证券代码：300003 证券简称：乐普医疗 公告编号：2025-036 乐普（北京）医疗器械股份有限公司 关于子公司 MWN109 片获得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》，由民为生物申 报的 MWN109 片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 药物名称：MWN109 片 注册分类：化学药品 1 类 申请事项：临床试验 申请人：上海民为生物技术有限公司 | 适应症 | 受理号 | | --- | --- | | 2 型糖尿病 | CXHL2500239、CXHL2500240、CXHL2500241、CXHL2500242 | | 超重或肥胖 | CXHL2500234、CXHL2500235、CXHL2500236、CXHL2500237 | 根据《中华人民共和国药品管理法》及有关规定，经审查， ...

证券代码：300003 证券简称：乐普医疗 公告编号：2025-035 董事会 乐普（北京）医疗器械股份有限公司（以下简称：公司）沉痛公告，公司第 六届监事会主席王兴林先生因病医治无效于近日不幸逝世。 公司董事、监事、高级管理人员及全体员工对王兴林先生的不幸逝世表示沉 痛哀悼和深切缅怀，并向其亲属致以深切的慰问！ 王兴林先生在担任公司监事会主席期间，恪尽职守、勤勉尽责，忠实地履行 了作为监事会主席应尽的职责和义务，在保障公司监事会合规决策、维护公司及 股东的整体利益等方面尽职尽责，为公司规范运作和高质量发展发挥了积极作用。 公司对王兴林先生为公司发展所做的努力和贡献表示衷心感谢！ 王兴林先生逝世后，公司监事会成员减少至 2 人，低于《公司法》和《公司 章程》规定的最低人数，公司将根据有关法律法规及《公司章程》的规定，尽快 完成监事的补选工作，并及时履行信息披露义务。 特此公告。 乐普（北京）医疗器械股份有限公司 乐普（北京）医疗器械股份有限公司 关于监事会主席逝世的公告 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。 二○二五年五月九日 ...

Core Viewpoint - The new materials industry is rapidly growing and is considered a leading sector in the era of hard technology, with significant contributions to high-tech applications, traditional industry upgrades, and national defense capabilities [3][4]. Industry Trends - The global new materials market is expected to reach a scale of 5.6 trillion USD by 2025, with a compound annual growth rate (CAGR) of 13.3% from 2020 to 2025 [50]. - In China, the industry scale increased from 0.8 trillion CNY in 2010 to 8.2 trillion CNY in 2023, with a projected target of 10 trillion CNY by 2025 [13][50]. - The average annual growth rate of the new materials industry is over 15% [13]. Key Innovations - Breakthroughs in semiconductor materials have led to domestic alternatives, such as Huawei's 5G base station chips [8]. - Carbon fiber materials are crucial for the mass production of the C919 aircraft, enhancing autonomous high-end equipment manufacturing [10]. - The development of biodegradable medical coatings has facilitated the domestic production of joint prosthetics, with over 100,000 clinical uses reported [10]. Regional Development - The Yangtze River Delta has become a hub for magnetic materials, while the Pearl River Delta is nurturing new display materials [13]. - Jiangsu province accounts for 35% of the national high-performance fiber production, and Shanghai has a new materials R&D investment intensity of 4.2% [13]. - The western regions are experiencing rapid investment growth, with Sichuan's lithium battery materials investment increasing by 48% annually [15]. Talent Supply and Demand - The new materials industry is witnessing a significant influx of young, highly educated talent, with 44.86% of the workforce aged between 25-35 years [74]. - The demand for talent in the new materials sector is concentrated in the Yangtze River Delta and Pearl River Delta regions, which together account for over 40% of the total demand [86]. - By 2025, the total talent demand in the new materials industry is expected to reach 10 million, with a talent gap of 4 million [84]. Employment Trends - The industry is characterized by a high demand for R&D and technical positions, with material engineers and process engineers being the most sought-after roles [92]. - Private enterprises dominate the talent demand landscape, accounting for 63.5% of the total demand, reflecting the market-driven nature of the industry [90]. - The demand for cross-disciplinary talent is evident, with significant representation from mechanical, electrical, and chemical engineering backgrounds [81]. Market Dynamics - The new materials sector is experiencing a surge in capital investment, with a projected 40% increase in financing activities in 2024, exceeding 25 billion CNY [63]. - The industry is also seeing a trend towards localized supply chains, with companies like Ningde Times investing heavily in overseas production facilities [69][71]. - The competitive landscape is intensifying, with companies focusing on technological innovation and market expansion to capture growth opportunities [99].

