智通财经APP讯，威高股份(01066)发布公告,截至2025年9月30日止3个月，公司取得未经审核的收入约 人民币32.6亿元，较去年同期增长约2.6%。其中，骨科、介入、血液管理等分部取得较快收入增长;而 药品包装和通用医疗器械分部，由于冲管注射器等产品的销售价格受政策影响持续承压，对集团整体销 售收入增长有所拖累。 ...

格隆汇11月3日丨威高股份(01066.HK)公布，截至2025年9月30日止3个月，公司录得未经审核的收入约 人民币32.6亿元，较去年同期增长约2.6%。其中，骨科、介入、血液管理等分部取得较快收入增长；而 药品包装和通用医疗器械分部，由于冲管注射器等产品的销售价格受政策影响持续承压，对集团整体销 售收入增长有所拖累。 相关事件 威高股份(01066.HK)第三单季度未经审核收入32.6亿元 同比增长约2.6% 威高股份(01066.HK)拟将威高 普瑞注入威高血净 交易完成后或并表 ...

Core Viewpoint - The company's 1H25 performance slightly missed market expectations, but showed a sequential recovery, with revenue of 6.644 billion yuan, a year-on-year increase of 0.1%, and a net profit of 1.008 billion yuan, a year-on-year decrease of 9.0% [1] Performance Summary - 1H25 revenue from the medical device segment was 3.191 billion yuan, showing a year-on-year growth of 0.1%, with volume growth expected to remain in single digits due to pricing pressure from centralized procurement [1] - The pharmaceutical packaging segment generated revenue of 1.166 billion yuan, down 0.1% year-on-year, primarily affected by price reductions from centralized procurement [1] - The interventional segment reported revenue of 1.100 billion yuan, a decline of 1.3% year-on-year, impacted by tariffs and new product promotion costs [1] - The orthopedic segment achieved revenue of 733 million yuan, down 1.6% year-on-year, but saw a significant profit increase of 74% due to stabilization post-centralized procurement [1] Development Trends - The company expects continued acceleration in the second half of 2025, with centralized procurement nearing its end and favorable rules emerging [1] - New product launches in the surgical product category are anticipated to benefit from centralized procurement and import substitution, with a 40% year-on-year increase in 1H25 [1] International Expansion - In 1H25, overseas revenue reached 1.624 billion yuan, a year-on-year increase of 4%, accounting for 24% of total revenue [2] - The company is transitioning from a foreign trade model to localized management and plans to shift production capacity back to China while establishing manufacturing in Southeast Asia [2] Financial Health - As of 1H25, the company had a net cash position of 3.43 billion yuan and operating cash flow of 880 million yuan [2] - The company maintains a 50% dividend payout ratio and invested 316 million yuan in R&D, representing 4.7% of revenue [2] Profit Forecast and Valuation - Due to unexpected price reductions from centralized procurement and foreign exchange losses, the company has lowered its net profit forecasts for 2025 and 2026 by 9.9% and 10.4%, respectively [2] - The current stock price corresponds to a price-to-earnings ratio of 11.6x for 2025 and 10.4x for 2026, with a target price of 6.40 HKD, implying an upside potential of 8.5% [2]

Core Viewpoint - CICC has downgraded Weigao's (01066) net profit estimates for 2025 and 2026 by 9.9% and 10.4% to CNY 2.131 billion and CNY 2.350 billion respectively, due to unexpected price cuts from centralized procurement and foreign exchange losses [1] Group 1: Financial Performance - The company's 1H25 performance was slightly below market expectations, with revenue of CNY 6.644 billion, a year-on-year increase of 0.1%, and a net profit attributable to shareholders of CNY 1.008 billion, a year-on-year decrease of 9.0% [2] - The company's net profit excluding non-recurring items was CNY 0.967 billion, down 12.7% year-on-year, primarily due to greater-than-expected price reductions from centralized procurement [2] Group 2: Segment Performance - In 1H25, the medical device segment generated revenue of CNY 3.191 billion, a year-on-year increase of 0.1%, with growth expected to continue at a single-digit rate, while pricing is slightly pressured by centralized procurement [3] - The pharmaceutical packaging segment reported revenue of CNY 1.166 billion, down 0.1% year-on-year, mainly affected by price cuts in syringe procurement, although pre-filled syringes showed single-digit growth [3] - The interventional segment's revenue was CNY 1.100 billion, down 1.3% year-on-year, impacted by tariffs, foreign exchange, and increased promotional costs for new products [3] - The orthopedic segment achieved revenue of CNY 0.733 billion, down 1.6% year-on-year, but saw a significant profit increase of 74% due to stable growth post-procurement [3] Group 3: International Expansion and Production - In 1H25, the company's overseas revenue reached CNY 1.624 billion, a year-on-year increase of 4%, accounting for 24% of total revenue, as the company shifts from a foreign trade model to localized management [4] - The company plans to relocate production capacity back to China and establish manufacturing in Southeast Asia to reduce costs and tariff impacts [4] Group 4: Financial Health and R&D Investment - As of 1H25, the company reported net cash of CNY 3.43 billion and operating cash flow of CNY 0.88 billion, maintaining a 50% dividend payout ratio [5] - R&D investment in 1H25 was CNY 0.316 billion, a year-on-year increase of 4.6%, representing 4.7% of revenue, with over 100 new products expected to be approved between 2025 and 2027 [5]