□ 程德林 况宇迪 许佳锐 人工骨是骨科、口腔、神经外科等领域用于骨缺损修复，以及骨融合、骨再生治疗的植入类医疗器械， 主要包括无机非金属材料（如磷酸钙类陶瓷、生物玻璃等）和复合材料（如无机非金属复合胶原、无机 非金属复合合成高分子等）。人工骨的出现有效解决了自体骨来源有限、异体和异种骨存在排异风险等 问题，是支撑临床骨重建治疗、保障患者骨骼功能恢复的重要产品。随着科技创新不断取得突破，骨缺 损修复领域正悄然发生一场由生物适配创新理念与3D打印先进制造技术共同驱动的深刻变革。 3D打印生物适配人工骨是结合生物适配理念与3D打印技术制造的人工骨。这类产品不是简单模仿骨骼 的形状，而是综合材料、设计等因素，与人体骨骼在结构、力学和功能上主动、动态地匹配与融合。 3D打印生物适配人工骨的出现为复杂骨缺损等临床治疗难题提供了新的解决方案。 理论跃升 从生物相容到生物适配 长期以来，良好的生物相容性被视为植入类医疗器械的基本要求。生物相容性是指植入物等材料在与人 体接触时，能安全地发挥预期功能，不引起有害生物学反应（如过敏、炎症等）的性质。简单来说，就 是植入物材料与人体组织"和平共处"的能力。 然而，生物相容性仅仅定 ...

Core Viewpoint - CICC maintains a "outperform" rating for Weigao Group (01066) with a target price of HKD 6.4, reflecting a price-to-earnings ratio of 9.3/8.2 times for 2025/2026 [1] Financial Performance - In 2024, Weigao Group reported revenue of RMB 13.09 billion, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of RMB 2.07 billion, which, after excluding one-time gains from 2023, represents a year-on-year increase of 4.2% [1] - The breakdown of revenue by business segment shows: - Medical devices revenue at RMB 6.51 billion, down 6.5% year-on-year, with operating profit of RMB 1.07 billion, up 1% [2] - Orthopedic revenue at RMB 1.44 billion, up 13.2% year-on-year, with operating profit of RMB 0.22 billion, up 196% [2] - Pharmaceutical packaging revenue at RMB 2.28 billion, up 12.6% year-on-year [2] - Interventional segment revenue up 2.5% year-on-year [2] - Blood management revenue at RMB 0.88 billion, down 15.8% year-on-year, with operating profit down 41.4% [2] Growth Potential - The company is expected to enter a double-digit growth phase as it develops new business lines, including perioperative products, urology, endocrinology, endoscopy, and intravenous therapy in the medical device segment, as well as artificial bones and sports medicine in orthopedics [3] - The anticipated revenue growth rate for 2025 is projected to be between 10-15% due to the positive outlook on both new and existing business lines [3] Shareholder Returns - Weigao Group announced a final dividend of RMB 0.1235 per share, raising the total dividend payout ratio for 2024 to 50% [4] - The company is expected to maintain a high level of dividends and has announced a share buyback program starting in February 2025 [4]