证券研究报告 | 朝闻国盛 gszqdatemark 2025 11 27 年 月 日 朝闻国盛 胜宏科技（300476.SZ）-全球 AI PCB 龙头厂商，深度拥抱 GPU+ASIC 头部客户 今日概览 ◼ 重磅研报 【金融工程】"量价淘金"选股因子系列研究（十五）高/低位放量事件簇： 正负向信号的有机结合——20251126 | 行业 | 1 月 | 3 月 | 1 年 | | --- | --- | --- | --- | | 电子 | -10.7% | 4.4% | 45.0% | | 美容护理 | -6.9% | -14.9% | -2.0% | | 汽车 | -5.9% | -5.5% | 19.8% | | 机械设备 | -5.7% | -2.1% | 31.4% | | 非银金融 | -5.1% | -9.4% | 3.4% | 【固定收益】出口能否保持韧性？——20251126 【汽车】精锻科技（300258.SZ）-精锻齿轮龙头加速出海，卡位机器人 布局新赛道——20251126 ◼ 研究视点 【医药生物】乐普医疗（300003.SZ）-神经调控+创新药+医美持续突破， 创新业务打造新增 ...

11月26日，乐普医疗盘中上涨2.09%，截至10:03，报16.13元/股，成交8673.95万元，换手率0.34%，总 市值297.34亿元。 资金流向方面，主力资金净流入376.47万元，特大单买入950.67万元，占比10.96%，卖出949.47万元， 占比10.95%；大单买入1605.58万元，占比18.51%，卖出1230.31万元，占比14.18%。 乐普医疗今年以来股价涨46.00%，近5个交易日涨0.12%，近20日跌8.61%，近60日跌18.90%。 今年以来乐普医疗已经1次登上龙虎榜，最近一次登上龙虎榜为6月4日，当日龙虎榜净买入2955.85万 元；买入总计2.85亿元 ，占总成交额比9.42%；卖出总计2.55亿元 ，占总成交额比8.44%。 资料显示，乐普(北京)医疗器械股份有限公司位于北京市昌平区超前路37号，成立日期1999年6月11 日，上市日期2009年10月30日，公司主营业务涉及医疗器械业务(含心脏病治疗产品、新型介入诊疗业 务、体外诊断试剂和医疗产品代理配送)、药品业务、移动医疗及医疗服务、海外业务。主营业务收入 构成为：医疗器械52.72%，药品33.16%， ...

Core Viewpoint - Lepu Medical's stock price has shown a year-to-date increase of 43.28%, but has recently experienced declines over various trading periods, indicating potential volatility in the market [1][2]. Group 1: Stock Performance - On November 24, Lepu Medical's stock rose by 2.06%, reaching a price of 15.83 CNY per share, with a trading volume of 1.53 billion CNY and a turnover rate of 0.62%, resulting in a total market capitalization of 29.181 billion CNY [1]. - The stock has seen a net outflow of 11.1739 million CNY from major funds, with significant selling pressure observed [1]. - Year-to-date, the stock has increased by 43.28%, but has declined by 3.00% over the last five trading days, 11.02% over the last 20 days, and 12.06% over the last 60 days [1]. Group 2: Company Overview - Lepu Medical, established on June 11, 1999, and listed on October 30, 2009, is based in Changping District, Beijing, and operates in the medical device sector, including cardiac treatment products, in vitro diagnostic reagents, and medical services [2]. - The company's revenue composition includes 52.72% from medical devices, 33.16% from pharmaceuticals, and 14.11% from medical services and health management [2]. - Lepu Medical is categorized under the pharmaceutical and biological industry, specifically in medical devices and consumables, and is involved in various innovative sectors such as brain-machine interfaces and smart healthcare [2]. Group 3: Financial Performance - For the period from January to September 2025, Lepu Medical reported a revenue of 4.939 billion CNY, reflecting a year-on-year growth of 3.20%, while the net profit attributable to shareholders was 982 million CNY, marking a 22.35% increase [2]. - The company has distributed a total of 4.957 billion CNY in dividends since its A-share listing, with 2.058 billion CNY distributed over the past three years [3]. - As of September 30, 2025, Lepu Medical had 82,900 shareholders, a decrease of 17.13% from the previous period, with an average of 19,490 circulating shares per shareholder, an increase of 20.67% [2].

