华泰联合证券有限责任公司 关于山东威高骨科材料股份有限公司 2024 年半年度持续督导跟踪报告 保荐机构名称：华泰联合证券有限责任公司 被保荐公司简称：威高骨科 保荐代表人姓名：唐澍 联系电话：025-83387919 保荐代表人姓名：唐逸凡 联系电话：025-83387720 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐机构"）作为山东威高骨科材料股份有限公司 （以下简称"威高骨科"、"公司"或"发行人"）首次公开发行股票的保荐机 构，对威高骨科进行持续督导，并出具本持续督导跟踪报告： 一、保荐机构和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 （一）高新科技、先进的治疗理念进入并影响现有主营产品线的风险 公司产品线全面涵盖脊柱类、创伤类、关节类及运动医学等骨科植入医疗器 械领域，且拥有装备先进的机加工产业园，但是来自各领域的科技及技术突破， 例如 AI 技术、机器人技术、新材料、生命科学等，可能会对现有的主营产品线 和机加工方式造成一定的冲击；先进的治疗理念和手术方式可能 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.56 CNY based on a 38 times price-to-earnings ratio for 2024 [2][5]. Core Insights - The company's performance is showing a significant improvement, with a recovery in revenue and profit margins expected to continue in the second half of the year [1][2]. - The impact of centralized procurement is gradually diminishing, leading to improved operational metrics across major product lines [1]. - The company has successfully increased its market share and sales volume in key segments, including spinal, trauma, and joint products [1]. Financial Summary - In H1 2024, the company achieved revenue of 751 million CNY, a year-on-year increase of 6.8%, while net profit attributable to shareholders was 93 million CNY, down 16.7% year-on-year [1]. - For Q2 2024, revenue reached 403 million CNY, a year-on-year decrease of 3.1% but a quarter-on-quarter increase of 15.7%, with net profit of 58 million CNY, reflecting a year-on-year increase of 230.5% and a quarter-on-quarter increase of 66.8% [1]. - The company's operating cash flow for H1 2024 was 145 million CNY, a significant increase of 148.5% year-on-year, primarily due to tax refunds and reduced tax payments [1]. Product Line Performance - The spinal product line generated 220 million CNY in revenue in H1 2024, with Q2 revenue increasing by 12% quarter-on-quarter [1]. - The trauma product line achieved 120 million CNY in revenue, with Q2 revenue up 33% quarter-on-quarter [1]. - The joint product line saw revenue of 230 million CNY in H1 2024, with a year-on-year increase in surgical volume of 21% and sales volume of 22% [1]. Profitability Metrics - The company's gross margin for H1 2024 was 64.1%, down 7.2 percentage points year-on-year, while the net margin was 12.8%, down 1.0 percentage point year-on-year [1]. - In Q2 2024, the gross margin improved to 68.1%, up 8.6 percentage points quarter-on-quarter, and the net margin increased to 15.0%, up 4.7 percentage points quarter-on-quarter [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.56 CNY based on a 38 times price-to-earnings ratio for 2024 [2][5]. Core Insights - The company's performance shows a significant recovery in the second quarter of 2024, with a revenue of 4.03 billion CNY, reflecting a quarter-on-quarter increase of 15.7% and a year-on-year decrease of 3.1%. The net profit for the same quarter reached 580 million CNY, marking a year-on-year increase of 230.5% and a quarter-on-quarter increase of 66.8% [1]. - The impact of centralized procurement is gradually diminishing, leading to improved margins. The gross margin for the first half of 2024 was 64.1%, while the second quarter saw an increase to 68.1% [1]. - The company has successfully enhanced its sales volume, surgical volume, and market share across its main product lines, particularly in the spine and trauma segments, with notable revenue growth in the joint and sports medicine lines [1]. Financial Summary - For the first half of 2024, the company reported a revenue of 7.51 billion CNY, a year-on-year increase of 6.8%, and a net profit of 930 million CNY, a year-on-year decrease of 16.7% [1]. - The operating cash flow for the first half of 2024 was 1.45 billion CNY, reflecting a year-on-year increase of 148.5% [1]. - The company’s revenue projections for 2024-2026 have been adjusted, with expected earnings per share of 0.62 CNY, 0.82 CNY, and 1.01 CNY respectively [2].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担责任。 重要内容提示： 证券代码：688161 证券简称：威高骨科 公告编号：2024-046 山东威高骨科材料股份有限公司 关于参加 2024 年半年度医疗器械专场集体业绩说明会的公告 山东威高骨科材料股份有限公司（以下简称"公司"）已于 2024 年 8 月 29 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 19 日下午 02:00-04:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一） 会议召开时间：2024 年 9 月 19 日（星期四）下午 02:00-04:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][21]. Core Views - The company is gradually recovering from the impact of centralized procurement, with a 16% quarter-on-quarter revenue growth in Q2 2024. The revenue for the first half of 2024 was 751 million (down 6.81%), with a net profit of 93 million (down 16.67%) [1][10]. - All product lines have achieved continuous growth in sales, surgical volume, and market share, with the joint business line experiencing rapid expansion. The company is actively exploring overseas markets and has established a professional overseas market team [1][12]. - The company is positioned as a leading domestic orthopedic platform, covering spinal, trauma, joint, and sports medicine, and is expected to maintain its leading position amid the trend of centralized procurement [1][17]. Financial Performance Summary - In Q2 2024, the company achieved revenue of 403 million (down 3.12%), with a quarter-on-quarter growth of 15.73%. The net profit for Q2 was 58 million, showing a significant increase of 230.47% quarter-on-quarter [1][10]. - The spinal line generated revenue of 220 million in the first half of 2024, with a 12% quarter-on-quarter growth in Q2. The trauma line achieved 120 million in revenue, with a 33% quarter-on-quarter growth [1][12]. - The gross margin for the first half of 2024 was 64.1% (down 7.2 percentage points), while the net profit margin was 12.8% (down 1.0 percentage points) [1][13]. Revenue and Profit Forecast - The company expects revenues of 1.474 billion, 1.762 billion, and 2.036 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.8%, 19.6%, and 15.5% [1][17]. - The forecasted net profit for 2024, 2025, and 2026 is 222 million, 292 million, and 343 million, respectively, with year-on-year growth rates of 97.6%, 31.4%, and 17.6% [1][17]. Market Position and Strategy - The company is actively enhancing its logistics layout and strengthening collaboration among product lines to improve overall revenue and gross margin levels [1][12]. - The company is focusing on high-intensity R&D investments to enrich its product matrix, particularly in the fields of minimally invasive spinal surgery and pain management [1][15].

