Core Viewpoint - Lepu Medical has officially entered the medical aesthetics field by obtaining national Class III medical device registration for three products, marking a strategic expansion beyond its core cardiovascular business [1][6]. Group 1: Product Development and Innovation - Lepu Medical has developed the "Yueyayan Tongyan Needle," a polylactic acid facial filler, which received approval from the National Medical Products Administration (NMPA) in June 2025. This product is based on a biocompatible and biodegradable material with over 20 years of research backing [6]. - The unique microsphere design of the Yueyayan product allows for precise matching of molecular weight, particle size, and morphology, making it suitable for various injection purposes and areas [6]. - The product line includes "Pearl Youth" for skin quality improvement and tightening, and "Reverse Age" for subtle volume enhancement and contour tightening, promoting collagen regeneration for gradual effects [6]. Group 2: Strategic Partnerships - Lepu Medical has signed a strategic cooperation agreement with Meituan, officially entering the platform and launching its flagship store, which will help expand its customer acquisition in the medical aesthetics sector [7]. - The collaboration aims to standardize, clarify, and regulate medical aesthetic services, creating a safer and more reliable market environment [9]. - Meituan's platform will facilitate access to quality medical resources, making aesthetic procedures more accessible and trustworthy for consumers, particularly the younger demographic [7][9]. Group 3: Business Model and Market Positioning - Lepu Medical's positioning in the medical aesthetics market emphasizes scientific and popular approaches, aiming to make aesthetic treatments more approachable for the general public [7]. - The partnership with Meituan is seen as a significant step towards building Lepu Medical's brand in the aesthetics space, leveraging Meituan's local lifestyle platform to reach a broader audience [7][9]. - The collaboration reflects a shared vision for the future of the medical aesthetics industry, focusing on safety, convenience, and consumer trust [9].

Market Overview - The medical device sector increased by 0.72% on October 15, with TuoJing Life leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Performers - TuoJing Life (300642) closed at 25.85, up 10.38% with a trading volume of 294,900 shares and a transaction value of 756 million [1] - JiMin Health (603222) closed at 10.97, up 10.03% with a trading volume of 353,400 shares [1] - MaiLanDe (688273) closed at 43.90, up 9.75% with a trading volume of 47,500 shares [1] - KeFu Medical (301087) closed at 43.10, up 7.86% with a trading volume of 72,700 shares [1] - Rejing Bio (688068) closed at 170.79, up 6.96% with a trading volume of 34,700 shares [1] Underperformers - JinHao Medical (920925) closed at 34.05, down 3.81% with a trading volume of 15,400 shares [2] - DaBo Medical (002901) closed at 55.52, down 2.94% with a trading volume of 29,400 shares [2] - HuaDa ZhiZao (688114) closed at 68.57, down 2.93% with a trading volume of 52,400 shares [2] Capital Flow - The medical device sector saw a net inflow of 500 million in main funds, while retail investors experienced a net outflow of 214 million [2][3] - Major stocks like SaiNuo Medical (688108) had a net inflow of 129 million from main funds, while JiMin Health (603222) saw a net outflow of 471 million from retail investors [3]

Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare - **Quarter**: 3Q25 Key Companies and Revenue Growth Companies with Higher Revenue Growth 1. **United Imaging** - Expected revenue growth: **44% YoY** in 3Q25 - Growth driven by improved hospital bidding data in China [1][6] 2. **Lepu** - Expected revenue growth: **38% YoY** in 3Q25 - Growth factors: - Low base effect from 3Q24 due to "Four Same" policy impacting pharmaceutical business - Incremental revenue from consumer healthcare segment, particularly medical aesthetics [1][6] 3. **Gan & Lee Pharmaceuticals** - Expected revenue growth: **23% YoY** in 3Q25 - Benefits from insulin VBP renewal and progress in overseas expansion [1][6] Companies Under Pressure 1. **Zhifei** - Currently in the trough of its revenue cycle - Revenue expected to decline by **30% YoY** in 3Q25 - Increased competition following Wantai's launch of a 9-valent HPV vaccine - Offering discounts to accelerate inventory destocking [2][6] 2. **ICL Companies (Kingmed and Dian Diagnostics)** - Expected to post negative revenue growth in 3Q25 - Industry pricing pressure has stabilized, indicating potential for positive growth in 4Q25 [2][6] Financial Estimates and Changes - **Tonghua Dongbao**: Revised annual earnings estimates upward due to market share gains post-insulin VBP renewal [7] - **Kelun**: Revised net profit estimates downward due to ongoing price war in the API industry, while revenue estimates remain unchanged [7][10] Detailed Financial Estimates Exhibit 1: Revenue and Earnings Growth Preview - **United Imaging**: Revenue from **1,621 million** to **2,327 million** (44% YoY) - **Lepu**: Revenue from **1,402 million** to **1,937 million** (38% YoY) - **Gan & Lee**: Revenue from **930 million** to **1,140 million** (23% YoY) - **Zhifei**: Revenue from **4,528 million** to **3,177 million** (-30% YoY) [6] Exhibit 2: Updated Estimates for Tonghua Dongbao (2025E to 2027E) - **Revenue**: Increased from **2,612 million** to **2,689 million** (3.0% change) - **Net Profit**: Increased from **401 million** to **408 million** (1.5% change) [8] Exhibit 3: Updated Estimates for Kelun (2025E to 2027E) - **Revenue**: Remains at **19,029 million** (0.0% change) - **Net Profit**: Decreased from **2,791 million** to **2,686 million** (-3.8% change) [10] Risks and Methodology - **Mindray**: Target price of **Rmb314** with risks including VBP impacts and market penetration challenges [12][13] - **SNIBE**: Target price of **Rmb73** with risks from competition and policy changes [14] - **Hualan**: Target price of **Rmb19** with risks from regulatory changes and competition [15] - **Tonghua Dongbao**: Neutral rating with target price of **Rmb9**, risks from product sales ramp-up and competition [17] - **Kelun**: Neutral rating with target price of **Rmb38**, risks from API price declines [18] Conclusion - The China healthcare sector is experiencing varied growth dynamics, with certain companies like United Imaging and Lepu showing strong revenue growth, while others like Zhifei face significant challenges. The financial estimates reflect these trends, with adjustments made based on market conditions and competitive pressures.

Core Viewpoint - Lepu Medical experienced a stock price decline of 2.01% on October 13, 2023, with a current price of 17.08 CNY per share and a total market capitalization of 32.12 billion CNY [1] Financial Performance - Year-to-date, Lepu Medical's stock price has increased by 54.60%, but it has seen a decline of 1.73% over the last five trading days and 7.53% over the last twenty days [1] - For the first half of 2025, Lepu Medical reported a revenue of 3.37 billion CNY, a year-on-year decrease of 0.43%, and a net profit attributable to shareholders of 691 million CNY, down 0.91% year-on-year [2] Shareholder Information - As of June 30, 2025, Lepu Medical had 100,100 shareholders, an increase of 6.18% from the previous period, with an average of 16,152 circulating shares per shareholder, a decrease of 5.82% [2] - The company has distributed a total of 4.96 billion CNY in dividends since its A-share listing, with 2.06 billion CNY distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Huabao Zhongzheng Medical ETF, which increased its holdings by 701,700 shares to 43.72 million shares, while E Fund Growth ETF reduced its holdings by 780,000 shares to 30.51 million shares [3]

| 证券代码：300003 | 证券简称：乐普医疗 | 公告编号：2025-093 | | --- | --- | --- | | 债券代码：123108 | 债券简称：乐普转 2 | | 关于 2025 年第三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。 乐普（北京）医疗器械股份有限公司 根据《乐普（北京）医疗器械股份有限公司创业板向不特定对象发行可转换 1 1、证券代码：300003 证券简称：乐普医疗 2、债券代码：123108 债券简称：乐普转 2 3、转股价格：27.63 元/股 4、转股起止日期：2021 年 10 月 8 日至 2026 年 3 月 29 日 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 2025 年第三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： 一、可转债发行上市概况 1、发行上市基本情况 经中国证券监督管理委员 ...

