Frost & Sullivan
Shandong Weigao Blood Purification Products Co., Ltd. (Stock Code: 603014.SH) successfully listed on the main board of the Shanghai Stock Exchange on May 19, 2025. The company is an enterprise dedicated to the research, development, production, and sales of blood purification products. Its main products include hemodialysis machines, hemodialyzers, hemodialysis tubing, and peritoneal dialysis solutions. Since its establishment in 2004, Weigao Blood Purification has adhered to the corporate mission of "Continuing Life, Transmitting Care," continuously investing in research and development and accumulating technical experience. It has joined hands with two major international medical enterprises, Terumo and Nipro, focusing on hemodialysis and peritoneal dialysis as its two strategic directions. The company has achieved full coverage of the entire industrial chain related to blood purification treatment products and services. On this basis, it continues to expand new businesses and wholeheartedly serves patients with kidney diseases. Frost & Sullivan (hereinafter referred to as "Frost & Sullivan") hereby warmly congratulates the company on its successful listing.
Shandong Weigao Blood Purification Products Co., Ltd. (hereinafter referred to as 'Weigao Blood Purification') successfully went public on May 19, 2025. The A-share listing opened at an issue price of 26.5 yuan per share, with a total of 41,139,407 shares issued and a total raised capital of 1.091 billion yuan.
PART/1
Investment Highlights
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The company has laid out two core business areas: hemodialysis and peritoneal dialysis, achieving full coverage of the blood purification product line from hemodialyzers, dialysis tubing, dialysis equipment to peritoneal dialysis solution;
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The company is a leading domestic enterprise in blood purification medical products, featuring advanced technology and a complete range of products. Our advantageous products such as hemodialyzers and hemodialysis tubing have independent intellectual property rights;
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In 2023, the company was authorized to exclusively sell hemodialysis machines and holds a market share of 24.6% in the domestic hemodialysis machine market, ranking second in the entire industry, only behind Fresenius Medical;
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In 2023, the company's hemodialysis machine market share in the domestic hemodialysis machine field accounted for 32.5%, ranking first in the entire industry;
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In 2023, the company's hemodialysis tubing accounted for 31.8% of the domestic market share in the field of hemodialysis tubing, ranking first in the entire industry;
Frost & Sullivan has long been monitoring the global and Chinese medical device industries, publishing a large number of research reports, which are widely cited in the prospectuses of leading companies listed on the Shanghai Stock Exchange's main board, helping clients accelerate growth.
PART/2
Analysis of the Current Situation of End-stage Renal Disease in China
End-stage renal disease (ESRD) places a heavy burden on society and patients. From 2019 to 2023, the number of ESRD patients increased from 3.0252 million to 4.1259 million, with a compound annual growth rate of 8.07% during this period. It is estimated that by 2030, the number of ESRD patients in China will increase to 6.1324 million, with a compound annual growth rate of 6.32% from 2023 to 2027 and 5.17% from 2027 to 2030.
Prevalence and prediction of ESRD in China, 2019-2030E
Source: Frost & Sullivan report
PART/3
Number of patients receiving blood purification treatment in China
In China, hemodialysis is currently the main treatment method for patients with end-stage renal disease (ESRD), with a significantly higher prevalence than peritoneal dialysis. This phenomenon is mainly due to the fact that hemodialysis does not require patients to master complex aseptic operation techniques and also avoids the separate procurement process for dialysate. It is expected that this treatment pattern will continue in the future.
The number of ESRD patients receiving hemodialysis increased from 632,700 in 2019 to 916,600 in 2023, with a compound annual growth rate of 9.71%. It is estimated that by 2030, the number of patients receiving hemodialysis will reach 3.3293 million. The number of ESRD patients receiving peritoneal dialysis increased from 103,300 in 2019 to 152,700 in 2023, with a compound annual growth rate of 10.26%; it is expected to further increase to 461,700 by 2030.
