Group 1 - A total of 43 companies were investigated by institutions on September 1, with 26 companies being surveyed by funds, indicating a strong interest from institutional investors [1] - The most popular company among funds was Kaiying Network, which attracted 34 funds for investigation, followed by Xingqi Eye Medicine with 24 funds [1][2] - The surveyed companies spanned 17 industries, with the highest representation in the electric equipment, electronics, and pharmaceutical biology sectors, each having three stocks [1] Group 2 - Among the surveyed companies, only one had a total market value exceeding 50 billion yuan, while 17 companies had a market value below 10 billion yuan, including Sanfu Outdoor and Shouhua Gas [1] - In terms of market performance, 10 stocks among the surveyed companies increased in value over the past five days, with the highest gains seen in Kunheng Shunwei (15.13%), Xingqi Eye Medicine (14.77%), and Huali Chuantong (14.39%) [1][2] - Conversely, 16 stocks experienced declines, with Guangxin Technology, Xiangsheng Medical, and Zhucheng Technology showing the largest drops of 8.37%, 7.83%, and 7.57% respectively [1][2]

Summary of the Conference Call for Xingqi Eye Pharmaceutical Company Overview - **Company**: Xingqi Eye Pharmaceutical - **Industry**: Ophthalmic Pharmaceuticals Key Financial Performance - **Revenue**: 11.62 billion CNY in H1 2025, a year-on-year increase of 30.38% [2][3] - **Net Profit**: 3.35 billion CNY, a year-on-year increase of 97.75% [2][3] - **Dividend Proposal**: Cash dividend of 7 CNY per 10 shares, subject to shareholder approval [2][3] Research and Development Progress - **R&D Investment**: 1.0 billion CNY, an increase of 8.11%, representing 8.64% of revenue [2][4] - **Product Approvals**: - Heafluprost eye drops approved - Lidocaine eye gel in Phase III clinical trials - SQ22,031 eye drops in Phase II clinical trials for neurotrophic keratitis, listed as a rare disease drug [2][4][5] - **Innovative Products**: - 60 approved ophthalmic drugs, with 38 in the medical insurance directory and 6 in the national essential drug list [4] - SQ22,031 eye drops and SQ129 vitreous sustained-release injection under development [9] Market Strategy and Sales Performance - **Atropine Sales**: - Widely distributed in public hospitals and major private groups, covering nearly 17,000 retail pharmacies and online platforms [2][10] - Sales growth driven by a comprehensive marketing strategy and collaboration in myopia prevention [12] - **Sales Team**: Over 500 professional promotion specialists, with plans for further expansion based on market conditions [10][12] - **Market Coverage**: - Multi-channel marketing strategy including both online and offline channels [12][18] - Focus on enhancing brand influence and customer satisfaction [7][8] Future Outlook and Market Trends - **Market Potential**: - Significant growth potential in the myopia prevention market, with over 100 million schoolchildren affected [24] - Anticipated stable gross margin due to increased sales scale and operational efficiency [21] - **Product Pipeline**: - Continued focus on innovative drug development in ophthalmology, including treatments for myopia, dry eye, and other eye diseases [23][25] - Plans to expand into international markets with existing and new products [22] Additional Insights - **Quality Management**: - Achieved national-level green factory certification and implemented stringent quality control measures [6] - **Patient Compliance**: - High compliance rates among pediatric patients using atropine, with ongoing efforts to improve disease education and treatment adherence [18][19] - **Clinical Guidelines**: - Received endorsements from multiple clinical guidelines, enhancing the credibility of products like cyclosporine eye drops [20] This summary encapsulates the key points from the conference call, highlighting the financial performance, R&D advancements, market strategies, and future outlook for Xingqi Eye Pharmaceutical.

