[Important Notice](index=2&type=section&id=Important%20Notice) [Board of Directors, Supervisory Board, and Senior Management Statement](index=2&type=section&id=Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management%20Statement) The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[3](index=3&type=chunk) - Company head Song Xiushan, chief accountant, and head of accounting department Zhang Jingang declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **1.60 yuan (tax inclusive) per 10 shares** to all shareholders, totaling **65.82 million yuan**, representing **29.89%** of net profit attributable to shareholders - The company plans to distribute a cash dividend of **1.60 yuan (tax inclusive) per 10 shares** to all shareholders[6](index=6&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares (tax inclusive) | 1.60 yuan | | Total proposed cash dividend (tax inclusive) | 65,823,050.56 yuan | | Percentage of net profit attributable to shareholders of the listed company | 29.89% | | Bonus shares | None | | Capital reserve to share capital conversion | None | - This profit distribution plan is subject to approval by the general meeting of shareholders[6](index=6&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has detailed potential risks in Section III "Management Discussion and Analysis," Subsection V "Other Disclosure Matters," advising investors to pay attention - The company has described potential risks in this report, and investors are advised to refer to Section III "Management Discussion and Analysis," Subsection V "Other Disclosure Matters," (I) "Potential Risks"[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for common terms used in the report, including company names, related party names, and laws and regulations, to ensure accurate understanding of the report content - This section defines common terms used in the report, such as "Company," "Weigao Group," "Weigao Co.," and relevant laws and regulations[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Shandong Weigao Blood Purification Products Co., Ltd., abbreviated as Weigao Blood Purification, and its legal representative is Song Xiushan[15](index=15&type=chunk) [Contact Person and Information](index=4&type=section&id=Contact%20Person%20and%20Information) This section provides the contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, telephone, fax, and email - The company's Board Secretary and Securities Affairs Representative is Wang Tingting, with contact address at No. 7 Weigao West Road, Weihai Torch High-tech Industrial Development Zone, telephone 0631-5716143, and email ir@wego-healthcare.com[16](index=16&type=chunk)[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section describes the historical changes in the company's registered address and confirms its current registered and office address - The company's registered address changed to No. 7 Weigao West Road, Weihai Torch High-tech Industrial Development Zone on May 11, 2023, which is consistent with its office address[18](index=18&type=chunk) [Information Disclosure and Document Availability](index=5&type=section&id=Information%20Disclosure%20and%20Document%20Availability) This section specifies the newspapers selected by the company for information disclosure, the website address for publishing semi-annual reports, and the location where the company's semi-annual reports are available - The newspapers selected by the company for information disclosure include "China Securities Journal" and "Shanghai Securities News," the report is published on http://www.sse.com.cn/, and is available at the company's Securities Affairs Department[19](index=19&type=chunk) [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Weigao Blood Purification and stock code 603014[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **8.52%** to **1.76 billion yuan**, and net profit attributable to shareholders increased by **10.11%** to **220.24 million yuan**; net cash flow from operating activities significantly increased by **102.18%**, mainly due to reduced cash payments for goods and services 2025 First Half Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 1,764,680,364.12 yuan | 1,626,059,280.30 yuan | 8.52 | | Total profit | 264,162,482.38 yuan | 238,227,294.47 yuan | 10.89 | | Net profit attributable to shareholders of the listed company | 220,237,350.87 yuan | 200,013,372.58 yuan | 10.11 | | Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses | 214,612,844.34 yuan | 195,742,434.83 yuan | 9.64 | | Net cash flow from operating activities | 188,851,952.41 yuan | 93,405,944.19 yuan | 102.18 | 2025 First Half Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic earnings per share (yuan/share) | 0.58 | 0.54 | 7.41 | | Diluted earnings per share (yuan/share) | 0.58 | 0.54 | 7.41 | | Basic earnings per share after deducting non-recurring gains and losses (yuan/share) | 0.57 | 0.53 | 7.55 | | Weighted average return on net assets (%) | 3.75 | 3.82 | Decrease of 0.07 percentage points | | Weighted average return on net assets after deducting non-recurring gains and losses (%) | 3.66 | 3.74 | Decrease of 0.08 percentage points | - Net cash flow from operating activities increased by **102.18%** compared to the prior year period, mainly due to a decrease in cash paid for goods and services in the current period[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses for this reporting period totaled **5.62 million yuan**, with a significant reversal of impairment provisions for individually tested receivables, and the reversal and re-provision of expected credit losses on financial guarantee contracts recognized as non-recurring gains and losses 2025 First Half Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -271,489.63 | | Government grants recognized in current profit or loss | 988,811.36 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 6,828,918.46 | | Reversal of impairment provisions for individually tested receivables | 67,913,428.34 | | Other non-operating income and expenses | -3,195,566.03 | | Other gains and losses meeting the definition of non-recurring gains and losses | -65,958,644.44 | | Less: Income tax impact | -680,951.53 | | Total | 5,624,506.53 | - The company classifies the reversal and re-provision of expected credit losses on financial guarantee contracts as non-recurring gains and losses due to their special and incidental nature, which does not affect the company's guarantee risk exposure or recurring profit and loss[27](index=27&type=chunk) [Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) The net profit after deducting the impact of share-based payments for this reporting period was **223.03 million yuan**, an increase of **8.04%** compared to the prior year period Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 223,026,530.73 yuan | 206,434,480.22 yuan | 8.04 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview](index=8&type=section&id=Industry%20and%20Main%20Business%20Overview) The company specializes in the R&D, production, and sales of blood purification medical products, belonging to the medical instrument and equipment manufacturing industry, driven by policy support, an aging population, and increased medical insurance coverage, leading to a continuous rise in ESRD patient treatment penetration; volume-based procurement policies accelerate industry consolidation, and technological upgrades drive product iteration; the company has a rich product line, masters core membrane manufacturing technology, and its sales network covers over 6,000 medical institutions nationwide, primarily through distribution with supplementary direct sales [Industry Overview](index=8&type=section&id=Industry%20Overview) The blood purification industry, where the company operates, is a knowledge-intensive, capital-intensive, and multidisciplinary component of healthcare; government policy support, an aging population, and enhanced medical insurance payment capabilities drive market expansion, with continuous improvement in ESRD patient treatment penetration; volume-based procurement policies accelerate industry