医药大佬蒲忠杰财富缩水，乐普医疗押注“医美”是出路吗？

Core Viewpoint - Lepu Medical has received approval for its clinical trial application for recombinant type A botulinum toxin, marking a significant step in its transition towards the aesthetic medicine sector, which is expected to enhance its competitive edge in the consumer healthcare market [3][4]. Group 1: Company Background and Historical Context - Lepu Medical was founded in 1999 and has a registered capital of approximately 1.881 billion yuan [7]. - The company was initially controlled by China Shipbuilding Industry Corporation, with significant early investments from WP Medical Technologies [8][9]. - Over the years, Lepu Medical has engaged in numerous acquisitions, completing 54 investments from 2008 to 2021, which diversified its business beyond stents into a comprehensive cardiovascular health platform [12][13]. Group 2: Financial Performance and Challenges - Lepu Medical's revenue has shown a downward trend, with 2023 revenue reported at 7.98 billion yuan, a decrease of 24.78% year-on-year, and a net profit of 1.258 billion yuan, down 42.91% [20][21]. - The company faced significant pricing pressures due to centralized procurement policies affecting key products, leading to drastic price reductions, such as a 92.32% drop in the price of its cobalt-based drug-eluting stent [19][20]. - In 2024, the company reported a further decline in revenue to 6.103 billion yuan, a decrease of 23.52%, and a net profit of 247 million yuan, down 80.37% [21]. Group 3: Strategic Shift and Management Changes - Lepu Medical is increasingly focusing on the aesthetic medicine sector, with several products in the pipeline, including a facial filler and botulinum toxin, aiming to establish a comprehensive aesthetic product line [28][29]. - Recent management changes include the appointment of Pu Fei, the daughter of the chairman, as the new general manager, indicating a potential shift in leadership strategy [26][27]. - The company has faced regulatory scrutiny, receiving multiple warnings from regulatory bodies for compliance issues, which may impact its operational stability [23][24].