证券代码：300003 证券简称：乐普医疗 公告编号：2025-094 乐普（北京）医疗器械股份有限公司 第六届董事会第十八次会议决议公告 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）第六届董事会第十 八次会议于 2025 年 10 月 24 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 2025 年 10 月 14 日以邮件方式送达。会 议应出席董事 7 名，实际出席董事 7 名。其中，现场出席的董事共 6 名，以通 讯方式出席的董事共 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、部分高级管理人员 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《2025 年第三季度报告全文》的议案 董事会编制和审核的《2025 年第三季度报告》符合法律、行政法规、中国 证监会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司 2025 年第三季度经营的实际情况，不存在 ...

乐普医疗公告，第三季度营收为15.69亿元，同比增长11.97%；净利润为2.91亿元，同比增长176.18%。 前三季度营收为49.39亿元，同比增长3.20%；净利润为9.82亿元，同比增长22.35%。 ...

乐普（北京）医疗器械股份有限公司 2025 年第三季度报告 证券代码：300003 证券简称：乐普医疗 公告编号：2025-097 乐普（北京）医疗器械股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 1,569,324,667.97 | 11.97% | 4,938,709,224.18 | 3.20% | | 归属于上市公司股东的净利 | 291,127,122.27 | 176.18% | ...

Core Viewpoint - Lepu Medical's recent partnership with Meituan to promote its medical beauty brands "Yueyayan" and "Flora" is seen as a significant transformation effort amid ongoing performance pressures, but the path to success in the increasingly competitive medical beauty market is fraught with challenges [1][6]. Group 1: Financial Performance - Lepu Medical has experienced a continuous decline in performance, with a 23.52% year-on-year drop in revenue and an 80.37% decrease in net profit for 2024, marking the worst results in its 16-year history [2]. - The company recorded a goodwill and other asset impairment loss of 251 million yuan in 2024, with goodwill still amounting to 3.62 billion yuan, representing 14.35% of total assets as of mid-2025, indicating ongoing impairment risks [2]. Group 2: Market Competition - The medical beauty market is highly competitive, with Lepu Medical entering a saturated field where price wars are emerging, exemplified by New Oxygen's introduction of a 2,999 yuan "affordable童颜针" [3]. - Lepu Medical's recent launch of its self-developed polylactic acid facial filler (童颜针) positions it as the seventh product in this category in China, but the company faces significant challenges as a latecomer in a market dominated by established players [3]. Group 3: Diversification and Resource Allocation - In addition to medical beauty, Lepu Medical is diversifying into structural heart disease, GLP-1 innovative drugs, brain-computer interfaces, and artificial intelligence, reflecting its commitment to innovation [4]. - Despite a research and development expenditure of 1.249 billion yuan in 2024, the allocation across multiple emerging fields has resulted in insufficient investment in each area, leading to a strategic shift towards medical beauty amid tightening cash flow [4]. Group 4: Capital Structure Concerns - Lepu Medical, known for its aggressive acquisition strategy, has completed 54 investments and acquisitions from 2008 to 2021, resulting in high goodwill and asset impairment risks [5]. - As of mid-2025, the company's cash reserves have fallen to 3.6 billion yuan, while accounts receivable have risen to 2.05 billion yuan, significantly exceeding industry warning levels, indicating potential liquidity issues [5].

Investment Rating - The report maintains a positive outlook on the innovative drug and medical device industry, highlighting key targets for investment [5][24]. Core Insights - The innovative drug sector is experiencing high growth, with a focus on companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. The report emphasizes the potential for value re-evaluation in these firms [5][24]. - Recent business development (BD) deals in the innovative drug sector are expected to catalyze market activity, with notable transactions including Jiangsu Heng Rui Medicine's agreement with Kite for a $1.20 billion upfront payment, potentially reaching $15.20 billion in total [5][24]. - The A-share pharmaceutical sector underperformed the broader market in the third week of October 2025, with the Shanghai Composite Index falling by 1.5% and the SW Biopharma index declining by 2.5% [7][18]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Medical Devices - The report emphasizes the high growth potential in innovative drugs, with key investment targets including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. Related targets include CSPC Innovation Pharmaceutical [5][24]. 2. A-Share Pharmaceutical Sector Performance - In the third week of October 2025, the A-share pharmaceutical sector saw a decline of 2.5%, underperforming the Shanghai Composite Index, which fell by 1.5%. The report notes that the sector's premium relative to all A-shares is currently at a normal level, with a relative premium rate of 74.5% [7][14][21]. 3. Hong Kong and U.S. Pharmaceutical Sector Performance - The report indicates that the Hong Kong and U.S. pharmaceutical sectors also underperformed, with the Hang Seng Healthcare index dropping by 5.8% and the S&P 500 Healthcare index increasing by only 0.7% during the same period [18][24].

