证券日报网讯11月10日晚间，乐普医疗（300003）发布公告称，公司于2025年11月10日召开了职工代表 大会，经与会职工代表审议，一致同意选举蒲绯女士担任公司第六届董事会职工代表董事。 ...

法律意见书 北京市中伦律师事务所 关于乐普（北京）医疗器械股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：乐普（北京）医疗器械股份有限公司 北京市中伦律师事务所（以下简称"本所"）作为乐普（北京）医疗器械股 份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派律师出席 公司2025年第二次临时股东大会（以下简称"本次股东大会"）。本所律师根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）》《上市公司股东会规则》等相关法律、法 规、规范性文件及《乐普（北京）医疗器械股份有限公司章程》（以下简称"《公 司章程》"）的规定，对本次股东大会进行见证并出具法律意见。 1 法律意见书 即其已提供了本所律师认为作为出具本法律意见书所必需的材料，所提供的原始 材料、副本、复印件等材料、口头证言均符合真实、准确、完整的要求，有关副 本、复印件等材料与原始材料一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席本 次股东大会人员和召集人的资格、会议表决程序及表决结果是否符合《公司法》 等法律、法规、规范性文件及《公司章程》的 ...

证券代码：300003 证券简称：乐普医疗 公告编号：2025-106 乐普（北京）医疗器械股份有限公司 2025年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会决议。 一、会议召开和出席情况 1、会议召集人：董事会 2、会议主持人：董事长蒲忠杰先生 3、会议召开方式：本次股东大会采取现场投票及网络投票相结合的方式。 4、会议召开时间： （1）现场会议召开日期和时间：2025 年 11 月 10 日下午 14:30。 5、现场会议召开地点：北京市昌平区超前路 37 号公司会议室。 6、本次会议的召集、召开与表决程序符合法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 7、股东出席的总体情况：出席本次会议的股东及股东授权委托代表共 615 人，代表股份数量为 674,226,117 股，占公司有表决权股份总数的 36.5752%。 其中，出席现场会议的股东及股东授权委托代表 4 人，代表股份数量为 383,343,349 股，占公司 ...

乐普（北京）医疗器械股份有限公司 董事会 二○二五年十一月十日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司章程指 引》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》等法律法规文件及《乐普（北京）医 疗器械股份有限公司章程》（以下简称"《公司章程》"）等有关规定，公司董事会 设职工代表董事一名。为保证乐普（北京）医疗器械股份有限公司（以下简称"公 司"）董事会的合规运作，公司于 2025 年 11 月 10 日召开了职工代表大会，经 与会职工代表审议，一致同意选举蒲绯女士（简历详见附件）担任公司第六届董 事会职工代表董事。 蒲绯女士由第六届董事会非职工代表董事变更为第六届董事会职工代表董 事，任期至第六届董事会任期届满之日止。本次选举完成后，公司董事会中兼任 高级管理人员职务的董事以及由职工代表担任的董事总计未超过公司董事总数 的二分之一，符合相关法律法规及《公司章程》等规定。 特此公告。 证券代码：300003 证券简称：乐 ...

证券研究报告 分化中把握成长性&确定性 ——美护25年三季报综述 2025年11月10日 行业评级：看好 分析师 罗晓婷 分析师 周舒怡 邮箱 luoxiaoting@stocke.com.cn 邮箱 zhoushuyi@stocke.com.cn 电话 18916604585 电话 18315314730 证书编号 S1230525020003 证书编号 S1230525060002 摘要 1、化妆品：分化延续，品牌淡季需求偏淡、代运营商困境求变、生产端重视国际大客户供应链重构机遇 • 品牌商：淡季需求偏淡 2、医美：新进入者出货超预期，关注新品催化 2 95% ✓ 美妆：受双十一大促节奏进一步提前影响，9月消费热情下降且品牌相应收缩达播活动，Q3需求端淡季偏淡，单季度收 入增速看，水羊股份、上海家化增长超20%，丸美生物中双位数增长，珀莱雅低双位数下降，贝泰妮、福瑞达高个位数 下降。双十一费用前置&流量成本上升拖累利润表现，上海家化、水羊股份、贝泰妮控费效果初显，Q3利润端扭亏为盈。 3Q25美妆品牌商板块收入/扣非净利润80.5/4.2亿元，同比-1.3%/+16%。 ✓ 个护：Q3收入增长平稳、盈利延 ...

