投资逻辑 传统业务企稳，创新药械形成接力。25H1 医疗器械板块收入占比52.7%，药品占比33.2%。医疗器械板 块中结构性心脏病业务成为核心增长动力，25H1 收入+32.06%，神经调控等新领域管线布局完善；药 品板块在仿制药集采后，通过结构优化与零售转型，毛利率回升至62.75%。公司持续向创新药械转 型，控股子公司民为生物专注GLP-1 多靶点药物研发，为长期增长奠定基础。 盈利预测、估值和评级 公司传统业务趋稳，医美、神经调控、创新药构筑新增长极。我们预测2025/2026/2027 年公司实现营业 收入64.57 亿/77.92 亿/92.43 亿元，同比+5.79%/+20.68%/+18.62%，归母净利润10.48亿/12.85 亿/15.31 亿 元，同比+324.34%/+22.64%/+19.13%，对应EPS 为0.57 元/0.70 元/0.83 元。基于公司在心血管器械领域 的龙头地位，短期医美板块开拓新增长曲线、快速增厚利润，药品业务从仿制药向创新药具备长期增长 空间，给予公司2026 年30 倍估值，对应目标价21 元，首次覆盖给予"增持"评级。 风险提示 可转债到期风险； ...

告别2025年 ， 消费进入到 精耕 于 人 " 的时代。 2026 年的中国消费市场，将由 五 大核心 消费 人群共同驱动。消费的底层逻辑正从 " 性价比 " 和 " 心价 比 " ，全面转向 " 质 价比 " 与 " 全面悦己消费 " 。 这意味着，消费者将用严苛的理性（ 精质主义 、成分 科学 ）为感性的绽放（圈层热爱、心灵疗愈 、 自我实现 ）买单，品牌必须同时成为功能上的 " 硬 核学霸 " 和情感上的 " 灵魂伴侣 " 。 以下由新消费智库提供的关于 2026 年消费趋势与判断的 30 条劲爆观点，为你穿透人群迷雾，锚定 2026 。 第一部分 Z世代（18-27岁）：圈层信仰 对如今的年轻人（Z世代）来说，买东西早就不是简单的"需要"，而是一种表达"我是谁"、寻找"我们是谁"的方式。他们为热爱和认同买单，消费是他们 进入某个圈层、彰显独特身份的"社交货币"。 举个例子，一个年轻人可能平时精打细算，但会毫不犹豫地购买鸿星尔克与《王者荣耀》的联名球鞋。这不仅是支持国货的情怀，更是向同好玩家展示自 己圈层身份的"暗号"。同样，为了喝一杯"茶颜悦色"，有人愿意专门策划一次长沙旅行，或是在异乡门店排队两小 ...

导语： 今年国庆假期，北京合生汇商圈一家医美机构的候诊区里，28岁程序员小张正等候双眼皮手术，他直言"做完显精神，和客户沟通时也更有底气"。 这样的场景并非个例，近年来，医美机构的咨询与候诊人群中，男性身影愈发常见。 "他们的需求很明确，多聚焦植发、去皱等功能性问题，消费目的性强且心态开放。"某医美机构工作人员表示，这类男性顾客已逐渐成为院内常客。 由德勤&艾尔建美学&中国整形美容协会联合发布的《中国医美行业2024年度洞悉报告》显示，2023年男性医美消费支出同比增长27%。 当以女性为主导的医美市场增长趋于平缓，行业深陷内卷困境时，强势崛起的"男颜经济"能否成为可靠增量，撑起行业的第二增长曲线？ 医美市场热闹表象下的生存焦虑 医美行业热闹的表象之下，潜藏着挥之不去的生存焦虑。 这点很直观地反映在头部企业的业绩上，有"医美茅"之称的爱美客连续三季度营利双降，华熙生物前三季归母净利润下滑超三成，平台方新氧仍未摆脱亏 损，行业增长乏力已成共识。 头部企业的困境并非孤例，其背后是整体供给的严重过剩与市场的激烈内卷。 天眼查数据显示，截至今年9月30日，我国现存在业、存续状态的医美相关企业超18.2万家，存量争夺战 ...

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） ...

容貌焦虑的风，终于吹进了硅谷。那帮整天围着 AI 转、大谈元宇宙的科技男们，现在也开始盯着镜子里的眼袋发愁了。 为了不被裁员，他们不仅拼命卷工作时长，还扎堆搞起了医美。这周打玻尿酸，下周做拉皮。一个月一次光子，一年一次热玛吉。 据《华尔街日报》调查，硅谷整形外科诊所的预约量半年暴涨 40%，三分之二客户是科技公司员工，平均年龄连 35 岁都不到。 这年头，技术不是铁饭碗，颜值才是生产力。有硅谷投资人甚至直接放话"不要雇 30 岁以上的人"。 因为在他们看来，年轻等于创造力。所以，多一条法令纹，就多一丝被"优化"的风险。 现在硅谷空气里，除了咖啡香，还飘着一股若有若无的麻药味。 富豪们的长生梦 别以为只有普通员工在意外貌，硅谷顶级富豪才是抗衰圈的 "终极卷王"。 只不过，他们担心的不是工作没了，而是人没了，钱没花完。 保持年轻只是入门级操作，返老还童、长生不老才是终极目标。 古代皇帝为了延年益寿，求仙问道，炼丹嗑药，现在的富豪们则更疯狂。 亚马逊创始人贝佐斯，一出手就想玩个大的。 他花 30 亿美金投资了一家细胞抗衰公司（Altos Labs）。致力于把全身 40-60 万亿个细胞全部换掉，重回婴儿状态，再活一 ...

