Lepu Medical(SZ:300003) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-04 12:22Core Viewpoint - The domestic "童颜针" (youthful needle) market is experiencing intensified competition with the recent approval of new products, including 乐普医疗's (Lepu Medical) self-developed polylactic acid facial filler, marking a significant milestone for the company in the dermatology field [1][4]. Company Overview - 乐普医疗, established in 1999, is one of China's earliest companies engaged in cardiovascular interventional device research and development. The company went public on the Shenzhen Stock Exchange in 2009, and its business segments include medical devices, pharmaceuticals, medical services, and health management [2]. - In 2022, 乐普医疗 achieved a peak net profit of 2.203 billion yuan, but faced a sharp decline in 2024, with a projected net profit drop of 80.37% to approximately 247 million yuan, marking the lowest level since its listing [2][3]. Financial Performance - In 2024, all three main business segments of 乐普医疗 experienced revenue declines: medical devices down 9.47% to 3.326 billion yuan, pharmaceuticals down 42.25% to 1.758 billion yuan, and medical services and health management down 19.24% to 1.019 billion yuan [3]. - The company reported a total revenue of 1.736 billion yuan in the first quarter of 2025, a year-on-year decrease of 9.67%, with net profit down 21.44% [3]. Market Dynamics - The approval of 乐普医疗's "童颜针" adds to the growing list of seven approved products in the domestic market, intensifying competition among companies [1]. - The medical beauty industry is undergoing significant changes, with a focus on product safety and compliance, as well as the increasing demand for aesthetic procedures among consumers [5][7]. Future Outlook - 乐普医疗 maintains a cautiously optimistic outlook for 2025, anticipating a recovery in its pharmaceutical segment with a projected 30% year-on-year growth, while also expecting growth in its medical device and health management segments [4]. - The company is accelerating its entry into the consumer medical sector, with the "童颜针" expected to positively impact its business development [4]. Industry Trends - The market for "童颜针" in China is projected to grow, with the industry size nearing 600 million yuan in 2023. The regulatory environment is improving, leading to an expected increase in the market share of compliant products [7]. - The rise of illegal medical beauty projects poses challenges, but increased regulatory scrutiny is expected to enhance the supply of compliant products, with a projected 75% replacement rate for compliant "童颜针" by 2025 [7].