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].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q3 performance was under pressure due to business restructuring and inventory clearance in the formulation segment, but innovative products continue to show strong growth [1]. - The cardiovascular interventional business is experiencing steady growth, with structural heart disease products performing exceptionally well [1]. - The report anticipates a recovery in performance in Q4 as inventory clearance nears completion and insulin products are expected to ramp up in hospitals [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 4.785 billion yuan, a year-on-year decline of 23.55%, and a net profit of 803 million yuan, down 40.70% [1]. - In Q3 2024, revenue was 1.402 billion yuan, a decrease of 28.41%, with a net profit of 105 million yuan, down 73.12% [1]. - The gross margin for Q3 2024 was 59.16%, a decrease of 6.40 percentage points year-on-year, while the sales expense ratio increased to 23.13% [1]. Revenue and Profit Forecast - The company is projected to generate revenues of 6.33 billion yuan, 7.11 billion yuan, and 8.08 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -20.7%, 12.4%, and 13.5% [2][10]. - The net profit forecast for the same years is 1.068 billion yuan, 1.205 billion yuan, and 1.413 billion yuan, with year-on-year growth rates of -15.1%, 12.8%, and 17.3% [2][10]. Business Segment Performance - The cardiovascular interventional business generated revenue of 517 million yuan in Q3 2024, up 14.33% year-on-year, with structural heart disease products seeing a revenue increase of 57.26% [1]. - The formulation segment's revenue for the first three quarters was 1.476 billion yuan, down 38.90%, primarily due to inventory clearance [1]. - The medical services and health management segment reported revenue of 746 million yuan, a decline of 23.87%, with the Hefei Cardiovascular Hospital contributing 120 million yuan, an increase of 15.25% [1].

乐普医疗（ [Table_StockNameRptType] 300003） 公司点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's short-term performance is impacted by business adjustments and channel inventory, but multiple new drug and medical device products are expected to drive growth [1] - The company reported a revenue of 4.785 billion yuan for the first three quarters of 2024, a year-on-year decline of 40.70%, with net profit attributable to the parent company decreasing by 73.12% [1] - The company is undergoing structural adjustments, leading to increased expenses in the short term, while inventory clearance in the pharmaceutical sector is nearing completion, which may improve performance in the fourth quarter [1][2] Financial Performance Summary - **Revenue (Million Yuan)**: - 2022A: 10,609 - 2023A: 7,980 - 2024E: 6,407 - 2025E: 7,175 - 2026E: 8,059 [1] - **Net Profit (Million Yuan)**: - 2022A: 2,203 - 2023A: 1,258 - 2024E: 915 - 2025E: 1,026 - 2026E: 1,154 [1] - **Earnings Per Share (EPS)**: - 2022A: 0.67 - 2023A: 0.53 - 2024E: 0.49 - 2025E: 0.55 - 2026E: 0.61 [1] - **Return on Equity (ROE)**: - 2022A: 13% - 2023A: 7% - 2024E: 5% - 2025E: 5% - 2026E: 6% [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 10.7 - 2023A: 18.8 - 2024E: 25.9 - 2025E: 23.1 - 2026E: 20.5 [1] - **Price-to-Book (P/B) Ratio**: - 2022A: 1.6 - 2023A: 1.5 - 2024E: 1.4 - 2025E: 1.4 - 2026E: 1.3 [1] Business Outlook - The cardiovascular intervention business maintains good growth momentum, with new products expected to become new growth points for performance [1] - The company has several innovative products in the pipeline, including a drug-eluting balloon and various absorbable devices, which are anticipated to contribute to revenue growth [1][2] - The company is expected to see improved performance in the pharmaceutical sector as inventory clearance nears completion and new products are introduced [1][2]