Group 1: Aohua Endoscopy - The company anticipates a decline in overall gross margin due to an increase in overseas revenue share and changes in product structure by the first half of 2025 [1] - Sales, R&D, and management expenses have decreased year-on-year, primarily due to the reversal of share-based payment expenses [1] - The overseas business has shown growth due to progress in multi-country access and marketing layout, enhancing global brand influence [1] - The domestic market strategy focuses on both tertiary hospitals and county-level markets, with multiple academic events and grassroots training conducted [1] - Demand for flexible endoscopes is driven by the popularization of early cancer screening, leading to sustained growth in new equipment, replacements, and endoscope body replacements [1] - The company is expanding its product lines beyond gastroenterology to include respiratory, urology, ENT, and hepatobiliary surgery [1] Group 2: Xingqi Eye Medicine - The company is developing an innovative drug, SQ-22031 eye drops, which is a Class 1 biopharmaceutical for treating neurotrophic keratitis and dry eye syndrome [2] - The Phase I clinical trial for this product has successfully obtained a clinical research report [2] Group 3: Mylande - The company achieved revenue of 241 million yuan, a year-on-year increase of 5.62%, while net profit attributable to shareholders was 63.92 million yuan, a decrease of 11.96%, mainly due to the disposal of non-performing assets [3] - Revenue from reproductive rehabilitation and anti-aging business reached 79.84 million yuan, a year-on-year increase of 42.45% [3] - The decline in gross margin is attributed to adjustments in new product promotion strategies and an increase in orders from major clients [3] - The company is focusing on non-invasive brain-machine interfaces and has accumulated technology in multi-modal physiological signal acquisition [3] - Emotional interaction products have reached the prototype stage, with plans to conduct clinical pre-experiments within the year [3] - Multi-center clinical research is aiding product entry into hospitals, and the overseas business is primarily targeting the Southeast Asian market [3] - The company aims to establish a model in Jiangsu and Zhejiang provinces for its health management center this year [3] - The company adheres to a dual-driven strategy of "one end more serious, one end more consumer" [3] Group 4: Company Overview - Shanghai Chengrui Investment Management Co., Ltd. was established in May 2010 with a registered capital of 110 million yuan [4] - The company became a private equity fund manager in April 2014 and has been recognized for its stable development and diverse client base, including banks, private banks, securities firms, insurance companies, trusts, and various institutional investors [4] - The investment research team consists of 33 highly qualified professionals with strong educational backgrounds and extensive investment experience [4] - The company has received numerous awards and recognitions, including being listed among the top private equity firms in China and winning various industry awards [4]

Group 1: Company Highlights - Changchun High New has made breakthrough progress in using AI large models to design highly alkaline single-domain antibodies, successfully completing the development of a protein product that has entered 5000-liter scale production [1] - Zhongchuang Zhiling's subsidiary Zhengmeiji Shuyun Intelligent Technology has invested heavily in building a robotic welding laboratory, promoting the transition of welding technology from manual to intelligent [2] - BoRui Pharmaceutical has submitted IND applications for BGM0504 and BGM1812 for weight loss indications in both the US and China, with BGM0504 entering Phase I clinical trials approved by the FDA [3] - Xingqi Eye Medicine's SQ-22031 eye drops, an innovative drug for treating neurotrophic keratitis and dry eye syndrome, have completed Phase I clinical trials [4] - Sunshine Nuohe reported a revenue of 7.3371 million yuan from equity-sharing projects, a year-on-year increase of 119.73%, with clinical business revenue reaching 279 million yuan, a 29% increase year-on-year [5] Group 2: Investment Management Overview - Shanghai Danyi Investment Management Partnership, established in April 2015, has a paid-in capital of 10 million yuan and is registered with the Asset Management Association of China [5] - The core executives of the company have over ten years of investment research experience, having previously worked as investment managers or chief researchers at prominent institutions [5]

Core Viewpoint - The A-share ophthalmology medical concept stocks experienced a collective surge, with several companies reaching their daily limit up, indicating strong market interest and potential growth in the sector [1][2]. Group 1: Stock Performance - Companies such as Shapais, Innovation Medical, and Xingqi Eye Medicine saw significant stock price increases, with Xingqi Eye Medicine rising over 14% and Shapais reaching a limit up [1][2]. - The ophthalmology sector index rose by 2.17%, reflecting overall positive sentiment in the market [2]. Group 2: Market News - Recent rumors indicated that the Henan Provincial Eye Hospital would stop supplying its self-made 0.01% atropine sulfate eye drops due to the expiration of its registration, which has led to increased attention on the market for similar products [3][4]. - The hospital confirmed that the 0.01% atropine sulfate eye drops had ceased production since December of the previous year, with current sales being from existing inventory [3]. Group 3: Product and Market Dynamics - Atropine sulfate eye drops have gained recognition as a "myopia miracle drug," particularly for children aged 6 to 12, and are recommended in various authoritative guidelines for myopia management [4]. - Xingqi Eye Medicine's atropine sulfate eye drops received approval for market entry in March 2024, leading to a significant increase in its stock price and revenue growth [4]. - In 2024, Xingqi Eye Medicine reported a revenue of 1.943 billion yuan, a year-on-year increase of 32.42%, and a net profit of 338 million yuan, up 40.84% [4]. Group 4: Competitive Landscape - The market for atropine sulfate eye drops is becoming increasingly competitive, with several companies, including Zhaoke Ophthalmology and Hengrui Medicine, advancing their own products [5]. - Shapais is also in the process of developing its own version of atropine sulfate eye drops, which is currently in Phase III clinical trials [5]. - Xingqi Eye Medicine is expected to continue its upward trajectory with ongoing product iterations and new submissions for market approval [5].