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a recent increase, reflecting a mixed performance over different time frames [1][2]. Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services rose by 0.39% to 13,367.74 points, with a trading volume of 14.635 billion yuan [1]. - Over the past month, the index has increased by 5.82%, while it has decreased by 2.05% over the last three months and by 2.72% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, selected from the broader China Securities Index to reflect the overall performance of healthcare-related securities [1]. - The top ten weighted companies in the index include: Mindray Medical (9.57%), Aier Eye Hospital (8.34%), United Imaging (7.63%), Aimeike (3.55%), Huatai Medical (3.28%), Yuyue Medical (2.88%), New Industry (2.81%), Meinian Onehealth (2.35%), Lepu Medical (2.07%), and Jiuan Medical (2.03%) [1]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.66%) and the Shanghai Stock Exchange (39.34%) [1]. - In terms of industry composition, medical devices account for 34.34%, medical consumables for 27.26%, in vitro diagnostics for 21.50%, and medical services for 16.90% [2]. Group 4: Fund Tracking - Several public funds track the China Securities Index for Healthcare Equipment and Services, including Southern China Securities Index Healthcare Equipment and Services Link A, C, and I, Tianhong China Securities Index Healthcare Equipment and Services ETF, and others [2].

Core Viewpoints - The segmented fields show differentiated growth: semiconductor materials grow at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth of 8-10% [2] - Emerging fields are rapidly rising: AI servers with high-frequency materials grow at 60%, new energy vehicles with MLCC at 100%, foldable screens with UTG glass at 30%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2] - The industrial chain is changing: semiconductor materials are developed in a bundled manner with "wafer factories + material factories," while new energy materials involve a three-in-one integration of car manufacturers, battery factories, and material suppliers [2] Market Analysis - The Chinese innovative materials market has formed a diversified tiered structure, reaching a total scale of 6 trillion yuan in 2024, with a forecast to exceed 10 trillion yuan in 2025. The segmented fields show differentiated growth: semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%) constitute three major growth poles, while traditional structural materials grow steadily at 8-10% [10][11] - The application field is being restructured, with traditional applications (aerospace, automotive manufacturing) dropping from 65% in 2019 to 48% in 2023, while emerging fields like AI servers (CCL usage growth of 60%), new energy vehicles (MLCC demand growth of 100%), and foldable screens (UTG glass demand growth of 30%) are rapidly rising [10] Competitive Landscape and Industrial Chain Evolution - The industry concentration is accelerating, showing a dual-track pattern of "national teams leading + private specialization." China National Building Material Group, as a representative of "national materials," has achieved breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [12] - The collaborative model in the industrial chain is innovating significantly. In the semiconductor materials field, a "wafer factory + material factory" bundled development model has formed, while new energy materials show a three-in-one R&D model involving car manufacturers, battery factories, and material suppliers [12] Future Market Space - The innovative materials market in China is expected to reach 10 trillion yuan by 2025 and exceed 30 trillion yuan by 2030, maintaining a CAGR of 18%. The growth engines come from deepening domestic substitution, technological iteration dividends, and the expansion of emerging applications [19] - Key areas to focus on include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconducting materials, perovskite photovoltaic materials, high-frequency materials, MLCC, UTG glass, silicon-carbon anodes, AI + new materials, and biodegradable materials [10][19] Policy Environment and Institutional Innovation - The national strategic layout provides strong support, with the Ministry of Industry and Information Technology clarifying key development directions for frontier materials, and local governments increasing support, such as Guangdong Province establishing a 10 billion yuan new materials industry fund [15] - The policy combination has shown significant effects, with the first application insurance compensation mechanism covering 80% of key materials, reducing R&D risks for enterprises by 30% [15] Technological Innovation and Industry Upgrade - The materials genome engineering is revolutionizing the R&D model, significantly shortening the development cycle of new materials [16] - Breakthroughs in production processes are reshaping cost curves, with significant reductions in unit costs and improvements in yield rates for various materials [16] Investment Strategy Recommendations - Focus on three major tracks: high-end semiconductor materials, new energy materials, and biomedical materials. Risk control should pay attention to technological route risks and the competitive landscape of leading enterprises [25][26] - The certainty of domestic substitution is high, with significant opportunities in solid-state electrolytes and superconducting materials [26]

