证券代码：300003 证券简称：乐普医疗 公告编号：2025-052 债券代码：123108 债券简称：乐普转 2 乐普（北京）医疗器械股份有限公司 关于权益分派期间乐普转 2 暂停转股的提示性公告 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。 特别提示： 债券代码：123108 债券简称：乐普转 2 转股起止时间：2021 年 10 月 8 日至 2026 年 3 月 29 日 暂停转股时间：2025 年 6 月 12 日至 2024 年度权益分派股权登记日 恢复转股时间：公司 2024 年度权益分派股权登记日后的第一个交易日 乐普（北京）医疗器械股份有限公司（以下简称：公司）将于近日实施 2024 年度权益分派，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 发行可转换公司债券募集说明书》中"转股价格的调整方式"条款的规定（详见 附件），自 2025 年 6 月 12 日起至本次 2024 年度权益分派股权登记日止，公司 可转换公司债券乐普转 2（债券代码：123108；债券简称：乐普转 2）将暂停转 股，公司将在本次权益分派股权登记日后的第 ...

6月10日，乐普医疗今日收盘13.47元，上涨4.10%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到176.40倍，总市值253.32亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)113乐普医疗176.40102.581.64253.32亿行业平均 51.0048.824.68108.70亿行业中值37.0337.302.5049.80亿1天益医疗-1801.27-3085.371.9222.95亿2澳华内 镜-688.49345.315.5272.56亿3诺唯赞-425.24-502.942.3391.00亿4爱朋医疗-416.91316.735.0234.21亿5博晖 创新-341.86542.483.6550.16亿6奥精医疗-150.60-220.731.9927.95亿7硕世生物-144.86-2116.821.3042.37亿 8睿昂基因-104.65-85.921.4813.55亿9康泰医学-87.91-74.273.1457.86亿10中红医疗-73.24-58.410.9350.90亿 11热景生物-66.56-76.694.91146.48亿 从行业市盈率 ...

Group 1: Market Performance - The weight loss drug concept index rose by 1.46%, ranking 7th among concept sectors, with 27 stocks increasing in value [1] - Notable gainers included Zhongsheng Pharmaceutical, which hit the daily limit, and Hanyu Pharmaceutical, Yipinhong, and Tianenkang, with increases of 13.58%, 9.40%, and 9.35% respectively [1] - The sector experienced a net outflow of 600 million yuan in capital, with 23 stocks seeing net inflows, and 6 stocks receiving over 30 million yuan in net inflows [2] Group 2: Capital Flow - Leading the net inflow of capital was Lepu Medical, with a net inflow of 176 million yuan, followed by Hengrui Medicine and Ganli Pharmaceutical with net inflows of 164 million yuan and 117 million yuan respectively [2] - The top three stocks by net inflow ratio were Kexing Pharmaceutical, Lepu Medical, and Ganli Pharmaceutical, with net inflow ratios of 9.86%, 9.24%, and 8.74% respectively [3] Group 3: Stock Performance - The stock performance table indicated that Lepu Medical had a daily increase of 4.10% with a turnover rate of 8.77%, while Hengrui Medicine rose by 1.42% with a turnover rate of 0.75% [3] - Other notable performers included Tianenkang with a 9.35% increase and a turnover rate of 10.42%, and Kexing Pharmaceutical with a 6.40% increase and a turnover rate of 3.35% [4]

Group 1 - Medical device sector shows strong performance with ETF fund (159797) experiencing significant trading volume and net inflow of funds [1] - Recent policy document issued on June 9 aims to improve healthcare resources and insurance mechanisms, which is seen as a major driver for pharmaceutical companies [3] - Citic Securities predicts a trend of low-to-high earnings growth in the medical device sector, with significant improvements expected in the second half of the year [4] Group 2 - Structural investment opportunities exist within the medical device sector, with certain companies expected to achieve high growth in Q2 and Q3 [5] - The easing of US-China tariffs is beneficial for medical device companies, potentially lowering production costs and expanding overseas market share [6] - The medical device ETF fund (159797) covers core areas such as medical equipment and in vitro diagnostics, with top ten weighted stocks accounting for 46.78% [6][7]

