证券代码：688161 证券简称：威高骨科 公告编号：2025-043 山东威高骨科材料股份有限公司 召开日期时间：2025 年 11 月 17 日 14 点 50 分 召开地点：山东威高骨科材料股份有限公司会议室（威海市旅游度假区香江 街 26 号） （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 关于召开2025年第二次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第二次临时股东会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间 ...

Industry Investment Rating - The report maintains an investment rating of "Outperform" for the orthopedic consumables sector [2]. Core Insights - The orthopedic consumables sector experienced significant performance improvement in H1 2025, with a positive trend in overseas expansion and accelerated corporate layouts [3][5]. - The overall revenue of the A-share orthopedic consumables sector increased by 16% year-on-year in H1 2025, with net profit attributable to shareholders rising by 70% and non-recurring net profit increasing by 75% [5][11]. - The gross profit margin for the sector was 66% in H1 2025, reflecting a year-on-year increase of 1.95 percentage points, attributed to ongoing cost control and optimization [5][11]. - The report highlights a favorable trend in overseas business, which is expected to become a significant growth driver for companies in the sector [5][35]. Summary by Sections 1. Orthopedic Consumables H1 2025 Report Analysis - The orthopedic consumables sector saw a revenue increase of 16.24% in H1 2025, with a gross profit margin of 66.07% [9][11]. - The second quarter of 2025 showed a revenue growth of 23% year-on-year, with net profit growth of 84% [11]. 2. Segment Analysis - The joint business segment benefited from the implementation of centralized procurement policies, leading to a sustained increase in both volume and price for leading companies [22]. - The spinal segment is experiencing stable execution of centralized procurement, with significant room for domestic companies to increase market share [29]. 3. Related Company Summaries - **Dabo Medical**: Achieved a revenue of 12.1 billion yuan in H1 2025, a year-on-year increase of 25.55%, with a net profit of 2.44 billion yuan, up 76.69% [41]. - **Weigao Orthopedics**: Reported a revenue of 7.41 billion yuan in H1 2025, a slight decrease of 1.28%, but net profit increased by 52.43% [57]. - **Aikang Medical**: Generated a revenue of 6.94 billion yuan in H1 2025, reflecting a growth of 5.65% year-on-year [47]. - **Chunli Medical**: Recorded a revenue of 4.88 billion yuan in H1 2025, up 28.27% year-on-year [52]. - **Sanyou Medical**: Achieved a revenue of 2.50 billion yuan in H1 2025, a year-on-year increase of 17.77% [61].

Core Viewpoint - The announcement details the implementation of the 2025 semi-annual profit distribution plan by Shandong Weigao Orthopedic Materials Co., Ltd, which includes a cash dividend of 0.10 yuan per share [1][4]. Distribution Plan - The distribution year is set for the 2025 semi-annual period [2]. - Eligible recipients include all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [2]. - The company has authorized the board to determine the specific distribution plan based on the conditions and limits approved at the 2024 annual shareholders' meeting [3]. Financial Details - The net profit attributable to shareholders for the first half of 2025 is reported at 141,957,058.61 yuan, with retained earnings amounting to 2,190,103,574.82 yuan [3]. - The cash flow from operating activities for the first half of 2025 is 186,207,847.40 yuan, indicating sufficient funds for normal operations and sustainable development [3]. - The total share capital is 400,000,000 shares, with 2,713,876 shares in the company's repurchase account excluded from the distribution, resulting in a distribution base of 397,286,124 shares [4]. Dividend Distribution - The company plans to distribute a cash dividend of 1.00 yuan for every 10 shares held, totaling 39,728,612.40 yuan, which represents 27.99% of the net profit attributable to shareholders for the first half of 2025 [4]. - The distribution will not involve capital reserve conversion to share capital or stock dividends [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 [9][10]. - For foreign institutional investors, a 10% withholding tax applies to dividends received [11]. - The company will not withhold taxes for other institutional investors, who are responsible for their own tax declarations [12]. Implementation Method - The dividends will be distributed through China Securities Depository and Clearing Corporation Limited, with specific arrangements for shareholders who have designated trading [5][6]. - Shareholders who have not designated trading will have their dividends held until they complete the necessary procedures [5]. Contact Information - For inquiries regarding the distribution, shareholders can contact the company's securities affairs department at 0631-5788909 [13].

（文章来源：证券日报） 证券日报网讯 10月13日晚间，威高骨科发布公告称，2025年半年度权益分派方案为每股现金红利0.10元 （含税），股权登记日为2025年10月20日，除权（息）日及现金红利发放日均为2025年10月21日。 ...