concentration, and technological upgrades promote the iteration of blood purification medical products, enhancing patient safety - The company belongs to the medical instrument and equipment manufacturing sector within specialized equipment manufacturing (CG35), and the blood purification industry is characterized by being knowledge-intensive, capital-intensive, and multidisciplinary[31](index=31&type=chunk)[32](index=32&type=chunk) - The treatment penetration rate for ESRD patients continues to increase, with blood dialysis and peritoneal dialysis treatment rates in China projected to grow to **54.29%** and **7.53%** respectively by 2030[33](index=33&type=chunk) - Volume-based procurement policies enhance industry concentration, prompting enterprises to refocus on product R&D, and leading enterprises are expected to further increase their market share[34](index=34&type=chunk) - Technological upgrades drive the iteration of blood purification medical products, primarily focusing on improving ultrafiltration rates, enhancing the removal performance of medium and large molecular toxins, and refining sterilization methods to improve product safety[35](index=35&type=chunk)[36](index=36&type=chunk) [Company Business Overview](index=9&type=section&id=Company%20Business%20Overview) The company's main business is the R&D, production, and sales of blood purification medical products, offering a rich product line including hemodialyzers, bloodlines, hemodialysis machines, and peritoneal dialysis solutions; the company masters key membrane manufacturing technology for hemodialyzers, with product performance reaching industry-leading levels, and its sales network covers over 6,000 medical institutions nationwide, operating primarily through distribution with supplementary direct sales - The company's main business is the research, development, production, and sales of blood purification medical products, primarily including hemodialyzers, bloodlines, hemodialysis machines, and peritoneal dialysis solutions[37](index=37&type=chunk) - The company masters key membrane manufacturing technology and production processes for hemodialyzers, with independently developed product performance approaching or exceeding mainstream products from leading foreign manufacturers[37](index=37&type=chunk) - As of the end of the reporting period, the company holds **16 Class III medical device product registration certificates**, with sales covering **31 provinces, municipalities, and autonomous regions** nationwide, serving over **6,000 medical institutions**[37](index=37&type=chunk) - The company's sales model combines direct sales and distribution, with distribution as the primary method and direct sales as supplementary, and its distribution network is gradually expanding overseas[40](index=40&type=chunk)[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company's operating revenue and net profit attributable to shareholders both achieved steady growth, reaching **1.76 billion yuan** and **220.24 million yuan** respectively; the company continuously improved compliance management, process governance, and digital transformation, with R&D investment of **70.18 million yuan**, obtaining **9 new invention patents**, and actively expanding domestic and international markets; the company prioritizes investor returns and utilized **978 million yuan** in raised funds for intelligent manufacturing, R&D centers, and other projects to expand business scale and enhance competitiveness [Overall Operating Performance](index=10&type=section&id=Overall%20Operating%20Performance) In the first half of 2025, the company's operating revenue increased by **8.52%** to **1.76 billion yuan**, net profit attributable to shareholders increased by **10.11%** to **220.24 million yuan**, and net profit after deducting non-recurring gains and losses increased by **9.64%** to **214.61 million yuan** 2025 First Half Overall Operating Data | Indicator | Amount (ten thousand yuan) | Year-on-year growth (%) | | :--- | :--- | :--- | | Operating revenue | 176,468.04 | 8.52 | | Net profit attributable to shareholders of the listed company | 22,023.74 | 10.11 | | Net profit attributable to parent company owners after deducting non-recurring gains and losses | 21,461.28 | 9.64 | [Management Enhancement](index=10&type=section&id=Management%20Enhancement) The company continuously optimizes its compliance management system, improves its multi-level governance structure, and actively conducts compliance, internal control, and risk management; simultaneously, it establishes a full business chain management system by streamlining business processes and steadily advances digital transformation to drive model changes with data, enhancing management efficiency and decision-making capabilities - The company continuously promotes the iteration and optimization of its compliance management system, improving its multi-level governance structure and establishing sound systems for the general meeting of shareholders, Board of Directors, and Supervisory Board[43](index=43&type=chunk) - The company highly values process governance, establishing a process management system covering the entire business chain, including strategic planning, investment decisions, production operations, and risk control[43](index=43&type=chunk) - The company steadily advances digital transformation, exploring a "process-driven to data-driven model change" to achieve digital application across the entire scope[44](index=44&type=chunk) [R&D and Product Line Expansion](index=11&type=section&id=R%26D%20and%20Product%20Line%20Expansion) The company continues to increase R&D investment, with R&D expenses reaching **70.18 million yuan** in this reporting period, accounting for **3.98%** of operating revenue, and obtaining **9 new invention patents** and **35 utility model patents**; through technological innovation and equipment upgrades, the company continuously develops high-performance hemodialyzers and other blood purification medical products to consolidate its market position and accelerate import substitution 2025 First Half R&D Investment | Indicator | Amount/Ratio | | :--- | :--- | | R&D expenses | 7,017.87 ten thousand yuan | | Percentage of current operating revenue | 3.98% | | New invention patents granted | 9 | | New utility model patents granted | 35 | - The company adheres to technology-driven innovation, breaks through technical barriers, innovatively upgrades core production modules, and continuously develops high-tech, high-value-added, and high-quality products[45](index=45&type=chunk) - The company continuously conducts R&D for new high-performance hemodialyzers and other blood purification medical products, enriching its product pipeline and accelerating the import substitution process for blood dialysis consumables in China[45](index=45&type=chunk) [Market Expansion](index=11&type=section&id=Market%20Expansion) The company expands its market through a dual-driven strategy of "stabilizing existing business and expanding new business"; it deepens its existing market by strengthening strategic cooperation with customers, optimizing the supply chain, and improving service response speed; it develops new markets by establishing a specialized international marketing team and promoting a national brand internationalization strategy, aiming to become a global leading provider of comprehensive blood purification solutions - The company focuses on the core track of its main blood purification business, advancing its market expansion strategic layout through a dual-driven strategy of "stabilizing existing business and expanding new business"[46](index=46&type=chunk) - It deepens its existing market by optimizing the supply chain system and improving service response speed to consolidate sales channel stability and end-user loyalty[46](index=46&type=chunk) - It expands new markets by establishing a specialized international marketing team, strengthening brand building and market promotion, steadily moving towards the strategic vision of "becoming a global leading provider of comprehensive blood purification