业绩整体稳健，保持高分红重视股东回报 威高股份(1066) ——威高股份 2025 半年度业绩点评 [Table_Industry] 医药 | [Table_Invest] 评级： | 增持 | | --- | --- | | [当前价格 Table_CurPrice] (港元)： | 5.90 | [Table_Market] 交易数据 | 52 周内股价区间(港元) | 4.15-7.22 | | --- | --- | | 当前股本(百万股) | 4,571 | | 当前市值(百万港元) | 26,967 | [Table_PicQuote] 52周股价走势图 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 谈嘉程(分析师) | 021-38038429 | tanjiacheng@gtht.com | S0880523070004 | 本报告导读： 公司 2025H1 普耗趋稳，药品、骨科 ...

公司现金分红比例在2023年以前长期维持在30%，2023年全年分红比例提升至40%，2024年末期股息进 一步提升至全年50%。公司2025年中期分红拟维持50%的比例，彰显对股东回报的高度重视。 风险提示：新品放量不及预期，市场竞争加剧。 公司2025H1实现销售收入66.4亿元同比持平;经调整归母净利润(剔除汇兑损益影响)10.2亿元，同比下降 6.1%，主要系部分产品降价和新产品营销投入所致。 普耗趋稳，药包、骨科引领增长 公司2025H1通用医疗器械板块实现收入33.0亿元，同比基本持平，主要产品如输液器、留置针、注射器 等价格保持稳定，销量小幅增长;药包板块收入11.7亿元，同比基本持平，预灌封注射器国内销售单价稳 定，销量小幅增长，已与150余家新药企业开展合作，自动注射笔中国市场放量显著，2025H1销量增长 约200%，本土及海外市场均有较大潜力;骨科板块收入7.3亿元，同比略降1.6%，分部溢利同比大增 74%，其中脊柱同比环比均实现双位数增长，关节因销售模式变化表观承压，下半年有望加速放量;介 入板块收入9.9亿元，同比下降2%;血液技术板块收入4.5亿元，同比增长8.1%，其中拉德索斯 ...

智通财经APP获悉，国泰海通发布研报称，维持威高股份(01066)增持评级。结合公司2025H1业绩情况 及经营趋势，下调2025-2027年预测EPS为0.44/0.50/0.56元(原为0.51/0.57/0.63元)，参考可比公司给予 2026年目标PE16X，给予目标价8.00元(折合8.76港元)。公司2025H1普耗趋稳，药品、骨科引领增长， 继续保持高分红比例。 国泰海通主要观点如下： 收入持平，净利率略有下降 公司2025H1通用医疗器械板块实现收入33.0亿元，同比基本持平，主要产品如输液器、留置针、注射器 等价格保持稳定，销量小幅增长;药包板块收入11.7亿元，同比基本持平，预灌封注射器国内销售单价稳 定，销量小幅增长，已与150余家新药企业开展合作，自动注射笔中国市场放量显著，2025H1销量增长 约200%，本土及海外市场均有较大潜力;骨科板块收入7.3亿元，同比略降1.6%，分部溢利同比大增 74%，其中脊柱同比环比均实现双位数增长，关节因销售模式变化表观承压，下半年有望加速放量;介 入板块收入9.9亿元，同比下降2%;血液技术板块收入4.5亿元，同比增长8.1%，其中拉德索斯辐照仪 ...

Summary of Weigao Co., Ltd. Conference Call Company Overview - **Company**: Weigao Co., Ltd. - **Date**: August 27, 2025 Key Points Financial Performance - **Revenue**: Achieved revenue of 6.644 billion yuan in the first half of 2025, flat year-on-year [2][3][24] - **Net Profit**: Adjusted net profit decreased by 12% year-on-year, primarily due to foreign exchange fluctuations [2][3][24] - **Sales Growth**: Sales expenses decreased by 0.7 percentage points, indicating improved sales efficiency [3] Business Segments Performance - **General Medical Supplies**: Revenue remained stable at 3.3 billion yuan, but pre-tax profit declined due to foreign exchange losses [9][11] - **Surgical Consumables and Equipment**: Sales grew nearly 40%, with over 8,000 surgeries using the company's anesthesia machines [2][11][29] - **Orthopedic Business**: Sales of 730 million yuan, a slight decline of 1.6%, but profit surged by 74.3% [2][17] - **Pharmaceutical Packaging**: Revenue of 1.17 billion yuan, flat year-on-year, but profits decreased [2][15] Strategic Initiatives - **Platformization**: Focus on quality systems, cost control, and brand development to enhance product lines [4][5] - **Internationalization**: Overseas business grew by 4%, accounting for nearly 25% of total sales, with plans to establish a factory in Indonesia [4][5][8] - **Digitalization**: Commitment to integrating digital and intelligent features into products, enhancing competitive advantage [5] Product Development - **R&D Investment**: R&D expenditure increased to 4.7% of revenue, with 63 new product registrations in the first half of 2025 [4][7][24] - **New Product Launches**: Plans to introduce over 100 new products in the next two to three years [4][7] Market Trends and Challenges - **Price Trends**: Anticipated price adjustments in the general medical supplies sector due to large-scale procurement policies [10][28] - **Competitive Landscape**: Domestic brands have opportunities for growth despite foreign brands maintaining a significant market share [10][28] Future Outlook - **Growth Projections**: Expected annual growth rate of around 10% for the year [2][28] - **Market Expansion**: Plans to enhance market share through product innovation and strategic partnerships [23] Additional Insights - **ClinaVac Device**: The thrombectomy device is expected to enter a rapid growth phase, with a projected peak sales potential exceeding 100 million USD [20] - **Blood Technology Segment**: Despite lower revenue contribution, this segment saw an 8.1% increase, driven by recovery in overseas markets [21][22] This summary encapsulates the key insights from Weigao Co., Ltd.'s conference call, highlighting financial performance, strategic initiatives, product development, market trends, and future outlook.

C O N T E N T S I . Strategy and business development 2025 Interim Results August 27, 2025 II. Key financials Strategy and business development PART ONE 01 P A R T Internationalization - Maintain the leading position in China and achieve integrated growth across domestic and international markets Digitalization - Improve operational efficiency and develop digital products ❖ Build a diversified product ecology and scale operations ❖ Meet or exceed customer needs with complete product solutions China's leadin ...