证券代码：688161 证券简称：威高骨科 | 关于修订公司部分管理制度的议案 63 | | --- | 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会议资料 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 会议资料 二零二五年九月 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》 《山东威高骨科材料股份有限公司章程》等相关规定，山东威高骨科材料股份 有限公司（以下简称"公司"）特制定 2025 年第一次临时股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工 作人员将对出席会议人员的身份进行必要的核对工作，请被核对者给予配合。 经公司审核，符合条件参加本次会议的股东、股东代理人、公司董事、监 事、高级管理人员、聘任律师及董事会邀请的人员等可进入会场，公司有权拒 绝不符合条件的人员进入会场。 会议进行中只接受股东及股东代理人发言或提问。发言时需说明股东姓名/ 名称及所持股份总数。股东及股东代理人发言或提问应围绕本次会议议题 ...

Core Insights - The Chinese medical device industry faced challenges and opportunities in the first half of 2025, with a recovery in bidding for medical equipment not yet translating into improved company performance [1][3] - Overall performance of the industry remained under pressure due to complex global macroeconomic conditions, with a decline in revenue and net profit for A-share medical device companies [1][3] Financial Performance - In the first half of 2025, 131 A-share medical device companies reported total revenue of 1188.17 billion yuan, a decrease of 4.29% from 1241.43 billion yuan in the previous year [1] - Net profit for these companies fell to 188.12 billion yuan, down 17.17% from 227.11 billion yuan year-on-year [1] - Over 80% of companies in the in vitro diagnostics sector experienced a decline in performance due to factors like centralized procurement and medical insurance cost control [1] Sector Highlights - Despite overall declines, certain sectors like orthopedics and cardiovascular devices showed significant growth, with companies such as Sanyou Medical and Dabo Medical reporting revenue growth exceeding 40% [1][4] - Sanyou Medical achieved a remarkable net profit growth of 2083.64%, driven by acquisitions and recovery in domestic business [4] International Market Expansion - Overseas markets have become crucial for leading companies to overcome growth bottlenecks, with companies like Ruimai Te and Yuyue Medical reporting revenue growth of 61.33% and 49.96% respectively from international sales [2][7] - The international revenue for 89 companies reached 332.47 billion yuan, marking an 8.2% increase year-on-year [6] Future Outlook - The industry anticipates a turning point in the second half of 2025, with signs of demand recovery and improved bidding activity for medical devices [3][10] - The approval of innovative medical devices and drugs is on the rise, with 45 innovative medical devices approved in the first half of 2025, a year-on-year increase of 87% [12][13]

Industry Overview - In 2022, the structure of the upstream materials in China's biomedical materials industry showed a high proportion of metal and polymer materials. By 2024, composite materials and bio-derived materials are expected to gain market share due to advancements in 3D printing technology and increased demand in the medical aesthetics sector, while metal materials, polymer materials, and medical ceramics may see slight declines in market share due to substitution effects and market competition [1][2]. Competitive Landscape - The competitive landscape of the biomedical materials industry can be divided into three tiers based on revenue: - Tier 1 companies have revenues exceeding 2 billion yuan, including companies like Lepu Medical, Haohai Biological, and Dabo Medical. - Tier 2 companies have revenues between 1 billion and 2 billion yuan, represented by Weigao Orthopedics, Xinmai Medical, and Blue Sail Medical. - Tier 3 companies have revenues below 1 billion yuan, including Guoci Materials, Bairen Medical, and Zhenghai Biological [3][6]. Business Layout Comparison - Companies such as Aojing Medical, Weigao Orthopedics, and Haohai Biological derive nearly 100% of their revenue from biomedical materials, while others have a relatively low proportion of revenue from this segment [5][6]. Business Planning and Innovation - The business planning in the biomedical materials sector is characterized by diversification, focusing on technological innovation, market expansion, and industry chain integration. Leading companies are investing in R&D and international expansion, while smaller firms are seeking breakthroughs through differentiated technologies such as regenerative medicine and 3D printing. Future competitive cores are expected to revolve around biodegradable materials, smart devices, and precision medicine [7][9]. Company-Specific Strategies - Guoci Materials focuses on new material platforms, achieving a 70% market share in nano-alumina materials for dental implants and high-end aesthetic restorations, with products entering over 20 countries [9]. - Aojing Medical specializes in regenerative repair implants, with products widely used in various surgical fields and a strong international market presence [9]. - Weigao Orthopedics is adjusting its business model to address procurement policies and is expanding into new fields such as minimally invasive spine and arthroscopic surgery [10]. - Lepu Medical's core business is cardiovascular intervention materials, with products like the NeoVas bioabsorbable stent and MemoSorb® fully degradable occluders [10]. - Xinmai Medical is focusing on drug-coated stents and has entered special review channels for innovative medical devices [10]. Revenue and Market Share Insights - The revenue of key companies in the biomedical materials sector varies significantly, with Weigao Orthopedics reporting 14.51 billion yuan from its orthopedic materials, representing 100% of its total revenue [6]. - Lepu Medical generated 33.27 billion yuan from cardiovascular system materials, accounting for 54.51% of its total revenue [6]. Future Trends - The industry is expected to see increased emphasis on biodegradable materials and smart medical devices, driven by policy support and technological advancements [7].

