Lepu Medical(SZ:300003)2025-10-27 01:30Financial Performance - The company aims for a revenue growth of approximately 10% in the upcoming year [2] - In Q3, the company achieved an operating cash flow of CNY 1.013 billion, with an expectation of reaching around CNY 14-15 billion for the entire year [2] - The cardiovascular interventional devices segment is preparing for centralized procurement, which may lead to a slight revenue contraction [2] Medical Aesthetics Business - The medical aesthetics segment has seen significant growth, with the "童颜针" (Youth Needle) generating around CNY 100 million in revenue since its launch in early August [3] - The company targets CNY 1 billion in revenue for the medical aesthetics segment next year, with specific sales goals of CNY 600 million for "童颜针" and CNY 200 million each for PDRN and Thermage [3] - The company has entered over 80% of large brand chain medical aesthetic institutions and around 1,500-2,000 small to medium-sized institutions [3][6] Innovative Drug Development - The company is advancing its innovative drug pipeline, focusing on dual-target or multi-target SiRNA drugs, with MWN109 entering Phase III clinical trials next year [4] - The oral MWN109 tablet is nearing completion of Phase I clinical trials, with plans for Phase II trials before the Spring Festival [4] - The company is also developing a biodegradable embolization device, which has shown promising clinical feedback [11] Market Strategy and Challenges - The company is actively managing distributor inventory levels to prepare for centralized procurement, aiming to maintain inventory at a 1-3 month level [9] - The medical aesthetics market is competitive, with the company facing pricing pressures from platforms like New Oxygen, but it plans to maintain its pricing strategy [10] - The company is exploring partnerships with local medical aesthetic institutions to enhance shareholder services and expand its market presence [4][6] Future Outlook - The company anticipates that the interventional cardiology segment's performance will stabilize post-centralized procurement, with minimal long-term impact expected [3] - The innovative medical devices segment, including brain-machine interfaces, is expected to contribute to revenue growth in the coming years [5] - The company is committed to developing high-barrier products in response to centralized procurement policies, ensuring sustainable growth [4]