[Table_Title] 评级：买入(维持) 市场价格：9.60 元 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 Email：yujx03@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 1,881 | | 流通股本(百万股) | 1,616 | | 市价(元) | 9.60 | | 市值(百万元) | 18,054 | | 流通市值(百万元) | 15,515 | [Table_QuotePic] 股价与行业-市场走势对比 2023-042023-052023-062023-062023-072023-082023-082023-092023-102023-102023-112023-1220 ...

Group 1: Financial Performance Overview - The company anticipates a positive annual performance forecast despite a disappointing second quarter, where profits significantly declined due to the "Four Consistency Policy" affecting drug retail shipments [1][2]. - The coronary intervention business revenue grew by 10.21%, driven by the increased volume of cutting balloons and drug balloons [2][3]. - The structural heart disease segment saw a remarkable revenue increase of 53.63%, with expectations for continued growth in the second half of the year [2][3]. Group 2: Impact of Policies and Market Conditions - The "Four Consistency Policy" has temporarily pressured the company's formulation business, particularly affecting the atorvastatin (Ulipid) product, which has seen a significant drop in hospital usage due to low internal pricing and channel control issues [1][2]. - The company has implemented strict control over drug shipments to medical institutions, which has impacted revenue by approximately 0.5 billion CNY, with an additional 3 billion CNY loss attributed to declining pharmacy sales [1][2]. Group 3: Strategic Adjustments and Future Outlook - The company plans to focus on core cardiovascular intervention business, aiming for a revenue growth of around 20% year-on-year, while the drug segment is expected to decline significantly [3][4]. - Future revenue from the formulation segment is projected to recover to about 60-70% of previous levels, translating to approximately 16-18 billion CNY [2][3]. - The company is also optimizing its workforce in the diagnostics segment, targeting a productivity increase of 10-20% per employee [4]. Group 4: Product Development and Market Expansion - The company is advancing its GLP-1 class innovative drugs, with candidate drug 101 expected to complete Phase II clinical trials ahead of schedule and enter Phase III trials in Q1 2025 [2][3]. - The international business segment has shown a 28% year-on-year growth, with ongoing efforts to expand overseas through trade and partnerships [4][5].

证券代码：300003 证券简称：乐普医疗 公告编号：2024-089 乐普（北京）医疗器械股份有限公司 关于北京证监局对公司采取责令改正行政监管措施 决定的整改报告 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 2024 年 8 月 2 日收到中国证券监督管理委员会北京监管局（以下简称"北京证监局"）出具 的《关于对乐普（北京）医疗器械股份有限公司采取责令改正行政监管措施的决 定》（[2024]198 号）（以下简称《决定书》），要求公司对《决定书》指出的问题 进行自查整改。 收到《决定书》后，公司高度重视，立即向全体董事、监事、高级管理人员 （以下简称"董监高"）及相关部门人员进行了通报、传达，并召集相关部门和 人员对《决定书》所述事项进行全面梳理和针对性地分析讨论，本着严格自律、 认真整改、规范运作的态度，结合公司的实际情况，就《决定书》中提出的问题 和要求切实进行自查整改。目前，自查整改情况尚在进行中，现就整改措施及已 完成的情况报告如下： 一、总体工作安排 事项，逐一落实各项整改内容。同时， ...