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Core Viewpoint - The recent financial report of Weigao Orthopedics (688161) shows a decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 741 million yuan, a decrease of 1.28% year-on-year [1]. - Net profit attributable to shareholders reached 142 million yuan, an increase of 52.43% year-on-year [1]. - In Q2 2025, total revenue was 451 million yuan, up 11.95% year-on-year, with net profit of 90.17 million yuan, up 54.86% year-on-year [1]. - Gross margin improved to 66.5%, an increase of 3.79% year-on-year, while net margin rose to 19.52%, up 52.35% year-on-year [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 245 million yuan, accounting for 33.07% of revenue, a decrease of 19.71% year-on-year [1]. - The company reported a significant reduction in interest-bearing liabilities, down 76.12% year-on-year [1]. Shareholder Metrics - Earnings per share (EPS) increased to 0.35 yuan, a rise of 52.17% year-on-year [1]. - The net asset value per share was 10.09 yuan, up 3.67% year-on-year [1]. - Operating cash flow per share improved to 0.47 yuan, an increase of 28.66% year-on-year [1]. Business Evaluation - The company's return on invested capital (ROIC) was 5.38%, indicating average capital returns, with a historical median ROIC of 19.63% since its listing [1]. - The net profit margin for the previous year was 15.71%, suggesting high added value in products or services [1]. Debt and Cash Position - The company maintains a healthy cash position, with cash assets reported as robust [2]. - The accounts receivable situation warrants attention, as accounts receivable to profit ratio reached 128.92% [3].

Summary of Weigao Orthopedics Conference Call Company Overview - **Company**: Weigao Orthopedics - **Industry**: Orthopedic Medical Devices Key Financial Performance - **Revenue**: 741 million CNY in H1 2025, a decrease of 1.28% YoY due to adjustments in the marketing model for joint products [2][3] - **Net Profit**: 142 million CNY, an increase of 52.43% YoY [2][3] - **Sales Expense Ratio**: 26.49%, down by 10.63 percentage points YoY [2][3] Segment Performance - **Spine Products**: Revenue of 250 million CNY, up 13% YoY; Q2 saw a 21% increase from Q1 [4][5] - **Trauma Products**: Revenue of 130 million CNY [4] - **Joint Products**: Revenue of 180 million CNY, down 21% YoY due to marketing model changes [5] - **Sports Medicine and Tissue Repair**: Revenue of 143 million CNY, up 13.26% YoY [2][5] International Expansion - **Overseas Revenue**: 43.21 million CNY, up 19% YoY [6] - **Market Strategy**: Differentiated strategies for various markets, focusing on logistics in price-sensitive markets and acquisitions in high-end markets [6][10] - **Team Expansion**: Plans to expand the overseas marketing team to 30-40 members by year-end, with expected overseas revenue nearing 100 million CNY [9][10] Research and Development - **Innovations**: Focus on minimally invasive spine surgery, sports medicine, and orthopedic regenerative repair [7] - **Regulatory Approvals**: 16 Class I medical device registrations, 15 Class II, and 12 Class III in H1 2025 [7] - **Total Registrations**: 314 Class I, 45 Class II, and 160 Class III devices as of the reporting period [7] Future Development Plans - **Market Focus**: Continued emphasis on increasing domestic market share, cost reduction, and global expansion [8] - **Product Development**: Plans to enhance product lines in minimally invasive surgery and pain management [8][11] - **Automation**: Increase in automated production capabilities to modernize operations [8] Market Trends and Challenges - **Surgical Volume Growth**: Anticipated growth in surgical volumes across spine (13-15%), joint (12-15%), and trauma (single-digit) surgeries [19] - **Micro-Invasive Surgery**: Increasing trend driven by navigation and AI technologies, with a current penetration rate of about 10% in China [20][22] - **3D Printing**: Significant potential for application in orthopedics, focusing on personalized and regenerative solutions [21] Regulatory Environment - **Collective Procurement**: Ongoing adjustments in procurement policies, with a focus on rational pricing and support for innovation [28] - **Market Access**: Efforts to ensure new innovative products are included in medical insurance directories and exempt from DRG fees [29] Conclusion Weigao Orthopedics is navigating a challenging market environment with strategic adjustments in product marketing, a focus on international expansion, and a commitment to innovation in orthopedic solutions. The company is well-positioned to leverage its R&D capabilities and market strategies to enhance its competitive edge in the orthopedic medical device industry.