Financial Performance - The company achieved a revenue of 751 million CNY, a year-on-year decrease of 6.81% [3] - The net profit attributable to shareholders was 93.13 million CNY, down 16.67% year-on-year [3] - In Q1, revenue was 348 million CNY, with a net profit of 34.91 million CNY; in Q2, revenue increased to 403 million CNY, with a net profit of 58.22 million CNY, showing a quarter-on-quarter revenue growth of 15.73% and a net profit growth of 66.8% [3] Market Trends - The demand for domestic brands in the orthopedic implant market is increasing, with domestic brands dominating the overall market share [3] - The market share for spinal products is approximately 14%, trauma products at 12%, and joint products at 10% [4][16] - The company’s joint products won a procurement demand of 53,679 units, accounting for 9.23% of the total demand [4] Product Line Performance - The spinal product line generated sales revenue of 220 million CNY, with a quarter-on-quarter growth of 12% in Q2 and a year-on-year increase in surgical volume of 15% [4] - The trauma product line achieved sales revenue of 120 million CNY, with a quarter-on-quarter growth of 33% and a year-on-year increase in surgical volume of 28% [4] - The joint product line realized sales revenue of 230 million CNY, with a year-on-year increase in surgical volume of 21% and sales volume growth of 22% [5] Strategic Initiatives - The company is focusing on enhancing its product offerings and market presence through innovative solutions and strategic partnerships [9][12] - The company plans to expand its overseas market presence, targeting 11 countries for product registration, including Brazil and Saudi Arabia [9] - The company aims to leverage its full product line advantage and improve customer service through specialized training and marketing strategies [10][11] Research and Development - The company is actively pursuing new materials and technologies, including 3D printing and biodegradable bone cement [12] - The company has received approval for 14 Class I product registrations and 15 Class III medical device registrations during the reporting period [8] Cost Management - The sales expense ratio was 37%, a decrease of approximately 5 percentage points year-on-year, reflecting improved cost management [7] - The company is implementing digital transformation to enhance operational efficiency and reduce manufacturing costs [8]