Core Viewpoint - Lepu Medical's self-developed polylactic acid facial filler has received approval from the National Medical Products Administration (NMPA), marking its entry into the regenerative aesthetic market, despite ongoing performance declines [1][2][4] Product Approval and Market Position - The approved product is the seventh domestic and fifth local "youthful needle" filler, indicating a significant step into the aesthetic medicine sector [1] - The product is classified as a Class III medical device, which has a high approval threshold, positioning the company in the second tier among domestic products [2] - The regenerative aesthetic filler market in China is projected to reach 11.52 billion yuan by 2027, with a compound annual growth rate of 31.2% [2] Product Pipeline and Strategy - Lepu Medical's aesthetic pipeline includes botulinum toxin type A and various hyaluronic acid formulations, creating a comprehensive product chain covering "regenerative filling - wrinkle repair - facial shaping" [1][2] - The company is expanding its aesthetic product line, with multiple hyaluronic acid products in the registration phase and a focus on maintaining core technology autonomy to control costs and build brand barriers [4][5] Financial Performance and Challenges - Lepu Medical's financial performance has been under pressure, with a 23.52% decline in revenue to 6.103 billion yuan in 2024 and an 80.37% drop in net profit to 247 million yuan, marking the worst performance since its listing in 2009 [6] - The core business segments, including medical devices and pharmaceuticals, have faced significant revenue declines, with the medical device segment down 9.47% and pharmaceuticals down 42.25% [6] Management Changes and Strategic Shift - The company has undergone management changes, with a new general manager implementing marketing reforms and workforce reductions to enhance operational efficiency [7] - The shift towards aesthetic medicine is seen as a strategic response to pressures from traditional pharmaceutical operations, with the potential for financial recovery hinging on successful product commercialization and market adaptation [7]

Core Insights - The medical beauty materials market is entering a competitive phase in 2025, with significant approvals for new materials such as agarose and hydroxyapatite, indicating a growing diversity of products [1][10] - The approval of various injection fillers, including recombinant collagen and animal-derived collagen, highlights the rapid development and commercialization of medical beauty materials [1][4] - Investment in medical beauty materials companies has surged, with 12 companies securing funding in the first five months of 2025, reflecting strong interest from investors [4][5] Regulatory Approvals - Hydroxyapatite received two approvals in 2025, with the first compliant product for medical beauty injections approved in February [10] - Agarose also saw its first approval in January 2025, marking a significant milestone for this material in the domestic market [10] - Over 110 products for medical beauty injections have been approved in China, primarily classified as Class III medical devices [2][4] Market Dynamics - The competition for the first regulatory approval (Class III certificate) is intense, as it provides a significant market advantage [10][12] - Companies are increasingly focusing on developing new materials and applications, with many aiming to secure the first approval in various new material categories [11][12] - The market is characterized by a mix of established companies and startups, all vying for a share of the growing medical beauty sector [15][16] Investment Trends - Notable investments in medical beauty materials companies include significant funding rounds for firms like 聚源生物 and 未名拾光, indicating robust investor confidence [5][6] - The trend of startups receiving funding is expected to continue, as the demand for innovative medical beauty solutions grows [4][5] Product Development - Companies are exploring the combination of different materials to enhance product competitiveness, with a focus on safety and efficacy [14][15] - New materials such as PDRN, silk protein, and chitosan are being investigated for their applications in medical beauty and functional skincare [16][17] - The development of multi-indication products is becoming a strategic focus, with companies aiming to address various aesthetic needs [13][15] Future Outlook - The medical beauty market is anticipated to expand, driven by the introduction of new materials and innovative applications [16][17] - The interplay between medical beauty and skincare sectors is expected to create a positive feedback loop, enhancing market growth [16][17] - Ultimately, the success of new materials will depend on their clinical validation and real-world application, as safety and effectiveness remain paramount [16][17]

Core Viewpoint - Lepu Medical has received approval from the National Medical Products Administration for its self-developed polylactic acid facial filler, marking its entry into the dermatology field and aiming to boost its consumer healthcare business [1] Group 1: Company Developments - Lepu Medical has shifted focus from generic drugs to innovative cardiovascular drugs and dermatology injection products due to declining performance [1] - The company reported a significant decline in revenue and net profit, with 2023 revenue at 7.98 billion yuan, down 24.78%, and net profit at 1.26 billion yuan, down 42.91% [5] - In 2024, Lepu Medical's revenue further decreased to 6.103 billion yuan, a 23.52% decline, and net profit dropped to 247 million yuan, down 80.37% [5] - The company has also expanded its product line in dermatology with several injection products, including sodium hyaluronate solutions [4] Group 2: Market Competition - The global market for facial fillers, known as "童颜针," is projected to reach approximately $1.488 billion in 2024, growing to $1.5445 billion in 2025, with a compound annual growth rate of 3.8% from 2025 to 2033 [2] - The domestic market for "童颜针" is expected to exceed 3 billion yuan by 2024, up from about 100 million yuan in 2021 [2] - Competition in the "童颜针" market is intensifying, with six other products already approved prior to Lepu Medical's entry, including both domestic and imported options [2] Group 3: Financial Performance and Future Outlook - Lepu Medical's first quarter of 2025 continued the trend of declining performance, with revenue of 1.736 billion yuan, down 9.67%, and net profit of 379 million yuan, down 21.44% [6] - The company anticipates future profit growth primarily from structural heart disease, dermatology, and neuro-regulation sectors, while traditional medical device products are expected to maintain around 10% revenue growth [6] - The impact of the newly approved dermatology product on Lepu Medical's future performance remains uncertain [3]

