Lepu Medical Technology Co (300003) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was RMB4.627bn, down 6.32% YoY; attributable net income was RMB678.29m, down 30.93%.

• Results reflected lower drug and medical-device revenue, higher R&D spending and a one-time convertible-bond redemption premium; excluding the premium, adjusted attributable profit fell 22.01% YoY.

Financial highlights

• Q3 revenue was RMB1.413bn, down 9.99% YoY; attributable net income was RMB178.81m, down 38.58%, and adjusted attributable profit was RMB169.57m, down 39.16%.

• 9M net income was RMB601.63m; attributable net income was RMB678.29m and adjusted attributable profit RMB650.33m, down 30.93% and 30.88%, respectively.

• 9M operating cash flow was RMB854.10m, down 15.66% YoY; R&D expense rose to RMB717.77m from RMB594.21m.

Outlook and guidance

• Formulation revenue faced short-term channel-price disruption from national drug procurement renewal adjustments; the impact was expected to continue through year-end.

• The polylactic-acid facial filler channel destocking was largely complete, with repeat purchases and sell-through aligned; the newly launched Sai Le Ti RF skin-treatment device was commercializing smoothly.