Summary of Shandong Weigao (1066.HK) Conference Call Company Overview - **Company**: Shandong Weigao (1066.HK) - **Industry**: China Healthcare Key Points and Arguments 1. **Price Target Adjustments**: - Price target increased from HK$5.20 to HK$5.90, reflecting a 13% rise in DCF-derived price target [2][6] - Bull case price target raised from HK$8.00 to HK$9.00, while bear case increased from HK$2.80 to HK$3.20 [1][2] 2. **Earnings Forecasts**: - EPS forecasts for 2025, 2026, and 2027 raised by 9%, 13%, and 12% respectively [2] - Projected sales growth of 9% YoY for 2025 and 7% YoY for 2026 [2] 3. **Growth Drivers**: - Management guidance indicates double-digit percentage growth in the medium term driven by new product launches and reduced VBP (Volume-Based Procurement) headwinds [2] - Anticipated contributions from overseas markets are expected to support growth [2] 4. **Sales Growth by Segment**: - Clinical nursing care sales growth projected at 6% for 2025, with orthopedic products expected to grow by 13.3% [18] - Interventional products sales growth forecasted at 7% for 2025 [18] 5. **Market Position**: - Shandong Weigao is recognized for having one of the most effective sales distribution networks in China, which is crucial for new product launches [12] - Despite near-term growth challenges due to price cuts and industry volume issues, the company is expected to gain market share [12] 6. **Valuation and Rating**: - Current stock rating is equal-weight, with a fair valuation against a stable growth path and dividend yield support [13] - The stock closed at HK$5.71 on April 10, 2025, with a 52-week range of HK$6.54 to HK$3.60 [3] 7. **Risks and Challenges**: - Potential risks include higher-than-expected VBP price cuts, slower volume uptake of consumables, and intense competition in pre-fillable syringes [16][22] - Regulatory headwinds and industry competition may pressure growth and margins [22] 8. **Investment Thesis**: - The investment thesis is based on a stable growth outlook with potential upside from new product contributions and favorable government policies [12][22] Additional Important Information - **DCF Methodology**: Utilized a WACC of 13.0% and a terminal growth rate of 3% for the DCF model starting from 2025 [6] - **Consensus Estimates**: The consensus price target distribution shows a mean target of HK$6.25 [7] - **Market Sentiment**: The overall industry view is considered attractive, indicating positive sentiment towards the healthcare sector in China [3][12]

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公示情况说明及核查意见 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。 山东威高骨科材料股份有限公司（以下简称"公司"）于2025年3月25日召开了第三届董事会第十三次会 议、第三届监事会第十一次会议，审议通过《关于公司〈2025年限制性股票激励计划（草案）〉及其摘 要的议案》等相关议案。根据《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》"）等规定，公司对2025年限制性股票激励计 划首次授予激励对象名单在公司内部进行了公示。公司监事会结合公示情况对拟首次授予激励对象进行 了核查，相关公示及核查意见如下： 一、公示情况及核查方式 （一）对激励对象的公示情况 2025年3月27日，公司在上海证券交易所网站（www.sse.com.cn）披露了《2025年限制性股票激励计划 （草案）》（以下简称"《激励计划（草案）》"）及其摘要公告、《2025年限制性股票激励计划实施考 核管理办法》及《20 ...

证券代码：688161 证券简称：威高骨科 山东威高骨科材料股份有限公司 2024 年年度股东大会 会议资料 二零二五年四月 | 目录 | | --- | | 2024 年年度股东大会会议议程 3 | | --- | | 年年度股东大会会议议案 2024 5 | | 关于《2024 年度董事会工作报告》的议案 5 | | 关于《2024 年度监事会工作报告》的议案 12 | | 关于《公司 年度财务决算报告》的议案 2024 15 | | 关于公司 2024 年度利润分配预案的议案 18 | | 关于授权董事会进行 2025 年度中期分红的议案 20 | | 年年度报告》及摘要的议案 关于公司《2024 21 | | 关于预计公司 2025 年度日常关联交易的议案 22 | | 关于公司 2025 年度董事、监事薪酬的议案 30 | | 关于公司《2025 年限制性股票激励计划（草案）》及其摘要的议案 33 | | 关于公司《2025 年限制性股票激励计划实施考核管理办法》的议案 34 | | 2024 年年度股东大会会议须知 1 | | 关于提请公司股东大会授权董事会办理 2025 年限制性股票激励计划相关 ...

