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].

Investment Rating - The report maintains a "Buy" rating for Weigao Orthopedics [3][6]. Core Views - The company's performance is expected to recover significantly in 2024, with revenue and net profit showing comprehensive growth, reversing the downward trend observed since 2022 [1][3]. - The core product lines are anticipated to see both volume and price increases, with further recovery expected in 2025 [2][3]. - Weigao Orthopedics is actively diversifying its research and development efforts, expanding into areas outside of centralized procurement [2][3]. Financial Forecast - The company is projected to achieve revenues of 15.75 billion, 18.21 billion, and 21.10 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.65 billion, 3.17 billion, and 3.61 billion yuan [3][5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.66, 0.79, and 0.90 yuan, with price-to-earnings (PE) ratios of 39.30, 32.83, and 28.79 respectively [3][5]. Business Overview - Weigao Orthopedics is recognized as a leading domestic orthopedic consumables company, with a comprehensive product line covering joints, spine, trauma, and sports medicine [10][11]. - The company has seen a significant increase in sales volume across its three main product lines in 2024, marking a turnaround in performance [22][25]. - The company’s revenue structure is healthy, with contributions from joint and spine products being nearly equal, and low dependency on any single business line [19][20]. Market Dynamics - The risk of significant price reductions due to centralized procurement has been alleviated, with stable pricing expected in 2025 [31][33]. - The aging population is driving demand for orthopedic products, with a notable increase in the prevalence of conditions such as osteoarthritis and osteoporosis among older adults [35][37]. - The market for orthopedic consumables is expected to grow as the number of elderly patients increases, leading to higher clinical demand for orthopedic surgeries [44][45]. Competitive Position - Weigao Orthopedics has maintained a strong market share in the orthopedic consumables sector, particularly in the artificial joint segment, where it has benefited from the national procurement policies [45][51]. - The company’s pricing strategy and product quality have positioned it favorably against both domestic and international competitors [64][65].

山东威高骨科材料股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 证券代码：688161 证券简称：威高骨科 公告编号：2025-024 为进一步加强与投资者的互动交流，山东威高骨科材料股份有限公司（以下简 称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联 合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项 公告如下： 山东威高骨科材料股份有限公司 2025 年 5 月 13 日 — 1 — 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP,参 与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时公司高管 将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、股权激 励和可持续发展等投资者关心的问题，与投资者进行沟通 ...

Core Viewpoints - The segmented fields show differentiated growth: semiconductor materials grow at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth of 8-10% [2] - Emerging fields are rapidly rising: AI servers with high-frequency materials grow at 60%, new energy vehicles with MLCC at 100%, foldable screens with UTG glass at 30%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2] - The industrial chain is changing: semiconductor materials are developed in a bundled manner with "wafer factories + material factories," while new energy materials involve a three-in-one integration of car manufacturers, battery factories, and material suppliers [2] Market Analysis - The Chinese innovative materials market has formed a diversified tiered structure, reaching a total scale of 6 trillion yuan in 2024, with a forecast to exceed 10 trillion yuan in 2025. The segmented fields show differentiated growth: semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%) constitute three major growth poles, while traditional structural materials grow steadily at 8-10% [10][11] - The application field is being restructured, with traditional applications (aerospace, automotive manufacturing) dropping from 65% in 2019 to 48% in 2023, while emerging fields like AI servers (CCL usage growth of 60%), new energy vehicles (MLCC demand growth of 100%), and foldable screens (UTG glass demand growth of 30%) are rapidly rising [10] Competitive Landscape and Industrial Chain Evolution - The industry concentration is accelerating, showing a dual-track pattern of "national teams leading + private specialization." China National Building Material Group, as a representative of "national materials," has achieved breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [12] - The collaborative model in the industrial chain is innovating significantly. In the semiconductor materials field, a "wafer factory + material factory" bundled development model has formed, while new energy materials show a three-in-one R&D model involving car manufacturers, battery factories, and material suppliers [12] Future Market Space - The innovative materials market in China is expected to reach 10 trillion yuan by 2025 and exceed 30 trillion yuan by 2030, maintaining a CAGR of 18%. The growth engines come from deepening domestic substitution, technological iteration dividends, and the expansion of emerging applications [19] - Key areas to focus on include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconducting materials, perovskite photovoltaic materials, high-frequency materials, MLCC, UTG glass, silicon-carbon anodes, AI + new materials, and biodegradable materials [10][19] Policy Environment and Institutional Innovation - The national strategic layout provides strong support, with the Ministry of Industry and Information Technology clarifying key development directions for frontier materials, and local governments increasing support, such as Guangdong Province establishing a 10 billion yuan new materials industry fund [15] - The policy combination has shown significant effects, with the first application insurance compensation mechanism covering 80% of key materials, reducing R&D risks for enterprises by 30% [15] Technological Innovation and Industry Upgrade - The materials genome engineering is revolutionizing the R&D model, significantly shortening the development cycle of new materials [16] - Breakthroughs in production processes are reshaping cost curves, with significant reductions in unit costs and improvements in yield rates for various materials [16] Investment Strategy Recommendations - Focus on three major tracks: high-end semiconductor materials, new energy materials, and biomedical materials. Risk control should pay attention to technological route risks and the competitive landscape of leading enterprises [25][26] - The certainty of domestic substitution is high, with significant opportunities in solid-state electrolytes and superconducting materials [26]

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 ...