证券代码：300003 证券简称：乐普医疗 公告编号：2024-091 乐普（北京）医疗器械股份有限公司 关于召开2024年第一次临时股东大会的通知 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《公司法》和《公司章程》的有关规定，经乐普（北京）医疗器械股份 有限公司（以下简称 "公司"）第六届董事会第九次会议审议通过，决定召开 2024年第一次临时股东大会，现将会议有关事项向全体股东通知如下： 一、本次股东大会召开的基本情况 1、会议届次：2024年第一次临时股东大会 2、会议召集人：乐普（北京）医疗器械股份有限公司董事会 3、会议召开的合法、合规性：经本公司第六届董事会第九次会议审议通过， 决定召开2024年第一次临时股东大会，召集程序符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 4、会议召开时间： （1）现场会议时间：2024年9月9日（星期一）下午14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为2024年9月9日上 午9:15－9:25、9:30-11:30，13:00-15:00； 通 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,383,886,554.54, a decrease of 21.33% compared to CNY 4,301,457,705.65 in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was CNY 697,242,271.91, down 27.48% from CNY 961,487,273.99 year-on-year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 647,147,330.31, a decline of 28.48% compared to CNY 904,874,709.56 in the previous year[12]. - Basic earnings per share for the first half of 2024 were CNY 0.3766, a decrease of 27.06% from CNY 0.5163 in the previous year[12]. - The company reported a total revenue of CNY 3,383.89 million for the reporting period, a decrease of 21.33% year-on-year[56]. - The net profit attributable to shareholders was CNY 697.24 million, down 27.48% compared to the previous year[56]. - The net profit after deducting non-recurring gains and losses decreased by 32.33% to ¥63,385.98 million compared to the same period last year[156]. Cash Flow and Assets - The net cash flow from operating activities increased by 12.13% to CNY 158,886,015.01, compared to CNY 141,701,593.18 in the same period last year[12]. - The total assets at the end of the reporting period were CNY 25,296,397,719.60, reflecting a 1.10% increase from CNY 25,022,331,486.69 at the end of the previous year[12]. - The total cash dividend distributed for the 2023 annual equity distribution was CNY 612,692,533.39, with a payout of CNY 3.3141 per 10 shares (tax included)[91]. - The ending balance of cash and cash equivalents was CNY 3,460,304,394.88, down from CNY 4,753,507,335.32 year-on-year[170]. - The company reported a net increase in cash and cash equivalents of -CNY 639,650,594.99, compared to -CNY 555,790,454.46 in the previous year[170]. Research and Development - The research and development expenditure was CNY 518.04 million, a decrease of 13.00% compared to the previous year[58]. - The company emphasizes continuous investment in R&D, focusing on areas such as coronary intervention and structural heart disease, to drive innovation and industry development[91]. - Research and development expenses for the first half of 2024 were CNY 356,150,203.71, down 19.3% from CNY 441,219,153.24 in the previous year[164]. - The average R&D cycle for the company's cardiovascular interventional medical devices is approximately two years shorter than the industry average, demonstrating superior R&D efficiency[52]. Market and Product Development - The company is focusing on innovation and internationalization as part of its long-term strategy to drive sustainable business growth[20]. - The company is actively expanding its product offerings in the affordable healthcare sector, with 90 cardiovascular drugs included in the National Basic Medical Insurance Drug List (2023), aiming to tap into the potential of county-level markets[43]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for this purpose[200]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of 2024[200]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[200]. Regulatory and Compliance - The company has no discrepancies between financial reports under international and Chinese accounting standards[14]. - The company is enhancing quality control measures to ensure compliance with strict regulatory standards in the medical industry[86]. - The company has received regulatory approval for several new products, including a disposable coronary intravascular shockwave catheter and a biodegradable septal occluder, enhancing its product lineup in the cardiovascular intervention field[91]. Environmental Management - The company has implemented strict adherence to local environmental standards, including the GB 37823-2019 for air emissions[104]. - The wastewater treatment standards are in compliance with the GB 21908-2008 standard for pharmaceutical industry wastewater[104]. - The company is committed to environmental management and has implemented a self-monitoring plan to assess the impact of its operations on the surrounding environment[109]. Shareholder and Governance - The company plans to distribute a cash dividend of CNY 262,521,775.23, which equates to CNY 1.42 per 10 shares (tax included) for the 2024 semi-annual dividend[95]. - The company has committed to maintaining a cash dividend payout ratio of at least 20% in future distributions, ensuring reasonable returns for investors[95]. - The company aims to enhance its governance structure and improve operational standards to protect shareholder rights and interests[91]. Strategic Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% compared to the first half[200]. - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance competitive positioning[1]. - The company is focusing on technological advancements in medical devices to drive innovation and growth[1].