Core Viewpoint - The medical device sector experienced a slight decline of 0.31% on November 6, with Danaher Biomedical leading the losses, while the overall market indices showed gains, with the Shanghai Composite Index up by 0.97% and the Shenzhen Component Index up by 1.73% [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 4007.76, increasing by 0.97% [1]. - The Shenzhen Component Index closed at 13452.42, increasing by 1.73% [1]. - The medical device sector saw a net outflow of 638 million yuan from major funds, while retail investors contributed a net inflow of 446 million yuan [2][3]. Group 2: Individual Stock Performance - Hualan Co., Ltd. (301093) saw a significant increase of 8.53%, closing at 44.00 yuan with a trading volume of 67,500 shares and a transaction value of 293 million yuan [1]. - Danaher Biomedical (920009) led the declines with a drop of 4.69%, closing at 83.50 yuan and a trading volume of 24,900 shares, resulting in a transaction value of 206 million yuan [2]. - Other notable gainers included Furuida (300049) with a 4.32% increase and a closing price of 74.56 yuan, and Kangzhong Medical (688607) with a 3.04% increase, closing at 29.81 yuan [1][2]. Group 3: Fund Flow Analysis - Major funds showed a net outflow in several stocks, including Furuida with a net outflow of 23.99 million yuan, while retail investors showed a net inflow of 25.27 million yuan [3]. - Dongfulong (300171) experienced a net inflow of 21.17 million yuan from major funds, indicating positive sentiment towards the stock [3]. - The overall trend indicates a mixed sentiment in the medical device sector, with some stocks attracting retail interest despite the overall outflow from major funds [2][3].

Core Viewpoint - Lepu Medical's stock price closed at 17.27 yuan, reflecting a decline of 3.41% [1] Group 1: Stock Performance - Lepu Medical's stock reached an annual high of 21.18 yuan on August 25 [2] - The stock has experienced a notable decrease since its peak [1] Group 2: Analyst Ratings - China Galaxy Securities maintained a "recommended" rating for Lepu Medical, highlighting innovation and consumer-driven growth as key factors for performance recovery [2] - China International Capital Corporation affirmed a "outperform" rating, noting a stabilization in performance and anticipation of new growth drivers [2] - Huatai Securities retained a "buy" rating, emphasizing accelerated performance growth in Q2 and a rich outlook for long-term business prospects [2]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector, specifically recommending the innovative drug and medical device industry chain [5][10]. Core Insights - The pharmaceutical sector shows a positive recovery trend in Q3 2025, with overall revenue growth of 0.6% year-on-year and a net profit increase of 0.3% year-on-year. This indicates a return to growth after previous declines [6][13]. - Specific segments such as medical devices and medical research outsourcing are experiencing significant growth, with revenue and net profit growth rates of 10.6% and 0.6% for medical devices, and 10.9% and 47.9% for medical research outsourcing, respectively [13][14]. - The report highlights a continued recommendation for specific A-share and H-share stocks, including 恒瑞医药 (Hengrui Medicine), 科伦药业 (Kelun Pharmaceutical), and others, indicating strong potential for investment [7][10]. Summary by Sections 1. Continued Recommendation for Innovative Drug and Medical Device Industry Chain - The report continues to recommend the innovative drug and medical device industry chain, maintaining "Overweight" ratings for several A-share stocks including 恒瑞医药, 科伦药业, and others, and H-share stocks like 翰森制药 and 三生制药 [7][10]. 2. Recovery Trend in Pharmaceutical Sector Q3 2025 - The pharmaceutical sector's overall revenue increased by 0.6% year-on-year in Q3 2025, with net profit rising by 0.3%. Medical devices and medical research outsourcing are leading this recovery with notable growth rates [13][14]. 3. Performance of Pharmaceutical Sector in October 2025 - In October 2025, the pharmaceutical sector underperformed compared to the broader market, with the SW pharmaceutical index declining by 1.8% while the Shanghai Composite Index rose by 1.9% [15][26]. 4. Performance of Hong Kong and US Pharmaceutical Sectors - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 11.1%, while the US pharmaceutical sector showed strength with a 3.5% increase in the S&P healthcare index [26][27]. 5. Valuation and Premium Levels - As of October 31, 2025, the pharmaceutical sector's premium level relative to all A-shares is at a normal level, with a current relative premium rate of 76.7% [25][28].