solutions"[46](index=46&type=chunk) [Investor Rights Protection](index=11&type=section&id=Investor%20Rights%20Protection) The company's main business development is stable, with strong profitability, providing a solid foundation for shareholder returns; the Board of Directors will strictly implement the profit distribution policy, focusing on reasonable returns to shareholders while considering the company's sustainable development, maintaining the continuity and stability of the profit distribution policy - The company's main business development is stable, with strong profitability, providing a solid foundation for achieving shareholder return plans[47](index=47&type=chunk) - The company's Board of Directors will strictly implement the profit distribution policy in accordance with regulations, focusing on reasonable returns to shareholders while considering the company's sustainable development, maintaining the continuity and stability of the policy[47](index=47&type=chunk) [Investment and Financing](index=11&type=section&id=Investment%20and%20Financing) The company's net proceeds from its public offering amounted to **978 million yuan**, which will primarily be invested in intelligent manufacturing, dialyzer production, R&D centers, and digital information technology platforms; these investments aim to expand business scale, enhance R&D capabilities and intelligent manufacturing levels, thereby strengthening the company's core competitiveness and implementing its operating strategy Proceeds from Public Offering Investment Direction | Indicator | Amount | | :--- | :--- | | Net proceeds from public offering | 978 million yuan | | Main investment directions | Weigao Blood Purification Intelligent Manufacturing Project, Dialyzer (Ganzhou) Production Project, Weigao New Blood Purification High-Performance Consumables and Equipment R&D Center Project, Weigao Blood Purification Digital Information Technology Platform Project, etc | - Upon completion, the raised fund investment projects will expand the company's business scale, enhance R&D capabilities and intelligent manufacturing levels, contributing to the improvement of the company's core competitiveness and the implementation of its operating strategy[49](index=49&type=chunk) [Analysis of Core Competitiveness](index=12&type=section&id=Analysis%20of%20Core%20Competitiveness) As one of the domestic manufacturers with the most comprehensive product lines in blood purification medical products, the company's core competitiveness lies in its leading technological advantages, solid engineering capabilities, a biomedical membrane technology platform with multi-field R&D transformation potential, advanced production capabilities, a stringent quality system, and a deeply covered sales network; no significant changes occurred in the company's core competitiveness during the reporting period - The company's core competitiveness includes leading technological advantages, solid engineering capabilities, and a biomedical membrane technology platform with multi-field R&D transformation potential[50](index=50&type=chunk) - The company relies on advanced production capabilities and a stringent quality system, complemented by a deeply covered and multi-dimensional sales network, to collectively build its core competitiveness[50](index=50&type=chunk) - No significant changes occurred in the company's core competitiveness during the reporting period[50](index=50&type=chunk) [Key Operating Performance](index=12&type=section&id=Key%20Operating%20Performance) In this reporting period, the company's operating revenue increased by **8.52%**, and operating cost increased by **12.31%**; net cash flow from operating activities significantly increased by **102.18%**, mainly due to reduced cash payments for goods and services; total assets increased by **16.11%**, and net assets attributable to shareholders of the listed company increased by **21.45%**, primarily influenced by the proceeds from the initial public offering; long-term equity investment balance increased by **7.72%** [Analysis of Main Business](index=12&type=section&id=Analysis%20of%20Main%20Business) Current period operating revenue increased by **8.52%**, and operating cost increased by **12.31%**; selling expenses slightly decreased, while R&D expenses decreased by **13.40%**; net cash flow from operating activities significantly increased by **102.18%**, mainly due to a decrease in cash paid for goods and services Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 1,764,680,364.12 | 1,626,059,280.30 | 8.52 | | Operating cost | 1,039,385,001.73 | 925,483,026.14 | 12.31 | | Selling expenses | 292,882,038.34 | 299,296,069.23 | -2.14 | | Administrative expenses | 87,887,839.91 | 82,874,703.69 | 6.05 | | Financial expenses | -1,471,513.19 | -3,317,231.21 | Not applicable | | Research and development expenses | 70,178,671.88 | 81,037,638.13 | -13.40 | | Net cash flow from operating activities | 188,851,952.41 | 93,405,944.19 | 102.18 | | Net cash flow from investing activities | -599,104,180.56 | -182,787,061.18 | Not applicable | | Net cash flow from financing activities | 987,626,709.03 | -8,237,521.73 | Not applicable | - Net cash flow from operating activities increased by **102.18%** compared to the prior year period, mainly due to a decrease in cash paid for goods and services in the current period[52](index=52&type=chunk) - Net cash flow from financing activities significantly increased, mainly due to proceeds from the initial public offering[52](index=52&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets reached **8.12 billion yuan**, an increase of **16.11%** from the end of the prior year; net assets attributable to shareholders of the listed company increased by **21.45%** to **6.80 billion yuan**, primarily influenced by the proceeds from the initial public offering; monetary funds significantly increased by **68.95%**, while short-term borrowings and lease liabilities significantly decreased Asset and Liability Status Changes | Item Name | Current Period End Amount (yuan) | Current Period End Percentage of Total Assets (%) | Prior Year End Amount (yuan) | Prior Year End Percentage of Total Assets (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary funds | 1,382,197,732.66 | 17.03 | 818,086,750.60 | 11.70 | 68.95 | | Net assets attributable to shareholders of the listed company | 6,797,540,744.88 | - | 5,596,777,565.36 | - | 21.45 | | Total assets | 8,116,417,542.53 | 100.00 | 6,990,147,090.52 | 100.00 | 16.11 | | Short-term borrowings | 1,037,000.00 | 0.01 | 3,177,000.00 | 0.05 | -67.36 | | Lease liabilities | 450,369.87 | 0.01 | 2,645,974.63 | 0.04 | -82.98 | - Monetary funds significantly increased by **68.95%**, mainly due to proceeds from the initial public offering[54](index=54&type=chunk) - Overseas assets amounted to **72.44 million yuan**, accounting for **0.89%** of total assets[55](index=55&type=chunk) [Analysis of Investment Status](index=14&type=section&id=Analysis%20of%20Investment%20Status) At the end of the reporting period, the company's consolidated financial statements showed a long-term equity investment balance of **153.89 million yuan**, an increase of **11.03 million yuan** or **7.72%** from the end of the prior year; the fair value of financial assets measured at fair value at the end of the period was **966 million yuan**, primarily consisting of bank wealth management products and accounts receivable financing Long-Term Equity Investment Changes | Indicator | Period-end Balance (ten thousand yuan) | Prior Year-end Balance (ten thousand yuan) | Change Amount (ten thousand yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Long-term equity investment balance | 15,388.63 | 14,286.07 | 1,102.56 | 7.72 | Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | 330,133,382.45 | 2,862,590,000.00 | 2,292,910,000.00 | 900,492,054.58 | | Accounts receivable financing | 27,426,910.64 | 64,267,015.11 | 25,941,433.99 | 65,571,905.23 | | Total | 357,560,293.09 | 2,926,857,015.11 | 2,318,851,433.99 | 966,063,959.81 | [Analysis of Major Holding and Participating