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 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 2025 年度中期权益分派的差异化分红（以下简称"本次差异化分红"）相关事宜出具 《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》（以下简称"本法律意见书"）。 就公司提供的文件、资料和陈述，本所及本所律师已得到公司的如下保证： 公司已经提供了 ...

1. 发放年度：2025年半年度 证券代码：688161 证券简称：威高骨科 公告编号：2025-039 山东威高骨科材料股份有限公司2025年半年度权益分派实施 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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/10/20 | 2025/10/21 | 2025/10/21 | 一、 通过分配方案的股东大会届次和日期 经公司 2025 年 4 月 21 日召开的 2024 年年度股东大会授权董事会在符合利润 分配的条件下制定具体的 2025 年中期分红方案，公司于 2025 年 8 月 26 日召开了 第三届董事会第十五次会议，第三届监事会第十三次会议，审议通过本次利润分 配方案。 二、 分配方案 （1）差异化分红方案 根据公司 2024 年年度股东大会审议通过的《关于授权董事会进行 2025 年度中 期分红的议案》，董事会在同时符合前提条件及金额上限的情况下根据届时情况制 定 2025 年度 ...

Core Viewpoint - The company's mid-year performance meets expectations, with revenue decline primarily due to the shift in sales model for joint products from distribution to distribution, leading to a decrease in factory prices. Profit growth is high, mainly due to reduced sales expenses from the sales model adjustment and improved operational efficiency from refined management. Looking ahead to the second half of the year, despite the expected impact on revenue from the sales model adjustment in the joint and tissue repair business, the spine and trauma segments are expected to maintain steady growth, with profit margins likely to continue improving year-on-year, and profit growth expected to outpace revenue growth. The annual profit is expected to meet the assessment targets of the restricted stock incentive plan [1][4][6]. Financial Performance - In the first half of 2025, the company achieved revenue of 741 million yuan, a year-on-year decrease of 1.28%; net profit attributable to shareholders was 142 million yuan, a year-on-year increase of 52.43%; and net profit excluding non-recurring items was 136 million yuan, a year-on-year increase of 51.98%. Basic earnings per share were 0.35 yuan. The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares, totaling approximately 39.73 million yuan [2][3]. Sales and Profitability - The company's gross profit margin for the first half of the year was 66.50% (+2.43 percentage points), and the sales expense ratio was 26.49% (-10.63 percentage points). The decrease in sales expenses was mainly due to optimized marketing and personnel structures, channel integration, and refined management of market expenses. The net profit margin was 19.52% (+6.71 percentage points), benefiting from the increase in gross margin and decrease in expense ratios. The net cash flow from operating activities was 186 million yuan (+28.66%), mainly due to reduced cash expenses [5][6]. International Expansion - The company achieved overseas revenue of 43.21 million yuan in the first half of the year, a year-on-year increase of 19%. The company is accelerating its international strategy, gradually improving its overseas divisions, concentrating resources on strategic markets (Indonesia, Brazil, Russia, Thailand, etc.), and establishing benchmark sales channels. It is also deepening localized operations in developed trade markets (Central Asia, Africa, etc.) and quickly entering untapped markets (Mexico, Saudi Arabia, Europe, etc.) [3][4]. Future Outlook - The company is expected to maintain steady growth in performance after the impact of centralized procurement clears. The centralized procurement in various segments of orthopedics has been implemented, with joint and trauma procurement renewals completed, and the company’s bid prices are expected to remain stable. The spine procurement renewal is anticipated to commence by the end of this year or early next year, with expected stable pricing based on previous results. The company is expected to achieve a net profit of no less than 290 million yuan, excluding stock payment expenses, meeting the targets of the restricted stock incentive plan [4][6]. Long-term Growth Potential - The orthopedic industry has good growth potential, and the company’s comprehensive product line is expected to leverage its advantages in branding, channels, and research and development to maintain its leading position in the industry. Revenue projections for 2025-2027 are 1.616 billion yuan, 1.890 billion yuan, and 2.213 billion yuan, representing year-on-year growth of 11.2%, 17.0%, and 17.1%, respectively. Net profit attributable to shareholders is projected to be 293 million yuan, 361 million yuan, and 429 million yuan, with year-on-year growth of 31.1%, 23.0%, and 18.8% [6][7].