证券代码：688161 证券简称：威高骨科 公告编号：2025-016 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公示情况说明及核查意见 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。 山东威高骨科材料股份有限公司（以下简称"公司"）于 2025 年 3 月 25 日 召开了第三届董事会第十三次会议、第三届监事会第十一次会议，审议通过《关于 公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案。根据 《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》"）等规定，公司对 2025 年 限制性股票激励计划首次授予激励对象名单在公司内部进行了公示。公司监事会 结合公示情况对拟首次授予激励对象进行了核查，相关公示及核查意见如下： 一、公示情况及核查方式 （一）对激励对象的公示情况 2025 年 3 月 27 日，公司在上海证券交易所网站（www.sse.com.cn）披露了 《2025 ...

Investment Rating - The report maintains a "Positive" investment rating for the healthcare equipment industry [10]. Core Insights - The first round of national procurement for artificial joints has ended, leading to a moderate drop in prices and a stabilization in the initial replacement market. The average price for selected hip joint products decreased from 35,000 yuan to 7,000 yuan, and knee joint products from 32,000 yuan to 5,000 yuan, reflecting an average price drop of 82% [7][53]. - The lifespan of artificial joints is estimated to be 15-20 years, creating a rigid clinical demand for revision surgeries due to aseptic loosening, which is the most common cause for revisions [8][25]. - The peak period for revision surgeries in China is expected to begin in 2027, driven by increased penetration of initial replacement surgeries and the release of revision demand, indicating a rapid growth phase for the domestic joint replacement market [4][47]. Summary by Sections Market Overview - The domestic joint replacement market is experiencing rapid growth, with the number of orthopedic hospitals increasing from 603 in 2016 to 662 in 2021, and the number of practicing orthopedic doctors rising from 10,316 to 15,535 during the same period, reflecting a compound annual growth rate of 8.53% [9][45]. - In 2019, approximately 952,000 joint replacement surgeries were performed in China, with a penetration rate of about 0.44%, compared to 2.15% in the United States [9][46]. Revision Demand - The report estimates that by 2025, the number of joint replacement surgeries will reach approximately 1.1 million, with a market size of 9.3 billion yuan, and by 2031, it will grow to about 3.3 million surgeries and a market size of 27.5 billion yuan, with revision surgeries accounting for 34% of the revenue [47]. Technological Advancements - The application of 3D printing technology in joint replacement is expected to enhance surgical precision and allow for personalized prosthetics, improving clinical outcomes [41][44]. Competitive Landscape - The report highlights that domestic leading manufacturers have significantly increased their market share post-procurement, with companies like Aikang Medical increasing their market share from 9.2% in 2019 to 15.0% in 2024 [7][53].

华泰联合证券有限责任公司 关于山东威高骨科材料股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：威高骨科 | | --- | --- | | 保荐代表人姓名：唐澍 | 联系电话：025-83387919 | | 保荐代表人姓名：唐逸凡 | 联系电话：025-83387720 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐机构"）作为山东威高骨科材料股份有限公司 （以下简称"威高骨科"、"公司"或"发行人"）首次公开发行股票的保荐机 构，对威高骨科进行持续督导，并出具本持续督导跟踪报告： 一、保荐机构和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 公司当前面临的主要风险因素如下： （一）核心竞争力风险 1、科技的变革、先进的治疗理念进入影响现有主营产品线的风险 公司产品线全面涵盖脊柱、创伤、关节及运动医学等骨科植入医疗器械领域， 且拥有装备先进的机加工产业园，但面对创新科技及技术的突破，例如AI人工智 能、机器人技术 ...

之保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 保荐总结报告书 华泰联合证券有限责任公司 关于山东威高骨科材料股份有限公司 首次公开发行股票并在科创板上市 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | | | --- | --- | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 | 号前海深港基金 | | | | 小镇 B7 栋 401 | | | | 主要办公地址 | 江苏省南京市建邺区江东中路 2 ...

