资金流向方面，今日主力资金净流入1091.11万元，占比成交额9.61%。其中，超大单净流入755.04万 元、占成交额6.65%，大单净流入336.07万元、占成交额2.96%，中单净流出流入653.19万元、占成交额 5.75%，小单净流出1744.30万元、占成交额15.37%。 威高骨科最新一期业绩显示，截至2025一季报，公司营业总收入2.90亿元、同比减少16.59%，归属净利 润5178.90万元，同比增长48.37%，扣非净利润4906.69万元，同比增长41.95%，流动比率5.135、速动比 率4.321、资产负债率19.07%。 天眼查商业履历信息显示，山东威高骨科材料股份有限公司，成立于2005年，位于威海市，是一家以从 事专用设备制造业为主的企业。企业注册资本40000万人民币，实缴资本40000万人民币。公司法定代表 人为陈敏。 通过天眼查大数据分析，山东威高骨科材料股份有限公司共对外投资了19家企业，参与招投标项目529 次，知识产权方面有商标信息1条，专利信息341条，此外企业还拥有行政许可122个。 来源：金融界 金融界消息 截至2025年7月29日收盘，威高骨科（68816 ...

Core Viewpoint - Weigao Orthopedics has seen a recent stock price increase, with a closing price of 29.38 yuan, marking a 2.26% rise, while its rolling PE ratio has reached a new low of 48.84 times over the past 78 days, with a total market capitalization of 11.752 billion yuan [1]. Company Overview - Weigao Orthopedics specializes in a wide range of orthopedic products, including spinal, trauma, joint, sports medicine, bone repair materials, tissue repair, and orthopedic surgical instruments, making it one of the most comprehensive and leading domestic orthopedic enterprises [1]. - The company holds a total of 371 patents, including 86 invention patents and 266 utility model patents [1]. Financial Performance - In the first quarter of 2025, Weigao Orthopedics reported an operating income of 290 million yuan, a year-on-year decrease of 16.59%, while net profit reached 51.79 million yuan, reflecting a year-on-year increase of 48.37%, with a gross profit margin of 63.68% [1]. Shareholder Information - As of March 31, 2025, Weigao Orthopedics had 8,904 shareholders, a decrease of 302 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1]. Industry Comparison - The average PE ratio for the medical device industry is 55.28 times, with a median of 38.06 times, positioning Weigao Orthopedics at 85th place within the industry [1][2].

Group 1 - The core viewpoint of the articles highlights the performance and market position of Weigao Orthopedics, noting its stock price increase and current valuation metrics [1][2] - As of July 24, Weigao Orthopedics closed at 28.42 yuan, with a 4.26% increase, and a rolling PE ratio of 47.24, marking a new low in 76 days, with a total market capitalization of 11.368 billion yuan [1] - The average PE ratio for the medical device industry is 54.56, with a median of 37.54, placing Weigao Orthopedics at the 85th position in the industry ranking [1][2] Group 2 - The company specializes in a wide range of orthopedic products, including spinal, trauma, joint, sports medicine, bone repair materials, tissue repair, and surgical instruments, making it a leading domestic enterprise in the orthopedic sector [1] - Weigao Orthopedics holds a total of 371 patents, including 86 invention patents and 266 utility model patents [1] - In the first quarter of 2025, the company reported a revenue of 290 million yuan, a year-on-year decrease of 16.59%, while net profit reached 51.789 million yuan, reflecting a year-on-year increase of 48.37%, with a gross profit margin of 63.68% [1]

Investment Rating - The investment rating for Shandong Weigao Group is "Buy" with a target price of HK$7.30, indicating an upside potential of 18.5% from the current price of HK$6.16 [8]. Core Insights - The company maintains its full-year revenue growth guidance of 10-15% year-on-year, with expectations of a stronger second half due to a favorable revenue base and new product contributions [2][6]. - New product ramp-up is on track, particularly in perioperative care and the pharmaceutical packaging segment, with specific sales targets set for these products [2][7]. - Operating margins for low-value consumables are expected to stabilize post-Volume-Based Procurement (VBP), supported by cost controls and market expansion efforts [7]. Summary by Sections Revenue and Growth - Full-year revenue growth guidance remains at 10-15% y/y, with a slower first half anticipated but a stronger second half expected due to a favorable base and new product contributions [2][6]. - The revenue split for 1H25 and 2H25 is projected at Rmb6.64 billion and Rmb6.45 billion respectively [6]. New Products and Market Strategy - The ramp-up of new products is progressing as planned, particularly in perioperative care, with sales targets of Rmb0.8-1 billion for FY25 [6][7]. - In the pharmaceutical packaging segment, pre-filled syringes are expected to grow at a teens rate, driven by new biologics launches [7]. Profitability and Margins - Operating profit is expected to grow in line with revenue, with a one-off gain of Rmb60-70 million anticipated from the listing of Weigao's blood purification business [6]. - Operating margins for low-value consumables are projected to stabilize at 15-20% post-VBP, aided by cost controls and deeper market penetration [7]. International Expansion and M&A - The company is actively expanding into overseas markets, with a focus on developing countries and a new plant under construction in Southeast Asia [7]. - Management is evaluating M&A opportunities, particularly in capacity expansion for existing products and new product categories [7].

