Lepu Medical(SZ:300003) Xin Lang Cai Jing·2025-04-21 06:25Core 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]