2024-10-05
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the "strongest husband-wife team in medical equipment" is beginning to prepare to take a back seat.
author | zhao pu
editor丨gao yan
source | yema finance
taking advantage of the surge in big a, a leading medical device company known as the “number one cardiovascular stock”lepu medical(300003.sz) total market value once again exceeded 20 billion yuan. from september 24 to september 30, lepu medical achieved "five consecutive positives", the stock price rose to 13.17 yuan per share, and the total market value reached 24.77 billion yuan.
on september 30, the last trading day before the holiday, lepu medical even soared 17.17%, once close to the daily limit.
source: oriental fortune network
but before the stock price rose sharply, lepu medical had just experienced a shock to its senior management. general manager zhang zhibin, who had been with lepu medical for many years, and another deputy general manager zheng guorui resigned at the same time, citing personal reasons.
taking over as the general manager of lepu medical is pu fei, the daughter of the company’s founder pu zhongjie, who is american. she studied at mit and harvard university, and received a master's degree from harvard. she is not only a "rich second generation", but also an "academic master".
however, lepu medical is currently experiencing a "pain period" in which revenue and profits continue to decline. within one and a half years from 2023 to the first half of 2024, lepu medical's revenue, profits and other financial data are even worse than during the epidemic.
if pu zhongjie promotes his daughter to take over the company at this time, can it help the company improve its revenue and fire the "first shot"?
it is worth noting that both zhang zhibin and zheng guorui have rich sales management experience. after their resignation, among the current senior management team of lepu medical, only deputy general manager feng xiaoying has a sales management background. in addition, lepu medical has more than 3,500 employees in its professional sales line, and it is urgent to stabilize "military morale" in the next few months.
but compared to zhang zhibin, a "nine-year" veteran with many years of sales management experience, pu fei's sales management experience is a little thinner. after entering lepu medical, she mainly worked in the international business department and served as the general manager of the international business department. , also served as the chairman of lepu diagnostics.
now, the important issue facing the new general manager pu fei is how to boost sales performance and reverse the decline in revenue. in the context of medical anti-corruption and centralized pharmaceutical procurement, it is not easy to quickly turn around sales performance.
lepu medical was founded by pu zhongjie and zhang yuee, "the most powerful husband and wife team in medical equipment". the couple is not only axi'an jiaotong universityalumni all have backgrounds in materials science. pu fei not only inherited their majors, but also majored in finance and applied physics. can lepu medical revive its performance under the leadership of this “academic master”?
lepu medical claims to be china's only overall solution provider covering the entire life cycle of cardiovascular disease. it is also one of the earliest companies in china to develop cardiovascular implantation and interventional devices. it has the "national cardiology implantation and interventional diagnostic and treatment device" awarded by the ministry of science and technology. and equipment engineering technology research center" title.
many of the “first domestically produced” medical devices for the treatment of cardiovascular diseases were developed and commercialized by lepu medical, such as: carrier-free coronary drug stents, dual-chamber pacemakers, coronary bioabsorbable stents, coronary stents, etc. pulse-cutting balloons, biodegradable occluders, etc. its products and services involve medical devices, drugs, medical services and health management.
zhang zhibin is the former general manager of lepu medical, a leading medical device company. during the nine years from 2015 to 2024, he was promoted from deputy general manager to general manager. lepu medical's performance also once continued to improve. increase.
in the seven years from 2015 to 2021, lepu medical's performance has increased year by year, with revenue rising from less than 2.8 billion yuan to 10.6 billion yuan, and it has grown into a "10 billion medical device giant"; even more powerful is lepu medical lepu medical's profitability in its main business has been that from 2015 to 2022, lepu medical's non-net profit has maintained growth for eight consecutive years, rising from annual profit of 500 million yuan to annual profit of 2.1 billion yuan.
but from 2022 to 2023, lepu medical's performance began to decline. there are also media reports that lepu medical’s executive replacement may be related to its declining performance.
source: oriental fortune network
"yema finance" found that during the three-year epidemic period, lepu medical's revenue and net profit maintained a steady increase. however, in 2023, when the epidemic ended, there was a decline in revenue and profit.
from 2020 to 2022, although lepu medical was hit by the epidemic, the sales of its related products almost stagnated at the worst time. but even so, lepu medical's revenue still maintained growth from 2020 to 2022, rising from 8 billion yuan to 10.6 billion yuan, and its net profit rose from 1.8 billion yuan to 2.2 billion yuan.
the epidemic will basically end in 2023, and lepu medical's outpatient volume and surgical volume will also recover rapidly. this once gave the company optimistic expectations, believing that benefiting from the recovery of outpatient volume and surgical volume, sales of related products will achieve positive growth.
but the final result is that lepu medical's revenue in 2023 is only about 7.98 billion yuan, a year-on-year decrease of 2.63 billion yuan; its net profit is only about 1.258 billion yuan, a year-on-year decrease of about 946 million yuan, a decrease of 42.91%; after deducting non-net profits, it is dropped to 1.113 billion yuan, a year-on-year decrease of 47.6%.
