分行业来看，2024年，其医疗器械板块实现营业收入33.26亿元，同比下降9.47%；药品板块实现营业收入17.58亿元，同比下降42.25%；医疗服务及健康管 理板块实现营业收入10.19亿元，同比下降19.24%。 | | | | 毛利率 | 营业收入 | 营业成本 | | --- | --- | --- | --- | --- | --- | | | 营业收入 | 营业成本 | | 比上年同 | 比上年同 | | | | | | 期增减 | 期增减 | | 分行业 | | | | | | | 医疗器械 | 3, 326, 491, 257. 02 | 1, 011, 376, 771. 63 | 69. 60% | -9. 47% | -17. 38% | | 药品 | 1, 757, 747, 768. 26 | 813, 026, 692. 22 | 53.75% | -42. 25% | -14. 68% | | 医疗服务及健康管理 | 1, 019, 030, 080. 60 | 563, 243, 637. 78 | 44. 73% | -19. 24% | -16. 72% | 值得注意的是 ...

Core Viewpoint - Lepu Medical is experiencing a significant decline in performance, marking the end of its growth phase, with 2024 showing a substantial drop in revenue and profit compared to previous years [1][3]. Financial Performance - In 2022, Lepu Medical achieved revenue of 10.609 billion yuan, with a net profit of 2.246 billion yuan, reflecting a year-on-year growth of 26.15% [1]. - For 2024, the company reported revenue of 6.103 billion yuan, a decrease of 23.52%, and a net profit of 247 million yuan, down 80.37% year-on-year, marking the lowest since its IPO [1][2]. - The first quarter of 2025 also showed a decline, with revenue of 1.736 billion yuan, down 9.67%, and net profit of 379 million yuan, down 21.44% [2]. Asset Impairment and Business Challenges - Lepu Medical faced significant asset impairment losses totaling 251 million yuan in 2024, which heavily impacted its net profit [3]. - The company reported a decline across all major business segments in 2024: medical devices revenue fell by 9.47%, pharmaceuticals by 42.25%, and healthcare services by 19.24% [4]. Market Environment and Competition - The company is grappling with increased market competition, particularly in the cardiovascular device sector, where it faces strong rivals like MicroPort and Boston Scientific [5]. - The normalization of volume-based procurement has negatively affected the pricing and sales of Lepu Medical's products, leading to a significant drop in revenue from its core generic drugs [6][7]. Strategic Focus for Recovery - Lepu Medical aims to pivot towards innovation, consumer healthcare, and international expansion as key strategies for recovery [8][9]. - The company has developed a range of innovative products in the cardiovascular space and is actively pursuing new drug development, including a candidate for obesity and type II diabetes [10]. - The focus on consumer healthcare includes entering markets such as ophthalmology and dermatology, with several products in the registration phase [11]. Conclusion - Despite current challenges, Lepu Medical's foundational strengths and market demand in the cardiovascular sector provide a basis for potential recovery, contingent on effective execution of its strategic initiatives [8].

Group 1: Ganyuan Food - Ganyuan Food plans to conduct in-depth research in the Southeast Asian market starting in Q4 2024, with an accelerated product export strategy in 2025 [1] - The company is addressing raw material fluctuations through advance reserves, supply chain alternatives, and increasing direct procurement [1] - The growth in accounts receivable is primarily due to the staggered impact of the Spring Festival, leading to increased receivables during peak sales periods [1] - The growth of mixed nuts and bean snacks is attributed to bulk snack channels and overseas markets [1] - A significant promotional effort in Q1 2024 resulted in lower e-commerce gross margins, but gross margins are expected to rise year-on-year in Q1 2025 [1] - Sales expenses in Q1 2025 are expected to increase due to the initiation of the Southeast Asia export strategy, including market research, product design, sales personnel costs, and new celebrity endorsement fees [1] Group 2: Lepu Medical - Lepu Medical is optimistic about future profit growth from structural heart, dermatology, and neuro-regulation businesses [2] - The company has set profit margin assessments for each business segment and is controlling costs to maintain healthy cash flow [2] - The trend of centralized procurement may moderate, with significant regional differences across provinces [2] - The impact of US-China tariffs on the company is limited, and the domestic substitution process for some products may accelerate [2] - The promotion of new cardiovascular interventional products is progressing smoothly, with a sales target for coronary interventional business set for a 10% year-on-year increase [2] - The non-invasive blood glucose meter is undergoing further testing, and the candidate drug MWN101 has completed Phase II clinical trials [2] - The brain-computer interface business is in the incubation stage, and the market share of coronary stents has not met expectations, prompting increased focus on this area [2] - The AI business will increasingly integrate with hardware devices, and opportunities exist for DSA product promotion amid US-China trade tensions [2] - The company is placing greater emphasis on the neuro-regulation pipeline due to competition in the cardiac electrophysiology sector [2] - The TAVR product aims to enhance its popularity through reasonable pricing [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance for 2024 and Q1 2025, with decreases of 32.64% and 39.96% respectively, primarily due to the impact on shingles vaccine sales [3] - The company plans to enhance market awareness of the shingles vaccine through various methods while maintaining its position in the chickenpox vaccine market and expanding into international markets [3] - In terms of R&D, multiple projects have made progress, including liquid nasal spray flu vaccines and rabies monoclonal antibodies [3] - The company anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decline [3]

