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  ■ 刘 萌

  最近一段时间,多个跨国企业加大对华投资,“投资中国”成为越来越多外企的新计划。与此同时,商务部最新公布的数据显示,2025年1月份至3月份,全国新设立外商投资企业12603家,同比增长4.3%;实际使用外资金额2692.3亿元人民币,同比下降10.8%。其中,3月份当月实际使用外资同比增长13.2%。

  3月份实际使用外资为何实现同比跃升,笔者认为,这主要由以下几方面因素促成。

  首先,一系列政策主动发力,稳固外资存量、促进外资增量,增强外资在华投资信心。

  当前,国际投资环境更趋复杂,中国引资挑战与机遇并存。从2月份商务部、国家发展改革委印发《2025年稳外资行动方案》,到3月份《政府工作报告》对“大力鼓励外商投资”作出一系列具体部署,我国引资稳资力度明显加大。

  其次,以人工智能为代表的中国科技火爆出圈,既彰显了中国科技创新的实力,也让更多外资企业看好“投资中国”的前景。

  国家统计局数据显示,3月份,规模以上高技术制造业增加值同比增长10.7%,增速较前两个月进一步提升。

  从实际使用外资数据来看,外资企业在高技术产业相关领域加快布局,进一步融入中国市场。1月份至3月份,高技术产业实际使用外资786.1亿元人民币,其中,生物药品制造业、航空航天器及设备制造业、医疗仪器设备及器械制造业实际使用外资分别增长63.8%、42.5%和12.4%。外资企业正以“真金白银”深度融入中国产业链和创新链。

  最后,我国持续推进高水平对外开放,外资来源地进一步多元化,有效应对了地缘政治风险等外部冲击带来的挑战。

  从外资来源地看,1月份至3月份,东盟地区实际对华投资增长56.2%,欧盟地区实际对华投资增长11.7%,瑞士、英国、日本、韩国实际对华投资分别增长76.8%、60.5%、29.1%和12.9%(含通过自由港投资数据)。

  今年的《政府工作报告》明确,扩大高水平对外开放,积极稳外贸稳外资。无论外部环境如何变化,始终坚持对外开放不动摇,稳步扩大制度型开放,有序扩大自主开放和单边开放,以开放促改革促发展。

  近年来,我国不断缩减外资准入负面清单,已实现制造业领域外资准入限制措施“清零”。日前,服务业扩大开放又迎来新的支持政策,4月18日,商务部印发《加快推进服务业扩大开放综合试点工作方案》和新一轮服务业扩大开放综合试点任务清单,进一步发挥试点地区先行先试作用,推动服务业开放提速加力。

  随着一系列政策措施落地见效,“投资中国”前景一片大好,中国将不断巩固全球投资热土的地位。

  来源:金融界

  曾被誉为“心血管第一股”的乐普医疗,如今正面临上市16年以来的最严峻考验。2024年年报显示,公司归属净利润同比暴跌逾八成,创下自2009年上市以来的最差业绩。与此同时,公司三大核心业务板块全面下滑,资产减值损失成为拖累业绩的“黑洞”。在控股股东之女蒲绯接棒总经理之位后,乐普医疗能否在战略转型中寻得生机,成为市场关注的焦点。

  净利暴跌80%:上市16年最差业绩背后的“断崖式”下滑

  乐普医疗的业绩颓势并非一朝一夕。2022年,公司净利润达到22.04亿元的历史峰值,但随后便急转直下。2023年,公司营收、净利双降,净利润同比下滑42.91%。而2024年的财报更是令人咋舌:全年实现营业收入61.03亿元,同比下降23.52%;归属净利润仅2.47亿元,同比暴跌80.37%;扣非后净利润2.21亿元,降幅同样高达80.28%。这一数据不仅创下公司上市以来的最低纪录,更让市场对其未来增长潜力充满疑虑。

  进入2025年,乐普医疗的颓势仍未止步。一季报显示,公司一季度营收17.36亿元,同比下降9.67%;归属净利润3.79亿元,降幅21.44%。连续两年的业绩下滑,叠加2024年的“断崖式”暴跌,乐普医疗的财务健康度已亮起红灯。

  资产减值成“杀手锏”:商誉、存货、无形资产集体“爆雷”

