乐普医疗（300003.SZ）自主研发的聚乳酸面部填充剂已获得国家药监局（NMPA）注册批准。该产品为Ⅲ类医疗器 械，适用于注射于鼻唇沟真皮深层，以纠正中重度鼻唇沟皱纹，属于市场俗称的"童颜针"范畴，是近年国内中高端医美 市场的再生类注射剂主力品类之一。 据统计，该产品是国内第七款、国产第五款获批童颜针。这也标志着乐普医疗正式进军医美再生赛道，根据披露，公司 医美管线还包括注射用重组A型肉毒毒素、多个玻尿酸注射剂型（交联透明质酸钠、复合溶液等），覆盖了"再生填充 —皱纹修复—面部塑形"三大功能分区，形成相对完整的产品链。 值得注意的是，本次童颜针获批背后，乐普医疗业绩持续下滑。2024年，公司净利润2.47亿元同比大幅下滑80.37%，为 2009年上市以来最差业绩；2025年一季度公司净利下滑21.44%。主业疲软、集采压制、商誉减值等问题叠加，迫使公 司战略重心转向消费医疗领域。 能否复制成功 乐普医疗此次获批的聚乳酸面部填充剂为典型的再生医美注射产品，作为III类医疗器械，该品类审批门槛较高。公司在 国产产品中处于第二梯队。头豹研究院预测，2027年中国再生医美填充剂市场将达115.2亿元，年复合增速达 ...

心血管器械龙头乐普医疗正式吹响进军医美赛道的号角。6月3日，公司公告称自主研发的聚乳酸面部填 充剂（俗称"童颜针"）获国家药监局批准上市，成为国产第五款、国内第七款获批的同类产品。这一动 作标志着乐普医疗跨界消费医疗的战略迈出关键一步，同时其肉毒毒素新药也进入审评阶段，双线布局 直指医美市场增量空间。 "童颜针"落地，填补皮肤科领域空白 本次获批的聚乳酸面部填充剂适用于鼻唇沟皱纹填充，通过刺激胶原再生实现长效塑形。乐普医疗在公 告中强调，该产品是公司切入皮肤科领域的"里程碑"，预计将对业绩产生积极贡献。目前国内童颜针市 场已有六款产品竞逐，包括爱美客（300896.SZ）的"濡白天使"、四环医药（00460.HK）的"少女针"以 及进口产品高德美"塑妍萃"等，行业竞争日趋白热化。 器械龙头转型迫在眉睫 乐普医疗的跨界背后是主营业务的增长乏力。财报显示，2024年一季度公司营收17.36亿元，同比下滑 9.67%；归母净利润3.79亿元，同比下降21.44%，业绩已连续多个季度承压。面对集采常态化下医疗器 械行业的利润挤压，公司亟需开辟第二增长曲线——医美、眼科等高毛利消费医疗赛道成为破局关键。 管线纵深布局， ...

Core Insights - The company reported a stable growth trend in Q1 2025, with revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit of 915 million yuan, up 6.06% [1] - The pharmaceutical industrial sector continues to be a key growth driver, with core subsidiary China East Pharmaceutical achieving revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [2] - The company is focusing on innovation, with over 80 projects in its pipeline, and has significantly increased R&D investment by 49.60% to 880 million yuan in Q1 2025 [4] Business Segments - The innovative drug sales in the pharmaceutical industrial sector are gaining momentum, particularly with the expansion of reimbursement indications for the Bai Ling series products [2] - The CAR-T product, Zewokaiolun, has shown strong sales performance, with over 200 certified medical institutions and 154 effective orders placed by the partner company [3] - The company’s self-developed GLP-1 receptor agonist, HDM1002, has entered the final stages of clinical trials, indicating a robust pipeline in the endocrine field [5][6] Medical Aesthetics - The medical aesthetics segment is showing resilience, with the subsidiary Sinclair achieving approximately 238 million yuan in revenue, a 24.37% increase from the previous quarter [9] - The company has a portfolio of 40 high-end medical aesthetic products, with 26 already launched globally, indicating a strong market presence [9] - New products in the medical aesthetics field, including injectable products, are expected to drive further growth in 2025 [10] Future Outlook - The company aims to leverage its innovative capabilities and product differentiation to expand its market share in the medical aesthetics sector, which is projected to grow steadily [12] - The pharmaceutical industrial sector is expected to maintain a strong growth trajectory, supported by ongoing market expansion and product pipeline development [12] - The overall performance in Q1 2025 reflects the company's commitment to innovation and growth, positioning it for future success in the pharmaceutical and medical aesthetics industries [12]