证券代码：300003 证券简称：乐普医疗 公告编号：2025-003 债券代码：123108 债券简称：乐普转 2 乐普（北京）医疗器械股份有限公司 关于预计触发"乐普转 2"转股价格向下修正条件的 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。 5、自 2025 年 1 月 31 日至 2025 年 2 月 18 日，公司股票已有 10 个交易日 的收盘价低于当期转股价格的 80%（即 22.34 元/股），预计触发"乐普转 2"转 股价格向下修正条件。若触发修正条件，公司将于触发条件当日召开董事会审议 决定是否修正转股价格，并及时履行信息披露义务。敬请广大投资者注意投资风 险。 一、可转债发行上市概况 （一）可转债发行上市基本情况 经中国证券监督管理委员会出具的《关于同意乐普（北京）医疗器械股份有 限公司向不特定对象发行可转换公司债券注册的批复》（证监许可[2021]741号） 核准，公司于 2021 年 3 月 30 日向不特定对象发行了 1,638.00 万张可转换公司 债券，每张面值 100 元，发行总额 163,800.00 万元。 ...

证券代码：300003 证券简称：乐普医疗 公告编号：2025-002 乐普（北京）医疗器械股份有限公司 1、报告期内，公司核心业务心血管植介入营业收入实现双位数增长，药品 板块中制剂业务受零售渠道库存清理影响，产品发货同比下降，营业收入同比大 幅下降，导致公司整体营业收入和净利润同比下降。 2024年年度业绩预告 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。 一、本期业绩预计情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 12 月 31 日。 （二）业绩预告情况 扭亏为盈 同向上升 同向下降 | 目 项 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市 公司股东的 | 盈利：26,500 万元–39,500 万元 | 盈利：125,820.03 万元 | | 净利润 | 比上年同期下降：78.94% -68.61% | | | 扣除非经常 性损益后的 | 盈利：23,500 万元–35,000 万元 | 盈利：112,311.63 万元 | | 净利润 | 比上年同期降：79.08% -68.8 ...

Investment Rating - The report maintains a "Sell" rating for Lepu Medical with a target price of RMB 10.40, reflecting a downside potential from the current price of RMB 10.76 [4][6][23]. Core Insights - The revenue for FY24 is expected to exceed RMB 6 billion, with Q424 showing signs of stabilization compared to Q324. However, the overall outlook for FY25 remains uncertain due to factors such as layoffs and related costs [1]. - The medical device segment, particularly structural heart and PCI (Percutaneous Coronary Intervention) businesses, is anticipated to drive growth in FY25, while the pharmaceutical and healthcare management segments are expected to face challenges [2][3]. - The pharmaceutical segment's revenue has declined significantly since Q224, with a slight recovery in Q424. Future growth is dependent on ongoing product development, particularly in diabetes and weight-loss drugs [3]. Summary by Sections Medical Devices - Revenue for the medical device segment in the first three quarters of 2024 was RMB 25.63 billion, down 10.48% year-on-year, primarily due to the decline in IVD (In Vitro Diagnostics) business. However, PCI and structural heart businesses showed growth, with revenues of RMB 12.13 billion and RMB 3.85 billion, respectively [2]. - The structural heart business is expected to double its revenue from approximately RMB 5 billion in FY24, driven by products like TAVR and biodegradable occluders [2]. Pharmaceuticals - The pharmaceutical segment's revenue fell to RMB 14.76 billion in the first three quarters of 2024, with a slight recovery in Q424. The growth in this segment is projected to be modest in FY25 due to high base effects from O124 [3]. - Key growth drivers in the medium to long term include ongoing clinical trials for diabetes and weight-loss drugs, with MWN101's Phase II trials nearing completion [3]. Valuation - The report uses a DCF valuation method, maintaining a target price of RMB 10.40, which corresponds to a PE ratio of 15.8x for FY25 and 14.3x for FY26 [4][6].

