Core Viewpoint - Lepu Medical (300003) is expected to receive approval for its Deep Brain Stimulation (DBS) device soon, which is anticipated to contribute to revenue next year. The company is also preparing to submit its Cardiac Contractility Modulation (CCM) device for approval in the first and second quarters of next year, indicating that the neuroregulation business segment will provide new growth drivers for the company's performance [1] Group 1 - The DBS device is expected to be approved for market launch shortly [1] - The CCM device is planned for submission in the first and second quarters of next year [1] - The neuroregulation business segment is projected to enhance the company's performance growth [1] Group 2 - The company is focusing on developing implantable medical devices with higher technological barriers and better market competition in response to the centralized procurement environment [1] - This strategy aims to mitigate the impact of centralized procurement policies on the company's business [1]

Financial Performance - The company aims for a revenue growth of approximately 10% in the upcoming year [2] - In Q3, the company achieved an operating cash flow of CNY 1.013 billion, with an expectation of reaching around CNY 14-15 billion for the entire year [2] - The cardiovascular interventional devices segment is preparing for centralized procurement, which may lead to a slight revenue contraction [2] Medical Aesthetics Business - The medical aesthetics segment has seen significant growth, with the "童颜针" (Youth Needle) generating around CNY 100 million in revenue since its launch in early August [3] - The company targets CNY 1 billion in revenue for the medical aesthetics segment next year, with specific sales goals of CNY 600 million for "童颜针" and CNY 200 million each for PDRN and Thermage [3] - The company has entered over 80% of large brand chain medical aesthetic institutions and around 1,500-2,000 small to medium-sized institutions [3][6] Innovative Drug Development - The company is advancing its innovative drug pipeline, focusing on dual-target or multi-target SiRNA drugs, with MWN109 entering Phase III clinical trials next year [4] - The oral MWN109 tablet is nearing completion of Phase I clinical trials, with plans for Phase II trials before the Spring Festival [4] - The company is also developing a biodegradable embolization device, which has shown promising clinical feedback [11] Market Strategy and Challenges - The company is actively managing distributor inventory levels to prepare for centralized procurement, aiming to maintain inventory at a 1-3 month level [9] - The medical aesthetics market is competitive, with the company facing pricing pressures from platforms like New Oxygen, but it plans to maintain its pricing strategy [10] - The company is exploring partnerships with local medical aesthetic institutions to enhance shareholder services and expand its market presence [4][6] Future Outlook - The company anticipates that the interventional cardiology segment's performance will stabilize post-centralized procurement, with minimal long-term impact expected [3] - The innovative medical devices segment, including brain-machine interfaces, is expected to contribute to revenue growth in the coming years [5] - The company is committed to developing high-barrier products in response to centralized procurement policies, ensuring sustainable growth [4]

Summary of the Conference Call for Lepu Medical Company Overview - **Company**: Lepu Medical - **Industry**: Medical Devices and Pharmaceuticals Key Points and Arguments Traditional Business Performance - Lepu Medical's traditional business remains stable, with cardiovascular devices and generic drugs showing steady performance. The expected profit for the basic business in 2025 is projected to reach between 1 billion to 1.2 billion CNY [2][4][5] - Operating cash flow has significantly improved, reaching 1 billion CNY in the first three quarters, with an annual forecast of 1.5 billion CNY [2][4] Aesthetic Medicine Segment - The aesthetic medicine segment has emerged as a new growth driver, with the "童颜针" (Youthful Needle) achieving nearly 100 million CNY in sales and entering 1,500 to 2,000 institutions [2][5][7] - New products like "热玛吉" (Thermage) and PDRN are expected to launch in the first half of next year, potentially boosting revenue further [2][5][7] Impact of Procurement Policies - The centralized procurement policy has put pressure on cardiovascular devices, but the company is managing dealer inventory and actively participating in procurement to mitigate impacts [2][6] - The coronary cutting balloon may face losses, but the auxiliary balloon is expected to compensate for this, maintaining overall balance [2][6] Market Expansion Strategy - Lepu Medical is aggressively expanding its aesthetic market using a "rural encircling cities" strategy, currently covering 80% of the targeted institutions and planning further expansion through partnerships with platforms like Meituan [2][7][19] Innovation in Drug Development - Significant progress has been made in innovative drug development, with drug 109 completing phase II clinical trials and plans to enter phase III next year. Multiple projects for weight loss, lipid reduction, and blood pressure management are also underway [2][10][11] Financial Performance - In Q3 2025, Lepu Medical reported a nearly 12% year-on-year revenue growth and a 176% increase in net profit, reaching 290 million CNY. Cumulative net profit for the first three quarters was 980 million CNY, slightly exceeding market expectations [3][4] Future Outlook - The company maintains a profit forecast of 1 billion to 1.1 billion CNY for 2025 and anticipates a stable business level in Q4 [4][5] - The aesthetic medicine sector is expected to generate close to 1 billion CNY in sales in 2026, with significant contributions from various products [9][21] Challenges and Opportunities - The aesthetic medicine sector faces challenges due to differing consumer logic and quality demands compared to traditional medical services. However, this also presents opportunities for providing scientifically reliable and easy-to-use products [23][20] Inventory Management - Lepu Medical is actively controlling dealer inventory to minimize stock levels in response to procurement policies, aiming to maintain inventory at one to two months' worth [24][25] Pricing Strategy - Despite recent price reductions by internet platforms, Lepu Medical is committed to maintaining its pricing strategy, offering a multi-tiered pricing approach to cater to different consumer segments [25][26] New Product Development - The company is advancing in the peripheral treatment field with new products like biodegradable occluders, which have shown promising clinical feedback [26][27] Management and Team Stability - The innovative drug team is stable and motivated, with regular clinical meetings and recruitment efforts to strengthen clinical operations [28][29] Conclusion - Lepu Medical is positioned for growth through its stable traditional business, expanding aesthetic medicine segment, and ongoing innovation in drug development, while effectively managing challenges posed by procurement policies and market dynamics. The company’s strategic focus on quality and market expansion is expected to drive future success.