Group 1 - The core viewpoint of the articles highlights that Lepu Medical's stock closed at 11.41 yuan, with a PE ratio of 149.42, marking a new low in 20 days, and a total market capitalization of 21.458 billion yuan [1] - The average PE ratio for the medical device industry is 48.90, with a median of 36.41, positioning Lepu Medical at the 111th rank within the industry [1] - As of March 31, 2025, Lepu Medical has 94,228 shareholders, an increase of 583 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - Lepu Medical's main business includes medical devices, pharmaceuticals, medical services, and health management, with its primary products being in these categories [1] - The latest quarterly report for Q1 2025 shows that the company achieved a revenue of 1.736 billion yuan, a year-on-year decrease of 9.67%, and a net profit of 379 million yuan, down 21.44%, with a gross profit margin of 64.03% [1] - The PE ratios for Lepu Medical are significantly higher than the industry averages, indicating potential overvaluation compared to peers [2]

Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, evolving from strategic support to a key pillar of national competitiveness. By 2024, the industry scale is projected to exceed 60 trillion yuan, maintaining a 20% annual growth rate, making it the fastest-growing new materials market globally [2] - The "14th Five-Year Plan" identifies innovative materials as a core area of strategic emerging industries, with the release of the "Guidance Directory for the First Batch of Key New Materials Application Demonstration (2024 Edition)" covering 299 new materials, providing clear guidance for industry development [2] - The industry is entering a quality upgrade phase, with the localization rate of semiconductor materials increasing from 15% in 2020 to 25% in 2024, while lithium iron phosphate cathode materials in the new energy sector have reached a 95% localization rate, supporting companies like CATL and BYD with over 60% global market share [2] Market Status Analysis - The Chinese innovative materials market has formed a diversified tiered structure, with an overall scale reaching 60 trillion yuan in 2024 and expected to surpass 100 trillion yuan by 2025. Key growth areas include semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%), while traditional structural materials grow steadily at 8-10% [4] - The regional distribution shows the Yangtze River Delta (45% share in semiconductor materials), the Pearl River Delta (leading in new energy materials), and the Beijing-Tianjin-Hebei region (cluster advantage in biomedical materials) [4] Competitive Landscape and Industry Chain Evolution - The industry concentration is accelerating, characterized by a dual-track model of "national teams leading + specialized private enterprises." China National Building Material Group has made breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [7] - The semiconductor materials sector has developed a "wafer factory + material factory" collaborative development model, while new energy materials show a "vehicle manufacturers + battery factories + material suppliers" integrated R&D approach [7] Policy Environment and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for frontier materials, including superconductors and graphene [9] - The establishment of a standard system that aligns with international standards is accelerating, with China National Building Material Group participating in the formulation of 52 ISO international standards [9] Future Forecast Analysis - The Chinese innovative materials market is expected to experience structural growth, reaching 100 trillion yuan by 2025 and exceeding 300 trillion yuan by 2030, with a CAGR of 18%. Growth drivers include deepening domestic substitution, technological iteration benefits, and the expansion of emerging applications [14] - The future five years will focus on four major technological breakthroughs: extreme performance, intelligent upgrades, green manufacturing, and cross-border integration [15] Investment Strategy Recommendations - Key investment areas include semiconductor materials, new energy materials, and biomedical materials, with a focus on technological breakthroughs and capacity releases [20]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company is expected to see a performance recovery throughout the year, with a projected EPS of 0.54, 0.61, and 0.67 for 2025-2027, respectively [2][10]. - The target price is set at 12.42 CNY, based on a 23x P/E ratio for 2025 [2][6]. Financial Performance Summary - For 2023, the company reported a revenue of 7,980 million CNY, which is a decrease of 24.8% year-on-year. The revenue is expected to recover to 6,835 million CNY in 2025, reflecting a growth of 12.0% [4][10]. - The net profit attributable to the parent company for 2023 was 1,258 million CNY, down 42.9% year-on-year, with a forecasted recovery to 1,010 million CNY in 2025, representing a growth of 309.1% [4][10]. - The gross margin is projected to be 62.2% in 2025, slightly improving from 60.9% in 2024 [4][10]. Business Segment Performance - In 2024, the medical device segment generated revenue of 33.3 billion CNY, down 9.5% year-on-year, while the structural heart disease business showed strong growth with a 44.0% increase [10]. - The pharmaceutical segment's revenue in 2024 was 17.6 billion CNY, a decline of 42.3% due to price governance impacts [10]. - The company is focusing on innovation and internationalization, with new products in the cardiovascular field and ongoing clinical trials for innovative drugs [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.42 CNY based on a 23x P/E ratio for 2025 [2][6]. Core Insights - The company is expected to recover its performance throughout the year, with a projected EPS of 0.54 CNY for 2025, down from previous estimates of 0.75 CNY [2][10]. - The company’s revenue for 2024 is forecasted at 6.1 billion CNY, reflecting a year-on-year decline of 23.5%, but is expected to grow by 12.0% in 2025 [4][10]. - The medical device segment showed resilience, with structural heart disease revenue increasing by 44.0% in 2024, while the overall medical device revenue decreased by 9.5% [10]. Financial Performance Summary - **2023A**: Revenue of 7.98 billion CNY, net profit of 1.26 billion CNY, and EPS of 0.67 CNY. - **2024A**: Revenue expected to drop to 6.1 billion CNY, net profit to 247 million CNY, and EPS to 0.13 CNY. - **2025E**: Revenue projected to recover to 6.83 billion CNY, net profit to 1.01 billion CNY, and EPS to 0.54 CNY [4][10]. - The gross margin is expected to stabilize around 62.2% in 2025, with a net margin of 14.8% [4][10]. Business Strategy and Outlook - The company focuses on innovation, consumer engagement, and internationalization, particularly in the cardiovascular sector [10]. - New product approvals in the cardiovascular intervention space and ongoing clinical trials for innovative drugs indicate a strong pipeline for future growth [10].