Core Viewpoint - Weigao Orthopedics has shown a mixed financial performance with a slight decrease in revenue but a significant increase in net profit, indicating potential resilience in profitability despite revenue challenges [2]. Financing Summary - On October 9, Weigao Orthopedics experienced a financing buy-in of 19.40 million yuan, with a net buy of 11.10 million yuan, reflecting strong investor interest [1]. - The total financing and securities balance reached 147 million yuan, accounting for 1.11% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - The short-selling activity was low, with no shares repaid and only 700 shares sold, resulting in a short-selling balance of 6.62 thousand yuan, below the 40th percentile of the past year [1]. Financial Performance - For the first half of 2025, Weigao Orthopedics reported a revenue of 741 million yuan, a year-on-year decrease of 1.28%, while the net profit attributable to shareholders increased by 52.43% to 142 million yuan [2]. - Cumulatively, the company has distributed 535 million yuan in dividends since its A-share listing, with 327 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 1.46% to 9,034, while the average circulating shares per person decreased by 1.44% to 44,277 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.05 million shares, a decrease of 746,300 shares compared to the previous period [3].

Group 1: Core Insights - The article discusses the financing status and trends in the biomedical materials industry in China from 2020 to 2025, highlighting significant investment events and the overall investment landscape [1][5][19]. Group 2: Financing Events Summary - A summary of major financing events in the biomedical materials industry from 2020 to 2025 is provided, detailing various companies, funding rounds, amounts, and investors [2][3][4]. - Notable financing events include: - Xintai Medical received 129.78 million RMB in strategic investment on June 23, 2025 [2]. - SupiraMedical raised 40 million USD in a D round on November 22, 2023 [3]. - Multiple companies, such as MoDi Bio and Rongmai Medical, have engaged in various funding rounds, indicating a vibrant investment environment [2][3][4]. Group 3: Financing Scale Analysis - The financing scale in the biomedical materials manufacturing industry shows a trend of "initial rise, peak, and subsequent adjustment," with financing occurrences peaking at 13 in 2021 and dropping to 4 in the first half of 2025 [5]. - The total financing amount reached a peak of 5.473 billion RMB in 2021, followed by a significant decline to 201 million RMB in the first half of 2025 [5]. Group 4: Financing Rounds Analysis - Since 2020, early-stage financing rounds have dominated, with A rounds being the most active at 15 occurrences, followed by angel rounds at 9 [7]. - Early-stage rounds (angel, Pre-A, A, and A+ rounds) accounted for over 60% of total financing events, indicating a preference for investing in early-stage companies [7]. Group 5: External Investment Landscape - The primary regions for external investments by major biomedical materials companies in China are Beijing and Shanghai, with 30 and 25 investments, respectively [10]. - The industry investment layout shows that scientific research and technical services account for 42%, manufacturing for 23%, and wholesale and retail for another 23% [11]. Group 6: Mergers and Acquisitions - The mergers and acquisitions market in the biomedical materials sector is characterized by continuous growth, with horizontal mergers being the primary focus, supported by policy incentives and industry demands [12]. - Recent notable transactions include: - SINOCERA's acquisition of DEKEMA for 10.21 million RMB, enhancing its product layout in the dental field [15]. - The acquisition of SPIDENT by SINOCERA for 704 million RMB, aimed at expanding its presence in the dental medical field [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.63 CNY, based on a 49x PE for 2026 [4][7]. Core Views - The company has shown rapid profit release and has made breakthroughs in overseas markets, with a focus on expanding market share and improving sales models [2][12]. - The revenue for the first half of 2025 was 740 million CNY, a year-on-year decrease of 1.3%, while the net profit attributable to the parent company was 140 million CNY, a year-on-year increase of 52.4% [12]. - The company is actively expanding its product lines in innovative areas such as minimally invasive spine surgery and digital orthopedics, achieving a 19% year-on-year increase in overseas revenue [12]. Financial Performance Summary - Revenue projections for 2025-2027 have been adjusted to 1,652 million CNY, 1,860 million CNY, and 2,072 million CNY, respectively, with corresponding net profit estimates of 314 million CNY, 348 million CNY, and 390 million CNY [4][6]. - The gross margin is expected to remain stable around 65.5% to 65.2% over the forecast period, with a net profit margin projected to increase from 19.0% in 2025 to 18.8% in 2027 [6][14]. - The company’s earnings per share (EPS) are forecasted to be 0.79 CNY, 0.87 CNY, and 0.97 CNY for 2025, 2026, and 2027, respectively [4][14]. Market and Operational Insights - The company has successfully navigated the challenges posed by centralized procurement policies, leading to improved profitability through market share gains and cost management [12]. - The sales expense ratio decreased by 10.6 percentage points year-on-year to 26.5% in the first half of 2025, reflecting effective cost control measures [12]. - The company is focusing on a digital factory strategy to enhance efficiency and reduce costs, with a gross margin of 66.5% in the first half of 2025, an increase of 2.4 percentage points year-on-year [12].