In the long run, the compound annual growth rate of hemodialysis patients is higher than that of peritoneal dialysis patients, mainly due to three factors: 1. Survival advantage: ESRD patients receiving hemodialysis have a longer survival period; 2. Technological progress: In the future, hemodialysis technology will continue to be optimized to further enhance clinical efficacy; 3. Treatment conversion: Some peritoneal dialysis patients will switch to hemodialysis treatment as their disease progresses.
Number of patients receiving hemodialysis in China (split by different dialysis methods), 2019 - 2030E
Source: Frost & Sullivan report
PART/4
Overview of the Chinese Hemodialysis Device Market
The total scale of the Chinese hemodialysis medical device market has been steadily growing, with a compound annual growth rate of 5.67% from 2019 to 2023, and it is expected to increase to 515.15 billion yuan by 2030. In 2023, the market scale of hemodialysis machines in China was 2.615 billion yuan, and it is expected to reach 5.838 billion yuan by 2027. In 2023, the market scales of hemodialyzers, hemodialysis tubing, other consumables, and other devices were 5.297 billion yuan, 1.275 billion yuan, 3.411 billion yuan, and 1.901 billion yuan respectively.
Market scale and forecast of hemodialysis in China, segmented by hemodialysis machine/hemodialysis device/hemodialysis tubing/other consumables/other devices, 2019 - 2030E
Source: Frost & Sullivan report
PART/5
Overview of China's Peritoneal Dialysis Solution Market
The market scale of peritoneal dialysis fluid in China has been growing steadily, with a compound annual growth rate of 15.04% from 2018 to 2022, increasing from 2.535 billion yuan to 4.439 billion yuan. From 2022 to 2026, the market scale of peritoneal dialysis fluid is expected to continue growing at a compound annual growth rate of 15.97%. It is estimated that by 2030, the market scale of peritoneal dialysis fluid in China will increase to 12.698 billion yuan.
Market size and forecast of peritoneal dialysis fluid in China, 2018-2030E
Source: Frost & Sullivan report
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Frost & Sullivan, integrating 64 years of global consulting experience, has dedicated 27 years to serving the booming Chinese market with a global perspective, helping clients accelerate their corporate growth and achieve industry-leading benchmarks in growth, innovation, and leadership. The healthcare industry is one of Frost & Sullivan's core research areas. Over the past 20-plus years, the Frost & Sullivan team has provided financing and financial advisory services, IPO industry advice, strategic consulting, and management consulting for hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Ying'en Biotech (9606.HK), Weisheng Pharmaceutical (2561.HK), Yasheng Pharmaceutical Group (NASDAQ:AAPG), Zhengye Biotech (NASDAQ:ZYBT), Brainlight (6681.HK), Health Road (2587.HK), Huahao Zhongtian (2563.HK), Yinosi (688710.SH), Jingtai Technology (2228.HK), Yimai Sunshine (2522.HK), Shenghe Biotech (2898.HK), Quanxin Biotech (2509.HK), Meizhong Jiahe (2453.HK), WuXi AppTec (2268.HK), Anl Medical (NASDAQ:ANL), Neusoft Xikang (9686.HK), Youzhiyou (2496.HK), Yiming Angke (1541.HK), Corning Biotech (6990.HK), LaiKai Medical (2105.HK), Kedi Group (2487.HK), Lvr Biotech (2480.HK), Meis Health (2415.HK), PHECR, ZJYL Medical (NASDAQ:ZJYL), Yisheng Biotech (NASDAQ:YS), Meili Tianyuan (2373.HK), Kangfeng Biotech (6922.HK), Bao'an Biotech (6955.HK), Sidaide (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xintai (2291.HK), Jianshi Technology (9877.HK), JCARE.SW, Lepu