Group 1: Core Insights - The article discusses the financing status and trends in the biomedical materials industry in China from 2020 to 2025, highlighting significant investment events and the overall investment landscape [1][5][19]. Group 2: Financing Events Summary - A summary of major financing events in the biomedical materials industry from 2020 to 2025 is provided, detailing various companies, funding rounds, amounts, and investors [2][3][4]. - Notable financing events include: - Xintai Medical received 129.78 million RMB in strategic investment on June 23, 2025 [2]. - SupiraMedical raised 40 million USD in a D round on November 22, 2023 [3]. - Multiple companies, such as MoDi Bio and Rongmai Medical, have engaged in various funding rounds, indicating a vibrant investment environment [2][3][4]. Group 3: Financing Scale Analysis - The financing scale in the biomedical materials manufacturing industry shows a trend of "initial rise, peak, and subsequent adjustment," with financing occurrences peaking at 13 in 2021 and dropping to 4 in the first half of 2025 [5]. - The total financing amount reached a peak of 5.473 billion RMB in 2021, followed by a significant decline to 201 million RMB in the first half of 2025 [5]. Group 4: Financing Rounds Analysis - Since 2020, early-stage financing rounds have dominated, with A rounds being the most active at 15 occurrences, followed by angel rounds at 9 [7]. - Early-stage rounds (angel, Pre-A, A, and A+ rounds) accounted for over 60% of total financing events, indicating a preference for investing in early-stage companies [7]. Group 5: External Investment Landscape - The primary regions for external investments by major biomedical materials companies in China are Beijing and Shanghai, with 30 and 25 investments, respectively [10]. - The industry investment layout shows that scientific research and technical services account for 42%, manufacturing for 23%, and wholesale and retail for another 23% [11]. Group 6: Mergers and Acquisitions - The mergers and acquisitions market in the biomedical materials sector is characterized by continuous growth, with horizontal mergers being the primary focus, supported by policy incentives and industry demands [12]. - Recent notable transactions include: - SINOCERA's acquisition of DEKEMA for 10.21 million RMB, enhancing its product layout in the dental field [15]. - The acquisition of SPIDENT by SINOCERA for 704 million RMB, aimed at expanding its presence in the dental medical field [15]

Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Viewpoints - The report continues to recommend innovative pharmaceuticals and medical devices along the industry chain [2][7] - The performance of the pharmaceutical sector in September 2025 was weaker than the broader market, with the SW Pharmaceutical Biotech index declining by 1.7% compared to a 0.6% increase in the Shanghai Composite Index [16][22] - The report highlights that the medical service sub-sector performed relatively well, increasing by 1.8%, while medical devices and chemical preparations saw slight declines [22] Summary by Sections - **Investment Recommendations**: The report includes a list of A-share stocks with an "Overweight" rating, including Heng Rui Pharmaceutical, Kelun Pharmaceutical, East China Pharmaceutical, Changchun High-tech, Enhua Pharmaceutical, WuXi AppTec, Tigermed, Lepu Medical, United Imaging Healthcare, and Huatai Medical [7][9] - **Performance Analysis**: The report notes that the monthly portfolio of Guotai Junan Pharmaceuticals outperformed the pharmaceutical index in September 2025, with an average increase of 1.1% compared to a 0.7% increase in the overall pharmaceutical index [12][13] - **Market Comparison**: The report indicates that the pharmaceutical sector's premium level relative to all A-shares is currently at a normal level, with a relative premium rate of 77.5% as of the end of September 2025 [26][28]

Core Viewpoint - The introduction of "Miracle Youth 3.0 - Plastic Beauty" by the domestic medical beauty service platform New Oxygen, priced at 2999 yuan, is considered the lowest price in history, breaking the previous market average of over 10,000 yuan, indicating a significant shift in the market dynamics of youth-enhancing injections [1][2]. Market Competition Landscape - The market for youth-enhancing injections, categorized as "medical beauty regenerative injectables," is experiencing intense competition with nine products currently approved in China, consisting of three imported and six domestic brands [3]. - The global market for medical beauty regenerative injectables is projected to reach approximately 11.52 billion yuan by 2027, with a compound annual growth rate (CAGR) of about 31.2% from 2025 to 2027 [2]. Pricing Strategies and Market Dynamics - The current market is characterized by a "mixed battle" phase, with various brands adopting different pricing strategies, including low-dose products to capture market share [6][8]. - The price of existing products typically starts at over 10,000 yuan, with some products like Jiangsu Wuzhong's Aisufei priced at 18,800 yuan before discounts [3]. Future Market Trends - The entry of New Oxygen and the increase in the number of certified manufacturers and qualified doctors are expected to lead to a price reduction in the youth-enhancing injection market, marking a transition towards market maturity [7]. - The Chinese market is anticipated to become a price lowland compared to neighboring countries, where prices are significantly lower [7]. Sales Performance and Market Size - Despite the competitive landscape, companies like Changchun Shengboma and Aimeike have reported substantial sales figures, with Aimeike's revenue from gel injection products reaching 6.38 billion yuan in 2022, and projected to grow to 1.2 billion yuan in 2024 [10]. - The overall market size for youth-enhancing injections is estimated to be in the millions of units, with a rapid increase in market participants from one or two to potentially twenty in the future [11]. Selection Criteria for Products - The selection of products in the market is increasingly based on consumer reputation, price-performance ratio, and the manufacturer's overall strength, as the number of approved products continues to rise [12]. - Brands must focus on building a strong consumer base and professional barriers to survive in the competitive market, emphasizing the importance of doctor expertise in the application of youth-enhancing injections [13]. Emerging Products and Competition - Several new products are in the pipeline for approval, including those from Hangzhou Gai Biological and Huadong Pharmaceutical, which will further intensify competition in the market [14].