Core Viewpoint - Lepu Medical's stock price has shown significant growth this year, with a year-to-date increase of 63.83% and a recent trading volume indicating strong investor interest [1][2]. Financial Performance - For the first half of 2025, Lepu Medical reported a revenue of 3.369 billion yuan, a year-on-year decrease of 0.43%, and a net profit attributable to shareholders of 691 million yuan, down 0.91% compared to the previous year [2]. - The company has distributed a total of 4.957 billion yuan in dividends since its A-share listing, with 2.058 billion yuan distributed over the last three years [3]. Shareholder Structure - 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, down 5.82% [2]. - The top ten circulating shareholders include notable ETFs, with Huabao Zhongzheng Medical ETF holding 43.7211 million shares, an increase of 701,700 shares from the previous period [3]. Market Activity - On October 21, Lepu Medical's stock rose by 2.09%, reaching 18.10 yuan per share, with a trading volume of 280 million yuan and a turnover rate of 0.97% [1]. - The stock has seen a net inflow of 19.9078 million yuan from major funds, with significant buying activity noted in large orders [1].

Core Points - The Bioeconomy Index (970038) closed at 2262.82 points, up 0.08%, with a trading volume of 19.253 billion yuan and a turnover rate of 1.3% [1] - Among the index constituents, 27 stocks rose, with Iwubio leading at a 10.07% increase, while 22 stocks fell, with Yifan Pharmaceutical leading the decline at 4.45% [1] Index Constituents Summary - The top ten constituents of the Bioeconomy Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 223.47, down 0.90%, and a market cap of 270.944 billion yuan [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 121.12, down 0.12%, and a market cap of 49.409 billion yuan [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 30.56, up 1.76%, and a market cap of 54.342 billion yuan [1] - Shizhu Aoshi (sz002252) with a weight of 4.52%, latest price at 6.67, up 0.15%, and a market cap of 44.275 billion yuan [1] - Biao Ge Shi Medicine (sz300347) with a weight of 4.23%, latest price at 54.08, up 0.95%, and a market cap of 46.564 billion yuan [1] - Shenzhen Technology (sz000021) with a weight of 4.08%, latest price at 27.24, down 0.58%, and a market cap of 42.693 billion yuan [1] - Muyuan Foods (sz002714) with a weight of 3.66%, latest price at 49.48, down 2.25%, and a market cap of 270.298 billion yuan [1] - Aimeike (sz300896) with a weight of 3.44%, latest price at 167.03, down 1.49%, and a market cap of 50.542 billion yuan [1] - Kailai Ying (sz002821) with a weight of 3.23%, latest price at 105.80, up 2.72%, and a market cap of 38.151 billion yuan [1] - Color Egg Therapy (sz002223) with a weight of 3.19%, latest price at 36.65, down 1.24%, and a market cap of 36.741 billion yuan [1] Capital Flow Summary - The Bioeconomy Index constituents experienced a net outflow of 599 million yuan from institutional investors and 215 million yuan from retail investors, while retail investors saw a net inflow of 814 million yuan [3] - Notable capital flows include: - Kanglong Chemical saw a net inflow of 74.766 million yuan from institutional investors, while retail investors experienced a net outflow of 49.703 million yuan [3] - Hualan Biological had a net inflow of 42.164 million yuan from institutional investors, with retail investors seeing a net outflow of 33.5328 million yuan [3] - Lepu Medical had a net inflow of 40.927 million yuan from institutional investors, while retail investors had a net outflow of 32.1814 million yuan [3] - Kailai Ying had a net inflow of 38.867 million yuan from institutional investors, with retail investors experiencing a net outflow of 16.4533 million yuan [3] - Iwubio had a net inflow of 23.192 million yuan from institutional investors, while retail investors saw a net outflow of 5.9208 million yuan [3]

Core Insights - The brain-computer interface sector saw a rise of 2.81%, ranking fifth among concept sectors, with 40 stocks increasing in value, including notable gains from companies like Innovation Medical, which hit the daily limit, and others such as Beikang and Dineke, which rose by 11.28%, 10.19%, and 7.42% respectively [1][2] Market Performance - The top-performing concept sectors today included Cultivated Diamonds at 6.69%, followed by Combustible Ice at 3.86%, and Brain-Computer Interface at 2.81%, while sectors like Gold and Metal Lead experienced declines of -2.09% and -1.99% respectively [2] - The brain-computer interface sector attracted a net inflow of 641 million yuan, with 23 stocks receiving net inflows, and five stocks exceeding 30 million yuan in net inflows, led by Innovation Medical with 603 million yuan [2][3] Stock Performance - The stocks with the highest net inflow ratios included Innovation Medical at 30.84%, Renhe Pharmaceutical at 10.82%, and Yanshan Technology at 9.32% [3] - Specific stock performances within the brain-computer interface sector showed Innovation Medical increasing by 10.02% with a turnover rate of 20.08%, while Yanshan Technology rose by 4.86% with a turnover rate of 5.04% [3][4]

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]