2025 年 08 月 18 日 山外山(688410.SH) 血液净化赛道国产龙头，设备回暖提供 中短期催化、耗材与出海打开长期空间 血液透析行业持续增长为公司成长奠定坚实基础。 肾脏替代治疗患者数量持续增长，全球接受透析治疗的慢性肾衰竭患 者 2023 年达到 410 万人，10 年复合增长率约 5%。我国透析患者总量 2024 年达到 102 万人，近十年复合增速约 12%，新增透析患者数量、 透析患病率和发病率等指标在近年均呈现加速上升趋势。全球血液透 析服务+产品市场总规模（服务+产品）2023 年达到 810 亿欧元；我 国透析产品端市场规模预计 2025 年接近 300 亿元，年化复合增速约 6%，总体呈稳步上升趋势。 短期催化：设备招采终端需求回暖，公司业绩恢复快速增长。 公司设备类收入与终端招投标景气度呈现显著的正相关，若终端招投 标保持旺盛趋势，则对公司下一阶段业绩放量提供前瞻判断意义。 2023 年，由于公共卫生事件影响，血液透析设备需求呈现短期大幅 度提振，可以看到血透设备与 CRRT 设备招投标金额均在这一时期呈 现大幅攀升；与之相对的，2023 年，公司收入与利润后续均实现大幅 增 ...

Group 1: Company Overview and Financial Performance - The company achieved operating revenue of 760.81 million yuan, a year-on-year increase of 10.83% [2] - Net profit attributable to shareholders reached 115.12 million yuan, up 8.35% from the previous year [2] - The net profit excluding non-recurring gains and losses was 103.23 million yuan, reflecting a growth of 9.26% [2] - Blood purification products generated revenue of 625.59 million yuan, a 19.73% increase, accounting for 82.23% of total revenue [2][3] - Revenue from drug delivery devices decreased by 15.06% to 82.41 million yuan, representing 10.83% of total revenue [3] - Revenue from cardiothoracic products was 34.98 million yuan, a slight increase of 0.74%, making up 4.60% of total revenue [3] Group 2: International Market Expansion - The company has accelerated its internationalization, successfully registering products in countries like Indonesia, Peru, and Mexico [4] - Overseas revenue reached 187.00 million yuan, a significant increase of 67.30% [4] - Blood purification product exports accounted for 88% of total export revenue, with sales increasing by 83.84% [4] - The company focuses on emerging markets along the "Belt and Road" initiative, which have a large and growing population [4] Group 3: Product Innovation and Development - The company is enhancing its product range in blood purification and expanding into diabetes and early-stage kidney disease management [5] - Innovative medical devices and high-value consumables are under development, with several projects receiving provincial support [5][6] - The company has developed a disposable blood dialysis catheter, which has gained market approval and is expected to improve patient safety and experience [8][10] Group 4: Market Challenges and Strategies - The drug delivery device market is facing increased competition and product homogeneity, leading to a 15% decline in revenue [10] - The company plans to innovate and upgrade drug delivery devices to meet rising clinical demands for safety and precision [10] - The blood dialysis product procurement process has expanded nationwide, benefiting domestic manufacturers [11] Group 5: Fundraising and Future Plans - The company plans to issue convertible bonds to raise up to 530 million yuan for expanding production capacity and enhancing financial stability [12][13] - The funds will support projects including the annual production of 10 million blood dialysis membranes and 10 million blood dialysis devices [13]

Investment Rating - The report gives a "Buy" rating for the company [8] Core Views - The company is a leading domestic player in blood purification equipment with a comprehensive layout across the entire industry chain, indicating a promising future [4][8] - The blood purification equipment market in China is expected to grow at a compound annual growth rate (CAGR) of 15%, driven by policy support and increasing demand for dialysis services [4][46] - The company has successfully expanded its business from blood purification equipment to a full range of dialysis services, enhancing its competitive edge [15][20] Summary by Sections 1. Company Overview - The company started with blood purification equipment and has gradually expanded into the entire dialysis industry chain, including self-manufactured consumables and medical services [15][16] - As of May 2025, the company has obtained multiple medical device registrations for its blood purification equipment, including dialysis machines and CRRT devices [16] 2. Market