Core Insights - New Oxygen has launched a new product, "Miracle Youth 3.0 - Plastic Beauty Needle," priced at 2999 yuan, which is considered the lowest price in the industry, breaking the previous market average of over 10,000 yuan [1][2] - The introduction of this affordable "youth needle" indicates a significant shift in the market, suggesting that the industry is on the brink of a price war as competition intensifies with more brands entering the space [2][3] Market Overview - The youth needle, classified as a "medical beauty regenerative injection," stimulates the body's collagen regeneration for skin tightening and anti-aging effects [3] - The global market for medical beauty regenerative injections is projected to reach approximately 11.52 billion yuan by 2027, with a compound annual growth rate (CAGR) of about 31.2% from 2025 to 2027 [4] - Currently, there are nine approved youth needle products in China, consisting of three imported and six domestic brands, indicating a competitive landscape [4] Pricing Dynamics - Most existing products are priced starting from over 10,000 yuan, with examples like Jiangsu Wuzhong's Aisufei priced at 11,597 yuan during promotional events, while other products range from 17,000 to 20,000 yuan [5] - The introduction of lower-priced options is expected to disrupt the existing pricing structure, leading to a more competitive environment [14][15] Competitive Landscape - The market is described as entering a "mixed battle" phase, with multiple brands competing aggressively [15] - The current market dynamics show a wide range of product specifications and pricing strategies, with some brands opting for smaller doses at lower prices to capture market share [15][16] - The competitive landscape is evolving, with brands needing to establish strong consumer trust and professional barriers to succeed [19][20] Future Trends - Analysts predict that the Chinese market for youth needles may become a price haven compared to other countries, where prices are significantly lower [15] - The market is expected to continue expanding, with more products in the pipeline for approval, further intensifying competition [20] - Companies are advised to focus on building brand reputation and ensuring product quality to maintain market share in a rapidly changing environment [19][20]

Market Overview - In September, both A-shares and Hong Kong stocks exhibited a volatile pattern, with domestic economic recovery showing uneven momentum and real estate chain drag persisting[5] - The Federal Reserve's interest rate cut led to short-term market fluctuations, while sectors like batteries and semiconductors outperformed due to policy expectations and price rebounds[5] Investment Focus - The focus for October is on "technology growth," with A-shares confirming a tech narrative and Hong Kong stocks advancing in both technology and non-ferrous metals[5] - Key events include the unveiling of Xiaopeng's fifth-generation humanoid robot on October 24 and new drug progress announcements from Chinese pharmaceutical companies at the ESMO conference in mid-October[5] Policy and Economic Outlook - October is a critical policy layout window, with the 20th Central Committee's Fourth Plenary Session focusing on the "14th Five-Year Plan," leading to rising capital market expectations[5] - The market anticipates another interest rate cut from the Federal Reserve in October, which could benefit the Hong Kong market due to its linked exchange rate system[5] Key Investment Themes - **Technology Growth and High-End Manufacturing**: Emphasis on digital economy, aerospace information, and high-end equipment, with recommendations to focus on satellite internet and AI[5] - **Resource Cycle Optimization**: Global inventory cycles are bottoming out, with industrial metals like copper and cobalt expected to see price increases driven by demand from new energy[5] - **Structural Recovery in Consumption**: Anticipated strong consumption data during the Mid-Autumn Festival and National Day, with a focus on high-quality segments like medical consumption and travel chains[5] Risk Factors - Risks include unexpected policy changes, commercialization outcomes falling short of expectations, and delays in product development and market entry[5]