每经AI快讯，有投资者在投资者互动平台提问：纵观贵公司的历次资本运作都是成功的，请问董秘， 贵公司在医美版块转型发力，从战略和战术上有哪些大的布局？ 乐普医疗（300003.SZ）12月16日在投资者互动平台表示，尊敬的投资者，您好！公司基于在生物医用 材料领域的深厚技术积累和对消费医疗市场前景的坚定看好，正积极、有序地推进皮肤科业务的战略转 型与发展。公司战略核心是充分发挥在可降解生物材料（如PLLA）方面的技术积累优势，将经过心血 管植介入领域积累的成熟经验，安全、有效地延伸至皮肤科领域，并逐步拓展至玻尿酸、肉毒素等品类 的多元产品组合。 公司自主研发的聚乳酸面部填充剂（童颜针）、注射用透明质酸钠溶液（水光 针）、注射用交联透明质酸钠凝胶已成功获批上市，标志着公司以再生填充为核心的皮肤科注射剂产品 矩阵已初步形成。公司多款在研产品正按计划推进，目前注射用透明质酸钠复合溶液、热玛吉已完成发 补材料的提交工作。感谢您的关心。 （记者 曾健辉） ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index in the next 6 to 12 months [2][17]. Core Insights - The company reported a revenue of 4.938 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.20%. The net profit attributable to shareholders was 982 million yuan, up 22.35% year-on-year [4]. - In Q3 2025 alone, the company achieved a revenue of 1.569 billion yuan, marking an 11.97% increase year-on-year, with a net profit of 291 million yuan, which is a significant growth of 176.18% year-on-year [4]. - The cardiovascular business remains solid, with innovative products expected to offset the impact of centralized procurement [4]. Financial Performance Summary - Revenue and Profitability: - The company’s revenue for 2023 is projected at 7.98 billion yuan, with a year-on-year decline of 25%. However, a recovery is expected with a projected revenue of 6.61 billion yuan in 2025, reflecting an 8% growth [2]. - The net profit attributable to shareholders is forecasted to rebound significantly to 1.053 billion yuan in 2025, a 327% increase from 2024 [2]. - The gross margin for the first three quarters of 2025 was 64.21%, an increase of 1.41 percentage points year-on-year, while the net profit margin reached 20.17%, up 3.80 percentage points year-on-year [4]. - Segment Performance: - The medical device segment generated 2.572 billion yuan in revenue in the first three quarters of 2025, a slight increase of 0.33% year-on-year, with the cardiovascular intervention business contributing 1.793 billion yuan, up 7.45% [4]. - The pharmaceutical segment saw a revenue of 1.570 billion yuan, growing by 6.37% year-on-year, with the formulation business alone achieving a 14.32% increase [4]. - New Growth Areas: - The medical aesthetics and brain-machine interface businesses are emerging as new growth drivers, with the medical services and health management segment achieving a revenue of 321 million yuan, up 28.27% year-on-year [4]. - Innovative products such as the "童颜针" and "水光针" have been launched, contributing to the company's revenue growth [4]. Earnings Forecast and Valuation - The company is expected to maintain a stable operational base, with projected revenues of 6.610 billion yuan, 7.558 billion yuan, and 8.636 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 8%, 14%, and 14% [4]. - The projected net profit for 2025 is 1.053 billion yuan, with further increases to 1.302 billion yuan in 2026 and 1.606 billion yuan in 2027, indicating a strong recovery trajectory [4]. - The current stock price corresponds to a P/E ratio of 32 for 2025, 26 for 2026, and 21 for 2027, supporting the "Buy" rating [4].

Group 1: Company Overview - Lepu Medical - Lepu Medical is a leading cardiovascular company in China, with a diverse product matrix. In H1 2025, the company achieved revenue of 3.369 billion yuan, a year-on-year decrease of 0.43%, and a net profit of 691 million yuan, down 0.91% year-on-year [3] - The company is strategically expanding into innovative drugs for cardiovascular and metabolic diseases through its subsidiary, Minwei Biotech, which focuses on obesity and type 2 diabetes treatments. As of August 2025, several products are in various clinical trial phases [3] - Lepu Medical is also actively developing its aesthetic medicine segment, with new products like dermal fillers and hyaluronic acid injections receiving approval, indicating strong growth potential in the non-medical insurance market [3] Group 2: Company Overview - Superwin International Holdings - Superwin International Holdings has over 20 years of experience in elastic fabric, with a stable management team. The company generates 55.4% of its revenue from sports fabrics and is well-positioned to capture more orders due to its mature overseas production capacity [6][7] - The company is expected to see net profits of 590 million, 640 million, and 700 million HKD from 2025 to 2027, benefiting from a rebalancing of supply and demand and moderate raw material prices [5][6] - Superwin has maintained a stable dividend payout ratio of around 50%, with a dividend yield exceeding 9% for the past four years, making it an attractive investment opportunity [8] Group 3: Industry Insights - Biopharmaceuticals - The biopharmaceutical industry is witnessing a shift towards innovative drug development, particularly in cardiovascular and metabolic diseases, driven by companies like Lepu Medical [3] - The market for aesthetic medicine is expanding, with increasing regulatory approvals for new products, indicating a growing consumer demand for non-traditional medical treatments [3] Group 4: Industry Insights - Textile and Apparel - The sportswear segment is outpacing other apparel categories, with rising demand for elastic, breathable, and antibacterial fabrics benefiting suppliers like Superwin International [8] - The company is positioned to leverage its established relationships with major sports brands, which have been in collaboration for over five years, ensuring a steady flow of orders [8]

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 22.62 CNY [5][13]. Core Viewpoints - Lepu Medical, as a leading player in the cardiovascular sector, is expanding into aesthetic medicine and innovative drugs, which are expected to significantly enhance profits over the next 1-5 years and beyond [2][13]. - The company has a robust product matrix and is focusing on innovative drug development, particularly in the cardiovascular and metabolic disease sectors [29][34]. - The aesthetic medicine segment is anticipated to grow rapidly, with several key products recently approved, indicating a high ceiling for market expansion [31][33]. Summary by Sections 1. Company Overview - Lepu Medical is a comprehensive solution provider for cardiovascular diseases, with a focus on medical devices, pharmaceuticals, medical services, and health management [17]. - The company has developed several "firsts" in China, including various types of stents and other cardiovascular devices [17]. 2. Financial Performance - In 2024, the company reported total revenue of 6.103 billion CNY, a decrease of 23.52% year-on-year, and a net profit of 247 million CNY, down 80.37% [17]. - For the first half of 2025, revenue was 3.369 billion CNY, a slight decline of 0.43%, with a net profit of 691 million CNY, down 0.91% [17][18]. 3. Product Segments - The medical device segment is the largest revenue contributor, with a diverse product line and strong growth in structural heart products [24][26]. - The innovative drug segment, particularly through its subsidiary Minwei Biotech, is focused on cardiovascular and metabolic diseases, with several promising candidates in clinical trials [29][30]. 4. Aesthetic Medicine Expansion - The company is actively developing products in the aesthetic medicine field, with several key products recently approved, including hyaluronic acid injections and PLA dermal fillers [31][33]. - The aesthetic medicine market is expected to provide significant revenue growth opportunities in the coming years [31]. 5. Market Trends - The cardiovascular disease burden in China is significant, with increasing prevalence and a growing need for effective treatment solutions [34][39]. - The number of percutaneous coronary interventions (PCI) is projected to grow, indicating a robust market for cardiovascular products [42].