Medical (LEPU.SW), Dingdang Health (9886.HK), Bio-Thera (2315.HK), Zhiyun Health (9955.HK), MeinGene (6667.HK), PRE.NASDAQ, Yunkang Group (2325.HK), Rike Biotech (2179.HK), Lepu Biotech (2157.HK), Clear Medical (1406.HK), Baxin An (2185.HK), Yonghe Medical (2279.HK), Kailai Ying (6821.HK), Beihai Kangcheng (1228.HK), Gusheng Tang (2273.HK), Yingpeng Technology (2251.HK), Clover Biotech (2197.HK), Minimally Invasive Robotics (2252.HK), Harmony Kamman (2256.HK), Kunbo Medical (2216.HK), Xianruida (6669.HK), Kangsheng Global (9960.HK), Yimai Tong (2192.HK), Tengsheng Biao Yao (2137.HK), Canola (2162.HK), Chaoyu Eye Hospital (2219.HK), Guichuang Tongqiao (2190.HK), Huihuang Medicine (0013.HK), Koi Pharmaceutical (2171.HK), Zhaoke Eye Hospital (6622.HK), Nature Pharmaceuticals (UPC.NASDAQ), Saiseng Pharmaceutical (6600.HK), Zhaoyan New Drugs (6127.HK), Novogene Health (6606.HK), ADAG.NASDAQ, Beikang Medical (2170.HK), Jianbimiao Miao Miao (2161.HK), Minimally Invasive Heart Tong (2160.HK), Rui Li Medical Beauty (2135.HK), Jiaosisi Pharmaceutical (1167.HK), Hepo Pharma (2142.HK), JD Health (6618.HK), Deqi Medicine (6996.HK), Rongchang Biotech (9995.HK), WuXi Biotech (2126.HK), SinoBIO (2096.HK), Yunding Newray (1952.HK), Jiahe Biotech (6998.HK), Zai Ding Medicine (9688.HK), Ocular Biotech (1477.HK), Yongtai Biotech (6978.HK), Hapu Pharmaceutical (9989.HK), Keping Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Nuo Cheng Jianhua (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Pharmaceutical (6855.HK), Fuhong Hanlin (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabot Pharmaceutical (2181.HK), Fangda Holdings (1521.HK), Via Biotech (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biotech (1877.HK), WuXi AppTec (2359.HK), Xinda Biotech (1801.HK), Hualing Medicine (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi Biotech (2269.HK), China Resources Medicine (3320.HK), Yacon Scientific Research Pharmaceutical (2633.HK), HCM.NASDAQ, Biotech (1548.HK), BBI Life Sciences (1035.HK), Tongyuan Kang Medicine (2410.HK), etc. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, consistently ranking first in market share from 2018 to 2023.
Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies, including: Zhongyan Co., Ltd. (688716.SH), Zhejiang Rongtai (603119.SH), Optoelectronics Technology Group Co., Ltd. (688450.SH), Jinghe Integration (688249.SH), Wuxi Rilian (688531.SH), Maolai Optics (688502.SH), Kangwei Century (688426.SH), Jinchuan Protein (688137.SH), Novogene Biologics (688428.SH), Aopuima Biotechnology (688293.SH), MicroPort Electrophysiology (688351.SH), Mengke Pharmaceutical (688373.SH), Yifang Biotechnology (688382.SH), Jicui Pharmaceutical (688046.SH), Haichuang Pharmaceutical (688302.SH), Rongchang Biotechnology (688331.SH), Rendu Biotechnology (688193.SH), Shouyao Holdings (688197.SH), Heyuan Biotechnology (688238.SH), Yaxin Security (688225.SH), Xidi Micro (688173.SH), Mawei Biotechnology (688062.SH), Yahong Medicine (688176.SH), BeiGene (688235.SH), Jiahe Meikang (688246.SH), Dizhe Medicine (688192.SH), Novozyme (688105.SH), Chengda Biotechnology (688739.SH), Geke Micro (688728.SH), Huaxi Biotechnology (688363.SH), Junshi Biotechnology (688180.SH), Zhejiang Oncology Pharmaceuticals (688266.SH), BeiGene (688177.SH), Shenzhou Cells (688520.SH), etc., are considered to be one of the most powerful, professional, and influential industry research institutions in the industry. We hope to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's healthcare industry, and build a healthy future.
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