Core Viewpoint - Lepu Medical, a leader in cardiovascular devices, has officially entered the dermatology field with the approval of its self-developed polylactic acid facial filler, "童颜针" (Tongyan Needle), marking a significant milestone for the company amid declining performance in recent years [1][5][6]. Company Developments - The "童颜针" is a dermal filler designed to correct moderate to severe nasolabial folds, utilizing polylactic acid (PLLA) which is biodegradable and safe for human use [5][6]. - The product's approval is seen as a key event for Lepu Medical, enhancing its consumer healthcare business and providing new options for both doctors and consumers [5][6]. - The company has been actively expanding into the ophthalmology and dermatology sectors, with several products in various stages of development, including hyaluronic acid gels [5][7]. Financial Performance - Lepu Medical's financial performance has deteriorated significantly, with a projected net profit decline of over 80% in 2024, marking the worst performance since its listing in 2009 [1][7]. - In 2023, the company reported a revenue of approximately 79.8 billion yuan, a year-on-year decrease of 24.78%, and a net profit of about 12.58 billion yuan, down 42.91% [7]. - For 2024, the expected revenue is around 61.03 billion yuan, a decline of 23.52%, with a net profit of approximately 2.47 billion yuan [7][8]. R&D and Market Position - Despite a decline in R&D expenses and personnel, the proportion of R&D investment relative to revenue has increased, indicating a strategic focus on innovation [9][10]. - The number of R&D personnel decreased by over 20% from 2023 to 2024, reflecting potential adjustments in the company's strategic direction [9][10]. - The competitive landscape for the "童颜针" market is intensifying, with seven similar products already approved in China, suggesting a need for Lepu Medical to leverage its technological advantages to stand out [6][7].

Market Overview - The net inflow of large orders in the two markets reached 5.17 billion yuan, with 27 stocks seeing net inflows exceeding 200 million yuan, led by Xue Ren Co. with a net inflow of 681 million yuan [1] - The Shanghai Composite Index closed up 0.23% today, with a total of 2,026 stocks experiencing net inflows and 2,591 stocks seeing net outflows [1] Industry Analysis - Among the 10 industries with net inflows, the electronics sector led with a net inflow of 3.27 billion yuan, followed by the communications sector with 2.86 billion yuan [1] - The pharmaceutical and biological industry had the highest net outflow, totaling 3.398 billion yuan, followed by the non-ferrous metals sector with a net outflow of 751 million yuan [1] Individual Stock Performance - Xue Ren Co. had the highest net inflow of 681 million yuan, with a closing price of 13.06 yuan and a price increase of 7.31% [2] - Sanwei Communication ranked second with a net inflow of 561 million yuan and a price increase of 10.01% [2] - Stocks with net inflows exceeding 200 million yuan saw an average increase of 7.15%, outperforming the Shanghai Composite Index [2] Notable Stocks with High Net Inflows - The top stocks with significant net inflows include: - Xue Ren Co. (681 million yuan, 7.31% increase) - Sanwei Communication (561 million yuan, 10.01% increase) - Zhongji Xuchuang (537 million yuan, 5.73% increase) [2][3] Notable Stocks with High Net Outflows - The stocks with the highest net outflows include: - Lepu Medical (260 million yuan, -6.31% decrease) - Zhongke Jin Cai (188 million yuan, 3.79% increase) - Ping An Bank (185 million yuan, -1.44% decrease) [4]

Core Viewpoint - The pharmaceutical sector experienced a significant net outflow of over 2.1 billion yuan, while other sectors like communication and cultural media saw net inflows [1][2]. Group 1: Sector Performance - The communication sector had a net inflow of 8.12 billion yuan, with a net inflow rate of 3.07% [2]. - The cultural media sector recorded a net inflow of 7.67 billion yuan, with a net inflow rate of 3.90% [2]. - The pharmaceutical sector faced the largest net outflow, totaling 21.08 billion yuan, with a net outflow rate of -3.75% [2]. Group 2: Top Stocks by Net Inflow - The top stock by net inflow was Zhongji Xuchuang, with a net inflow of 4.28 billion yuan and a net inflow rate of 14.23% [3]. - Xue Ren Shares followed with a net inflow of 3.34 billion yuan and a net inflow rate of 11.14% [3]. - N Zhongce had a net inflow of 3.12 billion yuan, with a notable net inflow rate of 18.73% [3]. Group 3: Top Stocks by Net Outflow - The stock with the highest net outflow was Zhongke Jincai, with a net outflow of 2.34 billion yuan and a net outflow rate of -10.10% [4]. - Jiu Zhi Tang experienced a net outflow of 1.95 billion yuan, with a net outflow rate of -21.64% [4]. - Shangluo Electronics had a net outflow of 1.93 billion yuan, with a net outflow rate of -28.67% [4].