证券代码：300003 证券简称：乐普医疗 公告编号：2024-088 乐普（北京）医疗器械股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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2024年8月23 日召开第六届董事会第九次会议和第六届监事会第七次会议，审议通过了《关于 使用部分闲置募集资金暂时补充流动资金》的议案，同意公司在保证募集资金投 资项目资金使用的前提下，使用闲置募集资金不超过人民币60,000万元用于暂时 补充流动资金，使用期限自董事会审议通过之日起不超过12个月，到期归还至募 集资金专用账户，具体情况如下： 一、募集资金的基本情况 2021年3月12日公司收到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）的核准，2021年3月30日公司向不特定对象发行可 转换公司债券1,638.00万张，每张面值为人民币100元，募集资金总额人民币 163,800万元。上述募集资金已于2 ...

乐普（北京）医疗器械股份有限公司 | 乐普（北京）生物科技有限公司 | 上市公司参股公司 | 应收账款 | 4.34 | 1.54 | 5.17 | 0.72 | 提供劳务 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 子公司 | | | | | | | | | 乐普创一生物科技（上海）有限 | 上市公司参股公司 | 应收账款 | 0.30 | 0.44 | 0.30 | 0.44 | 销售商品 | 经营性往来 | | 公司 | 子公司 | | | | | | | | | 北京泰杰伟业科技股份有限公 | 其他关联方 | 应收账款 | | 1.19 | 0.93 | 0.26 | 销售商品 | 经营性往来 | | 司 | | | | | | | | | | 天津市威曼生物材料有限公司 | 上市公司参股公司 | 应收账款 | | 0.23 | | 0.23 | 销售商品 | 经营性往来 | | 深圳睿瀚医疗科技有限公司 | 上市公司参股公司 | 应收账款 | 0.70 | 4.32 | 5.02 | | 销售商品 | 经 ...

证券代码：300003 证券简称：乐普医疗 公告编号：2024-081 乐普（北京）医疗器械股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金公告 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 董事会 二○二四年八月二十三日 2024年8月22日，公司已将用于暂时补充流动资金的闲置募集资金60,000万 元归还至公司募集资金专用账户，使用期限未超过12个月，公司已将上述募集资 金的归还情况通知了公司保荐机构。 特此公告。 乐普（北京）医疗器械股份有限公司（以下简称：公司）于2023年8月25日 召开第六届董事会第三次会议和第六届监事会第三次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金》的议案，同意公司在保证募集资金投资 项目资金使用的前提下，使用闲置募集资金不超过人民币60,000万元用于暂时补 充流动资金，使用期限自董事会审议通过之日起不超过12个月，到期归还至募集 资金专用账户，具体内容详见公司于2023年8月26日在巨潮资讯网披露的《关于 使用部分闲置募集资金暂时补充流动资金的公告》（公告编号：2 ...

经审议，监事会认为公司编制的 2024 年半年度募集资金存放与使用情况专 项报告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司 2024 年半年度募集资金存放与使用情况。 同意 3 票，反对 0 票，弃权 0 票，获得通过。 证券代码：300003 证券简称：乐普医疗 公告编号：2024-083 乐普（北京）医疗器械股份有限公司 第六届监事会第七次会议决议公告 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 七次会议于 2024 年 8 月 23 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 8 月 13 日以邮件方式送达。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： 一、审议《关于公司 2024 年半年度报告及报告摘要》的议案 经审核，监事会认为董事会编制和 ...

乐普（北京）医疗器械股份有限公司 第六届董事会第九次会议决议公告 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。 乐普（北京）医疗器械股份有限公司（以下简称：公司）第六届董事会第九 次会议于 2024 年 8 月 23 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 8 月 13 日以邮件方式发出。会议 应出席董事 7 名，实际出席董事 7 名。其中，以通讯表决方式出席会议董事 1 名。本次会议召开符合《公司法》及《公司章程》的相关规定。会议由董事长蒲 忠杰先生主持，公司监事会全体成员列席了本次会议，出席会议的董事逐项审议 并以记名方式投票表决通过了如下决议： 一、审议《关于公司 2024 年半年度报告及报告摘要》的议案 《2024年半年度报告》《2024年半年度报告摘要》详见中国证监会指定信息 披露网站巨潮资讯网（http://www.cninfo.com.cn）；《2024年半年度报告摘要》及 《2024年半年度报告披露提示性公告》同时刊登于公司指定信息披露报刊《证券 日报》《证券时报》《中国证券报》《上 ...