Companies](index=16&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the company's major subsidiaries and their operating performance, including Weigao Peritoneal Dialysis Technology (Weihai) Co., Ltd., Weigao Blood Purification Products (Shanghai) Co., Ltd., and Weigao Blood Purification (Chengdu) Co., Ltd Major Subsidiary Financial Data (ten thousand yuan) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Weigao Peritoneal Dialysis Technology (Weihai) Co., Ltd. | Peritoneal dialysis product sales | 10,000.00 | 9,814.42 | -9,431.62 | 14,207.95 | 242.27 | 242.42 | | Weigao Blood Purification Products (Shanghai) Co., Ltd. | Sales of blood purification consumables and equipment | 8,000.00 | 79,408.18 | 22,224.02 | 89,206.25 | 165.67 | -106.53 | | Weigao Blood Purification (Chengdu) Co., Ltd. | Production and sales of blood purification consumables | 30,000.00 | 92,761.26 | 30,678.17 | 11,591.29 | 1,032.11 | 200.05 | [Other Disclosure Matters](index=16&type=section&id=Other%20Disclosure%20Matters) The company faces risks such as intensified market competition, being listed in the dishonest medical pricing and procurement directory, the impact of volume-based procurement policies, technological R&D risks, and reliance on overseas procurement for some key raw materials; the company actively addresses these risks through technological R&D, credit management, market penetration, scientific project initiation, and strategic reserves [Potential Risks](index=16&type=section&id=Potential%20Risks) The company faces risks such as intensified market competition, being listed in the dishonest medical pricing and procurement directory, the adverse impact of volume-based procurement policies on operating performance, technological R&D risks, and reliance on overseas procurement for some key raw materials; the company actively addresses these risks through technological R&D, credit management, market penetration, scientific project initiation, and strategic reserves - Intensified market competition risk: The company faces competition from other domestic and foreign manufacturers and needs to maintain its competitive advantage through continuous technological R&D and responsiveness to customer needs[60](index=60&type=chunk) - Medical pricing and procurement dishonesty risk: If acts contrary to good faith occur, the company may be listed in the dishonest directory; the company will strengthen credit management and internal communication to prevent such risks[62](index=62&type=chunk) - Volume-based procurement policy risk: Volume-based procurement may lead to product price reductions; the company will counteract adverse effects through sales channel and product structure adjustments, market penetration, and other measures[63](index=63&type=chunk) - Technological R&D risk: Misjudgment of technology direction, product R&D direction, or market trends, or if new technologies do not mature as expected, will adversely affect business; the company will continuously monitor market demand and improve its R&D system[64](index=64&type=chunk) - Raw material overseas procurement risk: Some key raw materials rely on overseas procurement, which may lead to delayed delivery, supply restrictions, or price increases due to international situations; the company has formulated scientific procurement strategies and strategic reserves to respond[65](index=65&type=chunk)[66](index=66&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company proposes to distribute a cash dividend of **1.60 yuan (tax inclusive) per 10 shares** to all shareholders, totaling **65.82 million yuan**, representing **29.89%** of the net profit attributable to shareholders of the listed company in the consolidated financial statements Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Whether to distribute or convert | Yes | | Dividend per 10 shares (yuan) (tax inclusive) | 1.60 | | Total proposed cash dividend (tax inclusive) | 65,823,050.56 yuan | | Percentage of net profit attributable to shareholders of the listed company | 29.89% | [Environmental Information Disclosure](index=19&type=section&id=Environmental%20Information%20Disclosure) The company has been included in the list of enterprises required to disclose environmental information by law and has disclosed relevant reports in the Enterprise Environmental Information Disclosure System (Shandong) Environmental Information Disclosure Enterprise List | Indicator | Value | | :--- | :--- | | Number of enterprises included in the list of enterprises required to disclose environmental information by law (units) | 1 | | Enterprise Name | Shandong Weigao Blood Purification Products Co., Ltd. | | Query index for environmental information disclosure report | Enterprise Environmental Information Disclosure System (Shandong) | [Section V Significant Matters](index=21&type=section&id=Section%20V%20Significant%20Matters) [Fulfillment of Commitments](index=21&type=section&id=Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, other shareholders, and directors, supervisors, and senior management have strictly fulfilled all commitments made during the initial public offering, including share lock-up, extended lock-up period for performance decline, share price stabilization measures, prior compensation, share repurchase, share repurchase for fraudulent issuance, measures to offset dilution of immediate returns, profit distribution policy, legal liability for compensation, avoidance of horizontal competition, and restrictive measures for non-fulfillment of commitments - The company's actual controller, controlling shareholder, other shareholders, and directors, supervisors, and senior management have strictly fulfilled their share lock-up commitments made during the initial public offering in the reporting period[73](index=73&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - Controlling shareholder Weigao Group and actual controller Chen Xueli have strictly fulfilled their commitment to extend the lock-up period after performance decline in the reporting period[73](index=73&type=chunk)[85](index=85&type=chunk) - The company, controlling shareholder, actual controller, and directors, supervisors, and senior management have strictly fulfilled their measures and commitments to stabilize share price in the reporting period[73](index=73&type=chunk)[86](index=86&type=chunk)[93](index=93&type=chunk) - The company, controlling shareholder, actual controller, and directors, supervisors, and senior management have strictly fulfilled their measures and commitments regarding share repurchase and share buyback in the reporting period[73](index=73&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - Controlling shareholder, actual controller, and Weigao Pharmaceutical have strictly fulfilled their commitment to avoid horizontal competition in the reporting period[74](index=74&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Significant Contracts and Their Performance](index=45&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company provided joint liability guarantees for its joint venture, Weigao Terumo (Weihai) Medical Products Co., Ltd., totaling **183.74 million yuan**, with a guarantee balance of **125.29 million yuan** at the end of the reporting period, accounting for **1.84%** of the company's net assets Company External Guarantees (excluding guarantees to subsidiaries) | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Has the Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Weigao Terumo (Weihai) Medical Products Co., Ltd. | 21,532,553.56 | 2023/6/26 | 2026/6/26 | No | | Weigao Terumo (Weihai) Medical Products Co., Ltd. | 4,000,000.00 | 2024/2/20 | 2025/2/20 | Yes | | ... (partial listing) | ... | ... | ... | ... | | Total guarantee amount incurred in the reporting period | 65,958,644.44 | | | | | Total guarantee balance at the end of the reporting period (A) | 125,291,883.44 | | | | | Total guarantee amount as a percentage of the company's net assets (%) | 1.84 | | | | - The company provided joint liability guarantees for its joint venture, Weigao Terumo (Weihai) Medical Products Co., Ltd., with a