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热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  来源:北京商报

  2022年达到业绩巅峰后,乐普医疗(300003)开始走下坡路,净利已连续两年出现下滑。乐普医疗最新发布的2024年年报显示,公司报告期内归属净利润同比暴跌逾八成,并创下自2009年上市以来近16年的最差业绩。同时,乐普医疗披露的2025年一季报显示,一季度公司呈现营收、净利双降的局面。

  细看乐普医疗2024年年报,计提资产减值成为影响公司业绩的重要因素。此外,公司业务中收入规模最大的医疗器械板块营收出现下滑,药品板块营收更是跌逾四成。去年9月起,乐普医疗控股股东、实际控制人蒲忠杰之女蒲绯“接棒”公司总经理之位,创二代“接棒”的乐普医疗,未来将如何扭转公司业绩颓势值得期待。

  2024年净利暴跌逾八成

  乐普医疗2024年年报显示,2024年,公司实现营业收入约为61.03亿元,同比下降23.52%;对应实现的归属净利润约为2.47亿元,同比下降80.37%;对应实现的扣非后净利润约为2.21亿元,同比下降80.28%。

  值得一提的是,这已是乐普医疗第二年出现业绩下滑的情况。财务数据显示,2022年,公司净利达到22.04亿元,也是上市以来净利最高的一年。2023年,乐普医疗就出现了营收、净利双降的情况,当年实现的营业收入约为79.8亿元,同比下降24.78%;对应实现的归属净利润约为12.58亿元,同比下降42.91%。

  资料显示,乐普医疗成立于1999年,是中国最早从事心血管植介入器械研发的企业之一,于2009年10月30日起登陆A股。公司业务板块涵盖医疗器械、药品、医疗服务及健康管理,其中心血管植介入是公司核心业务板块。

  东方财富显示,自2009年上市以来直至2022年,乐普医疗业绩整体来看不断增长,上市当年实现归属净利润约为2.92亿元,也是这一阶段净利最低的一年。与2024年财报数据对比,可以看出乐普医疗于2024年创下自2009年上市以来,近16年的最差业绩。

  同时,乐普医疗还披露了2025年一季报。一季报显示,报告期内公司实现营业收入约为17.36亿元,同比下降9.67%;归属净利润约为3.79亿元,同比下降21.44%;扣非后净利润约为3.37亿元,同比下降26.08%。

  针对公司相关问题,北京商报记者向乐普医疗方面发去采访函,不过截至记者发稿,未收到公司回复。

  资产减值损失拖累业绩

  根据乐普医疗2024年年报,报告期内,商誉和其他特定资产共发生减值损失合计约2.51亿元,其对归属净利润的影响为2.17亿元,一定程度上拖累了公司业绩。

  具体来看,上述减值损失包括收购博思美形成的商誉净额为8910.17万元,计提减值准备金额5928.22万元,收购乐普装备形成的商誉为934.28万元,计提减值准备金额366.56万元。资料显示,博思美是一家提供牙齿畸形矫正解决方案与定制生产隐形矫治器的高科技公司。乐普装备生产大型DSA设备,主要在医疗机构使用。截至一季度末,乐普医疗账上商誉余额为36.2亿元。

  值得注意的是,报告期内,乐普医疗计提存货跌价准备金额较高。公司及下属子公司依据存货成本与可变现净值孰低,计提存货跌价准备约1.68亿元,其中公司对检测类产品存货经过审慎评估,计提减值准备1.36亿元。

  此外,公司自研的新冠POCT无形资产计提减值准备1578.97万元;公司购入的艾塞那肽及奈西立肽药品的相关技术中止研发,全额计提减值准备共3679.24万元。

  乐普医疗表示,若剔除上述计提商誉和其他特定资产减值的影响,扣非净利润约为4.38亿元,较上年同期同口径下降64.94%。

  注册国际投资分析师付学军表示,从会计和财务的角度来看,计提资产减值准备的情况,可以理解为公司在财务报告中采取了一种稳健的会计政策,即充分反映了公司资产中的潜在风险,有助于提高财务信息的透明度和准确性。

  在投融资专家许小恒看来,商誉减值等资产减值已成为绞杀上市公司业绩的重要原因,在计提大额减值时,公司计提减值的依据及合理性,也可能会受到监管层的关注。

  三大板块营收均出现下滑

  从经营构成来看,2024年,乐普医疗三大板块营收均出现下滑。

  年报显示,医疗器械板块是公司业务中收入规模最大的板块,细分业务板块主要包括心血管植介入、体外诊断、外科麻醉三大板块,其中心血管植介入是公司核心业务板块。报告期内,该板块实现营业收入33.26亿元,同比下降9.47%。

  乐普医疗营收第二大来源为药品板块。2024年,公司药品板块实现营业收入17.58亿元,同比下降42.25%。其中,制剂(仿制药)实现营业收入14.09亿元,同比下降46.5%;原料药实现营业收入3.49亿元,同比下降14.99%。

  乐普医疗表示,公司制剂业务在核心产品纳入国家集采后,主动调整销售策略,将重心转向OTC零售端。2024年,受国家医保局“四同药品”价格专项治理影响,院内医保药品价格向院外市场传导,非医保药品价格同步承压,导致OTC终端销售受阻,实体药店行业景气度下行。在此背景下,乐普医疗零售端产品的纯销与发货量短期内显著下滑,营业收入受到冲击。