| 证券代码：300003 | 证券简称：乐普医疗 公告编号：2025-001 | | --- | --- | | 债券代码：123108 | 债券简称：乐普转 2 | 乐普（北京）医疗器械股份有限公司 关于 2024 年第四季度可转换公司债券转股情况的公告 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： 根据《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 15 号——可转换公司债券》等有关规定，乐普（北京）医疗器械 股份有限公司（以下简称：公司）现将 2024 年第四季度可转换公司债券乐普转 2（以下简称：可转债）转股及公司股份变动情况公告如下： 经中国证券监督管理委员会出具的《关于同意乐普（北京）医疗器械股份有 限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕741 号）核准，公司于 2021 年 3 月 30 日向不特定对象发行了 1,638.00 万张可转换 公司债券，每张面值 100 元，发行总额 16.38 亿元。 经深交所同意，公司 16.38 亿元可转债于 2021 年 4 月 ...

证券代码：300003 证券简称：乐普医疗 公告编号：2024-124 乐普（北京）医疗器械股份有限公司 关于经导管植入式主动脉瓣膜系统 获得 NMPA 注册批准的提示性公告 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。 乐普（北京）医疗器械股份有限公司 产品名称 经导管植入式主动脉瓣膜系统 注册证编号 国械注准 20243132550 注册分类 Ⅲ类 适用范围 该产品适用于经心脏团队结合评分系统评估后认为患有 有症状的、钙化的、重度退行性主动脉瓣狭窄，不适合接 受常规外科手术置换瓣膜的年龄大于等于70岁的患者。 一、产品信息 ScienCrown®经导管植入式主动脉瓣膜系统是具有球扩瓣优势的自膨短瓣， 适用于经心脏团队评估后，需要接受主动脉瓣置换且不适合接受常规外科手术置 换瓣膜的重度主动脉瓣钙化性狭窄患者。ScienCrown®经导管植入式主动脉瓣膜 系统结合已获批上市的 ScienMelon®主动脉瓣膜球囊扩张导管，有望为临床提供 更全面、可靠的一体化解决方案。 ScienCrown®经导管植入式主动脉瓣膜系统结构设计从临床实际出发，有效 解决了 TA ...

证券代码：300003 证券简称：乐普医疗 公告编号：2024-123 乐普（北京）医疗器械股份有限公司 公司控股股东蒲忠杰先生及其一致行动人保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 乐普（北京）医疗器械股份有限公司（以下简称：公司）近日接到公司控股 股东蒲忠杰先生的通知，将其持有的本公司部分股权办理了解除质押。具体内容 如下： 一、股份解除质押基本情况 | 股东 | 是否为控股股东或第一 | 本次解除质押 | 占其所持 | 占公司总 | 质权人 | | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其一致行动人 | 数量（股） | 股份比例 | 股本比例 | | | 蒲忠杰 | 是 | 11,180,000 | 2.45% | 0.59% | 中国银河证券股份有限 | | | | | | | 公司 | 二、股份累计质押情况 截至本公告披露日，蒲忠杰先生及其一致行动人合计持有公司股 份 455,643,349股，占公司总股本的24.23%。其中，处于质 ...

