WEGO Blood Purification Business Group, a subsidiary of China’s leading medical device conglomerate WEGO Medical, officially listed on the Shanghai Stock Exchange (SSE) Main Board on May 19, 2025 (Stock Code: 603014). The IPO raised ¥1.091 billion ($150M) by issuing 41.14 million shares at ¥26.5 per share, with proceeds earmarked for smart manufacturing facilities and R&D centers to bolster its competitive edge in the blood purification market.

Market Leadership in China’s Blood Purification Sector

China’s blood purification market is growing at a 15% CAGR, driven by over 3 million uremia patients and an aging population. According to Frost & Sullivan, the dialysis device market will expand from ¥11.6B (1.6B)in2019to¥21.1B(1.6B)in2019to¥21.1B(2.9B) by 2025 and reach ¥51.5B ($7.1B) by 2030.

WEGO Blood Purification dominates key segments:

• Dialyzers: 32.5% market share (2022, Frost & Sullivan)

• Dialysis tubing: 31.8% share

• Dialysis machines: 24.6% (ranked #2)

Competitors like Jafron Biomedical (86% revenue from hemoperfusion devices, >80% gross margin) and Shanwaishan (67% revenue from dialysis/CRRT equipment, ~56% margin) specialize in niche products, while others (Sansin Medical, Baolai Medical) focus on lower-margin tubing and dialysate.

Financial Performance

The company reported steady growth amid volume-based procurement (VBP) policies:

• Revenue: ¥3.426B (2022) → ¥3.532B (2023) → ¥3.604B (2024)

• Net Profit: ¥315M (2022) → ¥442M (+40.4% YoY, 2023) → ¥449M (+1.7%, 2024), reflecting a "volume-over-price" strategy under VBP.

About WEGO Blood Purification Business Group

As the fourth listed subsidiary of WEGO Medical, WEGO Blood Purification specializes in the R&D, production, and sales of blood purification medical products. It stands as one of the few domestic companies with full industrial chain coverage in both hemodialysis (HD) and peritoneal dialysis (PD), offering a comprehensive portfolio including:

• Hemodialyzers

• Dialysis tubing

• Dialysis machines

• Peritoneal dialysis solutions

The company focuses on delivering high-quality HD and PD products to address the treatment needs of chronic kidney disease patients. Its business model integrates in-house R&D, manufacturing, and distribution, while leveraging technology partnerships with global leaders like Nikkiso (Japan) and Terumo to enhance advanced product capabilities.

Portfolio and Milestones

As WEGO Medical’s fourth listed entity, WEGO Blood Purification is one of China’s few fully integrated dialysis providers, covering hemodialysis (HD) and peritoneal dialysis (PD) with products ranging from dialyzers to machines. Key developments include:

Hemodialyzers

• 2005: First China-made dialyzer, breaking foreign monopolies.

• 2008: Launched polysulfone membrane dialyzer (F-series, low-flux).

• 2013: HF-series high-flux dialyzer.

• 2024: 4th-gen dialyzer under regulatory review (expected 2026 launch).

Dialysis Tubing

• 2006: First self-developed tubing; sales grew 29.7% (2022–2024) to 39M units (¥495M revenue).

Dialysis Machines (via joint venture WEGO Nikkiso)

• 2012: First machine launched.

  

• 2021: DBB-EXA ESS, China’s first mass-produced HD machine with full automation.

Peritoneal Dialysis Solutions (via JV WEGO Terumo)

• 2018: First PD solution approved.

  

• 2022: Launched neutral, low-GDP dual-chamber PD solution.

May 19, 2025, MedChina