[Table_Invest]买入 创新+消费共振，心血管平台加速多元化转型 [Table_Summary] 聚乳酸面部填充剂国内第 7 证，公司正式进入医美领域。聚左旋乳酸微 粒真皮组织填充剂是再生类医美产品，刺激胶原蛋白生成，具有优异的 生物相容性、可降解性和安全性。根据弗若斯特沙利文预测，我国基于 聚左旋乳酸的皮肤填充剂在 2024 年的出厂端市场规模预计约 11 亿元、 2030 年有望增长至约 38 亿元，年复合增长率接近 23%。截至公告日， 我国 NMPA 已批准包括乐普医疗在内的 7 张聚乳酸面部填充剂注册证； 公司另有多种玻尿酸产品已申报注册申请，快速丰富消费医疗产品矩阵。 持股乐普生物，PD-1 商业化&ADC 管线研发快速推进。乐普医疗持有 同一实控人旗下乐普生物 13.17%股份，乐普生物作为国内 ADC 领域的 领军企业，旗下首个商业化产品 PD-1 普特利单抗销售快速放量贡献现 金流，针对消化道癌的 ADC 产品 MRG007 已实现海外 BD 合作、交易 金额最高达 12 亿美元，针对二线及以上晚期鼻咽癌的 EGFR ADC 产品 MRG003 的 NDA 申请已获得 CDE 受理 ...

2025 年 06 月 11 日 行业周报 看好/维持 医药 医药 板块持续跑赢大盘，关注后续创新药催化（附 CD73 靶点研究）(2025.06.03-2025.06.08) 走势比较 (20%) (10%) 0% 10% 20% 30% 24/6/11 24/8/22 24/11/2 25/1/13 25/3/26 25/6/6 | 君实生物 | 买入 | | --- | --- | | 华领医药-B | 买入 | | 奥锐特 | 买入 | | 同和药业 | 买入 | | 阳光诺和 | 买入 | | 泓博医药 | 买入 | | 福元医药 | 买入 | | 三生制药 | 买入 | | 京新药业 | 买入 | | 共同药业 | 增持 | | 亿帆医药 | 买入 | | 诺诚健华 | 买入 | | 诺思格 | 买入 | | 奥翔药业 | 买入 | | 科伦药业 | 买入 | | 国邦医药 | 买入 | | 来凯医药-B | 买入 | | 百利天恒 | 买入 | | 益方生物 | 买入 | | 皓元医药 | 买入 | | 普洛药业 | 买入 | | 信达生物 | 买入 | | 加科思-B | 买入 | 子行业评级 ...

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 ...

Core Insights - The beauty and personal care sector has emerged as a key driver of sales during the "618" shopping festival, with significant year-on-year growth in sales for various beauty brands [1][2] - The medical aesthetics industry is experiencing rapid technological advancements and product innovations, leading to a diversified development landscape [1] - Domestic beauty brands are gaining competitive advantages through high cost-performance ratios and refined operations, indicating strong future growth potential in the beauty and personal care segment [1] E-commerce Performance - During the "618" promotion, beauty care products showed robust growth, with platforms like Tmall and JD.com reporting significant sales increases [1] - JD.com's data revealed that on May 20, sales of perfume and makeup sets surged nearly 300% year-on-year, with other categories like lipsticks and serums also seeing over 100% growth [1] - Tmall's data indicated that several beauty brands, including Proya and Lancôme, achieved over 100 million yuan in sales within minutes of the promotion's start [2] Product Innovation and Development - Companies are intensifying their focus on the beauty care sector, leveraging technological breakthroughs to gain competitive advantages [2][3] - Lepu Medical has expanded into ophthalmology and dermatology, recently receiving regulatory approval for a new facial filler product [3] - Proya launched a medical-grade collagen patch, while Jinbo Bio has introduced a new type of injectable collagen gel, marking significant advancements in their respective fields [3] Financial Performance and Market Trends - The beauty and personal care industry is witnessing a positive trend in net profit growth among several companies, with Jinbo Bio reporting a 62.51% increase in revenue and a 66.25% rise in net profit for Q1 2025 [4] - The demand for beauty care products is highly sensitive to new consumer trends, positioning them as a primary growth area in the market [4] - The high added value and profit margins of beauty care products, combined with the rapid innovation cycle, are driving structural growth opportunities for brands in the sector [4]