Core Insights - The Biotech Index (970038) closed at 2182.31 points, down 0.94%, with a trading volume of 13.462 billion yuan and a turnover rate of 1.08% [1] - Among the index constituents, 7 stocks rose while 42 stocks fell, with Xinlitai leading the gainers at 0.83% and Hualan Biological leading the decliners at 5.98% [1] Index Constituents Summary - The top ten constituents of the Biotech Index include: - Mindray Medical (sz300760) with a weight of 12.58%, latest price at 204.81, and a decline of 0.92% [1] - Changchun High-tech (sz000661) with a weight of 4.87%, latest price at 102.32, and a decline of 0.27% [1] - Shimeiao (sz002252) with a weight of 4.74%, latest price at 6.70, and a decline of 0.30% [1] - Kanglong Chemical (sz300759) with a weight of 4.55%, latest price at 29.16, and a decline of 1.22% [1] - Tigermed (sz300347) with a weight of 4.54%, latest price at 52.37, and a decline of 2.44% [1] - Shenzhen Technology (sz000021) with a weight of 4.16%, latest price at 23.90, and a decline of 1.77% [1] - Muyuan Foods (sz002714) with a weight of 3.62%, latest price at 48.45, and a decline of 0.31% [1] - Lepu Medical (sz300003) with a weight of 3.19%, latest price at 16.11, and a decline of 1.29% [1] - Aimeike (sz300896) with a weight of 3.16%, latest price at 155.51, and an increase of 0.58% [1] - Yuyue Medical (sz002223) with a weight of 3.07%, latest price at 35.28, and a decline of 0.20% [1] Capital Flow Analysis - The Biotech Index constituents experienced a net outflow of 1.382 billion yuan from major funds, while retail investors saw a net inflow of 1.358 billion yuan [1] - Notable capital flows include: - Aimeike (sz300896) had a net inflow of 26.5772 million yuan from major funds, but a net outflow from retail investors of 20.4422 million yuan [2] - Changchun High-tech (sz000661) saw a net inflow of 8.8418 million yuan from major funds, with a slight net inflow from retail investors of 186.25 thousand yuan [2] - Other stocks like Furuisi (sz300049) and Yuyue Medical (sz002223) also showed mixed capital flows with significant net outflows from retail investors [2]

Investment Rating - The report continues to recommend the innovative drug and medical device industry chain, indicating a high level of investment interest in this sector [1][5]. Core Views - The report highlights the high prosperity in innovative drugs, suggesting potential value revaluation for companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [2][5]. - It emphasizes the importance of Biopharma/Biotech companies with innovative pipelines and performance entering a volume increase phase, including Innovent Biologics, BeiGene, and others [2][5]. - The report also points out the recovery potential for leading medical equipment companies like United Imaging Healthcare, Lepu Medical, and others [2][5]. Summary by Sections A-Shares Performance - In the second week of November 2025, the A-Shares pharmaceutical sector outperformed, with the SW Pharmaceutical and Biological index rising by 3.3% while the SHCOMP fell by 0.2% [2][30]. - The pharmaceutical commerce, chemical raw materials, and chemical preparations sub-sectors showed strong performance, with increases of 5.7%, 5.1%, and 4.4% respectively [2][30]. - Notable stock gains included GDK (+61.6%), HPGC Renmintongtai Pharmaceutical Corporation (+61.1%), and Chengda Pharmaceuticals Co., Ltd. (+58.3%) [2][30]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also outperformed, with the Hang Seng Healthcare index increasing by 6.8% and the Hong Kong Biotechnology index by 7.1% [2][31]. - In the U.S., the S&P Healthcare Select Sector rose by 3.9%, significantly outperforming the S&P 500, which only increased by 0.1% [2][32]. Valuation Metrics - As of November 14, 2025, the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 77.0% [2][15]. - The report provides earnings forecasts and valuation metrics for various companies, indicating expected growth rates and price-to-earnings ratios for the coming years [6][7].

Core Viewpoint - Lepu Medical announced the election of Ms. Pu Fei as the employee representative director of the sixth board of directors during the employee representative conference held on November 10, 2025 [1] Group 1 - The employee representative conference was held on November 10, 2025 [1] - The election of Ms. Pu Fei was unanimously approved by the attending employee representatives [1]

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 ...