Potential - The market for blood purification equipment is expected to benefit from the recovery of procurement policies and equipment upgrades, with significant growth potential [4][36] - The penetration rate of ESRD patients receiving treatment in China is only 1/4 of that in Japan, indicating a large unmet demand [49] 3. Competitive Advantages - The company's blood purification devices offer a competitive price-performance ratio, with significant market share growth in both domestic and international markets [5][24] - The company has achieved a domestic market share of 16.8% in blood purification equipment, ranking first among domestic manufacturers [5][8] 4. Revenue and Profitability Forecast - The company is projected to achieve revenues of 709 million, 878 million, and 1.072 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 141 million, 186 million, and 240 million yuan [8][10] - The gross profit margin has shown an upward trend, supported by increased sales and operational efficiencies [27][29] 5. Future Growth Drivers - The company is expected to benefit from a strong recovery in equipment procurement and a wave of equipment upgrades starting in 2024, which will drive market growth [52][53] - The increasing number of dialysis centers and the rising number of patients receiving dialysis treatment will further enhance market demand [41][45]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The blood purification device industry is benefiting from an aging population and increasing treatment penetration rates, with hemodialysis being the primary treatment for end-stage renal disease (ESRD) [2][12] - The domestic substitution trend in the blood purification device industry is accelerating, with local brands gradually rising to compete with foreign brands [2][33] - The market for blood purification devices is expected to grow significantly, driven by the increasing number of ESRD patients and the low treatment penetration rate in China compared to developed countries [17][19] Summary by Sections Market Performance - The pharmaceutical sector outperformed the overall market, with a 2.21% increase in the biopharmaceutical sector, while the total A-share market declined by 0.05% [1][60] - The TTM price-to-earnings ratio for the biopharmaceutical sector is 34.03x, which is at the 69.61% percentile of the historical valuation over the past five years [1][67] Industry Analysis - The global ESRD patient population is projected to grow from 1113.86 million in 2023 to 1328.60 million by 2027, with a compound annual growth rate (CAGR) of 4.51% [17] - In China, the number of ESRD patients receiving dialysis treatment is significantly lower than in developed countries, indicating substantial growth potential for treatment penetration [19][30] Competitive Landscape - Foreign brands dominate the blood purification device market, with companies like Fresenius and Baxter holding significant market shares, but local brands are increasingly gaining ground [33][37] - Major domestic players include Weigao Blood Purification, Shanda Mountain, and Jianfan Biological, which are expanding their market presence through innovation and product development [33][41][45] Company Forecasts and Ratings - Major companies in the sector, such as Mindray Medical and WuXi AppTec, are rated as "Outperform" with strong projected earnings growth over the next few years [4][71] - Weigao Blood Purification is expected to generate revenue of 36.04 billion yuan in 2024, with a leading market share in blood purification devices [38][41]