Investment Rating - The report initiates coverage on Lepu Medical with a "Buy" rating, setting a target price of CNY 15.0 based on a 20x P/E multiple for 2025 [2] Core Views - Lepu Medical has evolved from a single stent manufacturer to a comprehensive "medical device + pharmaceutical + services" platform, with its core businesses being medical devices (53.6% of revenue) and pharmaceuticals (30.9% of revenue) [1] - The company has successfully navigated the impact of centralized procurement (集采) on its core products, including coronary stents and key drugs like Clopidogrel and Atorvastatin Calcium Tablets, with the effects of procurement policies gradually diminishing [1] - Lepu Medical is heavily investing in R&D, with innovative products in both medical devices (e.g., bioabsorbable stents, drug-coated balloons) and pharmaceuticals (e.g., GLP-1RAs for diabetes and weight loss) becoming new growth drivers [1] Financial Performance - For the first three quarters of 2024, Lepu Medical reported revenue of CNY 4.79 billion (-23.6% YoY) and net profit attributable to shareholders of CNY 800 million (-40.7% YoY) [1] - The company's revenue is expected to grow from CNY 6.67 billion in 2024E to CNY 8.68 billion in 2026E, with net profit increasing from CNY 1.09 billion to CNY 1.69 billion over the same period [4] - Gross margin is projected to remain stable at around 64-65%, while net margin is expected to improve from 16.3% in 2024E to 19.5% in 2026E [4] Medical Devices Segment - Lepu Medical is a leading player in cardiovascular medical devices, with a strong presence in coronary intervention, structural heart disease, and peripheral vascular intervention [24] - The company has a diversified product portfolio, including drug-eluting stents, bioabsorbable stents, drug-coated balloons, and intravascular lithotripsy (IVL) devices [49] - Despite the impact of centralized procurement on coronary stents, Lepu Medical has maintained its market position, with its stent products accounting for 23% of the market in 2019 [70] - The company is focusing on innovative products such as drug-coated balloons, bioabsorbable stents, and IVL devices to drive future growth [87][107] Pharmaceuticals Segment - Lepu Medical's pharmaceutical business is centered around cardiovascular drugs, with key products like Clopidogrel and Atorvastatin Calcium Tablets [1] - The company is also investing in the development of GLP-1RAs for diabetes and weight loss, with its triple-target GLP-1RA being the second globally, only behind Eli Lilly's Retatrutide [1] Services and Health Management - Lepu Medical is expanding into services and health management, including cardiovascular specialty hospitals, medical diagnostic laboratories, and AI-based health monitoring products [26] - The company has launched products like the "Jingmou VENTURA" orthokeratology lens and is diversifying into ophthalmology and dermatology [1]

证券代码：300003 证券简称：乐普医疗 公告编号：2024-121 乐普（北京）医疗器械股份有限公司 关于子公司 MWN105 注射液、MWN109 注射液获得 1、MWN105 注射液 药物名称：MWN105 注射液 注册分类：治疗用生物制品 1 类 受理号：CXSL2400607、CXSL2400608 适应症：超重或肥胖适应症、2 型糖尿病 药物临床试验批准通知书的公告 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。 乐普（北京）医疗器械股份有限公司（以下简称"公司"）于今日获悉，公 司控股子公司上海民为生物技术有限公司（以下简称"民为生物"）收到国家药 品监督管理局（NMPA）核准签发的《药物临床试验批准通知书》（通知书编号： 2024LP02635、2024LP02636、2024LP02652、2024LP02653），由民为生物申 报的 MWN109 注射液、MWN105 注射液临床试验申请获得批准，现将有关详情 公告如下： 一、产品信息 受理号：CXHL2400954、CXHL2400955 适应症：2 型糖尿病、超重或肥胖适应症 申请事项 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10]. Core Insights - The company reported a revenue of 4.785 billion yuan for the first three quarters of 2024, a year-on-year decrease of 23.55%, with a net profit attributable to shareholders of 803 million yuan, down 40.70% year-on-year [1][2]. - The medical device segment achieved a revenue of 2.563 billion yuan, a decline of 10.48% year-on-year, while the cardiovascular intervention business saw a revenue increase of 16.10% [2]. - The company is expected to see a turnaround as the impact of channel adjustments in the pharmaceutical segment is nearing its end, with new formulations set to launch [3][4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.402 billion yuan, down 28.41% year-on-year, and a net profit of 105 million yuan, down 73.12% year-on-year [1]. - The medical services and health management segment generated a revenue of 746 million yuan, a decrease of 23.87% year-on-year, with the Hefei Cardiovascular Hospital contributing 120 million yuan, up 15.25% year-on-year [2]. - The company anticipates a revenue CAGR of 3.1% from 2023 to 2026, with a net profit CAGR of 13.3% during the same period [3][4]. Product Development and Pipeline - The company has received approvals for key products, including the ThorCrack® peripheral vascular shockwave balloon and the NeoGlu®01 non-invasive blood glucose meter, which are expected to enhance its product line and market reach [3]. - The TAVR device is anticipated to receive approval in Q4 2024, which could further drive revenue growth in innovative devices [3]. - The company is progressing well with its drug pipeline, with candidates MWN 101, MWN 105, and MWN 109 expected to advance in clinical trials [3].