Financial Performance - The company reported a total revenue of 741 million yuan, a decrease of 9.62 million yuan compared to the same period last year, representing a year-on-year decline of 1.28% [1] - The net profit attributable to shareholders was 142 million yuan, with net cash inflow from operating activities amounting to 186 million yuan [1] Financial Ratios - The latest debt-to-asset ratio is 19.69%, ranking 50th among disclosed peers, with an increase of 0.63 percentage points from the previous quarter [3] - The latest gross profit margin stands at 66.50%, and the return on equity (ROE) is 3.52% [3] Earnings and Turnover - The diluted earnings per share are 0.35 yuan [4] - The total asset turnover ratio is 0.15 times, ranking 65th among disclosed peers, while the inventory turnover ratio is 0.38 times, ranking 93rd [4] Shareholder Structure - The number of shareholders is 9,034, with the top ten shareholders holding 354 million shares, accounting for 88.53% of the total share capital [4] - The largest shareholder is Shandong Weigao Group Medical Polymer Co., Ltd., holding 50.63% of the shares [4]

Core Viewpoint - Weigao Orthopedics (688161.SH) reported its semi-annual results for 2025, highlighting significant institutional ownership and changes in investor composition [1] Group 1: Institutional Ownership - As of August 27, 2025, a total of 13 institutional investors disclosed holdings in Weigao Orthopedics A-shares, with a combined holding of 354 million shares, representing 88.62% of the total share capital [1] - The top ten institutional investors collectively hold 88.53% of the shares, with a decrease of 0.75 percentage points compared to the previous quarter [1] Group 2: Specific Investors - The top institutional investors include Shandong Weigao Group Medical Polymer Co., Ltd., Weigao International Medical Co., Ltd., and Weigao Group Co., Ltd. among others [1] - In the public fund sector, two new public funds were disclosed this quarter, including a medical device ETF and the China Merchants CSI All-Index Medical Device ETF [1] - In the insurance investment sector, one new insurance investor was disclosed, namely China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L-CT001 [1]

