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Public company info - Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares , 01066.HK

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Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares, 01066.HK - Company Profile
Chairman Zhang Hua Wei
Share Issued (share) 1,884,000,000
Par Currency Renminbi
Par Value 0.1
Industry Medical Equipment & Services
Corporate Profile Business Summary: Based in Shandong province, the Company is principally engaged in the research and development, production and sale of single-use medical devices. The Group has a wide range of products, which includes: 1) consumables (infusion set, syringes, medical needle, blood bags, pre-filled syringes, wound management, blood sampling products, and other consumables); 2) orthopedic products; and 3) blood purification consumables and equipment. The Group’s products are sold under its own brand names, including “Jierui” and “Wego Ortho”. Performance for the year: For the year ended 31 December 2016, the Group recorded a turnover of RMB6,730,340,000, representing an increase of 13.7% over the previous financial year. Net profit attributable to the owners of the Company was approximately RMB1,105,933,000 (2015: net profit attributable to the owners of the Company of approximately RMB1,112,736,000), representing a decrease of approximately 0.6% as compared with the previous year. Net profit attributable to the owners of the Company (excluding extraordinary items) was approximately RMB1,308,964,000 (2015: net profit attributable to the owners of the Company (excluding extraordinary items) of approximately RMB1,112,736,000), representing an increase of approximately 17.6% over the previous year. Business Review: In 2016, by overcoming the impact from various adverse factors such as lower tender prices, restricted usage of infusion and government in regulating distribution arrangement in medical device sector, the Company continued to adhere to product mix optimisation and adjustment strategy, constantly improved and upgraded product functionality and increased investment in technical renovation, with an aim to enhance production efficiency, improve product quality and constantly launch new products. In addition to enhancing the sales management strategy and integrating marketing resources, sharing of key accounts and financial arrangements to facilitate sales as well as implementing staff incentive arrangement, the Company continued to maintain growth in revenue and profit despite obvious slowdown in industry growth and intensifying competition. During the year, the Company entered into agreements including transferring of its 81% equity interest in Weigao Ortho to a company listed on the Shenzhen Stock Exchange enabling Weigao Ortho to build its identity as a separately listed group. As of the date of this announcement, the relevant PRC authorities have not given approval to the transactions contemplated under the agreements. The Board considers that the continuous growth of Weigao Ortho will not be adversely impacted whether the transactions contemplated under the agreements be implemented or not. Prospects: Through proprietary research and development and leveraging on the cooperation with research institutes, the Company will strengthen product upgrading and product research and development capabilities, further consolidate existing product lines, highlight product operation safety and patient application safety, improve patient treatment experience and quicken the pace in launching pipeline products, offsetting numerous adverse impacts to maintain its competitive edge. During the Year, the Company will launch or reinforce a series of new products including non DEHP infusion sets, irradiation infusion sets, central venous catheters, artery blood sampling needles, pre-filled syringes (cyclo olefin polymer), flush syringes, peritoneal dialysis products, and orthopedic spines and joints. In view of the effectiveness achieved by key accounts management, the Company will continue such strategy and increase customer contribution by promoting various products via the key accounts management. By developing the financing lease business around the Company’s industry chain and forming synergies and driving sales between financial services and product sales. Regarding the in-depth implementation of national medical reform policies such as “twoinvoice system” and lower tender prices, the Company considers that despite such policies may have adverse impact on the financial performance to a certain extent in the short term, however, they will facilitate industry concentration in the long-term and benefit the growth of outstanding enterprises in the industry. As overseas market is the focus of the Group’s middle and long-term strategical layout, the Company will proactively develop its overseas business layout and proceed with product registration in Europe and North America, gradually establish long-term stable sales channel. The proportion of sales in overseas markets to the total revenue of the Group is expected to increase gradually. The Company will selectively improve and extend existing product lines and introduce advanced technologies through equity investments and mergers and acquisitions. The Company will seek for targets in orthopaedic, surgical consumables and wound management segments. While continuously carrying out technical improvement in production, the Company will continue to improve its product quality, increase production efficiency to maintain cost advantages. After careful evaluating the competitive situation of the PRC dialysis market and giving comprehensive consideration, the Board of the Company decided for Weigao Blood to issue shares to key managements to maintain its domestic competitiveness of blood purification business. By relying on its enriched product lines and solid research and development advantages, continue to launch new products and improve product upgrades, insist on adapting to market and future-oriented operating strategy, and motivate employee creativity, the management believes that the Company will maintain its leading position in the PRC market and achieve a stable growth in operating results.

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