in addition, lepu medical's operating net cash flow in 2023 will be approximately 990 million yuan, a year-on-year decrease of approximately 1.8 billion yuan, a decrease of as much as 64.51%.this is the first time since 2019 that lepu medical’s net operating cash flow has been lower than its net profit.
source: can gallery
lepu medical believes that the decline in operating income and net cash flow from operating activities is mainly due to the greater contribution of emergency rapid detection kits and pcr equipment in 2022 to revenue and net cash flow from operating activities in the same period.
in addition to the "unexpected" decline in lepu medical's performance, there is another data that cannot be ignored.
the financial report shows thatlepu medical's revenue growth target for 2022 is set in the range of 15% to 25%, and the revenue growth target for 2023 is between 15% and 20%. however, unfortunately, the revenue targets for these two years are both in order to achieve this, the final submission scores fell by 0.47% and 24.78% year-on-year respectively.
if the company's operating performance is not up to standard, who will be responsible? although this is a comprehensive result of macro and micro, it is also related to the company's operation and management. as the "locomotive", the general manager bears the brunt.
according to lepu medical, zhang zhibin once served as the northwest/beijing regional manager of the company's sales department, director of the marketing department of lepu medical, and deputy general manager of lepu medical, and is very familiar with sales indicators.
zheng guorui, who resigned at the same time as zhang zhibin, has also worked in the sales line for many years. he once served as lepu medical sales manager, lepu pharmaceutical marketing director, and national sales director. he also understands the importance of sales targets.
zhang zhibin became the deputy general manager of lepu medical in august 2015 and was promoted to general manager in april 2021. he has served for more than 9 years. zheng guorui became the deputy general manager in april 2021. both of them are very familiar with the sales business. .
past marketing strategies and methods may not be able to cope with the new situations and situations faced by lepu medical. lepu medical is going to change its "playing style".
today's industry environment is indeed different from the situation of zhang zhibin and zheng guorui at that time, and new challenges also need to be faced by new people.
for lepu medical, it is currently facing two major changes in the industry. first, bulk procurement of medical consumables and generic drugs has become a normalized policy. the industry expects that the scope of procurement and the regions involved will continue to expand in the future, and the bulk procurement policy will lepu medical's medical equipment and pharmaceutical sectors have continued to have an impact. after the relevant medical products win the bid at a low price, their revenue and profits may decline;
second, in july 2023, a video conference on mobilization and deployment of the disciplinary inspection and supervision agencies to coordinate the nationwide rectification of corruption in the pharmaceutical field was held in beijing. as anti-corruption policies in the pharmaceutical field continue to tighten, it is expected that relevant academic conferences and marketing activities will be suppressed, so the promotion of lepu medical's new products will face uncertain risks.
in the face of huge changes in the industry, pu fei, born in 1989, is only 35 years old and is the youngest among lepu medical’s senior management team.
although pu feigui is the "pearl in the palm" of chairman pu zhongjie, it is not easy to take charge of the giant ship of "medical leader" lepu medical. the first challenge is the management and adjustment of sales business.
taking the sales line that the previous general manager zhang zhibin was good at as an example, lepu medical has a total of 3,506 sales professionals (shown in the 2023 financial report), which is the largest number of employees among the five major professional lines. to convince these more than 3,500 people, pu fei you also need to contribute to the company's performance to prove yourself.
source: can gallery
however, compared with zhang zhibin and zheng guorui's previous annual revenue growth target of more than 15%, pu fei's pressure is not great. because for the performance in 2024, lepu medical rarely specified revenue growth targets and only mentioned "achieving operating income growth."this is the first time in the past three years that lepu medical has not proposed a numerical target for revenue growth, which leaves pu fei with a relatively loose space to advance or retreat.
as of the first half of 2024, lepu medical's revenue was approximately 3.384 billion yuan, and its net profit was approximately 697 million yuan, a year-on-year decrease of 21.33% and 27.48% respectively. according to the data, the downward trend has not changed. according to the situation in the first half of the year, it may be difficult for lepu medical to achieve year-on-year revenue growth in the remaining months.
it is also worth noting that among the senior management team, after zhang zhibin and zheng guorui resigned, only deputy general manager feng xiaoying had sales management experience. she was the sales director of shenzhen langou pharmaceutical co., ltd., lepu (beijing) medical equipment co., ltd. the sales director of the first retail business department of the company, and the assistant to the general manager of lepu (beijing) medical equipment co., ltd.
pu fei's more work experience is in international business, and his experience in sales business is not as rich as that of the former general manager zhang zhibin.
according to lepu medical, in 2011 and 2012, pu fei interned at minnesota mining and machinery manufacturing company (3musa) and credit suisse hong kong co., ltd. (credit suisse hong kong) respectively; in 2017, pu fei entered lepu medical. he successively served as the manager of the international business department, director of the international business department, and general manager of the international business department. he later served as chairman of lepu diagnostics, director of lepu medical, and member of the audit committee.
being able to serve in the international business department for a long time is due to pu fei's years of overseas higher education background.