Core Viewpoint - The company reported a slight decline in revenue but a significant increase in net profit, indicating effective cost management and market strategy amidst a growing orthopedic medical device market driven by demographic and policy changes [2][3]. Financial Performance - The company achieved operating revenue of 741 million yuan, a year-on-year decrease of 1.28% [2]. - The net profit attributable to shareholders was 142 million yuan, reflecting a year-on-year increase of 52.43% [2]. - A mid-term dividend proposal was announced, with a cash dividend of 1 yuan per 10 shares (tax included) [2]. Market Strategy - The company maintained stable execution of orthopedic bulk procurement, ensuring continuous market share growth in procurement products while also expanding into incremental markets [2]. - Efforts included structural adjustments, channel integration, and refined management of marketing expenses to reduce sales costs and enhance performance [2]. Industry Trends - The orthopedic medical device market is experiencing steady growth due to an aging population, increased health awareness, and rising demand for orthopedic surgeries [2]. - National policies are accelerating the domestic substitution process, particularly in trauma and spine sectors, providing opportunities for leading domestic companies to expand market share and enhance industry concentration [2]. Innovation and R&D - The company focused on expanding its product lines in response to clinical surgical method changes, particularly in minimally invasive spine surgery, sports medicine, and orthopedic repair and regeneration [3]. - During the reporting period, the company obtained 16 Class I product registration certificates, 15 Class II medical device registration certificates, and 12 Class III medical device registration certificates [3]. International Expansion - The company is advancing its international strategy by establishing sales channels and effectively promoting R&D projects in overseas markets [3]. - A "three-tier market" development strategy is being implemented, focusing on strategic markets (Indonesia, Brazil, Russia, Thailand), consolidating existing trade markets (Central Asia, Africa), and entering new markets (Mexico, Saudi Arabia, Europe) [3]. - The company achieved overseas revenue of 43.21 million yuan, representing a year-on-year growth of 19% [3].

Summary of Shandong Weigao Conference Call Company Overview - **Company**: Shandong Weigao (1066.HK) - **Industry**: China Healthcare - **Stock Rating**: Equal-weight - **Price Target**: HK$6.40 - **Current Price (as of August 27, 2025)**: HK$6.49 - **Market Capitalization**: HK$29,350 million - **Fiscal Year Ending**: December Key Financial Results - **1H25 Sales**: Rmb6.64 billion, a slight decrease of 0.1% YoY, and 3% below Morgan Stanley estimates [7] - **Recurring Net Profit**: Rmb967 million, down 12.7% YoY, and 8% below estimates [7] - **Gross Profit Margin**: Fell by 1.2 percentage points YoY due to foreign exchange fluctuations and VBP pricing pressure [7] - **Operating Cash Flow**: Decreased by 14% YoY to Rmb882 million, attributed to FX losses and slower accounts receivable collection [7] - **Interim Dividend**: HK$9.69 cents per share, with a payout ratio of approximately 44% [7] Segment Performance - **General Consumables**: Increased by 0.2% YoY, but operating profit margin (OPM) fell by 3.1 percentage points due to FX and VBP impacts [2] - **Pharma Packaging**: Flat performance; prefilled syringes grew by 3-5%, while auto-injectors surged by 200% from a small base [2] - **Ortho Segment**: Decreased by 1.6%, but OPM improved by 9 percentage points YoY due to sales model transition [2] - **Interventional Consumables**: Slipped by 2.0% [2] - **Blood Management**: Grew by 8.1% [2] - **Overseas Sales**: Grew faster at 4% YoY, accounting for 24% of group revenue, with US growth at approximately 10% excluding a Rmb20 million tariff impact [2] Growth Outlook - **Mid-term CAGR Target**: Unchanged at over 10% [3] - **2025 Revenue Growth Expectation**: Likely to be in the mid-single to high-single digits percentage range [3] - **General Consumables Growth**: Expected to be around 10% in 2025, supported by anesthesia ramp-up and manageable VBP impact [3] - **Pharma Packaging Growth**: Anticipated to deliver over 10% CAGR in the mid-term, driven by pre-filled syringes and auto-injectors [3] - **New Product Launches**: Expected to benefit other segments, including Cleaner Vac and plasma surgical tools [3] Valuation and Risks - **Valuation Methodology**: Discounted cash flow with a WACC of 13.0% and a terminal growth rate of 3% [8] - **Upside Risks**: Better-than-expected core business performance, favorable government policies, and successful product rollouts [10] - **Downside Risks**: Regulatory headwinds, intense industry competition, and underperformance in orthopedics and interventional devices [10] Additional Insights - **Stock Performance**: 52-week range was HK$3.96 to HK$7.39 [4] - **Earnings Per Share (EPS) Estimates**: Expected EPS for 2025 is Rmb0.49, with a gradual increase projected for subsequent years [4] - **Return on Equity (ROE)**: Expected to decline slightly from 9.2% in 2025 to 8.8% in 2027 [4] This summary encapsulates the key points from the conference call regarding Shandong Weigao's financial performance, segment results, growth outlook, valuation, and associated risks.