guarantee balance of **125.29 million yuan** at the end of the reporting period[136](index=136&type=chunk)[390](index=390&type=chunk)[491](index=491&type=chunk) [Explanation of Progress in Use of Raised Funds](index=49&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to **977.89 million yuan**, with a cumulative investment of **274.52 million yuan** as of the end of the reporting period, representing an investment progress of **28.07%**; the raised funds are primarily invested in intelligent manufacturing, dialyzer production, R&D centers, and digital information technology platforms, with partial prior investments already replaced; the company also utilized idle raised funds for cash management, with an ending balance of **204 million yuan** [Overall Use of Raised Funds](index=49&type=section&id=Overall%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to **977.89 million yuan**, with a cumulative investment of **274.52 million yuan** as of the end of the reporting period, representing an investment progress of **28.07%** Overall Use of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Net proceeds from public offering | 97,789.11 | | Total cumulative raised funds invested as of the end of the reporting period | 27,451.99 | | Cumulative investment progress as of the end of the reporting period (%) | 28.07 | [Details of Raised Fund Investment Projects](index=49&type=section&id=Details%20of%20Raised%20Fund%20Investment%20Projects) Raised fund investment projects include the Weigao Blood Purification Intelligent Manufacturing Project, Dialyzer (Ganzhou) Production Project, Weigao New Blood Purification High-Performance Consumables and Equipment R&D Center Project, Weigao Blood Purification Digital Information Technology Platform Project, and a supplementary working capital project; among these, the Dialyzer (Ganzhou) Production Project has the fastest investment progress, reaching **89.44%** Details of Raised Fund Investment Projects (ten thousand yuan) | Project Name | Planned Total Investment of Raised Funds | Cumulative Raised Funds Invested as of the End of the Reporting Period | Cumulative Investment Progress as of the End of the Reporting Period (%) | | :--- | :--- | :--- | :--- | | Weigao Blood Purification Intelligent Manufacturing Project | 24,754.90 | 7,680.37 | 31.03 | | Dialyzer (Ganzhou) Production Project | 17,000.00 | 15,204.10 | 89.44 | | Weigao New Blood Purification High-Performance Consumables and Equipment R&D Center Project | 20,629.09 | 800.38 | 3.88 | | Weigao Blood Purification Digital Information Technology Platform Project | 7,093.51 | 612.02 | 8.63 | | Supplementary Working Capital Project | 28,311.61 | 3,155.13 | 11.14 | | Total | 97,789.11 | 27,451.99 | - | [Other Information on the Use of Raised Funds](index=52&type=section&id=Other%20Information%20on%20the%20Use%20of%20Raised%20Funds) The company has completed the replacement of prior investments made with raised funds, totaling **240.11 million yuan**; additionally, the company utilized idle raised funds for cash management, with an ending cash management balance of **204 million yuan** Raised Funds Prior Investment and Replacement Status (ten thousand yuan) | Project Name | Planned Total Investment of Raised Funds | Amount Replaced | | :--- | :--- | :--- | | Weigao Blood Purification Intelligent Manufacturing Project | 24,754.90 | 7,675.47 | | Dialyzer (Ganzhou) Production Project | 17,000.00 | 14,951.09 | | Weigao New Blood Purification High-Performance Consumables and Equipment R&D Center Project | 20,629.09 | 786.90 | | Weigao Blood Purification Digital Information Technology Platform Project | 7,093.51 | 597.28 | | Supplementary Working Capital Project | 28,311.61 | - | | Total | 97,789.11 | 24,010.74 | Idle Raised Funds Cash Management Status (ten thousand yuan) | Maximum Balance for Cash Management of Raised Funds | Cash Management Balance at End of Reporting Period | | :--- | :--- | | 74,000 | 20,400 | [Section VI Share Changes and Shareholder Information](index=53&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=53&type=section&id=Changes%20in%20Share%20Capital) The company's total share capital increased from **370.25 million shares** to **411.39 million shares**, a growth of **11.11%**, primarily due to the initial public offering of **41.14 million A-shares**; restricted shares account for **90.74%** of the total share capital, while unrestricted tradable shares account for **9.26%** Share Changes | Share Category | Number of Shares Before This Change | Increase/Decrease in This Change (+, -) Subtotal (shares) | Number of Shares After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 370,254,659 | 3,026,820 | 373,281,479 | 90.74 | | II. Unrestricted Tradable Shares | 0 | 38,112,587 | 38,112,587 | 9.26 | | III. Total Shares | 370,254,659 | 41,139,407 | 411,394,066 | 100 | - The company's total share capital increased from **370,254,659 shares** to **411,394,066 shares**, and its registered capital increased from **370.25 million yuan** to **411.39 million yuan**, mainly due to the initial public offering of **41,139,407 A-shares**[149](index=149&type=chunk)[150](index=150&type=chunk) - Some foreign shareholders' holdings were included in an unconfirmed special account due to a lengthy account opening and verification process[150](index=150&type=chunk) [Shareholder Information](index=56&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **31,401 common shareholders**; among the top ten shareholders, Weigao Group Co., Ltd. and its related parties held a high combined stake, with Weigao Group Co., Ltd. holding **41.75%** and Shandong Weigao Group Medical Polymer Products Co., Ltd. holding **23.90%**; restricted shareholders primarily consist of shares restricted prior to the initial public offering Total Number of Common Shareholders as of the End of the Reporting Period | Indicator | Quantity | | :--- | :--- | | Total number of common shareholders (households) | 31,401 | Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Weigao Group Co., Ltd. | 171,755,909 | 41.75 | 171,755,909 | Domestic Non-State-Owned Legal Person | | Shandong Weigao Group Medical Polymer Products Co., Ltd. | 98,304,745 | 23.90 | 98,304,745 | Domestic Non-State-Owned Legal Person | | Weihai Kaide Information Technology Center (Limited Partnership) | 39,848,530 | 9.69 | 39,848,530 | Other | | Shandong Weigao Blood Purification Products Co., Ltd. Unconfirmed Holder Securities Special Account | 16,718,293 | 4.06 | 16,718,293 | Other | | Shanghai Huasheng Youge Equity Investment Management Co., Ltd. - Xiamen Huaxing Lingpei Venture Capital Partnership (Limited Partnership) | 5,193,713 | 1.26 | 5,193,713 | Other | | Shanghai Huasheng Youge Equity Investment Management Co., Ltd. - Tianjin Huaxing Zhikai Equity Investment Partnership (Limited Partnership) | 5,193,713 | 1.26 | 5,193,713 | Other | | Rosy Vigor Asia L.P. | 5,193,713 | 1.26 | 5,193,713 | Overseas Legal Person | | Jiaxing Chenyi Huihong Equity Investment Partnership (Limited Partnership) | 4,328,094 | 1.05 | 4,328,094 | Other | | Sunshine Life Insurance Co., Ltd. - Traditional Insurance Products | 4,328,094 | 1.05 | 4,328,094 | Other | | XJ Champion HK Limited | 4,328,094 | 1.05 | 4,328,094 | Overseas Legal Person | - Weigao Group Co., Ltd., Shandong Weigao Group Medical Polymer Products Co., Ltd., and Weihai Kaide Information Technology Center (Limited Partnership) are companies controlled by the company's actual controller, Chen Xueli[157](index=157&type=chunk) - The shareholdings and restriction conditions of the top ten restricted shareholders primarily involve a lock-up period of **12 or 36 months** from the listing date[160](index=160&type=chunk) [Section VII Bond-Related Information](index=60&type=section&id=Section%20VII%20Bond-Related%20Information) [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=60&type=section&id=Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) There were no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments related matters for the company in this reporting period [Convertible Corporate