Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

Group 1 - The company announced the convening of a staff representative meeting on September 12, 2025, to elect a new employee representative director [1] - Kong Jianming was elected as the employee representative director for the third board of directors, with a term starting from the date of approval at the meeting until the end of the board's term [1]

证券代码：688161 证券简称：威高骨科 公告编号：2025-037 山东威高骨科材料股份有限公司 关于选举职工代表董事的公告 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、准确性和完整性承担法律责任。 第三届董事会职工代表董事简历 孔建明：男，中国国籍，无境外永久居留权。工商管理硕士，中共党员。2001 年至今历任威高股份哈尔滨办事处业务员、重庆办事处主任、华东区经理、威高 新生公司总经理；2023 年 3 月至今任威高骨科副总经理，2024 年 4 月至今任威 高骨科董事。 截至本公告披露前，孔建明先生未持有公司股票，与持有公司 5%以上股份 的股东、实际控制人及其他董事、监事、高级管理人员不存在关联关系。孔建明 先生未受过中国证监会及其他有关部门的处罚和证券交易所惩戒，不属于"失信 被执行人"，也不存在《公司法》《证券法》中规定的不得担任公司董事的情形。 特此公告。 山东威高骨科材料股份有限公司董事会 2025 年 9 月 13 日 附件： 根据《中华人民共和国公司法》《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》及《上市公司章程 ...

证券代码：688161 证券简称：威高骨科 公告编号：2025-038 山东威高骨科材料股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 12 日 （二） 股东大会召开的地点：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） （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 61 | | --- | --- | | 普通股股东人数 | 61 | | 2、出席会议的股东所持有的表决权数量 | 340,630,699 | | 普通股股东所持有表决权数量 | 340,630,699 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 85.1576 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...

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 年第一次临时股东大会的 法律意见书 二〇二五年九月 法律意见书 关于山东威高骨科材料股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：山东威高骨科材料股份有限公司 根据中国证监会发布的《上市公司股东会规则》（下称"《股东会规则》"） 的有关规定，北京市中伦（深圳）律师事务所（下称"本所"）接受山东威高骨 科材料股份有限公司（下称"公司"）的委托，指派律师出席公司 2025 年第一次 临时股东大会（下称"本次股东大会"），并就本次股东大会的召集和召开程序、 召集人资格、出席和列席会议人员资格、表决程序及表决结果等事宜发表法律意 见。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书 出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准 确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者 重大遗漏，并承担相应法律责任。 一、本次股 ...

Core Insights - The article discusses the evolution of policies supporting the development of the biomedical materials industry in China, highlighting a shift from basic research support to industrialization, innovation-driven growth, and high-quality development [1][3]. Policy Overview - Since 2015, multiple government departments, including the State Council and the National Health Commission, have issued various policies to support and regulate the biomedical materials industry, focusing on technology development, industry upgrades, quality standards, and centralized procurement [3][4]. - Key policies include the 2024 notification on centralized procurement of high-value medical consumables, aimed at enhancing procurement efficiency and reducing costs [4][5]. - The "14th Five-Year Plan" emphasizes the development of high-end medical devices and key technologies, aiming to improve supply capabilities and address gaps in high-end medical equipment [9][10]. Development Goals - The focus is on technological innovation in high-end implantable products, such as biodegradable vascular stents and artificial joints, as well as new materials like recombinant collagen and biodegradable materials [8][9]. - The government aims to optimize approval processes, promote bulk procurement, and enhance collaboration among academia, industry, and healthcare to boost competitiveness and domestic production levels [8][10]. - By 2025, the goal is to achieve comprehensive coverage of DRG/DIP payment methods in all eligible medical institutions, ensuring a more efficient healthcare financing system [10]. Regional Policies - Various provinces have introduced policies to promote the biomedical materials industry, with a focus on centralized procurement for orthopedic implants and other high-value medical consumables [12][13]. - Cities like Beijing and Shanghai are encouraging the development of new biomedical materials and technologies, including advanced manufacturing techniques and 3D bioprinting [13][14]. - The policies aim to strengthen the local manufacturing capabilities and foster innovation in the biomedical materials sector [14][17].

Group 1 - The company, Weigao Orthopedics, announced its plan to participate in the 2025 semi-annual performance briefing for the medical device and equipment industry on September 17, 2025 [2]

证券代码：688161 证券简称：威高骨科 公告编号：2025-036 山东威高骨科材料股份有限公司 关于参加 2025 年半年度科创板医疗器械及医疗设备 行业集体业绩说明会的公告 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"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 17 日 （星期三） 15:00-17:00 参加 2025 年半年度科创板医疗器械及医疗设备行业集体业绩说明 会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 09 月 17 日 （星期三） 15:00-17:0 ...

Core Viewpoint - The biopharmaceutical sector in China is experiencing a positive trend in innovation and investment, with significant growth in the approval of innovative drugs and a recovery in market conditions [1][2] Industry Summary - As of September 8, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.89%, with notable gains from companies such as United Imaging Healthcare (688271) up 11.48% and BGI Genomics (688114) up 9.35% [1] - The "National Drug Safety Publicity Week" launched on September 1 highlights the positive development of the pharmaceutical industry, with 210 innovative drugs approved in the past five years, indicating a sustained growth trend [1] - Currently, approximately 30% of the world's innovative drugs under research are from China, showcasing the country's significant role in global pharmaceutical innovation [1] Company Summary - The top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index as of August 29, 2025, include United Imaging Healthcare (688271), BeiGene (688235), and others, collectively accounting for 50.27% of the index [2] - The Sci-Tech Biopharmaceutical ETF (588250) closely tracks the performance of the Sci-Tech Innovation Board Biopharmaceutical Index, reflecting the overall performance of representative biopharmaceutical companies listed on the Sci-Tech Board [2]

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 to ensure the rights of all shareholders and maintain order and efficiency during the meeting [1] - The meeting will include voting on the proposal to abolish the supervisory board and amend the company's articles of association [5][6] Meeting Procedures - Attendees must register 30 minutes before the meeting and present necessary identification [1] - The meeting will start with the announcement of the number of shareholders present and their voting rights [2] - Shareholders have the right to speak, inquire, and vote during the meeting, but must register in advance to speak [2][3] - Voting will be conducted through both on-site and online methods, with results announced at the end of the meeting [9] Proposed Amendments - The proposal includes abolishing the supervisory board, transferring its powers to the audit committee of the board of directors, and corresponding amendments to the company's articles of association [5][7] - Specific amendments to the articles of association include changes to the representation of the company and the responsibilities of the legal representative [7][10] Voting and Representation - The meeting will elect representatives for counting and monitoring votes [9] - Shareholders must express their opinions on the proposals as either in favor, against, or abstaining [3][4] - The company will not provide gifts or cover expenses for attending shareholders [4][5]