Core Viewpoint - Shandong Weigao Orthopedic Materials Co., Ltd. has established itself as a leading player in the orthopedic medical device industry in China, focusing on tax compliance and innovation to enhance its competitive edge [1][2]. Group 1: Company Overview - Weigao Orthopedic has been recognized as an A-level taxpayer multiple times and has achieved a "nine consecutive A" tax credit status as of this year [1]. - Since its establishment in 2005, the company has developed a comprehensive product line covering over 20,000 different specifications in orthopedic implants, making it the market leader in China [1]. - The company holds 377 domestic patents, indicating a strong focus on research and development [1]. Group 2: Innovation and R&D - Weigao Orthopedic invests over 70 million annually in R&D, with a consistent increase in funding [1]. - The company is facing challenges due to the monopoly of key technologies abroad, which poses risks to its operations [1]. - In 2024, the company is expected to benefit from over 58 million in R&D expense deductions, highlighting the financial advantages of tax policies [2]. Group 3: Compliance and Management - The company views compliance management as a strategic choice rather than a reactive measure, integrating it into its corporate culture [2]. - A comprehensive tax internal control system has been established, detailing processes from contract review to tax accounting and reporting [2]. - The local tax authority provides support through risk scanning and specialized tax service teams, aiding the company in establishing standardized tax operation manuals [3]. Group 4: Future Outlook - The company aims to enhance its tax compliance management system to strengthen risk prevention and align itself with international standards [3].

Group 1 - The core viewpoint of the articles highlights the performance and market position of Weigao Orthopedics, noting its stock price increase and market capitalization [1] - As of June 16, Weigao Orthopedics closed at 25.84 yuan, with a rolling PE ratio of 42.95 times and a total market value of 10.336 billion yuan [1] - The company ranks 86th in the medical device industry, which has an average PE ratio of 49.56 times and a median of 36.18 times [1][2] Group 2 - Weigao Orthopedics has a comprehensive product range covering spinal, trauma, joint, sports medicine, bone repair materials, tissue repair, and orthopedic surgical instruments, making it a leading domestic orthopedic enterprise [1] - The company holds a total of 371 patents, including 86 invention patents and 266 utility model patents [1] - In the first quarter of 2025, Weigao Orthopedics reported an operating income of 290 million yuan, a year-on-year decrease of 16.59%, and a net profit of 51.789 million yuan, a year-on-year increase of 48.37%, with a gross profit margin of 63.68% [1]

Core Viewpoint - The company has announced a cash dividend of 0.17 RMB per share for the fiscal year 2024, approved at the annual general meeting held on April 21, 2025 [1][2]. Distribution Plan - The dividend distribution is based on the total share capital as of the record date, with a proposed cash dividend of 1.70 RMB for every 10 shares held, amounting to a total cash dividend of approximately 67.54 million RMB, which represents 30.18% of the net profit attributable to shareholders for the fiscal year 2024 [2][4]. - The total share capital is 400 million shares, with 2,713,876 shares excluded from the distribution due to being held in the company's repurchase account, resulting in 397,286,124 shares eligible for the dividend [2][4]. Dividend Calculation - The cash dividend per share is calculated as 0.17 RMB, based on the adjusted total share capital [3][4]. - The reference price for ex-dividend trading will be adjusted based on the cash dividend distribution [3][4]. Implementation Method - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [4][5]. - Shareholders who have not completed designated trading will have their dividends held by the clearing company until the trading is completed [4]. Taxation Information - For individual shareholders holding unrestricted shares, dividends are subject to different tax treatments based on the holding period, with a maximum tax rate of 20% for shares held for less than one month [6][7]. - Non-resident enterprises will be taxed at a reduced rate of 10% on dividends received [8]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply to dividends [8]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's securities affairs department at the provided phone number [10].

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].