华泰联合证券有限责任公司 关于山东威高骨科材料股份有限公司 部分募投项目延期的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为山东威高骨科材料股份有限公司（以下简称"威高骨科"或"公司"）首次 公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则》和《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》等相关法律、法规和规范性文件的规定， 对威高骨科部分募投项目延期的事项进行了核查，具体如下： 一、募集资金基本情况 经上海证券交易所科创板股票上市委员会审核同意，并根据中国证券监督管 理委员会出具证监许可〔2021〕1876 号同意注册文件，公司获准向社会公众公开 发行人民币普通股（A 股）股票 4,141.42 万股，每股面值人民币 1.00 元，发行价 格为每股人民币 36.22 元，共计募集资金人民币 150,002.23 万元。扣除与发行有 关的费用人民币 11,773.74 万元后，募集资金净额为人民币 138,228.49 万元。上 述募集资金到位情况经大华会计师事务所（特殊普通合伙）审验，并由 ...

华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为山东威高骨科材料股份有限公司（以下简称"威高骨科"或"公司"）首次 公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则》和《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》等相关法律、法规和规范性文件的规定， 对威高骨科使用部分闲置募集资金进行现金管理的事项进行了核查，具体如下： 一、募集资金基本情况 华泰联合证券有限责任公司 关于山东威高骨科材料股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 1 （一）投资目的 为提高资金使用效率，在保证不影响募集资金投资项目实施、确保募集资金 安全的前提下，对闲置募集资金进行现金管理，增加资金收益，以更好地实现公 司资金的保值增值，保障公司股东的利益。 （二）投资产品品种 公司将按照相关规定严格控制风险，拟使用部分暂时闲置募集资金购买安全 性高、流动性好的投资产品（包括但不限于银行结构性存款、协定存款、通知存 款、定期存款、大额存单等），且该等现金管理产品不得用于质押，不用于以证 券投资为目的的投资行为。 经上海证 ...

证券代码：688161 证券简称：威高骨科 公告编号：2024-038 经上海证券交易所科创板股票上市委员会审核同意，并根据中国证券监督管 理委员会出具证监许可〔2021〕1876 号同意注册文件，公司获准向社会公众公 开发行人民币普通股（A 股）股票 4,141.42 万股，每股面值人民币 1.00 元，发 行价格为每股人民币 36.22 元，共计募集资金人民币 150,002.23 万元。扣除与发 行有关的费用人民币 11,773.74 万元后，募集资金净额为人民币 138,228.49 万元。 上述募集资金到位情况经大华会计师事务所（特殊普通合伙）审验，并由其出具 《验资报告》（大华验字[2021]000392 号）。 公司对募集资金采取了专户存储制度，上述募集资金到账后，已存放于募集 资金专户，公司按规定与保荐机构、募集资金专户监管银行签署《募集资金专户 存储三方监管协议》，保证募集资金监管的有效实施，同时严格按照相关法律法 规和规范性文件的要求及时履行信息披露义务。 二、募集资金投资项目情况 公司于 2021 年 8 月 25 日分别召开了第二届董事会第十五次会议、第二届监 事会第六次会议，会议审议 ...

证券代码：688161 证券简称：威高骨科 公告编号：2024-042 山东威高骨科材料股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 山东威高骨科材料股份有限公司（以下简称"公司"）于2024年8月27日召开 第三届董事会第十一次会议、第三届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金进行现金管理的议案》，同意公司在保证不影响募集资金投资 项目实施、确保募集资金安全以及公司正常运营的前提下，使用不超过人民币9.1 亿元的暂时闲置募集资金进行现金管理，期限自第三届董事会第十一次会议审议 通过之日起12个月，在决议有效期内资金额度可以循环滚动使用。 公司董事会授权公司董事长和管理层在上述额度范围及有效期内行使投资 决策权并签署相关合同等法律文件，具体事项由公司财务部负责组织实施。公司 独立董事发表了明确同意的意见，保荐机构华泰联合证券有限责任公司（以下简 称"保荐机构"）对本事项出具了明确同意的核查意见。 一、募集资金基本情况 经上海证券交易所科创板股票上 ...