6月3日，乐普医疗（300003）宣布，公司自主研发的聚乳酸面部填充剂获得国家药品监督管理局注册批 准。聚乳酸面部填充剂，即大家所熟知的"童颜针"，截至目前，国内已有7款童颜针获批上市。 曾有A股"心血管第一股"之称的乐普医疗近年来业绩持续下滑，逐步缩减对仿制药的投入，重点布局心 血管创新药及皮肤科注射类产品。乐普医疗表示，聚乳酸面部填充剂的成功获批上市标志着公司正式进 入皮肤科领域，将助力公司消费医疗事业的健康发展，预计将对公司业务发展产生积极作用。 乐普医疗在公告中也指出，新产品上市后在推广过程中具体销售情况可能受到包括但不限于临床推广、 渠道开拓、竞争格局改变、宏观政策等因素影响，该产品对公司未来业绩的影响具有不确定性。 去年净利润创近16年最低 除聚乳酸真皮注射填充剂外，乐普医疗在皮肤注射类产品方面还布局了注射用透明质酸钠溶液、注射用 交联透明质酸钠凝胶和注射用透明质酸钠复合溶液等多款产品。此外，乐普医疗还布局了眼科产品，角 膜塑形镜已实现商业化落地并产生收益。 拓展消费医疗赛道的乐普医疗，近年来业绩情况并不理想。 乐普医疗主营业务覆盖医疗器械、药品、医疗服务及健康管理三大板块。自2022年达到业绩巅 ...

Core Viewpoint - Lepu Medical, a leader in cardiovascular devices, has officially entered the dermatology field with the approval of its self-developed polylactic acid facial filler, "童颜针" (Tongyan Needle), marking a significant milestone for the company amid declining performance in recent years [1][5][6]. Company Developments - The "童颜针" is a dermal filler designed to correct moderate to severe nasolabial folds, utilizing polylactic acid (PLLA) which is biodegradable and safe for human use [5][6]. - The product's approval is seen as a key event for Lepu Medical, enhancing its consumer healthcare business and providing new options for both doctors and consumers [5][6]. - The company has been actively expanding into the ophthalmology and dermatology sectors, with several products in various stages of development, including hyaluronic acid gels [5][7]. Financial Performance - Lepu Medical's financial performance has deteriorated significantly, with a projected net profit decline of over 80% in 2024, marking the worst performance since its listing in 2009 [1][7]. - In 2023, the company reported a revenue of approximately 79.8 billion yuan, a year-on-year decrease of 24.78%, and a net profit of about 12.58 billion yuan, down 42.91% [7]. - For 2024, the expected revenue is around 61.03 billion yuan, a decline of 23.52%, with a net profit of approximately 2.47 billion yuan [7][8]. R&D and Market Position - Despite a decline in R&D expenses and personnel, the proportion of R&D investment relative to revenue has increased, indicating a strategic focus on innovation [9][10]. - The number of R&D personnel decreased by over 20% from 2023 to 2024, reflecting potential adjustments in the company's strategic direction [9][10]. - The competitive landscape for the "童颜针" market is intensifying, with seven similar products already approved in China, suggesting a need for Lepu Medical to leverage its technological advantages to stand out [6][7].

