【私募调研记录】华夏未来调研维力医疗

Core Insights - Recently, a well-known private equity firm, Huaxia Future, conducted research on a listed company, Weili Medical, focusing on its operational performance and growth strategies [1] Company Overview - Weili Medical provided insights into its major operational performance for the first half of 2025 during an institutional conference call [1] - The company is expanding its production capacity internationally, with factories being established in Indonesia and Mexico to mitigate geopolitical risks and enhance automation levels [1] Financial Performance - The production costs at overseas factories are slightly higher than those in China; however, savings on customer shipping and storage costs are expected to keep the gross margin stable [1] - The gross margin for urology products exceeds 70%, driven by domestic brand recognition, import substitution, and expansion into overseas markets [1] - Since the beginning of 2023, Weili Medical has intensified its efforts to export urology products, resulting in significant revenue growth from external sales over the past two years [1]