心脏支架龙头跨界拿下“童颜针”第7证，乐普医疗的“下坡路”快走完了吗？

Core Viewpoint - The entry of Lepu Medical into the aesthetic medicine market with its self-developed polylactic acid facial filler, known as "童颜针" (youthful needle), marks a significant transformation for the company amidst a challenging revenue environment [2][11]. Company Overview - Lepu Medical, recognized as the "first stock in cardiovascular" in A-shares, has faced declining revenues since 2022, prompting a strategic shift towards the aesthetic medicine sector through layoffs and reduced investment in stagnant businesses [3][14]. - The company’s latest product approval represents its first major step into the aesthetic medicine field, following previous efforts that included acquiring Suzhou Bomeisi and partnering with American company Saimus for exclusive distribution rights of botulinum toxin products in China [6][11]. Product Details - The approved polylactic acid facial filler is classified as a Class III medical device and is intended for injection into the deep dermis to correct moderate to severe nasolabial folds [3][6]. - This product is part of a competitive landscape, being the seventh approved polylactic acid filler in China and the sixth domestic product, indicating a crowded market with overlapping target demographics [4][10]. Market Dynamics - The regenerative aesthetic medicine market is rapidly growing, with a reported market size of 1.45 billion yuan in 2022 and a projected compound annual growth rate (CAGR) of 31.2% from 2025 to 2027, potentially reaching 11.52 billion yuan by 2027 [12][11]. - The competitive environment is intensifying, with multiple new products being approved, including three new fillers in 2023 alone, indicating a fast-evolving market landscape [9][10]. Financial Performance - Lepu Medical's revenue has been on a downward trend, with a reported decline of 9.47% in its medical device segment and a staggering 42.25% drop in its pharmaceutical segment in 2024 [14][16]. - The company is strategically reallocating resources from its generic drug business to focus on innovative drugs and skin injection products, with the approval of the youthful needle marking an initial success in this transition [16][14].