Core Viewpoint - The blood purification market in China is experiencing significant growth, driven by an increasing number of patients with uremia and an aging population, with a projected annual growth rate of 15% [2] Group 1: Market Overview - The blood purification market in China is expected to grow from 11.6 billion in 2019 to 21.1 billion by 2025, and reach 51.515 billion by 2030, indicating substantial growth potential [2] - The company Weigao Blood Purification holds a leading market share in blood dialysis devices, with 32.5% in blood dialysis filters and 31.8% in blood dialysis tubing, and a second position in dialysis machines with a 24.6% market share [2] Group 2: Financial Performance - Weigao Blood Purification's revenue from 2022 to 2024 is projected to be 3.426 billion, 3.532 billion, and 3.604 billion respectively, with net profits of 315 million, 442 million, and 449 million, demonstrating stable growth [3] - The net profit growth in 2023 was 40.36%, followed by a slight increase of 1.65% in 2024, aligning with the industry's strategy of "volume for price" under the background of centralized procurement [3] Group 3: Company Overview - Weigao Blood Purification is the fourth listed company under Weigao Group, focusing on the research, production, and sales of blood purification medical products, covering the entire industry chain of blood dialysis and peritoneal dialysis [5] - The company collaborates with international firms like Nikkiso and Terumo to enhance the technology level of high-end products [5] Group 4: Product Line Development - The company launched its first self-developed blood dialysis filter in 2005, breaking the overseas monopoly, and has since introduced various innovative products, including the first polysulfone membrane dialysis filter in 2008 and the high-flux HF series in 2013 [6][8] - Blood dialysis tubing sales increased from 30.06 million sets in 2022 to 39 million sets in 2024, with revenue rising from 414 million to 495 million, marking a growth of approximately 29.74% [9]

Core Viewpoint - Shandong Weigao Blood Purification Products Co., Ltd. (Weigao Blood Purification) officially listed on the Shanghai Stock Exchange with an initial price of 26.50 CNY per share, experiencing an opening surge of 88.64%, and reaching a market capitalization exceeding 20 billion CNY [1][6]. Company Overview - Weigao Blood Purification is a subsidiary of Weigao Group, founded by Chen Xueli, who has a remarkable entrepreneurial journey starting from assembling infusion devices in rural Shandong [2][3]. - The company specializes in blood purification, particularly focusing on hemodialysis and peritoneal dialysis, with a comprehensive product line including blood dialysis machines and related products [7]. Market Position - In 2022, Weigao Blood Purification held a market share of 32.5% in the domestic blood dialysis device market and 32.8% in blood dialysis tubing, ranking first in the industry [5]. - The company’s products are utilized in over 6,000 hospitals and dialysis centers across China [5]. Financial Performance - Projected revenues for Weigao Blood Purification from 2022 to 2024 are 34.26 billion CNY, 35.32 billion CNY, and 36.04 billion CNY, respectively, with net profits of 3.15 billion CNY, 4.42 billion CNY, and 4.49 billion CNY [7]. - The blood dialysis devices account for over 50% of the company's revenue, with sales figures of 17.47 billion CNY, 18.34 billion CNY, and 18.38 billion CNY during the same period [7]. Technological Advancements - Weigao Blood Purification has developed core technologies for hollow fiber membranes used in dialysis, achieving international advanced levels in key performance indicators [4]. - The company launched China's first self-branded blood dialysis device, breaking the foreign monopoly in the market [5]. Investment and Financing - Prior to its IPO, Weigao Blood Purification conducted a single round of financing, attracting notable investors including Huaxing New Economy Fund and Liu Xiaodan's Chen Yi Investment [2][9]. - The company had previously attempted to list on the Hong Kong Stock Exchange in 2022 but later shifted to the A-share market for a successful listing [10]. Founder and Leadership - Chen Xueli, the founder, controls 83.70% of Weigao Blood Purification through various entities, marking this as his fourth listed company [11][12]. - Under his leadership, Weigao Group has expanded to four publicly listed companies, with a combined market capitalization nearing 60 billion CNY [12].