Bonds](index=60&type=section&id=Convertible%20Corporate%20Bonds) There were no convertible corporate bonds related matters for the company in this reporting period [Section VIII Financial Report](index=61&type=section&id=Section%20VIII%20Financial%20Report) [Financial Statements](index=61&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flow - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) [Company Basic Information](index=77&type=section&id=Company%20Basic%20Information) The company, formerly Weihai Weigao Blood Purification Products Co., Ltd., was established on December 27, 2004, and restructured into a joint-stock company on December 22, 2020; it was listed on the Shanghai Stock Exchange on May 19, 2025, with stock code 603014; its parent company is Weigao Group Co., Ltd., and its actual controller is Chen Xueli - The company, formerly Weihai Weigao Blood Purification Products Co., Ltd., was established on December 27, 2004, and restructured into a joint-stock company on December 22, 2020[193](index=193&type=chunk) - The company was listed on the Shanghai Stock Exchange on May 19, 2025, with stock abbreviation "Weigao Blood Purification" and stock code "603014"[194](index=194&type=chunk) - The parent company is Weigao Group Co., Ltd., and the actual controller is Chen Xueli[194](index=194&type=chunk) [Basis for Preparation of Financial Statements](index=77&type=section&id=Basis%20for%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, confirming no significant matters affecting its ability to continue as a going concern for at least 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[195](index=195&type=chunk) - The company has no significant matters affecting its ability to continue as a going concern for at least 12 months from the end of this reporting period[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=77&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates used in preparing financial statements, including enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, accounts receivable financing, other receivables, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the company's financial position, operating results, changes in shareholders' equity, and cash flows[198](index=198&type=chunk) - The company uses a **12-month operating cycle** and its functional currency is **RMB**[200](index=200&type=chunk)[201](index=201&type=chunk) - Financial instruments are classified as financial assets measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) - The company recognizes revenue when it satisfies its performance obligations in the contract, i.e., when the customer obtains control of the related goods or services[259](index=259&type=chunk) - Government grants are recognized when the conditions attached to them are met and they are received[263](index=263&type=chunk) [Taxation](index=94&type=section&id=Taxation) The company's main taxes include value-added tax, property tax, and corporate income tax, and it enjoys multiple tax incentives; the company is recognized as a high-tech enterprise, applying a **15% corporate income tax rate**; some subsidiaries enjoy small and micro enterprise income tax benefits, and the company also applies corporate income tax incentives for environmental protection specialized equipment, value-added tax additional deduction policies, and a **50% reduction** in urban land use tax Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-added tax | 13.00%, 9.00%, 6.00% | | Property tax | 1.20%, 12.00% | | Corporate income tax | 25.00%, 22.00%, 20.00%, 8.25% or 16.50%, 15.00% | | Urban maintenance and construction tax | 7.00%, 5.00% | | Education surcharge | 3.00% | | Local education surcharge | 2.00% | - The company is recognized as a high-tech enterprise and applies a **15% corporate income tax rate** in this reporting period[273](index=273&type=chunk) - Subsidiary Weigao Blood Purification (Shanghai) Medical Technology Development Co., Ltd. is a small and micro enterprise, applying a preferential policy of calculating taxable income at **25%** and paying corporate income tax at a **20%** rate[274](index=274&type=chunk) - The company applies corporate income tax incentives for environmental protection specialized equipment, a **13%** VAT export refund rate, a **50% reduction** in urban land use tax, and a **5%** additional VAT deduction for advanced manufacturing enterprises[275](index=275&type=chunk)[276](index=276&type=chunk) [Notes to Consolidated Financial Statement Items](index=96&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, beginning balances, and changes for each item in the consolidated financial statements, including monetary funds, financial assets held for trading, notes receivable, accounts receivable, accounts receivable financing, prepayments, other receivables, inventories, non-current assets due within one year, other current assets, long-term equity investments, investment properties, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets with restricted ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, deferred income, share capital, capital reserves, other comprehensive income, retained earnings, operating revenue and operating cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and foreign currency monetary items Monetary Funds Composition (yuan) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Cash on hand | 113,577.79 | 67,130.82 | | Bank deposits | 1,374,739,317.41 | 795,959,361.05 | | Other monetary funds | 7,344,837.46 | 22,060,258.73 | | Total | 1,382,197,732.66 | 818,086,750.60 | Financial Assets Held for Trading (yuan) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Bank wealth management products | 900,492,054.58 | 330,133,382.45 | | Total | 900,492,054.58 | 330,133,382.45 | Accounts Receivable Aging Portfolio Bad Debt Provision (yuan) | Aging | Book Balance | Bad Debt Provision | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Subtotal within 1 year | 800,278,640.46 | 22,491,883.78 | 2.81 | | 1 to 2 years | 135,643,429.39 | 29,312,545.09 | 21.61 | | 2 to 3 years | 32,864,351.54 | 27,711,221.22 | 84.32 | | Over 3 years | 36,670,140.85 | 36,670,140.85 | 100.00 | | Total | 1,005,456,562.24 | 116,185,790.94 | 11.56 | Inventory Classification (yuan) | Item | Book Balance | Inventory Impairment Provision | Book Value | | :--- | :--- | :--- | :--- | | Raw materials | 55,756,794.04 | - | 55,756,794.04 | | Work in progress | 42,498,501.26 | - | 42,498,501.26 | | Finished goods | 433,141,178.74 | 11,767,177.64 | 421,374,001.10 | | Revolving materials | 9,578,335.53 | - | 9,578,335.53 | | Goods in transit | 224,251,117.08 | 295,106.75 | 223,956,010.33 | | Consigned processing materials | 4,530,734.58 | - | 4,530,734.58 | | Total | 769,756,661.23 | 12,062,284.39 | 757,694,376.84 | Operating Revenue and Operating Cost (yuan) | Item | Current Period Revenue | Current Period Cost | Prior Period Revenue | Prior Period Cost | | :--- | :--- | :--- | :--- | :--- | | Main business | 1,723,166,177.97 | 1,010,925,295.62 | 1,591,547,417.51 | 899,829,974.11 | | Other business | 41,514,186.15 | 28,459,706.11 | 34,511,862.79 | 25,653,052.03 | | Total | 1,764,680,364.12 | 1,039,385,001.73 | 1,626,059,280.30 | 925,483,026.14 | [Research and Development Expenses](index=144&type=section&id=Research%20and%20Development%20Expenses) In this reporting period, the company's total R&D expenses amounted to **70.18 million yuan**, all of which were expensed, showing a decrease compared to the prior year period; major expenditures included employee compensation, consumption and testing fees, and depreciation and amortization expenses R&D Expenses by Nature of Expense (yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee compensation | 37,080,526.04 | 29,959,854.87 | | Consumption and testing fees | 21,015,818.65 | 31,244,379.90 | | Depreciation and amortization expenses | 6,822,880.94 | 8,491,240.24 | | Office expenses | 538,996.07 | 2,890,451.43 | | Share-based payment expenses | 314,545.02 | 789,583.65 | | Other | 4,405,905.16 | 7,662,128.04 | | Total | 70,178,671.88 | 81,037,638.13 | | Of which: Expensed R&D expenditures | 70,178,671.88 | 