Weigao Xuejing’s First Annual Report After Listing: Revenue and Net Profit Both Increased, Overseas Sales Jumped 62.23% Year-on-Year

Ask AI · How does Weigao Blood Purification achieve counter-cyclical growth through internal skill cultivation?

Recently, Weigao Blood Purification released its first annual report after listing, and “steady growth” became the keyword of this report.

In 2025, Weigao Blood Purification achieved operating revenue of 3.769 billion yuan, a year-on-year increase of 4.57%; achieved net profit attributable to shareholders of the listed company of 482 million yuan, a year-on-year increase of 7.33%; achieved net profit attributable to the parent after deducting non-recurring gains and losses of 464 million yuan, a year-on-year increase of 5.66%; and basic earnings per share of 1.22 yuan.

Over the past year, global macroeconomic fluctuations and the transformation of China’s medical device industry have intertwined, and the blood purification sector has entered a period of deep adjustment. Under overall pressure on industry profit margins, Weigao Blood Purification broke through against the trend, achieving steady growth in both revenue and profit. Behind this impressive performance, what operating logic and development “passwords” are hidden?

Record-high revenue and net profit, significant improvement in cash flow

Operating data is the most direct reflection of a company’s development level. In 2025, what level Weigao Blood Purification’s performance is at directly determines how outsiders judge the quality of its “steady growth.” With the official disclosure of the annual report, the answer is already clearly presented.

In 2025, Weigao Blood Purification’s operating revenue and net profit both reached historic highs. Of particular note, last year its revenue grew by 4.57% year-on-year, and its net profit growth rate was as high as 7.33% year-on-year—significantly expanding compared with the 2024 data, when revenue increased by 2.03% year-on-year and net profit increased by 1.65% year-on-year—breaking previous market doubts about the company’s lack of growth momentum.

From the quarterly performance perspective, in Q4 2025, Weigao Blood Purification achieved operating revenue of 1.033 billion yuan and net profit attributable to shareholders of 142 million yuan—both the highest single-quarter figures for the full year—showing strong momentum for a year-end push.

In terms of financial health, Weigao Blood Purification’s performance is especially impressive. In 2025, net cash flow from operating activities reached 794 million yuan, a substantial year-on-year increase of 38.69%. This was mainly attributable to more refined control in the procurement process: cash paid for the purchase of goods and for receiving services decreased year-on-year, significantly strengthening cash flow’s ability to support net profit.

As of the end of 2025, Weigao Blood Purification’s total assets were 8.608 billion yuan, up 23.15% year-on-year; net assets attributable to shareholders of the listed company were 7.119 billion yuan, up 27.19% year-on-year; and the asset-liability ratio fell to 17.31%, further down from 19.93% at the end of the prior year. The company’s financial structure has become more robust, and its risk-resilience capability continues to improve.

Regarding shareholder returns, in 2025 Weigao Blood Purification planned to use the total share capital at year-end of 418 million shares as the base, and distribute cash dividends of 3.608 yuan for every 10 shares (tax included). The company planned to distribute cash dividends totaling 151 million yuan (tax included). Together with the interim semi-annual cash dividends already implemented in mid-year, the total expected cash dividend for the full year is 217 million yuan (tax included). This represents 50.02% of the distributable profits for 2025 and 44.90% of net profit attributable to shareholders of the listed company. A high dividend payout proportion demonstrates the company’s sincerity to shareholders and confidence in long-term development.

Using innovation as the pivot to open up new growth space

“‘Clumsy’ persistence has been genuinely evidenced in the financial statements,” said Song Xiushan, Chairman of Weigao Blood Purification, in the 2025 annual report. He also said that fully focusing the strategic emphasis on “internal skill” cultivation is the key to the company’s success in navigating through cycles.

In response to the industry’s transformation trend, Weigao Blood Purification regards “internal skill cultivation” as its core strategy, driving cost reduction and efficiency improvement with a dual-engine approach of digital transformation and technological R&D.

Specifically, one aspect of “internal skill” is lean manufacturing. Last year, Weigao Blood Purification steadily advanced the second-phase projects of its production digital operations platform and energy platform. Through digital empowerment, it effectively controlled labor and energy costs, driving a year-on-year decrease of 23.3797 million yuan in period expenses.

In addition, in 2025, Weigao Blood Purification’s full-year R&D expenses were approximately 144 million yuan. It newly obtained 4 product registration certificates for the year, including blood dialyzers (medium flux), disposable puncture needles, disposable blood dialysis filters, peripheral balloon dilation catheters, and others. The company’s technological and product “moat” has been further expanded.

The continuous increase in R&D investment has also steadily boosted the number of patents, laying a solid foundation for enriching the product pipeline and breakthroughs in core technologies. According to the annual report, as of December 31, 2025, the company had 56 authorized invention patents, 272 utility model patents, and 25 design patents.

It is worth mentioning that recently, Weigao Blood Purification also disclosed an announcement regarding the acquisition of all equity interests in Weigao Pury, a leading domestic medical pharmaceutical packaging materials company. After the completion of the transaction, Weigao Blood Purification will not only be able to expand its product line into the medical packaging materials field; it can also achieve synergistic development with the acquired target company, jointly developing upstream biopharmaceutical business markets with biopharmaceutical filters as a key focus.

Fast growth in overseas markets, the second growth curve rising strongly

Given the industry landscape of intensified competition in the domestic market and the ongoing deepening of centralized procurement policies, Weigao Blood Purification has long regarded overseas markets as an important strategic extension. With the philosophy of “bringing the warmth of Chinese manufacturing to the world,” it has steadily advanced its global expansion.

What is especially surprising is that overseas markets have become an important engine for Weigao Blood Purification’s performance growth. In 2025, the company’s overseas sales revenue reached 329 million yuan, surging 62.23% year-on-year—far exceeding the overall revenue growth rate—demonstrating strong capability in expanding international markets.

Looking back at historical data, in 2021 Weigao Blood Purification’s overseas sales revenue was still below 50 million yuan. Now, the rapid growth of overseas revenue verifies the forward-looking nature of the company’s “going global” strategy and its execution capability, and it also clearly marks overseas markets as a new growth driver for the company.

In terms of regional layout, Weigao Blood Purification focuses on emerging markets with urgent demand for medical resources, such as Southeast Asia, South America, Eastern Europe, and North Africa. Through overseas subsidiaries such as those in Hong Kong, Ecuador, and Indonesia, it promotes localized operations, bringing established sales systems and high-quality products to global markets, thereby precisely filling gaps in local medical resource supply. Meanwhile, the company continues to improve its international marketing network, strengthen access certifications for key markets, and develop channel-building, laying a solid foundation for the sustainable growth of its overseas business.

From intensive cultivation of the domestic market to accelerating expansion of its overseas footprint, Weigao Blood Purification has used its 2025 performance to prove that, in a changing industry environment shaped by the deepening of centralized procurement, the true “moat” is not price, but technology, efficiency, strategic resolve, and—most importantly—long-termism that can help it pass through cycles.

Looking ahead, Weigao Blood Purification stated in its annual report that the company will further deepen its focus in the field of blood purification medical products, consolidate its domestic market position through continuous innovation and iteration of its products, continuously enhance brand influence, and strive to become an international first-class provider of blood purification medical products.