Core Viewpoint - The article highlights the successful IPO of Weigao Blood Purification, a subsidiary of Weigao Group, on the Shanghai Stock Exchange, marking a significant milestone for the company and its founder, Chen Xueli, who now controls four listed companies [3][4][14]. Company Overview - Weigao Blood Purification was officially listed on May 19, with an initial price of 26.50 yuan per share, experiencing an opening surge of 88.64%, leading to a market valuation exceeding 200 billion yuan [3][4]. - The company specializes in blood purification products, focusing on hemodialysis and peritoneal dialysis, and offers a comprehensive range of products including blood dialysis machines and related consumables [9]. Founder Background - Chen Xueli, born in 1951 in rural Shandong, transitioned from a local party secretary to a successful entrepreneur after recognizing the potential in disposable medical devices in 1988 [5][6]. - Under his leadership, Weigao Group has evolved into a leading player in the high-value medical consumables sector, with Weigao Blood Purification established in 2004 [5][6]. Market Position - Weigao Blood Purification is recognized as the "King of Blood Purification" in China, holding a market share of 32.5% in blood dialysis devices and 32.8% in blood dialysis tubing as of 2022 [6][9]. - The company serves over 6,000 hospitals and dialysis centers across China, indicating a strong market presence [6]. Financial Performance - The company's revenue for 2022 was 3.426 billion yuan, with projections of 3.532 billion yuan for 2023 and 3.604 billion yuan for 2024. The net profit for the same years was 315 million yuan, 442 million yuan, and 449 million yuan respectively [9][10]. - Blood dialysis devices accounted for over 50% of the company's revenue during the reporting period [9]. Investment and Financing - Prior to its IPO, Weigao Blood Purification completed a Pre-IPO financing round, raising 625 million yuan from notable investors including Huaxing Capital and Liu Xiaodan's Morning One Investment [11][12]. - The company had previously attempted to list on the Hong Kong Stock Exchange in 2022 but shifted to the A-share market for its successful listing [12]. Industry Context - The article emphasizes the growing demand for blood purification services in China, with an estimated 4.1259 million patients suffering from end-stage renal disease (ESRD) in 2023, representing 37% of the global patient population [6]. - The market for dialysis services is projected to expand significantly, with the number of patients expected to reach 3.3293 million by 2030 [6]. Regional Development - Weigao Group's success is part of a broader initiative in Weihai, Shandong, to cultivate a robust medical device industry, supported by local government policies aimed at fostering high-quality development in the sector [15].

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $8,700,000, a 3% year-over-year decline, but flat on a constant currency basis compared to $9,000,000 in Q1 2024 [31][34] - Gross margin for the quarter was 71%, consistent with the full year 2024, but lower than 76% in Q1 2024, primarily due to a 23% reduction in units produced [33] - The operating loss improved by 17% to $3,900,000 compared to $4,700,000 in 2024, driven by a 12% reduction in operating expenses [34] Business Line Data and Key Metrics Changes - Core product sales for CytoSorb were $8,700,000 in Q1 2025, representing a 3% year-over-year decline, with strong performances in international distribution offsetting disruptions in the German market [8][10] - The company aims to return German sales to growth in the second half of 2025 after two years of flat performance [10][15] Market Data and Key Metrics Changes - Germany accounts for approximately 40% of the company's sales, and the company is focusing on optimizing its sales strategy in this critical market [15] - The company is also expanding its presence in the Middle East and Africa through its Dubai subsidiary, which is expected to enhance market access [16] Company Strategy and Development Direction - The company is focused on generating new clinical data to guide physicians in optimizing CytoSorb use, which is expected to drive broader adoption and revenue growth [39] - The strategic initiative includes a realignment of the German sales team and approach to improve execution and results [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for growth in the second half of 2025, particularly in Germany, despite challenges from hospital reforms and pandemic-related issues [67] - The company is preparing for the potential commercial launch of DrugSorb ATR in the U.S. and Canada, with an initial market opportunity estimated at over $300,000,000 [27][41] Other Important Information - The company successfully executed a shareholder rights offering, raising $6,800,000, which strengthened its balance sheet and increased liquidity [34][36] - The company welcomed a new Vice President of Marketing for North America to lead the strategy for DrugSorb ATR [29] Q&A Session Summary Question: Confidence in FDA appeal and next steps if denied - Management expressed strong confidence in the strength of their submission and the compelling data from the STAR T trial, believing the chances during the appeal process are good [47][48] - If the appeal is unsuccessful, the company could pursue a new de novo submission using much of the