Group 1 - The core viewpoint of the article highlights that Ningju Asset has conducted research on Lepu Medical, focusing on its future profit growth expectations from various business segments including structural heart, dermatology, and neuroregulation [1] - Lepu Medical has set profit margin assessments for each business segment and aims to control costs to maintain healthy cash flow [1] - The trend of centralized procurement may become milder, with significant differences across provinces [1] - The impact of US-China tariffs on the company is limited, and the domestic substitution process for some products may accelerate [1] - The sales target for coronary intervention business is a 10% year-on-year growth, with successful promotion of new products [1] - The non-invasive blood glucose meter is undergoing further testing [1] - The candidate drug MWN101 has completed phase II clinical trials [1] - The brain-computer interface business is in the incubation stage [1] - The market share of coronary stents has not met expectations, leading the company to place more emphasis on this business since last year [1] - The AI business will increasingly integrate with hardware devices [1] - Opportunities exist for DSA product promotion due to the backdrop of US-China economic and trade disputes [1] - The cardiac electrophysiology sector is crowded, prompting the company to focus more on the neuroregulation pipeline [1] - The TAVR product aims to enhance its popularity through reasonable pricing [1] Group 2 - Ningju Investment is a professional institution focused on investment research in the financial securities market, providing various asset management services to institutional investors and high-net-worth clients [2] - It is one of the first 100 private fund management companies approved for registration in China [2] - Ningju Investment manages over 30 private funds across six major series, with investment scope covering bonds, stocks, futures, options, and various structured financial products [2]

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a recent increase, but it has experienced declines over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The CSI Healthcare Equipment and Services Index rose by 1.17% to 13,221.28 points with a trading volume of 10.971 billion [1]. - Over the past month, the index has decreased by 9.68%, by 0.46% over the last three months, and by 4.54% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, reflecting the overall performance of these securities [1]. - The top ten weighted companies in the index include Mindray Medical (9.26%), Aier Eye Hospital (8.31%), and United Imaging Healthcare (7.36%) [1]. - The index's holdings are primarily from the Shenzhen Stock Exchange (60.12%) and the Shanghai Stock Exchange (39.88%) [1]. Group 3: Fund Tracking - Public funds tracking the healthcare index include several funds such as Southern CSI Healthcare Equipment and Services Link A, Tianhong CSI Healthcare Equipment and Services ETF, and others [2].

业绩方面，基金调研公司中，6家公司已经公布了一季报，净利润同比增幅最高的是中际旭创、顺络电 子，净利润增长幅度为56.83%、37.02%。公布一季度业绩预告的共有1家。以净利润增幅中值来看，净 利润增幅最高的是天融信，预计净利润中值为-7000.00万元，同比增幅为21.62%。（数据宝） 4月20日基金调研公司一览 昨日基金共对9家公司进行调研，扎堆调研甘源食品、顺络电子、中际旭创等。 证券时报·数据宝统计，4月20日共9家公司被机构调研，按调研机构类型看，基金参与9家公司的调研活 动，其中，10家以上基金扎堆调研公司共6家。甘源食品最受关注，参与调研的基金达39家；顺络电 子、中际旭创等分别获26家、24家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有3家，创业板公司有6家。所属行业来看，基 金调研的公司共涉及5个行业，所属医药生物行业最多，有3家公司上榜；电子、通信等紧随其后，分别 有2家、2家公司上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有1家，总市值不足100亿元的有3家，分 别是透景生命、甘源食品、天融信等。 市场表现上，基金调研股中，近5日上涨的有 ...