Investment Rating - The report maintains a focus on innovative pharmaceuticals and medical devices, highlighting key A-share and H-share targets for investment [6][32]. Core Insights - The pharmaceutical sector showed a good recovery in Q3 2025, with overall revenue increasing by 0.6% year-on-year and net profit attributable to shareholders rising by 0.3% year-on-year [11][32]. - Medical equipment benefited from procurement recovery, with Q3 revenue and net profit growth of 10.6% and 0.6% year-on-year, respectively [11][32]. - Medical R&D outsourcing continued to achieve high growth, with Q3 revenue and net profit growth of 10.9% and 47.9% year-on-year [11][32]. - The offline pharmacy sector improved, with Q3 revenue and net profit growth of 2.1% and 37.8% year-on-year [11][32]. Summary by Sections 1. Focus on Innovative Pharmaceuticals and Medical Devices - Key A-share targets include Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Changchun High-tech Industry, Jiangsu Nhwa Pharmaceutical, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, APT Medical, and related target Guangdong Zhongsheng Pharmaceutical [6][32]. - Key H-share targets include Hansoh Pharmaceutical Group, 3SBio, Akeso, and related target Innovent Biologics, WuXi AppTec [6][32]. 2. Q3 2025 Pharmaceutical Sector Recovery - The pharmaceutical sector's overall revenue increased by 0.6% year-on-year, with net profit attributable to shareholders up by 0.3% year-on-year [11][32]. - Specific segments such as medical devices and medical R&D outsourcing showed significant growth [11][32]. 3. October 2025 Market Performance - In October 2025, the pharmaceutical sector underperformed the market, with the SW Pharmaceutical and Biological index falling by 1.8% while the SHCOMP rose by 1.9% [14][32]. - The relative premium of the pharmaceutical sector compared to all A-shares was at a normal level, with a current relative premium rate of 76.7% [23][32]. 4. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector underperformed, with the Hang Seng Healthcare index falling by 11.1% [24][32]. - In contrast, the U.S. S&P 500 healthcare sector rose by 3.5% [24][32].

证券代码：300003 证券简称：乐普医疗 公告编号：2025-105 乐普（北京）医疗器械股份有限公司 关于召开2025年第二次临时股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确，完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《公司法》和《公司章程》的有关规定，经乐普（北京）医疗器械股份 有限公司（以下简称 "公司"）第六届董事会第十八次会议审议通过，决定召 开2025年第二次临时股东大会，现将会议有关事项向全体股东通知如下： 一、本次股东大会召开的基本情况 1、会议届次：2025年第二次临时股东大会 2、会议召集人：乐普（北京）医疗器械股份有限公司董事会 3、会议召开的合法、合规性：经本公司第六届董事会第十八次会议审议通 过，决定召开2025年第二次临时股东大会，召集程序符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 4、会议召开时间： （1）现场会议时间：2025年11月10日14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为2025年11月10日 上午9:15－9:25、9:30-11:30，13:00-15:00； ...