original data, potentially shortening the review time [49] Question: Impact of clinical data on marketing and reimbursement in Europe - Management confirmed that strong clinical data will be leveraged to support reimbursement and health technology assessments across Europe [53] Question: Updates on European markets beyond Germany - The company is making good progress in major European markets, including the UK, and is seeing momentum in other EU countries [58][60] Question: Focus on other products in development - Currently, the primary focus is on DrugSorb ATR, with other technologies like HemoDefend VGA being considered for future discussions [62] Question: Visibility and confidence in reaccelerating growth in Germany - Management acknowledged the unique challenges in Germany but expressed optimism about the changes being implemented and early positive developments in Q2 [68]

Core Insights - The blood purification sector is experiencing new growth opportunities, highlighted by Weigao Blood Purification's successful A-share online subscription on May 8, 2025, marking a significant milestone for the company and the industry [1] - Weigao Blood Purification has established itself as an industry leader through over 20 years of focused development in blood purification medical products, driven by technological innovation and patient needs [2] - The company has achieved a domestic market share of 32.5% in blood dialysis devices and 31.8% in blood dialysis tubing, ranking first in both categories, thanks to continuous innovation in membrane materials and production processes [3] Industry Background - The demand for blood purification is surging due to an aging population and rising chronic kidney disease rates in China, with a nearly 10% annual compound growth rate in blood dialysis patients from 2017 to 2023 [2] - Weigao Blood Purification offers a comprehensive product line covering both hemodialysis and peritoneal dialysis, providing a one-stop procurement service for medical institutions [2] Technological Advancements - The company has made significant breakthroughs in the localization of key consumables, enhancing the solute clearance rate of dialysis devices by over 15% while reducing allergic reactions [3] - Collaborations with international firms have led to the development of innovative products, such as the first neutral peritoneal dialysis solution in China, which reduces the risk of peritoneal fibrosis [3] Capital Market Engagement - Weigao Blood Purification aims to raise 1.35 billion yuan through its A-share listing, with funds allocated for R&D center construction and production capacity upgrades [4] - The company plans to establish a world-class R&D laboratory and invest in advanced testing equipment to enhance its innovation capabilities [4] Production and Market Expansion - The establishment of new production facilities is expected to significantly increase the capacity for dialysis devices, responding to growing market demand [5] - Weigao Blood Purification has built a vast sales network covering over 6,000 medical institutions across 31 provinces, with plans to strengthen its presence in lower-tier cities and expand internationally [5] Future Outlook - The company's entry into the A-share market represents a pivotal moment in its development and the broader blood purification industry, with a commitment to innovation and quality to meet diverse market needs [5]

Core Viewpoint - Weigao Blood Purification (威高血净) has initiated its IPO with a price of 26.5 yuan per share and a market capitalization PE ratio of 24.82, which is lower than the industry average of 28.04, indicating a potentially attractive investment opportunity in the blood purification sector [1] Company Overview - Weigao Blood Purification focuses on two main areas: hemodialysis and peritoneal dialysis, along with the sales of related products, making it one of the most comprehensive manufacturers of blood purification medical products in China [1] - The company holds a leading market share in the domestic hemodialysis sector, with 32.5% in hemodialyzers and 31.8% in hemodialysis tubing, both ranking first in the industry [1] - In the hemodialysis machine market, Weigao has a market share of 24.6%, ranking second, primarily competing with foreign companies like Fresenius Medical and B. Braun [1] Market Position - In the peritoneal dialysis market, Weigao collaborates with international blood purification company Terumo, exclusively selling peritoneal dialysis solutions produced by a joint venture in China, achieving a market share of 3.6%, ranking fifth in the industry [2] Financial Overview - The company plans to raise approximately 135.1 million yuan through its IPO, with funds allocated to various projects including intelligent production construction, new product development, and working capital [3] - Projected revenues for 2022, 2023, and 2024 are approximately 3.43 billion yuan, 3.53 billion yuan, and 3.60 billion yuan respectively, with net profits of about 315 million yuan, 442 million yuan, and 449 million yuan [3] - Total assets are expected to grow from approximately 6.41 billion yuan in 2022 to 6.99 billion yuan in 2024, with equity attributable to shareholders increasing from 4.67 billion yuan to 5.60 billion yuan over the same period [4] - The company maintains a low debt ratio, with a projected asset-liability ratio of 14.91% in 2024, down from 21.60% in 2022 [4]