威高骨科 688161.SH 公司研究 | 年报点评 业绩向好，集采扰动逐步出清 ——威高骨科 2024 年报点评 核心观点 盈利预测与投资建议 ⚫ 根据 2024 年报，由于骨科各品类集采均逐步出清，我们调整收入、毛利率、费用率 假设，调整预测公司 2025-2027年每股收益分别为 0.73/0.83/0.85元（原2025-2026 年 EPS 为 0.82/1.01 元），参照可比公司，我们给予公司的合理估值水平为 2025 年 的 44 倍市盈率，对应目标价为 32.12 元，维持增持评级。 风险提示 ⚫ 骨科集采政策超预期、渠道拓展不及预期、新业务拓展不及预期等风险。 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 6.24 | 6.97 | 16.81 | 9.26 | | 相对表现% | 7.37 | 7.03 | 18.01 | 1.14 | | 沪深 300% | -1.13 | -0.06 | -1.2 | 8.12 | 伍云飞 wuyunfei1@orientsec.com.cn 执业证书编号 ...

Summary of Shandong Weigao Conference Call Company Overview - **Company**: Shandong Weigao (1066.HK) - **Industry**: Healthcare, specifically medical devices and consumables in China Key Financial Performance - **2024 Total Sales**: Rmb13.1 billion, a decrease of 1% YoY, which was 3% below Morgan Stanley's estimates [8] - **Net Profit**: Rmb2.07 billion, an increase of 3% YoY (or 4% YoY excluding one-off impacts in 2023), in line with estimates [8] - **Gross Profit Margin (GPM)**: Remained roughly flat YoY, with favorable mix shifts offset by price declines [2] - **Operating Cash Flow (OCF)**: Rmb2.79 billion, flat YoY [2] Segment Performance - **General Consumables**: Sales fell by 6.5% YoY, with volume growth of 5-15% in key products offset by price erosion [2] - **Pharmaceutical Packaging**: Grew by 13% YoY, with pre-filled syringe sales increasing over 20% YoY [2] - **Ortho Products**: Sales increased by 13% YoY, while interventional products grew by 3% YoY; blood management products saw a decline of 16% YoY [2] Future Growth Outlook - **2025 Sales Growth Target**: 10-15% growth, with a double-digit CAGR expected over the next 3-5 years [3] - **Key Growth Drivers**: 1. New product launches in various medical segments including perioperative solutions and digital clinical solutions [3] 2. Market share gains through broader hospital coverage [3] 3. Accelerated overseas growth [3] 4. Enhanced cost control and digitization efforts [3] Financial Strategy - **Cash Position**: Rmb7.8 billion cash balance with a gearing ratio of 17.7% as of end-2024 [3] - **M&A Activity**: Actively seeking potential merger and acquisition opportunities [3] Dividend Policy - **Final Dividend**: HK$0.1235 per share, implying a payout ratio of 50% [8] - **Future Payout Strategy**: Intends to maintain at least a 50% payout ratio along with share buybacks [8] Risks and Considerations - **Market Risks**: Ongoing volume-based procurement (VBP) impacts in China and uncertainties related to pipeline advancements and overseas expansion [8] - **Execution Risks**: Growth will require prudent execution amid competitive pressures and regulatory challenges [8] Analyst Ratings - **Current Rating**: Equal-weight with a price target of HK$5.20, reflecting an unchanged outlook post-earnings [4][8] This summary encapsulates the essential insights from the conference call regarding Shandong Weigao's financial performance, growth strategies, and market outlook, providing a comprehensive overview for potential investors and stakeholders.

调研纪要：威高骨科未来增长驱动因素包括疾病变化、技术创新、国产替代和全球化布局。公司未来三 年战略涵盖提升市场份额、推动海外战略、并购完善布局、加强内部管理。2025年策略包括扩大市场份 额、强化科研合作、拓展海外市场、发展特定产品线、推动生产数字化。在研产品聚焦植入耗材创新、 新型材料突破、有源设备拓展。出海战略包括自营、并购和合作，重点市场为东南亚、巴西、中东等。 2024年第四季度膝关节中标价格上调，脊柱产品毛利率约70%，创伤产品约60%-65%，关节产品约 40%-45%。针对不同经销商，公司根据等级实施量价挂钩策略，注重临床服务、产品品质和推广能力。 机构简介： 相携行远，聚惠未来。相聚资本成立于2015年1月，是中国基金业协会颁布的"中国私募基金年鉴"入选 会员。公司核心团队深耕投资二十余载，善于以时间为友，擅长用GARP组合策略把握市场先机，与具 备长期增长潜力的优秀企业相伴而行、共同成长。多年来，相聚资本行稳致远的风格获得各大金融机构 认同，已经成为四大国有银行、股份制银行、大型保险公司、头部券商等金融机构的重点合作伙伴。企 业使命：跨越 与有潜力的优秀企业共同成长xa0企业文化：穿越 在周 ...