乐普（北京）医疗器械股份有限公司 投资者关系活动记录表 证券代码：300003 证券简称：乐普医疗 | 占率高可能受影响，左心耳封堵器市占率低，可借此提升左心耳封堵 | | --- | | 器市占率，对冲后整体影响可控。可降解封堵器是否参与集采正在沟 | | 通中，目前公司还未就维持现有价格还是稍微降价获取更多市场份额 | | 做出决策。虽然参与集采后，产品降价增速放缓，但从长期来看，公 | | 司认为头部企业最终应该还是可以获益的。仿制药目前看比较稳定， | | 这部分业务依靠勤奋获取市场份额，经过几年营销队伍的调整，明年 | | 有望维持收入端稳定。 | | 公司之前组织了研发日活动，给投资者展示了公司战略新兴业务， | | 我就以下三个业务板块，汇报一下战略新兴业务的培养和发展： | | ⚫ 医学美容： | | 医美业务上线提振了公司业绩，继"童颜针"（聚乳酸面部填充剂）、 | | 注射用透明质酸钠溶液、注射用交联透明质酸钠凝胶后，公司还有两 | | 个重磅产品 PDRN"三文鱼针"（注射用透明质酸钠复合溶液）和热玛吉 | | （设备/耗材）准备上市，其中热玛吉已经提交注册正在生产准备中， | | 临床 ...

Core Viewpoint - The company reported stable revenue and profit in the first half of 2025, with significant improvement in operating cash flow, which increased by 300.52% year-on-year. The cardiovascular intervention business showed a revenue increase of 7.57%, while other segments faced slight declines. The overall outlook for the drug business is stable, with expectations for a 10%-15% revenue growth next year [1][2]. Financial Performance - The company's revenue and profit for the first half of 2025 remained largely flat year-on-year, with operating cash flow improving significantly [1]. - The cardiovascular intervention business generated revenue of 1.239 billion, reflecting a year-on-year growth of 7.57% [1]. - Analysts expect the company's net profit for the year to be around 1 billion, with a high likelihood of achieving this target based on current conditions [1]. Business Segments - The medical device segment is focusing on strategic emerging businesses, including dermatology, innovative drugs, and AI-integrated medical devices [2]. - The dermatology segment has launched products like "童颜针" (youthful needle) and is expected to achieve sales of 500-600 million by 2026 [2][3]. - The innovative drug segment is the largest in terms of R&D investment, with a focus on metabolic diseases and promising drug candidates in clinical trials [3][4]. Product Development - The company is advancing several innovative drug candidates, including MWN109 and MWN117, with promising clinical trial results [4]. - The AI and brain-machine interface segment is developing products for cardiac rhythm management and neurological interventions, with several products in various stages of clinical trials [5][11]. Market Strategy - The company is adapting its marketing strategy to focus on scientific and cost-effective products, targeting a demographic that values efficacy and affordability [6][12]. - The sales strategy for the dermatology segment includes direct sales to large medical institutions and partnerships with distributors for smaller clinics [2][6]. Competitive Landscape - The company anticipates increased penetration in the drug balloon market due to price reductions from centralized procurement, which may lead to higher sales volumes [7]. - The competitive landscape for GLP-1 products is crowded, but the company remains confident in its product competitiveness and ongoing R&D efforts [15]. Future Outlook - The company aims for a long-term revenue growth of around 10% in its core business, supported by structural changes and strategic adjustments [1][2]. - The company is exploring international markets for its innovative products, particularly in the field of biodegradable medical devices and innovative drugs [14].

Financial Performance - The company reported a significant improvement in operating cash flow, with a year-on-year increase of 300.52% [2] - Revenue from the cardiovascular interventional business reached 1.239 billion, a growth of 7.57% year-on-year [2] - The overall revenue and profit for the first half of the year remained stable compared to the previous year [2] Business Segments Medical Devices - The in vitro diagnostics and surgical anesthesia segments experienced slight declines in revenue due to increased competition and procurement rhythms [2] - The skin care business aims for sales of 500-600 million in 2026, with a net profit margin of 45-50% [3] Innovative Drugs - The innovative drug segment is the largest in terms of R&D investment, focusing on metabolic diseases [4] - The company is optimistic about the potential of its innovative drugs, particularly in weight management and metabolic disorders [4] Strategic Adjustments - The company has undergone organizational restructuring to stabilize its performance after a period of significant fluctuations [2] - Future growth is expected to be driven by strategic emerging business segments, including dermatology and innovative drugs [2] Market Strategy - The company plans to maintain a sales expense ratio below 20% for its medical aesthetics products, focusing on scientific and cost-effective marketing strategies [8] - The pricing strategy for the "童颜针" (youthful needle) series aims to capture a broader market by offering competitive pricing [15] Regulatory and Competitive Landscape - The company anticipates a reduction in prices for drug-coated balloons due to procurement policies, which may increase market penetration [9] - The competitive landscape for GLP-1 drugs is intensifying, but the company remains confident in its product competitiveness [20] Future Outlook - Analysts project a net profit of around 1 billion for the current year, with a stable outlook for the formulation business [2] - The company aims for a revenue growth of 10-15% next year, driven by structural heart disease and pharmaceutical products [2]