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 Viewpoint - Lepu Medical has received NMPA approval for its self-developed polylactic acid facial filler, marking a significant entry into the aesthetic medicine sector amidst intense competition [1][2][3] Group 1: Product Details - The polylactic acid facial filler is classified as a Class III medical device, designed for injection into the dermis to correct moderate to severe nasolabial folds [1] - The main component, polylactic acid (PLLA), is a biodegradable material that is safe and compatible with the human body, breaking down into carbon dioxide and water [2] - The product is expected to provide a new option for doctors and consumers, with good therapeutic effects and low incidence of side effects [5] Group 2: Market Context - The aesthetic medicine market is becoming increasingly competitive, with several companies, including East China Pharmaceutical and Aimeike, already established in the regenerative aesthetic injection sector [2] - The regenerative anti-aging injection market has seen rapid growth, with its market share increasing from 3% in 2019 to 19% in 2023, and projected to reach 31% by 2028 [5][6] Group 3: Strategic Focus - Lepu Medical's entry into the aesthetic medicine field is part of its ongoing strategy to diversify into consumer healthcare and seek new growth avenues [3] - The company aims to mitigate the impact of domestic medical industry policy changes by actively developing self-funded medical products [3] - The strategic focus is on ophthalmology and dermatology, with expectations for a peak in approvals for injectable products in dermatology by 2025 [3][4] Group 4: Financial Impact - The approval of the polylactic acid facial filler is seen as a milestone for Lepu Medical in the dermatology field, potentially driving future business growth [5] - The company reported a revenue of 6.103 billion yuan in 2024, a decline of 23.52% year-on-year, and a net profit of 247 million yuan, down 80.37% year-on-year [3]

Core Viewpoint - The approval of Leping Medical's PLLA-based facial filler marks its entry into the dermatology field, expanding its business into the aesthetic medicine sector, which is expected to positively impact the company's growth [1][3]. Company Summary - Leping Medical has received NMPA registration approval for its self-developed PLLA facial filler, known as "童颜针" or "youthful needle," which is designed to stimulate collagen regeneration for skin rejuvenation [1][2]. - The product is characterized by its excellent biocompatibility, biodegradability, and safety, decomposing into carbon dioxide and water within the body [2]. - The company anticipates that this new product will contribute positively to its consumer healthcare business development [3]. Industry Summary - The Chinese aesthetic medicine market, particularly the regenerative injection segment, is projected to reach approximately 11.52 billion RMB by 2027, with a compound annual growth rate (CAGR) of about 31.2% from 2025 to 2027 [4]. - The market for "童颜针" is becoming increasingly competitive, with several products nearing approval, indicating a trend towards more diverse and effective regenerative injection products [4]. - Companies like Jiangsu Wuzhong and Aimeike have already seen significant revenue growth from their aesthetic products, highlighting the strong performance potential in this sector [2][3].

重要的消息有哪些 1.经济合作与发展组织（经合组织）3日发布经济展望报告，预计2025年和2026年全球经济增速均为2.9%，较今年3月预测值分别下调0.2和0.1个百分点。（新华社） 2．针对美方近期不断声称中方违反中美日内瓦经贸会谈共识，外交部发言人林剑3日强调，施压和胁迫不是同中方打交道的正确方式。中方敦促美方尊重事实，停 止散布虚假信息，纠正有关错误做法，以实际行动维护双方达成的共识。（新华社） 3.6月3日，商务部新闻发言人就欧盟拟限制中企参与医疗器械公共采购答记者问。问：有媒体报道，欧盟成员国依据《国际采购工具》投票决定，禁止中国医疗器 械制造商未来5年内参与价值超过500万欧元的欧盟公共采购项目招标。请问商务部对此有何评论？答：中方注意到有关情况。欧方有关决定和歧视性的措施不仅损 害中方企业利益，而且利用单边工具破坏公平竞争，构筑新的贸易壁垒，对这一保护主义做法，中方坚决反对。当前，全球经济秩序正遭受单边主义、保护主义的 严重冲击。作为负责任的主要经济体，中欧应恪守世贸组织规则，坚持公平、透明和非歧视性原则，以相互开放应对挑战，以合作对话妥处分歧，共同维护中欧经 贸关系健康发展。希望欧方纠正错误 ...