Core Insights - The company reported a revenue of 4.939 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 3.2%, with a net profit of 982 million yuan, up 22.35% year-over-year [1] - In Q3 2025, the company achieved a revenue of 1.569 billion yuan, marking an 11.97% year-over-year growth, and a net profit of 291 million yuan, which is a significant increase of 176.18% year-over-year [1] Group 1: Financial Performance - The medical device segment generated revenue of 2.57 billion yuan, showing a slight increase of 0.33%, with the cardiovascular intervention segment growing by 7.45% to 1.79 billion yuan [2] - The pharmaceutical segment's revenue reached 1.57 billion yuan, up 6.37%, with the formulation business recovering to 1.36 billion yuan, reflecting a 14.32% increase [2] - The medical services and health management segment reported revenue of 796 million yuan, a growth of 6.79%, with new products like the "童颜针" and "水光针" contributing to nearly 30% growth in Q3 [2] - The company's gross margin improved to 64.21%, an increase of 1.41 percentage points, while the net profit margin rose to 20.17%, up 3.8 percentage points [2] - Cash flow for the first three quarters totaled 1.01 billion yuan, a significant increase of 139%, with expectations to reach 1.4 to 1.5 billion yuan for the full year [2] Group 2: Growth Drivers - The aesthetic medicine segment is accelerating, with the "童颜针" achieving approximately 100 million yuan in revenue since its launch in early August, covering over 80% of major brand chains and smaller institutions [3] - The innovative drug segment is progressing with various pipelines, including MWN109 and MWN105, with ongoing clinical trials and plans for business development collaborations [3] - The neuro-regulation and brain-machine interface segment is expected to see the approval of the deep brain stimulation device soon, with revenue contributions anticipated next year [3] Group 3: Profit Forecast - Revenue projections for 2025-2027 are estimated at 6.618 billion, 7.363 billion, and 8.347 billion yuan, with year-over-year growth rates of 8.44%, 11.26%, and 13.35% respectively [4] - Net profit forecasts for the same period are 1.12 billion, 1.293 billion, and 1.546 billion yuan, with substantial growth rates of 353.48%, 15.43%, and 19.63% respectively [4] - The current price-to-earnings ratios are projected at 29, 25, and 21 times for the years 2025, 2026, and 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.52 CNY, based on a 38x PE ratio for 2025 [3][6]. Core Insights - The company reported a revenue of 49.4 billion CNY for the first three quarters of 2025, reflecting a year-on-year increase of 3.2%, and a net profit attributable to the parent company of 9.8 billion CNY, up 22.4% year-on-year [10]. - The company is expected to benefit from the upcoming release of new products in the medical aesthetics sector, with significant revenue potential from its "童颜针" and "美光针" products [10]. - The report highlights the successful progress in the development of brain-machine interface technology, indicating a substantial market opportunity in the field of neurological diseases [10]. Financial Summary - Revenue projections for 2025-2027 are 6,683 million CNY, 7,424 million CNY, and 8,272 million CNY, respectively, with a year-on-year growth of 9.5%, 11.1%, and 11.4% [5]. - The net profit attributable to the parent company is forecasted to be 1,009 million CNY in 2025, 1,297 million CNY in 2026, and 1,594 million CNY in 2027, with growth rates of 308.6%, 28.6%, and 22.9% respectively [5]. - The gross margin is expected to stabilize around 62.3% in 2025, with net margins projected at 15.1% [5].