Core Viewpoint - Lepu Medical's overall revenue declined by 23.52% in 2024, with significant impacts across multiple business segments, leading to a drastic drop in net profit by 80.37% [2][3] Group 1: 2024 Performance Overview - The medical device segment's revenue decreased by 9.47%, primarily due to a significant drop in the in vitro diagnostics business, although coronary intervention and structural heart disease businesses grew by 6.35% and 44.03% respectively [2] - The pharmaceutical segment experienced a notable decline, with raw material drug revenue down by 14.99% and formulation revenue down by 46.50%, largely due to the impact of the "Four Same" policy and price reductions from centralized procurement [2] - The medical services and health management segment saw a revenue decline of 19.24%, attributed to reduced demand for blood oxygen products [2] - The company reduced its workforce by 1,409 employees to optimize operations, focusing on R&D and marketing personnel in specific segments [2] Group 2: 2025 Outlook - Lepu Medical holds a cautiously optimistic view for 2025, anticipating a 30% year-on-year increase in pharmaceutical shipments, with formulation revenue expected to reach around 1.8 billion [3] - The medical device segment is projected to grow by approximately 10%, driven by cardiovascular intervention products, with expected growth rates of 10-15% for specific product lines [3] - The medical services and health management segment is expected to grow by 15%, supported by new business from specific hospitals and foreign trade [3] - The company is preparing for the approval of new dermatological injection products, which are anticipated to enhance revenue streams [3] Group 3: Investor Q&A Highlights - The company is focusing on controlling sales expenses and reducing ineffective R&D to improve profit margins [4] - Future profit growth is expected to come from structural heart, dermatology, and neuro-modulation businesses, although profit forecasts for 2026 remain uncertain [4] - The company is addressing the impact of centralized procurement policies, with expectations of moderate trends and varying implementations across provinces [4] - Key product sales targets include 20 million for TAVR, 50 million for peripheral intervention, and a total of 250 million for coronary and peripheral intervention products [4]

证券代码：300003 证券简称：乐普医疗 乐普（北京）医疗器械股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 | | --- | --- | | 投资者关系活 | □新闻发布会 □路演活动 | | 动类别 | | | | □现场参观 | | | □其他 | | 参与单位名称 | | | | 108 家境内外机构共 154 名参会人员，详见附件明细 | | 及人员姓名 | | | 时间 | 2025 年 4 月 20 日 | | 地点 | 电话会议 | | 上市公司接待 | 董事长 蒲忠杰 | | | 财务总监 王泳 | | 人员姓名 | 董事会秘书 江维娜 | | | 公司介绍： | | | 各位投资者上午好，感谢大家来参加业绩说明会，我先介绍一 | | | 下公司 2024 年业绩情况和 2025 年展望。 | | | 2024 年公司总体营收同比下降 23.52%，其中医疗器械板块营收 | | | 同比下降 9.47%，主要是因为体外诊断业务降幅较大，冠脉植介入 | | | 和结构性心脏病业务分别同比增长 6.35%和 44.0 ...

Core Viewpoint - Lepu Medical reported a significant decline in financial performance for the year 2024, with a notable drop in revenue and net profit compared to the previous year [1][2]. Financial Performance Summary - The company's operating revenue for 2024 was 6.10 billion yuan, a decrease of 23.52% from 2023's 7.98 billion yuan [2]. - Net profit attributable to shareholders was 246.94 million yuan, down 80.37% from 1.26 billion yuan in 2023 [2]. - The net profit after deducting non-recurring gains and losses was 221.43 million yuan, reflecting an 80.28% decline from 1.12 billion yuan in the previous year [2]. - The net cash flow from operating activities was 734.64 million yuan, a decrease of 25.82% compared to 990.36 million yuan in 2023 [2]. Historical Comparison - In 2023, Lepu Medical's operating revenue was 7.98 billion yuan, down 24.78% from 2022 [3]. - The net profit attributable to shareholders in 2023 was 1.26 billion yuan, a decrease of 42.91% from 2022 [3]. - The net cash flow from operating activities in 2023 was 990.36 million yuan, down 64.51% from 2022 [3]. Profit Distribution Plan - The company approved a profit distribution plan, proposing a cash dividend of 1.35 yuan per 10 shares (including tax) to all shareholders, with no bonus shares [2].

乐普医疗 20250420 摘要 Q&A 公司在 2024 年和 2025 年一季度的财务表现如何？ 2024 年公司的整体营收下降，主要原因是诊断板块的收入减少。器械板块的营 收下降了 9%，其中心血管板块仍保持增长，增幅约为 10%。药品板块的降幅最 大，约为 40%，其中原料药降幅约 20%，制剂药品降幅约 42%。服务和医疗板块 也受到新冠疫情影响显著下降。总体来看，公司 2024 年的销售额降低了 20%， • 乐普医疗 2024 年销售额下降 20%，利润下降 80%，主要受原料药、制剂药 品及疫情影响，但 2025 年一季度收入和利润已明显回暖。公司通过裁员 1,600 人（含 400 研发人员）、优化营销策略、关闭亏损业务等措施应对 挑战。 • 公司预计 2025 年经营状况好转，药品销售额预计同比增长 30%左右，器械 增长 10%左右，主要来自心血管、外科及诊断领域。中美贸易脱钩可能带 来进口替代机会，利好公司发展。 • 公司现金流稳定，2023 年净现金流 9-10 亿元，2024 年 7 亿元。分红和股 票回购显示公司信心。对美国出口业务影响有限，但中美脱钩加速进口替 代，为起搏器等领 ...