Financial Performance - The company's revenue for Q3 2024 was ¥1,401,585,073.03, a decrease of 28.41% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was ¥105,413,614.27, down 73.12% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥86,927,048.85, a decline of 77.19% compared to the previous year[3]. - Cumulative revenue for the year-to-date was ¥4,785,471,627.57, representing a decrease of 23.55% year-on-year[3]. - Total operating revenue for Q3 2024 was CNY 4,785,471,627.57, a decrease of 23.6% compared to CNY 6,259,227,849.28 in the same period last year[22]. - The net profit for Q3 2024 was approximately ¥783.35 million, a decrease of 44.1% compared to ¥1.40 billion in Q3 2023[23]. - The company reported a total comprehensive income of ¥773.44 million, compared to ¥1.47 billion in the previous year, reflecting a decrease of 47.4%[23]. - The basic earnings per share for Q3 2024 was ¥0.4339, down from ¥0.7268 in Q3 2023, representing a decline of 40.3%[23]. Cash Flow and Financing - The company reported a net cash flow from operating activities of ¥423,055,774.84, down 29.93% year-on-year[3]. - Cash flow from operating activities generated a net amount of ¥423.06 million, a decline of 30% from ¥603.78 million in Q3 2023[24]. - The company raised approximately ¥3.10 billion through borrowings in Q3 2024, an increase of 21.9% compared to ¥2.54 billion in Q3 2023[25]. - The total cash outflow from financing activities was ¥3.49 billion, up from ¥3.05 billion in the same period last year[25]. Assets and Liabilities - The total assets at the end of the reporting period were ¥25,006,284,390.10, a slight decrease of 0.06% from the end of the previous year[3]. - Total assets as of Q3 2024 were CNY 25,006,284,390.10, slightly down from CNY 25,022,331,486.69 at the end of the previous period[21]. - Total liabilities increased to CNY 7,704,983,084.66 from CNY 7,524,776,366.09, indicating a rise of approximately 2.4%[21]. - Current liabilities decreased significantly to CNY 2,627,681,823.66 from CNY 3,758,655,939.45, a reduction of about 30.1%[21]. - Long-term borrowings rose to CNY 2,860,653,053.85 from CNY 1,542,190,754.84, an increase of 85.6%[21]. Research and Development - The company experienced a significant increase in R&D expenses due to the progress of its cardiovascular innovative drug company, Shanghai Minwei Biotechnology[7]. - Research and development expenses for Q3 2024 amounted to CNY 557,054,487.38, a decrease of 17.5% compared to CNY 674,829,181.31 in the previous year[22]. Inventory and Assets Management - The company's inventory stock increased to 608.49 million yuan, an increase of 177.43 million yuan from the beginning of the year, a growth of 41.16% due to stock repurchase[11]. - The total inventory decreased from RMB 2,289,473,586.38 to RMB 2,216,459,996.88, a decrease of approximately 3.18%[19]. - The company's fixed assets at the end of the reporting period were 4.05 billion yuan, an increase of 1.24 billion yuan from the beginning of the year, a growth of 43.96%[9]. Non-Operating Income and Expenses - The company's non-operating income decreased to 12.08 million yuan, down 35.97 million yuan from the previous year, a reduction of 74.86%[9]. - The company's non-operating expenses increased to 19.91 million yuan, up 13.27 million yuan year-on-year, an increase of 199.93%[9]. Investment and Fair Value Changes - The company reported an investment loss of ¥1,171.40 million, a decrease of 71.38% compared to the previous year[7]. - The fair value change loss was ¥1,119.96 million, an increase of 378.78% year-on-year, primarily due to currency fluctuations affecting foreign currency financial products[8]. Shareholder Information - The total cash dividend distributed to shareholders amounted to RMB 261,762,075.23, with a payout of RMB 1.42 per 10 shares[17]. - The total number of restricted shares at the end of the period was 264,574,537, with an increase of 61,875 shares during the period[16]. - The company terminated the implementation of the 2022 restricted stock incentive plan, with 18,273,500 shares rendered void[17].

一、 审议《关于使用自有资金支付募投项目人员薪酬等相关费用及使用银 行承兑汇票、信用证、外汇等方式支付募投项目所需资金并以募集资金等额置换》 的议案 证券代码：300003 证券简称：乐普医疗 公告编号：2024-115 乐普（北京）医疗器械股份有限公司 第六届监事会第九次会议决议公告 本公司及监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）第六届监事会第九 次会议于 2024 年 10 月 25 日在北京市昌平区超前路 37 号公司会议室以现场及 通讯相结合的方式召开，会议通知于 2024 年 10 月 15 日以邮件方式发出。会议 应出席监事 3 名，实际出席监事 3 名。本次会议召开符合《公司法》及《公司章 程》的相关规定。会议由监事会主席王兴林先生主持，出席会议的监事审议并通 过记名投票方式表决通过了如下决议： 特此公告。 经审议，监事会认为：公司使用自有资金支付募投项目人员薪酬等相关费用， 使用银行承兑汇票、信用证、自有外汇或使用自有资金购汇后支付募投项目所需 资金，后续以募集资金等额置换的事项，履行了必要的 ...