Summary of the Conference Call for Lepu Medical Company Overview - **Company**: Lepu Medical - **Industry**: Medical Devices and Pharmaceuticals Key Points and Arguments Traditional Business Performance - Lepu Medical's traditional business remains stable, with cardiovascular devices and generic drugs showing steady performance. The expected profit for the basic business in 2025 is projected to reach between 1 billion to 1.2 billion CNY [2][4][5] - Operating cash flow has significantly improved, reaching 1 billion CNY in the first three quarters, with an annual forecast of 1.5 billion CNY [2][4] Aesthetic Medicine Segment - The aesthetic medicine segment has emerged as a new growth driver, with the "童颜针" (Youthful Needle) achieving nearly 100 million CNY in sales and entering 1,500 to 2,000 institutions [2][5][7] - New products like "热玛吉" (Thermage) and PDRN are expected to launch in the first half of next year, potentially boosting revenue further [2][5][7] Impact of Procurement Policies - The centralized procurement policy has put pressure on cardiovascular devices, but the company is managing dealer inventory and actively participating in procurement to mitigate impacts [2][6] - The coronary cutting balloon may face losses, but the auxiliary balloon is expected to compensate for this, maintaining overall balance [2][6] Market Expansion Strategy - Lepu Medical is aggressively expanding its aesthetic market using a "rural encircling cities" strategy, currently covering 80% of the targeted institutions and planning further expansion through partnerships with platforms like Meituan [2][7][19] Innovation in Drug Development - Significant progress has been made in innovative drug development, with drug 109 completing phase II clinical trials and plans to enter phase III next year. Multiple projects for weight loss, lipid reduction, and blood pressure management are also underway [2][10][11] Financial Performance - In Q3 2025, Lepu Medical reported a nearly 12% year-on-year revenue growth and a 176% increase in net profit, reaching 290 million CNY. Cumulative net profit for the first three quarters was 980 million CNY, slightly exceeding market expectations [3][4] Future Outlook - The company maintains a profit forecast of 1 billion to 1.1 billion CNY for 2025 and anticipates a stable business level in Q4 [4][5] - The aesthetic medicine sector is expected to generate close to 1 billion CNY in sales in 2026, with significant contributions from various products [9][21] Challenges and Opportunities - The aesthetic medicine sector faces challenges due to differing consumer logic and quality demands compared to traditional medical services. However, this also presents opportunities for providing scientifically reliable and easy-to-use products [23][20] Inventory Management - Lepu Medical is actively controlling dealer inventory to minimize stock levels in response to procurement policies, aiming to maintain inventory at one to two months' worth [24][25] Pricing Strategy - Despite recent price reductions by internet platforms, Lepu Medical is committed to maintaining its pricing strategy, offering a multi-tiered pricing approach to cater to different consumer segments [25][26] New Product Development - The company is advancing in the peripheral treatment field with new products like biodegradable occluders, which have shown promising clinical feedback [26][27] Management and Team Stability - The innovative drug team is stable and motivated, with regular clinical meetings and recruitment efforts to strengthen clinical operations [28][29] Conclusion - Lepu Medical is positioned for growth through its stable traditional business, expanding aesthetic medicine segment, and ongoing innovation in drug development, while effectively managing challenges posed by procurement policies and market dynamics. The company’s strategic focus on quality and market expansion is expected to drive future success.

Core Insights - The medical beauty market in China experienced a surge in consumption during the National Day and Mid-Autumn Festival holidays, with a notable increase in male consumers seeking treatments such as hair transplants and botulinum toxin injections [1][3][4] Market Trends - The demand for medical beauty services has been driven by younger consumers, particularly those born in the 1990s and 2000s, who are increasingly incorporating beauty treatments into their self-care routines [3][4] - The rise in male consumers is significant, with many seeking specific solutions for issues like hair loss and wrinkles, indicating a shift in attitudes towards medical beauty among men [4] Promotional Activities - Prior to the holidays, many medical beauty institutions launched new low-priced products and promotional activities, with discounts of 20% to 30% compared to regular prices [5] - The introduction of competitively priced treatments, such as the "童颜针" (youthful needle) priced at 2999 yuan, reflects a strategy to attract consumers during the holiday season [5] Consumer Behavior - Consumers are becoming more discerning, often conducting thorough research on institutions and practitioners before making decisions, indicating a shift towards more informed and rational consumption [6][7] - There is a growing awareness of the risks associated with low-priced treatments, with consumers sharing experiences of adverse effects from cheaper options [5][7] Regulatory Environment - The regulatory landscape is tightening, with government agencies conducting crackdowns on illegal medical beauty practices, focusing on issues like unlicensed operations and false advertising [7]

Core Insights - The medical beauty market in China experienced a surge in consumption during the National Day and Mid-Autumn Festival holidays, with a notable increase in male consumers seeking treatments such as hair transplants and Botox injections [1][2] Group 1: Market Trends - The medical beauty market showed a strong demand-supply dynamic during the holidays, with many consumers utilizing the break to pursue beauty treatments [1] - There was a significant increase in the number of male consumers, with a growing openness towards medical beauty procedures [2] - The younger generation, particularly those born in the 1990s and 2000s, is becoming the main consumer force, integrating medical beauty into their self-care routines [2] Group 2: Promotional Activities - Numerous low-priced new products and promotional activities were launched before the holidays, covering various categories such as radiofrequency, injections, and skin management [3] - Discounts of 20% to 30% were observed on new products compared to regular prices, with some institutions offering significant price reductions on popular treatments [4] Group 3: Consumer Behavior - Consumers are increasingly cautious about low-priced services, with some sharing negative experiences from cheaper options, leading to a preference for reputable institutions despite higher costs [4] - There is a growing trend among consumers to conduct thorough research before undergoing procedures, focusing on the qualifications of institutions and practitioners [5]