81,037,638.13 | | Capitalized R&D expenditures | - | - | [Interests in Other Entities](index=146&type=section&id=Interests%20in%20Other%20Entities) The company owns several wholly-owned or controlled subsidiaries primarily engaged in sales, production, and R&D; regarding joint ventures, the company holds a **51% equity stake** in Weigao Nikkiso (Weihai) Dialysis Machine Co., Ltd. and accounts for it using the equity method; additionally, the company has accumulated unrecognized excess losses in Weigao Terumo (Weihai) Medical Products Co., Ltd Composition of Enterprise Group (partial listing) | Subsidiary Name | Business Nature | Shareholding Ratio (%) Direct | | :--- | :--- | :--- | | Weigao Peritoneal Dialysis Technology (Weihai) Co., Ltd. | Sales | 100 | | Weigao Blood Purification Products (Shanghai) Co., Ltd. | Sales | 100 | | Weigao Blood Purification (Chengdu) Co., Ltd. | Production | 100 | | Shandong Akso Medical Technology Co., Ltd. | R&D | 90 | | WEGO HEALTHCARE (HK) LIMITED | Sales | 100 (indirect) | Important Joint Ventures or Associates | Joint Venture or Associate Name | Business Nature | Shareholding Ratio (%) Direct | Accounting Method | | :--- | :--- | :--- | :--- | | Weigao Nikkiso (Weihai) Dialysis Machine Co., Ltd. | Dialysis equipment production and sales | 51.00 | Equity method | Weigao Nikkiso (Weihai) Dialysis Machine Co., Ltd. Key Financial Information (yuan) | Item | Ending Balance/Current Period Amount | | :--- | :--- | | Total assets | 360,807,245.39 | | Total liabilities | 63,320,235.41 | | Equity attributable to parent company shareholders | 297,487,009.98 | | Net profit | 27,349,919.80 | Excess Losses Incurred by Joint Ventures (yuan) | Joint Venture or Associate Name | Accumulated Unrecognized Prior Period Losses | Unrecognized Losses in Current Period | Accumulated Unrecognized Losses at End of Current Period | | :--- | :--- | :--- | :--- | | Weigao Terumo (Weihai) Medical Products Co., Ltd. | -19,855,216.88 | 4,575,017.20 | -15,280,199.68 | [Government Grants](index=151&type=section&id=Government%20Grants) In this reporting period, the company received **5 million yuan** in government grants, recognized as deferred income, and **4.63 million yuan** in government grants recognized in current profit or loss, of which **4.61 million yuan** were asset-related government grants and **988,811.36 yuan** were income-related government grants Liability Items Involving Government Grants (yuan) | Liability Item | Beginning Balance | Current Period Increase | Current Period Decrease | Ending Balance | Grant Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred income | 78,811,581.48 | 5,000,000.00 | 4,612,082.33 | 79,199,499.15 | Asset-related | | Deferred income | 155,000.00 | - | 17,793.79 | 137,206.21 | Income-related | | Total | 78,966,581.48 | 5,000,000.00 | 4,629,876.12 | 79,336,705.36 | - | Government Grants Recognized in Current Profit or Loss (yuan) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-related | 4,612,082.33 | 5,590,351.38 | | Income-related | 988,811.36 | 5,533,390.77 | | Total | 5,600,893.69 | 11,123,742.15 | [Risks Related to Financial Instruments](index=152&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk); the company manages these risks by transacting with reputable third parties, continuously monitoring accounts receivable, and diversifying investments and business portfolios; a significant increase in credit risk is determined by overdue days exceeding **30 days** or significant adverse changes in the operating environment, while credit impairment is defined by overdue days exceeding **90 days** or inability to fully recover contract amounts - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[459](index=459&type=chunk)[460](index=460&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk) - A significant increase in credit risk is determined by overdue days exceeding **30 days**, or significant adverse changes in the debtor's operating environment, credit rating, or operating results[462](index=462&type=chunk) - Assets with incurred credit impairment are defined by overdue days exceeding **90 days**, or internal/external information indicating the inability to fully recover contract amounts[463](index=463&type=chunk) Financial Asset Transfer Status (yuan) | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets | Derecognition Status | Basis for Derecognition Status | | :--- | :--- | :--- | :--- | :--- | | Bill endorsement | Notes receivable | 7,090,994.42 | Not derecognized | Retained almost all risks and rewards, including default risk | | Bill discounting | Accounts receivable financing | 1,037,000.00 | Not derecognized | Retained almost all risks and rewards, including default risk | | Bill endorsement/discounting | Accounts receivable financing | 80,141,314.49 | Derecognized | Transferred almost all risks and rewards | | Total | / | 88,269,308.91 | / | / | [Disclosure of Fair Value](index=155&type=section&id=Disclosure%20of%20Fair%20Value) The company's total assets measured at fair value at the end of the period amounted to **966.06 million yuan**, primarily comprising financial assets held for trading (bank wealth management products) and accounts receivable financing; financial assets held for trading are measured using Level 2 fair value, while accounts receivable financing is measured using Level 1 fair value; the company's finance department is responsible for formulating fair value measurement policies and procedures, and regularly analyzes and reviews changes in financial instrument values Fair Value of Assets and Liabilities Measured at Fair Value at Period-End (yuan) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | (I) Financial assets held for trading | - | 900,492,054.58 | - | 900,492,054.58 | | (VI) Accounts receivable financing | 65,571,905.23 | - | - | 65,571,905.23 | | Total assets continuously measured at fair value | 65,571,905.23 | 900,492,054.58 | - | 966,063,959.81 | - For listed equity instrument investments, fair value is determined by market quotations[476](index=476&type=chunk) - For bank wealth management products and accounts receivable financing, fair value is determined using the discounted cash flow method, with market yields of other financial instruments with similar contractual terms, credit risks, and remaining maturities as the discount rate[477](index=477&type=chunk) [Related Parties and Related Party Transactions](index=157&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's parent company is Weigao Group Co., Ltd., and its ultimate controlling party is Chen Xueli; the company engages in various related party transactions with numerous enterprises controlled or invested in by Weigao Group, as well as enterprises held by former employees, including purchasing and selling goods, providing and receiving labor services, related party leases, related party guarantees, and collecting/paying utility fees on behalf of others; during the reporting period, the company's total purchases of goods and services from related parties amounted to **433.92 million yuan**, and total sales of goods and provision of labor services to related parties amounted to **190.91 million yuan** Parent Company I

山东威高血液净化制品股份有限公司 目录 章程 | 第一章 总 则… | | --- | | 第二章 经营宗旨和范围 | | 第三章 股 份 | | 第一节 股份发行 . | | 第二节 股份增减和回购 . | | 第三节 股份转让 . | | 第四章 股东和股东会 . | | 第一节 股 东 | | 第二节 控股股东和实际控制人 . | | 第三节 股东会的一般规定 . | | 第四节 股东会的召集 . | | 第五节 股东会的提案与通知 | | 第六节 股东会的召开 . | | 第七节 股东会的表决和决议_________________________________________________________________________________________________________________ 21 | | 第五章 董事会 | | 第一节 董 事 | | 第二节 董事会 | | 第三节 独立董事 __________________________________________________________________________________________ ...

山东威高血液净化制品股份有限公司 舆情管理制度 第一章 总则 第一条 为规范山东威高血液净化制品股份有限公司（以下简称"公司"） 应对各类舆情的行为，建立快速反应和应急处置机制，正确把握和引导网络舆论 导向，及时、妥善处理各类舆情对公司股价、公司商业信誉及正常生产经营活动 造成的影响，切实保护投资者和公司的合法权益，根据《上海证券交易所股票上 市规则》等法律、法规、规范性文件以及《山东威高血液净化制品股份有限公司 章程》等有关规定，结合公司实际情况制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 本制度适用于公司及合并报表范围内的下属子公司。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 （二）评估各类舆情信息对公司可能造成的影响以及波及范围，拟定舆情处 理方案； ...

