receivable and Solvency - The company's accounts receivable stood at 233 million yuan, a year-on-year decrease of 16.01%, but the ratio of accounts receivable to profit was as high as 104.35%, necessitating ongoing attention to collection [5] - Despite this, the overall cash asset situation remains healthy, indicating good solvency [5] Business Model and Future Development - The company's performance is primarily driven by marketing, and there is a need to further explore the sustainability of this growth model and optimize accounts receivable management to ensure the safety and stability of the cash flow [6]

证券代码：688161 证券简称：威高骨科 公告编号：2025-023 一、监事会召开情况 山东威高骨科材料股份有限公司 山东威高骨科材料股份有限公司（以下简称"公司"）第三届监事会第十二次 会议于 2025 年 4 月 29 日以现场方式召开。本次监事会会议通知及会议材料已于 2025 年 4 月 23 日向公司全体监事发出。本次会议由监事会主席陈柔姿女士主持， 会议应出席监事 3 人，实际出席监事 3 人。会议的召集和召开程序符合《中华人 民共和国公司法》等法律、法规、部门规章以及《山东威高骨科材料股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，会议决议合法、有效。 第三届监事会第十二次会议决议公告 本公司监事会及全体监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。 二、监事会会议审议情况 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《关于 调整 2025 年限制性股票激励计划相关事项的公告》（公告编号：2025-020）。 1、审议通过《关于公司<2025 年第一季度报告>的议案》 3、审议通过 ...

山东威高骨科材料股份有限公司（以下简称"公司"）第三届董事会第十四 次会议于 2025 年 4 月 29 日以现场及通讯相结合的方式召开。本次会议应出席董 事 9 人，实际出席董事 9 人，会议由董事长陈敏女士主持，本次董事会会议的召 集和召开程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定，会议决议合法、有效。 二、董事会会议审议情况 山东威高骨科材料股份有限公司 第三届董事会第十四次会议决议公告 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。 一、董事会召开情况 证券代码：688161 证券简称：威高骨科 公告编号：2025-022 1、审议通过《关于公司<2025 年第一季度报告>的议案》 1 予的激励对象名单进行调整。本次调整后，公司 2025 年限制性股票激励计划（以 下简称"本次激励计划"）的授予总量维持 720.00 万股不变，首次授予的限制 性股票数量维持 670.00 万股不变，首次授予的激励对象由 55 人调整为 54 人， 对应未获授的限制性股票将授予至其他激励对象。本次调整后的 ...

山东威高骨科材料股份有限公司 2025 年限制性股票激励计划首次授予激励对象名单 | 序号 | 姓名 | 国籍 | 职务 | 获授的限制性股 | 占首次授予限制 | 占首次授予时总 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 票数量（万股） | 性股票总数的比 | 股本的比例 | | | | | | | 例 | | | | | 一、董事、高级管理人员、核心技术人员 | | | | | | 1 | 陈敏 | 中国 | 董事长 | 100.00 | 14.93% | 0.25% | | 2 | 卢均强 | 中国 | 董事、总经理 | 50.00 | 7.46% | 0.13% | | 3 | 孔建明 | 中国 | 董事、副总经理 | 40.00 | 5.97% | 0.10% | | 4 | 邬春晖 | 中国 | 董事、副总经理 | 17.00 | 2.54% | 0.04% | | 5 | 李进取 | 中国 | 副总经理 | 17.00 | 2.54% | 0.04% | | 6 | 丛树建 | 中国 | 副总经理 | 17.00 | 2.54 ...

证券代码：688161 证券简称：威高骨科 公告编号：2025-020 山东威高骨科材料股份有限公司 关于调整 2025 年限制性股票激励计划相关事项的 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 4 月 29 日召 开的第三届董事会第十四次会议和第三届监事会第十二次会议，审议通过了《关 于调整公司 2025 年限制性股票激励计划相关事项的议案》，根据《上市公司股权 激励管理办法》（以下简称"《管理办法》"）、公司《2025 年限制性股票激励计 划（草案）》（以下简称"《激励计划》"或"本激励计划"）的相关规定和 2024 年 年度股东大会的授权，董事会对公司 2025 年限制性股票激励计划（以下简称"激 励计划"）首次授予激励对象名单进行了调整。现将有关事项说明如下： 一、本次限制性股票激励计划已履行的决策程序和信息披露情况 （一）2025 年 3 月 25 日，公司召开第三届董事会第十三次会议，会议审议 通过了《关于公司<2025 年限制性股票 ...

证券代码：688161 证券简称：威高骨科 公告编号：2025-021 山东威高骨科材料股份有限公司 关于向 2025 年限制性股票激励计划激励对象 首次授予限制性股票的公告 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。 重要内容提示： 山东威高骨科材料股份有限公司（以下简称"公司"）《2025年限制性股票 激励计划（草案）》（以下简称"《激励计划（草案）》"或"本激励计划"）规 定的限制性股票授予条件已经成就，根据公司 2024 年年度股东大会的授权，公 司于 2025年 4 月 29 日分别召开第三届董事会第十四次会议和第三届监事会第十 二次会议，审议通过了《关于向 2025 年限制性股票激励计划激励对象首次授予 限制性股票的议案》，确定 2025 年 4 月 29 日为首次授予日，以 13.89 元/股的授 予价格向 54 名激励对象授予 670.00 万股。现将有关事项说明如下： 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2025 年 3 月 25 日，公司召开第三届董事 ...