  乐普医疗2024年业绩暴雷的导火索,正是大规模的资产减值损失。年报显示,公司商誉和其他特定资产共发生减值损失2.51亿元,直接拖累归属净利润2.17亿元。其中,收购博思美形成的商誉减值5928.22万元,乐普装备商誉减值366.56万元。截至一季度末,公司账上商誉余额仍高达36.2亿元,未来减值风险犹存。

  存货跌价准备同样惊人。公司及子公司计提存货跌价准备约1.68亿元,其中检测类产品存货减值1.36亿元。此外,自研新冠POCT无形资产减值1578.97万元,艾塞那肽及奈西立肽药品技术因研发中止全额计提减值3679.24万元。若剔除资产减值影响,公司扣非净利润约为4.38亿元,但仍较上年同期下降64.94%。

  三大板块全线溃败:集采重压、市场萎缩下的战略收缩

  乐普医疗的三大业务板块——医疗器械、药品、医疗服务及健康管理,在2024年均遭遇重创。

  医疗器械板块作为收入支柱,2024年实现营收33.26亿元,同比下降9.47%。尽管心血管植介入业务仍是核心,但体外诊断、外科麻醉等细分领域增长乏力,反映出公司在创新产品迭代上的滞后。

  药品板块的下滑更为惨烈。2024年,该板块营收17.58亿元,同比暴跌42.25%。其中,制剂(仿制药)收入14.09亿元,降幅达46.5%。乐普医疗解释称,核心产品纳入国家集采后,公司主动调整策略转向OTC零售端,但受“四同药品”价格治理影响,院内医保药品价格向院外传导,非医保药品价格同步承压,导致OTC终端销售受阻。尽管公司表示零售端发货已逐步恢复,但仿制药业务的长期前景仍不容乐观。

  医疗服务及健康管理板块亦未能幸免,2024年营收10.19亿元,同比下降19.24%。实体药店行业景气度下行、市场竞争加剧,进一步压缩了该板块的盈利空间。

  创二代接棒:战略转型能否力挽狂澜?

  面对业绩困局,乐普医疗自2024年9月起启动管理层换血。控股股东、实际控制人蒲忠杰之女蒲绯接任总经理,标志着公司进入“创二代”掌舵时代。乐普医疗表示,未来将动态调整各业务板块战略:

  1.药品业务:逐步缩减仿制药投入,重点布局心血管创新药及皮肤科注射类产品;

  2.消费医疗:战略性拓展眼科等高增长领域,优化竞争激烈的红海业务;

  3.医疗器械:加速创新产品研发,提升高附加值产品占比。

  然而,转型之路充满挑战。创新药研发周期长、投入大,而眼科等消费医疗领域已涌入众多竞争者。乐普医疗能否在资源有限的情况下实现“弯道超车”,仍需时间检验。

  行业观察:集采常态化下的生存法则

  乐普医疗的困境并非个例。随着集采政策常态化,医疗器械、药品行业正经历深刻变革。企业需在成本控制、创新研发、市场多元化之间寻找平衡点。乐普医疗的案例警示行业:过度依赖单一业务或产品,可能在政策变动中陷入被动。

  对于投资者而言,乐普医疗的估值已跌至历史低位,但业绩反转的确定性仍存疑。公司能否通过战略调整重获增长动能,不仅关乎自身命运,也将为行业转型提供重要参考。

  从巅峰到低谷,乐普医疗的业绩“过山车”折射出医药行业变革的残酷性。创二代蒲绯的接棒,承载着市场对其“刮骨疗毒”的期待。在集采重压、资产减值、市场竞争加剧的多重夹击下,乐普医疗的破局之路,或许唯有通过创新驱动、结构优化和战略定力,方能重拾昔日荣光。这场生死局,注定是一场与时间赛跑的攻坚战。

  格隆汇4月21日|受美国主导的贸易战影响,金价周一再度刷新纪录高位,未来几天将公布的数据可能突显全球经济受损的早期迹象。随着美元下跌,现货黄金攀升至3370美元以上。本周二,国际货币基金组织将发布《世界经济展望》报告,预计届时将在新的预测中下调经济增长前景,而次日的美国PMI数据将提供自美国总统特朗普推动征收关税以来的经济活动概貌。由于贸易冲突扰乱了全球市场,打击了对风险资产的兴趣,同时加速了对避险资产的追捧,金价今年连续飙升至创纪录水平。过去12周,黄金ETF持有量连续扩大,为2022年以来最长的持续时间。各国央行也一直在增持黄金,支撑着强劲的全球需求。

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