Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Insights - The company's revenue for the first half of 2025 remained stable at 6.644 billion, with a year-on-year decline in net profit attributable to shareholders of 9.0% [1][7]. - The medical device segment showed stable pricing, while the pharmaceutical packaging segment saw a significant increase in overseas sales, with the "ship-to-ship" sales ratio rising to 35%, an increase of nearly 10 percentage points year-on-year [2][10]. - The company has established a multi-dimensional barrier with brand image, quality control, scale effect, and cost advantages, indicating strong growth potential and industry leadership [20]. Revenue and Profitability - The company's revenue for the first half of 2025 was 66.44 billion (+0.1%), while the net profit attributable to shareholders was 10.08 billion (-9.0%), with a 12.7% decline after excluding one-time impacts [1][7]. - The gross profit margin decreased to 49.7% (down 1.2 percentage points year-on-year), reflecting pricing pressures on products [3][14]. - The net profit margin fell to 15.9% (down 1.5 percentage points year-on-year) [3][14]. Segment Performance - The medical device business generated approximately 33.0 billion in revenue, remaining stable year-on-year, but the segment profit decreased by 17.1% due to price declines and foreign exchange losses [2][10]. - The orthopedic business revenue was 7.3 billion (-1.6%), primarily due to a change in sales model for joint products, leading to lower factory prices [11]. - The interventional business revenue was 9.9 billion (-2%), with growth in the U.S., Europe, Middle East, and Africa regions [11]. Financial Forecasts - The revenue forecasts for 2025-2027 are adjusted to 137.6 billion, 148.5 billion, and 159.6 billion, with year-on-year growth rates of 5.1%, 8.0%, and 7.4% respectively [20]. - The net profit forecasts for the same period are 21.2 billion, 24.0 billion, and 26.8 billion, with year-on-year growth rates of 2.3%, 13.4%, and 11.6% respectively [20]. Cash Flow and Dividends - The operating cash flow for the first half of 2025 was 8.82 billion, with a cash content of net profit reaching 87%, indicating a healthy cash flow position [18]. - The board proposed a dividend of 4.42 billion for the first half of the year, maintaining a 50% payout ratio based on operating net profit [1][7].

证券研究报告 | 2025年09月30日 威高股份（01066.HK） 优于大市 通用耗材趋稳，药包"搭船出海"占比大幅提升 2025 年上半年公司收入持平，归母净利同比下降 9.0%。2025 年上半年公 司实现营收 66.44 亿（+0.1%），归母纯利 10.08 亿（-9.0%），扣除特殊 项目的一次性影响后同比下滑 12.7%，主要是由于部分产品降价和新产品营 销投入。董事会建议上半年分红金额 4.42 亿，拟维持 50%的分红比例（基 于经营层面的净利润，不考虑各种一次性非现金收益）。 通用医疗器械价格趋稳，医药包装"搭船出海"占比大幅提升。2025 年上 半年医疗器械业务实现营收约 33.0 亿元，同比基本持平，分部溢利同比下 降 17.1%，主要因为部分产品价格下降带来毛利损失，以及海外业务的汇兑 损失。围术期专科耗材产品同比高双位数增长，"耗材+设备"组合销售初 见成效。药品包装业务营收约为 11.7 亿元，同比持平。预充式冲管注射器 受到集采影响，拉低板块销售额与利润。预灌封注射器国供应本土客户出口 产品的"搭船出海"销量占比 35%，同比大幅提升近 10 个百分点，海外市 场放量趋势明显 ...