  不过,乐普医疗表示,目前,零售端发货已逐步恢复,预计仿制药业务将趋于稳定。鉴于仿制药行业整体面临集采降价压力、市场竞争加剧等挑战,公司顺势调整仿制药收入结构,提升除阿托伐他汀钙和硫酸氢氯吡格雷以外其他药品的收入占比,同时战略性收缩仿制药业务投入,逐步将资源转向创新药及皮肤科注射类产品的研发,以优化业务结构并提升长期竞争力。

  此外,2024年,乐普医疗医疗服务及健康管理板块实现营业收入10.19亿元,同比下降19.24%。

  基于对宏观环境和行业趋势的研判,乐普医疗正动态调整各业务板块发展战略,以推动整体可持续高质量发展。在药品方面,公司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。在消费医疗方面,公司战略性拓展眼科等高增长领域,同时对部分竞争激烈的红海业务进行结构性优化,提升盈利能力。上述调整是否有望挽救乐普医疗业绩颓势,值得投资者期待。

  北京商报记者丁宁

封面新闻记者林梦晴

美国总统特朗普与美联储主席鲍威尔的公开对抗愈演愈烈。

据央视新闻报道,4月以来,特朗普连续两次将矛头指向美联储,公开抨击鲍威尔为"决策迟缓且方向错误的家伙",并明确呼吁降息。这一强硬表态遭遇鲍威尔同样坚决的反击,后者宣示:"美联储不会向任何政治压力低头。"

龙争虎斗的背后,或是行政当局与独立央行间的结构性矛盾:一方追求短期经济刺激和政治利益,一方立足中长期的经济考量。

这场关乎美国经济走向的博弈,正在考验美国金融体系的制度韧性。

美国总统特朗普/图源央视新闻

短期刺激or长期稳定?

4月中旬,美国总统特朗普再度将矛头对准美国联邦储备委员会(美联储),公开施压要求降息。他在社交媒体上发文抨击主席鲍威尔为“这个总是决策迟缓且方向错误的家伙”,直言“鲍威尔的任期最好能尽快结束。”

面对特朗普的步步紧逼,美联储按兵不动。鲍威尔多次重申美联储政策独立性,强调决策将“完全基于对全体美国人最有利的考虑”。4月16日,鲍威尔在芝加哥经济俱乐部演讲时强硬表态,“美联储不会向任何政治压力低头。”台下响起长时间的喝彩和掌声。

二者的对抗或折射出行政当局与独立央行的结构性矛盾。

特朗普追求短期经济刺激和政治利益:降息可在短期内刺激投资和消费,推高股市和就业,为市场注入流动性。对于寻求政治支持的领导人,经济繁荣往往等同于选票,商人出身的特朗普深谙其道。

同时,美国债务成本也是不容忽视的因素。过去两年,美联储激进加息抑制了通胀,但也使联邦政府的借贷成本飙升。当前美国联邦债务总额已超35万亿美元,高利率导致财政年度利息支出接近每年1万亿美元,几乎成为仅次于国防和社保的庞大开支。高企的利息负担,使特朗普政府倍感压力。

但美联储作为独立央行,更立足中长期的经济考量。其法定的“双重使命”——保持物价稳定和充分就业——需要在更长时间尺度上平衡。

“央行当务之急仍是抗击通胀,在通胀前景明确好转前不会轻易转向宽松。”鲍威尔明确表态。高通胀率之下,生活成本、物价上升,资产贬值。此时,加息就像紧急刹车,通常可抑制物价上涨。

经过多轮加息,美国目前的通胀率已从峰值的9.1%回落至约2.4%。特朗普据此声称“美国几乎没有通胀,可以降息”。但鲍威尔指出,目前的通胀率仍略高于美联储2%的目标,降息可能使通胀率反弹,动摇刚稳定的物价趋势。

两难局面让美联储更倾向于暂缓动作,“等待更大的确定性”。

美联储/图源央视新闻

特朗普无权罢免美联储主席

特朗普曾一度形容鲍威尔为“美国的敌人”,二者的矛盾可追溯至特朗普的第一任期。2017年,鲍威尔由特朗普任命为美联储主席。尽管特朗普多次提出希望鲍威尔支持其经济政策,但对方拒绝迎合特朗普的政策期望。

随后,抨击接连不断。特朗普指责鲍威尔的货币政策,声称其加息行为扼杀经济增长。时至今日,施压步步升级。据报道,特朗普曾多次询问助手能否“炒掉”鲍威尔,并物色替代人选;也试图利用财政手段削弱鲍威尔的影响力。

分析人士指出,特朗普历来对利率有强烈的个人看法,往往与美联储的专业判断相左。彭博社记者形容:“特朗普的想法似乎是,‘我要制定经济政策,美联储应该配合我’。”

而美联储的独立性,始终是鲍威尔应对特朗普的“挡箭牌”。

鲍威尔在回应特朗普时刻意强调,“我们的独立性是有法律保障的,我们不会因为任何政治因素而偏离既定职责。”据1913年《联邦储备法案》,美联储的理事会成员享有14年超长任期和主席独立任期,可跨越多个总统任期,避免短期政治干预。非正当理由,总统无权罢免。

市场对美联储独立性的信任往往是其政策效力的关键,若独立性丧失,投资者可能抛售美债等美元资产,导致资本外流和利率飙升。

上世纪70年代,美联储主席在总统压力下放松银根,美国国债收益率一度突破15%,引发之后长达15年的高通胀困局。相反,1980年代初保罗·沃尔克排除外界干扰,坚持强力加息。此举虽一度引发经济衰退和11%的高失业率,却成功将通胀率从两位数拉回到低个位数。

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