山东威高骨科材料股份有限公司监事会 关于公司 2025 年限制性股票激励计划首次授予 激励对象名单的核查意见（截至授予日） 山东威高骨科材料股份有限公司（以下简称"公司"）监事会根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》《科创板上市公司自律监 管指南第 4 号——股权激励信息披露》等相关法律法规及规范性文件和《公司 章程》的有关规定，对公司 2025 年限制性股票激励计划（以下简称"本次激励 计划"）首次授予激励对象名单（截至授予日）进行了核查，现发表核查意见如 下： 一、本次激励计划首次授予的激励对象均不存在《管理办法》规定的不得 成为激励对象的情形： （一）最近 12 个月内被证券交易所认定为不适当人选； （二）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （三）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政 处罚或者 ...

二〇二五年四月 北京市中伦（深圳）律师事务所 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 2025 年限制性股票激励计划 调整及首次授予相关事项的 法律意见书 关于山东威高骨科材料股份有限公司 2025 年限制性股票激励计划 调整及首次授予相关事项的 法律意见书 致：山东威高骨科材料股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"或"中伦"）接受山东 威高骨科材料股份有限公司（以下简称"威高骨科"或"公司"）的委托，担任 威高骨科实施 2025 年限制性股票激励计划（以下简称"本次股权激励计划"、 "本激励计划"或"本计划"）相关事宜的专项法律顾问。本所律师根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中国证监会"） 发布的《上市公司股权激励管理办法》（以下简称"《管理办法》"）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 2025 年限制性股票 激励计划（草案）》（以下简称"《激励计划》"）的规定，对威高骨科提供的有 关文件进行了核查和验证，就公司根据《激励计 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 290,185,005.08, a decrease of 16.59% compared to the same period last year[3]. - Net profit attributable to shareholders increased by 48.37% to CNY 51,789,016.82, driven by reduced sales expenses and improved operational efficiency[3]. - Basic and diluted earnings per share rose by 44.44% to CNY 0.13, reflecting the increase in net profit attributable to shareholders[3]. - The company reported a net profit excluding non-recurring gains and losses of CNY 49,066,897.23, up 41.95% year-on-year[3]. - The company reported a total profit of ¥68,756,250.20 for Q1 2025, compared to ¥41,477,509.70 in Q1 2024, reflecting a significant growth[16]. - Net profit for Q1 2025 reached ¥52,548,106.68, an increase of 46.5% from ¥35,851,783.23 in Q1 2024[17]. Cash Flow and Investments - The net cash flow from operating activities surged by 272.12% to CNY 55,655,277.16, primarily due to a decrease in cash expenses[3]. - The net cash flow from operating activities was 55,655,277.16, an increase from 14,956,094.00 in the previous period, indicating a significant improvement in operational efficiency[20]. - Cash inflow from investment activities totaled 1,263,184,816.48, compared to 245,450,442.70 previously, reflecting a strong investment recovery[20]. - The net cash flow from investment activities was -56,381,540.12, worsening from -22,137,303.98, suggesting increased investment outflows[20]. - Cash paid for the acquisition of fixed assets was 4,566,356.60, down from 7,587,746.68, indicating a reduction in capital expenditures[20]. - The company received 1,240,000,000.00 in cash from investment recoveries, a significant increase from 240,000,000.00 in the previous period[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,961,933,297.24, a slight increase of 0.28% from the end of the previous year[4]. - Total current assets as of March 31, 2025, amount to ¥4,214,936,608.25, an increase from ¥4,190,993,746.67 as of December 31, 2024[12]. - Total liabilities as of the end of the reporting period were ¥946,135,314.59, down from ¥984,785,361.90[14]. - Total current liabilities decreased to ¥820,801,233.57 from ¥858,444,127.04[13]. - The company’s total assets amounted to ¥4,961,933,297.24, slightly up from ¥4,948,035,237.87[14]. - Total equity attributable to shareholders increased to ¥4,005,308,940.35 from ¥3,953,519,923.53[14]. Research and Development - Total R&D investment amounted to CNY 28,643,022.81, accounting for 9.87% of operating revenue, an increase of 1.38 percentage points year-on-year[4]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 8,904[8]. - The largest shareholder, Shandong Weigao Group Medical Polymer Co., Ltd., holds 202,500,000 shares, accounting for 50.63% of total shares[8]. Operational Changes - The decline in operating revenue was attributed to the integration of sales models, which impacted revenue generation[6]. - There are no new strategies or significant operational changes reported for the current period[10]. - The company has not disclosed any new product developments or technological advancements in this reporting period[10]. Cost Management - Total operating costs for Q1 2025 were ¥235,809,633.56, down 25.5% from ¥317,060,839.41 in Q1 2024[16]. - The company paid 102,172,206.33 in cash to employees, an increase from 90,090,063.00, reflecting higher labor costs[20].