pu fei, who was born into a "rich second generation", is also a proper "academic master". she holds bachelor’s degrees in materials science and engineering and finance from the massachusetts institute of technology (mit).harvard university(harvard university) in applied physics, and has exchange studies at tsinghua university school of economics and management and oxford university department of materials science. pu fei is currently studying at peking university guanghua school of management and the university of hong kong, pursuing a doctorate in business administration, and is moving towards gathering qualifications and degrees from prestigious domestic and foreign universities.
pu fei's international business experience and "student master" physique have given the outside world a lot of expectations for her company management. butthere is currently no sign to tell where pu fei's "three fires" will burn after he takes office? judging from the company's choice, "rejuvenation" should be the meaning of the topic.
pu fei’s father, pu zhongjie, and mother, zhang yuee, are both celebrities in the medical device industry. some people in the industry call them the “strongest husband and wife team in medical devices”. they are at the helm of lepu medical andpuhua heshun（01358.HK）。
in 2020, pu zhongjie and zhang yuee ranked 1,001st in the "2020 hurun global rich list" with a wealth of 20 billion yuan. in the following years, the wealth statistics of pu zhongjie and zhang yue'e have declined, but in the "2024 hurun global rich list" released on march 25, 2024, pu zhongjie and zhang yue'e still made the list with a wealth of 13 billion yuan.
source: can gallery
pu zhongjie and zhang yuee each own more than one listed company.
lepu medical, founded by pu zhongjie, ranks among the top 100 global medical devices in 2023, with more than 50 subsidiaries. in 2009, lepu medical was listed on the shenzhen stock exchange (the first batch of listed companies on the gem). in 2022, its subsidiaries lepu biological and xintai medical were listed on the hong kong stock exchange. in 2022, lepu medical was listed on the swiss gdr, becoming the first to complete the swiss gdr listing. of chinese medical device companies.
zhang yue'e is also promoting her companies to enter the investment market. on the evening of may 20 this year, puhua heshun revealed that it will spin off its non-wholly owned subsidiary sichuan ruijian medical and list it independently on the national equities exchange and quotations (no new shares will be issued). news. then on june 26, puhua heshun stated that the national equities exchange and quotations company had accepted sichuan ruijian medical’s application for listing.
in addition, there is another hospital under lepu medical: hefei high-tech cardiovascular hospital, whose revenue in the first half of this year exceeded 80 million yuan, a year-on-year increase of 17.25%.
in addition to pu fei, pu zhongjie also has a daughter named pu jue, who currently serves as a non-executive director of lepu biotech.
now, pu zhongjie’s family all hold important positions in the “lepu system”.this also depends on pu zhongjie's early entrepreneurship.
source: can gallery
pu zhongjie studied metal materials at xi'an jiaotong university from 1979 to 1982. after graduation, he engaged in research on special metal materials at the beijing iron and steel research institute and received a doctorate.
in 1993, pu zhongjie entered florida international university as a visiting scholar. since then, he has been engaged in the research and development of biomaterials and interventional medical devices in the united states, during which he applied for 15 national patents. currently, pu zhongjie already has permanent residence in the united states.
in 1999, pu zhongjie founded lepu medical and became one of the earliest companies in china to provide cardiovascular implant interventional devices. today, lepu medical has a total market value of over 20 billion yuan and is already a leading company in the field of treating cardiovascular diseases, especially in the field of cardiovascular and stapler devices.
pu zhongjie's wealth has gradually expanded with the growth of lepu medical. according to lepu medical's early prospectus, the cost price for pu zhongjie's acquisition of this part of the company's equity in 2004 was less than 10 million yuan, and as of october 31, 2009 the market value on the day was as high as 3.832 billion yuan, and pu zhongjie’s equity increased more than 300 times in five years.
as of june 30, 2024, pu zhongjie held approximately 228 million shares of lepu medical, with a shareholding ratio of approximately 12.13%. in addition, pu zhongjie has a concerted action relationship with wp medical technologies, inc, beijing houde yimin investment management co., ltd., and ningbo houde yimin investment management co., ltd., and holds a total of approximately 456 million shares.
as of september 30, the stock price of lepu medical was 13.17 yuan per share. based on this calculation, the market value of the shares held by pu zhongjie and persons acting in concert was approximately 6 billion yuan.
in addition to the growth of personal wealth, the company's future growth is still pu zhongjie's main consideration. now he has promoted his daughter pu fei to the position of general manager, obviously to prepare for a smooth "handover" in the future.
at present, lepu medical hopes to achieve business breakthroughs in innovative devices, personal medical consumption and sales markets. according to lepu medical, the company’s main new products are innovative medical devices, which are relatively less affected by price cuts brought about by centralized procurement. at the same time, lepu medical is also developing business layout in the field of consumer medical care, broadening its revenue sources through self-pay products and reducing the proportion of revenue from medical insurance products.
in the face of anti-corruption in the pharmaceutical field, lepu medical stated that most drugs, medical services and health management products are sold outside hospitals, and there is no risk of medical anti-corruption; for in-hospital sales, systems and regular inspections will be developed to strictly regulate dealer behavior.
although lepu medical believes that it has measures to deal with industry challenges, the performance decline that has lasted for one and a half years is still an indisputable fact. can pu zhongjie and pu fei, father and daughter, work together to reverse the decline?
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