山东威高血液净化制品股份有限公司 独立董事工作制度 第一章总则 第一条 为进一步完善山东威高血液净化制品股份有限公司(以下简称 "公司")的治理结构，维护公司全体股东及利益相关者的合法权益，促进公 司的规范运作，根据《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司独立董事管理办法》(以下简称"《独董办法》")、《上海证券 交易所股票上市规则》(以下简称"《股票上市规则》")、《上海证券交易 所上市公司自律监管指引第1号一规范运作》(以下简称"《规范运作指 引》") 等 有 关 法 律 法 规 及 《 山 东 威 高 血 液 净 化 制 品 股 份 有 限 公 司 章 程》)(以下简称"公司章程")的有关规定，公司制订本工作制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公 司主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其 进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位 或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当 按照法律、行政法规、中国证券监督管理委员会(以下简称" ...

山东威高血液净化制品股份有限公司 对外投资管理制度 第一章 总则 第一条 为加强山东威高血液净化制品股份有限公司（以下简称"公司"或"本 公司"）对外投资的管理，规范公司对外投资行为，提高投资效益，规避投资所带来 的风险，合理、有效的使用资金，使资金的时间价值最大化，依照《公司法》《证券 法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等法律、法规、规范性文件以及《公司章程》的有关规定， 特制定本制度。 第二条 本制度所称的对外投资是指公司为获取未来收益而将一定数量的货币资 金、股权、以及经评估后的实物或无形资产作价出资，对外进行各种形式的投资活动。 第三条 按照投资期限的长短，公司对外投资分为短期投资和长期投资。短期投 资主要指公司购入的能随时变现且持有时间不超过一年（含一年）的投资，包括各种 股票、债券、基金、分红型保险等； 长期投资主要指投资期限超过一年，不能随时变现或不准备变现的各种投资，包 括债券投资、股权投资和其他投资等。包括但不限于下列类型： （一）公司独立兴办的企业或独立出资的经营项目； （二）公司出资与其他境内（外）独立法人实体、自然人成立 ...

董事会议事规则 第一章总则 第一条 为规范山东威高血液净化制品股份有限公司(以下简称"公司") 的行为，保证董事会依法行使职权，根据《中华人民共和国公司法》(以下 简称《公司法》)、《中华人民共和国证券法》等有关法律法规及《山东威高 血液净化制品股份有限公司章程》(以下简称"公司章程")的规定，结合公司 实际情况，制定本规则。 第二条 董事会对股东会负责。 董事会会议是董事会议事的主要形式。董事按照规定参加董事会会议是 履行董事职责的基本方式。 第二章董事会组成 山东威高血液净化制品股份有限公司 事共同推举该届董事会第一次会议的召集负责人；如无法推举出召集负责人的， 由董事抽签决定。每届董事会第一次会议应当于董事选举或改选后3日内召开。 第八条 董事长由公司董事担任，以公司全体董事过半数选举产生。 第三章董事会职权 第三条 董事会是股东会的执行机构，执行股东会通过的各项决议，向 股东会负责并报告工作。 第四条 董事会由若干名董事组成，设董事长1名。 第五条 法律法规、公司章程规定不得担任公司董事的人员，不得担任 公司的董事。 第六条 董事由股东会选举或者更换，任期3年。董事任期届满，可连 选连任，但独立董事连 ...

山东威高血液净化制品股份有限公司 投资者关系管理制度 第一章 总 则 第一条 为了进一步加强山东威高血液净化制品股份有限公司（以下简称"公 司"）与投资者和潜在投资者（以下简称"投资者"）之间的沟通，促进投资者 对公司的了解，进一步完善公司治理结构，实现公司价值最大化和股东利益最大 化，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司投资 者关系管理工作指引》《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和《山 东威高血液净化制品股份有限公司章程》（以下简称"《公司章程》"）等有关 规定，结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回 报投资者、保护投资者目的的相关活动 第三条 投资者关系管理的基本原则： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律、法规、规章及规范性文件、行业规范和自律 ...

山东威高血液净化制品股份有限公司 董事会战略委员会工作细则 第一章总则 第五条 战略委员会设召集人一名，由公司董事长担任. 第六条 战略委员会召集人负责召集和主持战略委员会会议，当委员会召集 人不能或无法履行职责时，由其指定一名其他委员代行其职权；委员会召集人既 不履行职责，也不指定其他委员代行其职责时，任何一名委员均可将有关情况向 公司董事会报告，由公司董事会指定一名委员履行战略委员会召集人职责。 第七条 战略委员会委员任期与同届董事会董事的任期相同。期间如有战 略委员会委员不再担任公司董事职务，自动失去战略委员会委员资格。 第八条 战略委员会因委员辞职、免职或其他原因而导致人数低于规定人 数的三分之二时，公司应当自前述事实发生之日起六十日内完成补选。.在战略 委员会委员人数达到规定人数的三分之二以前，战略委员会暂停行使本规则规定 的职权。 山东威高血液净化制品股份有限公司 董事会战略委员会工作细则 第一条 为适应战略发展需要，增强公司核心竞争力，确定公司发展规划， 健全投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质量， 公司特设董事会战略委员会(下称"战略委员会"或"委员会"),作为负责公 ...

山东威高血液净化制品股份有限公司 董事会秘书工作细则 第一章 总则 第一条 为提高山东威高血液净化制品股份有限公司（以下简称"公司"）治理 水平，规范公司董事会秘书的选任、履职、培训和考核工作，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上海证券交易所股票上市规则》（以下简称"上市规则"）、《上市 公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《山 东威高血液净化制品股份有限公司章程》（以下简称"公司章程"）及其他有关规定， 结合公司实际情况制订本细则。 第二条 公司董事会秘书为公司高级管理人员，对公司和董事会负责，应忠实、 勤勉地履行职责。 第三条 公司董事会秘书是公司与上海证券交易所之间的指定联络人，董事会秘 书或代行董事会秘书职责的人可以以公司名义办理信息披露、公司治理、股权管理等 其相关职责范围内的事务。 第四条 董事会下设证券事务部，处理董事会日常事务。 第二章 选 任 第五条 公司董事会应当原任董事会秘书离职后三个月内聘任董事会秘书。 第六条 担任公司董事会秘书，应当具备以下条件： （一）具有良好的职 ...

山东威高血液净化制品股份有限公司 董事会提名委员会工作细则 第一章 总则 第一条 为规范山东威高血液净化制品股份有限公司（以下简称"公司"）领导人 员的产生，优化董事会组成，完善公司治理结构，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司治理准则》《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》《山东威高血液净化制品股 份有限公司章程》（以下简称"《公司章程》"）及其他有关规定，公司特设立董事会提 名委员会，并制订本工作细则。 第二条 董事会提名委员会是董事会按照股东会决议设立的专门工作机构，主要负 责对公司董事和高级管理人员的人选、选择标准和程序进行选择并提出建议。 第二章 人员组成 第三条 提名委员会成员由三名董事组成，独立董事应当过半数。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之 一提名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名，由独立董事委员担任，负责主持 委员会工作；主任委员由董事会直接在委员内选举 ...