1. Report Industry Investment Rating - The industry rating is "Bullish" [1] 2. Core Views of the Report - The cosmetics industry continues to show differentiation, with brand demand being weak in the off - season, agents seeking change in difficult situations, and producers seizing supply - chain reconstruction opportunities. The medical aesthetics industry has new entrants with better - than - expected shipments, and new product catalysts are worth attention [3][4] 3. Summaries According to Relevant Catalogs 3.1 Cosmetics: Continued Differentiation 3.1.1 Brand Merchants - In 1 - 3Q25, beauty brand merchants' revenue was 28.4 billion yuan, a year - on - year decrease of 0.6%; personal care brand merchants' revenue was 5.7 billion yuan, a year - on - year increase of 12.4%. In 3Q25, beauty and personal care brand merchants' revenues were 8.05 billion and 1.805 billion yuan, a year - on - year decrease of 1.3% and an increase of 7.6% respectively. Beauty revenue weakened quarter - on - quarter, while personal care remained flat [18] - Beauty: Affected by the earlier Double Eleven promotion, consumer enthusiasm declined in September, and brands reduced live - streaming activities. In terms of single - quarter revenue growth, Shuiyang Co., Ltd. and Shanghai Jahwa increased by over 20%, Marubi Co., Ltd. had double - digit growth, Proya had low - double - digit decline, and Betaine and Freda had high - single - digit decline [18] - Personal care: Runben Co., Ltd.'s Q3 revenue increased by 17% year - on - year, with a slight increase in growth rate quarter - on - quarter. Baiya Co., Ltd.'s 3Q25 revenue improved, and Dengkang Oral Care had steady growth [18] - In 1 - 3Q25, beauty brand merchants' net profit after non - recurring items was 2.33 billion yuan, a year - on - year decrease of 15%; personal care brand merchants' was 604 million yuan, a year - on - year decrease of 3.4%. Some companies showed initial cost - control effects [24] 3.1.2 Agents - Agents are seeking change in difficult situations by exploring three paths: incubating self - owned brands (represented by Ruoyuchen), using AI to reduce costs and increase efficiency (represented by Yiwow), and expanding high - growth categories (such as Qingmu Technology expanding into trendy toy agency operations) [30] - Ruoyuchen's self - owned brands Feicui and Zhanjia continued to gain momentum. In Q3, self - owned brand revenue was 451 million yuan, a year - on - year increase of 344.5%, accounting for 55.1%. Zhanjia's Q3 revenue was 227 million yuan, a year - on - year increase of 119%, and 1 - 3Q revenue was 680 million yuan. Feicui's Q3 revenue was 203 million yuan, a quarter - on - quarter increase of over 98.8%, and 1 - 3Q revenue was 362 million yuan [30] 3.1.3 Producers - Demand continued to recover, and the revenue of the producer sector increased by 9%, 17%, and 30% year - on - year from Q1 to Q3, with the growth rate increasing quarter by quarter [33] - QingSong Co., Ltd. focused on optimizing customers and product structure, and its profit turned positive for four consecutive quarters from 2Q24 to 1Q25. Jieya Co., Ltd. had increasing orders from overseas big customers, and its Q3 performance growth accelerated. Jiaheng Home Co., Ltd. increased revenue but not profit, mainly due to the short - term impact of the Huzhou base's capacity ramp - up [33] 3.2 Medical Aesthetics: New Entrants with Better - than - Expected Shipments 3.2.1 Upstream Consumables - The growth rate of demand expansion slowed down, and supply - side competition intensified. In terms of the cumulative number of Class III medical device approvals, hyaluronic acid > regenerative (Sculptra/Poly - L - Lactic Acid) > botulinum toxin > recombinant collagen. Old products of hyaluronic acid and regenerative types faced growth pressure, and the growth rate of recombinant collagen Class III medical device products slowed down significantly quarter - on - quarter [38] - Hyaluronic acid: Aimeike's revenue growth rate from 24Q1 to 25Q3 was + 28.2%/+2.3%/+1.1%/ - 7%/ - 18%/ - 25%/ - 21% year - on - year, showing a quarterly decline since 24Q2 [38] - Collagen: Jinbo Biotech's revenue growth rate from 24Q1 to 25Q1 was + 76%/+100%/+92%/+73%/+63% year - on - year, and in 2Q25/3Q25, it was + 30%/+13% year - on - year. On October 23, the "Recombinant Type I α1 Subtype Collagen Freeze - Dried Fiber" Class III medical device certificate of Giant Biogene was approved by NMPA [38] - Leapmed Medical's medical aesthetics shipments were better than expected, with Q3 medical service and health management business revenue of 320 million yuan, a year - on - year increase of 28%, and the revenue of Sculptra and Hydrodermabrasion reaching 86.1367 million yuan [36] 3.2.2 Downstream - The new model of Xinoxygen Medical Clinics showed high - growth potential. The Q3 revenue guidance was 150 - 170 million yuan, a year - on - year increase of 231% - 275%, and a quarter - on - quarter increase of 4% - 18%. It plans to implement the "100 - City, 1000 - Store" plan in the long term [40] - Stores are expanding from first - tier cities to new first - tier and second - tier cities. As of November 6, it covered 42 stores in 10 cities. The promotion of self - owned brands was remarkable, and it cooperated with Xihong Miracle Sculptra 3.0, priced at 2999 yuan, which was officially launched on September 25 [43] 3.3 Investment Recommendations - Brands with upward potential and both growth and certainty: Recommend Maogeping (Oriental aesthetics, dual - wheel drive of makeup and skincare, and the second - curve of perfume is worth looking forward to) and Shangmei Co., Ltd. (with one cornerstone brand, five growth brands, and N seed businesses) [8][46] - Companies with new product pipelines and expected performance elasticity: Pay attention to Giant Biogene and Leapmed Medical [8][46] - Companies in strategic adjustment and expected to reach an inflection point: Recommend Shuiyang Co., Ltd. (the effect of high - end transformation is gradually emerging), and pay attention to Shanghai Jahwa, Betaine, and Freda [8][46]