Core Viewpoint - Lepu Medical reported a revenue of 4.939 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 3.20% [1] - The net profit attributable to shareholders reached 982 million yuan, marking a year-on-year increase of 22.35% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 941 million yuan, showing a year-on-year growth of 28.18% [1] - The basic earnings per share stood at 0.5327 yuan [1] Financial Performance - Revenue for the first three quarters: 4.939 billion yuan, up 3.20% year-on-year [1] - Net profit attributable to shareholders: 982 million yuan, up 22.35% year-on-year [1] - Net profit after deducting non-recurring gains: 941 million yuan, up 28.18% year-on-year [1] - Basic earnings per share: 0.5327 yuan [1]

Core Viewpoint - Lepu Medical announced the convening of its 18th meeting of the 6th Board of Directors on October 24, 2025, to review the full report for the third quarter of 2025 [1] Company Summary - For the first half of 2025, Lepu Medical's revenue composition is as follows: medical devices account for 52.72%, pharmaceuticals for 33.16%, and medical services and health management for 14.11% [1] - As of the report, Lepu Medical has a market capitalization of 32.2 billion yuan [1] Industry Summary - The Chinese innovative drug sector has seen significant overseas licensing sales, totaling 80 billion USD this year [1] - There is a contrast in the biopharmaceutical secondary market's activity compared to the primary market, where fundraising has encountered challenges [1]

其中，公司第三季度实现营业收入15.69亿元，同比增长11.97%；归属净利润2.91亿元，同比增长 176.18%。 北京商报讯（记者 丁宁）10月24日晚间，乐普医疗（300003）发布2025年三季报显示，公司前三季度 营业收入49.39亿元，同比增长3.2%；归属净利润9.82亿元，同比增长22.35%。 ...

乐普（北京）医疗器械股份有限公司 董事会战略委员会规则 乐普（北京）医疗器械股份有限公司 董事会战略委员会规则 二零二五年十月 | | | 乐普（北京）医疗器械股份有限公司 董事会战略委员会规则 第三章 职责权限 第一章 总则 第一条 为适应乐普（北京）医疗器械股份有限公司（以下简称"公司"） 战略发展需要,加强战略决策科学性,进一步完善公司法人治理结构,根据《中华 人民共和国公司法》、《上市公司治理准则》等法律法规和《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，特制定本规则。 第二条 董事会战略委员会是董事会按照《公司章程》设立的董事会专门工 作机构，主要职责是对公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会由三至七名董事组成。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名,并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由董事长担任，负责主持 委员会工作。 第六条 战略委员会任期与董事会任期一致,委员任期届满,可以连选连任。 期间如有委员不再担任公司董事职务,自动失去委员资格,并 ...

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乐普（北京）医疗器械股份有限公司 信息披露事务管理制度 乐普（北京）医疗器械股份有限公司 信息披露事务管理制度 二零二五年十月 | | | 乐普（北京）医疗器械股份有限公司 信息披露管理制度 第一章 总则 第一条 为规范乐普（北京）医疗器械股份有限公司（以下简称"公司"） 的信息披露行为，加强信息披露事务管理，保护投资者的合法权益，根据《中华 人民共和国公司法》、《中华人民共和国证券法》和中国证监会发布的《上市公司 信息披露管理办法》、《上市公司信息披露暂缓与豁免管理规定》等法律、法规、 规范性文件及深圳证券交易所（以下简称"深交所"）的相关规定和《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，结合 本公司实际情况，制定本制度。 第二条 本制度适用于如下人员和机构： 以上人员和机构统称为"信息披露义务人"。 第三条 本制度所称"信息"是指所有对公司股票及其衍生品种交易价格 或者投资决策可能产生重大影响的信息，以及证券监管部门要求披露的信息；本 制度所称"披露"是指公司及相关信息披露义务人按照法律法规、《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 ...

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