Core Viewpoint - Lepu Medical reported a significant decline in financial performance for 2024, marking the worst results in its 16-year history as a public company, with revenue dropping by 23.52% and net profit plunging by 80.37% [1] Financial Performance Summary - In 2024, Lepu Medical achieved revenue of 6.103 billion yuan, a year-on-year decrease of 23.52% [1] - The net profit attributable to shareholders was 247 million yuan, down 80.37% year-on-year, while the non-recurring net profit was 221 million yuan, also down 80.28% [1] - For Q1 2025, the company reported a revenue decline of 9.67% and a net profit decrease of 21.44% [8] Business Segment Analysis - The three main business segments—medical devices, pharmaceuticals, and medical services—saw revenue declines across the board: - Medical devices generated 3.326 billion yuan, down 9.47% [2] - Pharmaceuticals generated 1.758 billion yuan, down 42.25% [3] - Medical services and health management generated 1.019 billion yuan, down 19.24% [5] - The decline in the medical devices segment was primarily due to a 51.31% drop in the in-vitro diagnostics business, which generated 333 million yuan [2] Pharmaceutical Business Challenges - The pharmaceutical segment's revenue fell significantly, with the formulation (generic drugs) revenue at 1.409 billion yuan, down 46.50%, and raw materials at 349 million yuan, down 14.99% [3] - The decline is attributed to reduced willingness from retail channels to stock products, influenced by recent price governance initiatives by the National Medical Insurance Administration [3][4] Impacts of Policy Changes - The implementation of the "Four Same" policy is expected to reduce price disparities between hospital and retail channels, negatively impacting retail margins and willingness to stock products [4] - The company has faced challenges in channel management, leading to reduced inventory turnover and sales [4] Asset Impairment and Goodwill Risks - Lepu Medical recorded impairment losses totaling 251 million yuan, significantly impacting net profit [6] - The company still faces high goodwill impairment risks, with a goodwill balance of 3.62 billion yuan, accounting for 14.35% of total assets [7] - Specific subsidiaries have not recorded impairment despite declining performance, raising concerns about future profitability [7][8]