Core Viewpoint - The article highlights a significant surge in the A-share ophthalmology medical concept stocks, driven by market rumors regarding the supply issues of a specific eye drop formulation, which has led to increased investor interest and stock price increases for several companies in the sector [1][2]. Company Performance - On September 1, A-share ophthalmology stocks saw collective gains, with notable performances including: - Xingqi Eye Medicine up 14.65% to 77.54 - Innovation Medical up 10% to 25.19 - Shapuaisi up 9.95% to 8.40 - Baicheng Pharmaceutical up 8.46% to 62.45 [1][2]. Market Dynamics - Recent rumors indicated that the Henan Provincial Eye Hospital would stop supplying its self-made 0.01% atropine sulfate eye drops due to expired registration, which has been confirmed by hospital staff. This product will cease supply after September 6, 2023, while other concentrations remain in production [3][4]. - Atropine sulfate eye drops have gained recognition as a "myopia miracle drug," particularly for children aged 6 to 12, and are recommended in various authoritative guidelines for myopia management [4]. Competitive Landscape - The market for atropine sulfate eye drops is becoming increasingly competitive, with several companies, including Zhaoke Ophthalmology and Hengrui Medicine, advancing their own formulations. Shapuaisi is also in the process of clinical trials for its version [5][6]. - Xingqi Eye Medicine has seen substantial growth, with revenues of 1.943 billion in 2024, a 32.42% increase year-on-year, and a net profit of 338 million, up 40.84% [4]. In the first half of 2025, the company reported revenues of 1.163 billion, a 30.38% increase, and a net profit of 335 million, a remarkable 97.75% increase [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The company adheres to independent R & D, strengthens its core competitiveness, expands the market, and optimizes the customer structure. In the first half of 2025, both revenue and net profit maintained stable growth [30]. - The company's products, such as Xingqi Meiopin and Zirun, have broad market prospects. Xingqi Meiopin has a good market performance, and Zirun is expected to continue to contribute to the company's growth [30][43]. - The company will continue to increase investment in the field of ophthalmic innovative drugs, improve its independent innovation ability, and layout and develop more competitive ophthalmic innovative drug products [32]. 3. Summary by Directory 3.1. Research Basic Situation - Research object: Xingqi Eye - drops [16] - Industry: Chemical pharmaceuticals [16] - Reception time: September 1, 2025 [16] - Reception personnel: Vice - chairman and board secretary Zhang Shaoyao, director and general manager Gao E, director, deputy general manager and CFO Cheng Ya'nan, director and deputy general manager Yang Qiang [16] 3.2. Detailed Research Institutions - Many institutions participated in the research, including securities companies such as Guosheng Securities, Guotou Securities, and GF Securities; fund management companies such as Huaxia Fund, Hui'an Fund; and other types of institutions like Guojin Medicine, China International Capital Corporation [17][18]. 3.3. Main Content 3.3.1. 2025 Semi - annual Performance - Revenue in the first half of 2025 was 1.163 billion yuan, a year - on - year increase of 30.38%. Net profit attributable to shareholders of the listed company was 335 million yuan, a year - on - year increase of 97.75% [30]. - The proposed profit distribution plan for the first half of 2025 is to distribute 7 yuan in cash for every 10 shares based on the total share capital of 245 million shares, subject to the approval of the company's second interim shareholders' meeting in 2025 [30]. 3.3.2. Investor Questions and Answers - **Atropine Promotion and Sales** - Xingqi Meiopin has achieved wide coverage in in - hospital and out - of - hospital channels and received good market feedback. There are over 500 professional promotion personnel in the myopia prevention and control field, and the number will be adjusted according to relevant factors [30]. - It has been widely introduced into public hospitals and major private ophthalmic groups, and only one province has not completed drug access. As of the end of June, it has been stocked in nearly 17,000 retail pharmacies and launched on multiple platforms [31][32]. - The sales growth is driven by full - channel marketing, multi - party cooperation, and professional academic promotion. The company's core goals this year are to let over 20 million people know the myopia treatment plan and promote over one million children to receive standardized drug intervention [34][35]. - **R & D Pipeline** - The Class 1 therapeutic biological product SQ - 22031 eye drops have completed Phase I clinical trials and are conducting Phase II clinical trials for neurotrophic keratitis. The SQ - 129 vitreous slow - release injection has completed pre - clinical research and will conduct clinical trials for macular edema after approval [32]. - The company obtained the clinical summary report of "Efficacy and safety of different concentrations of atropine sulfate eye drops (0.02% and 0.04%) in delaying myopia progression in children" in October 2024, and the product is under review by the drug evaluation center [33][35]. - **Other Products and Market Outlook** - Zirun has achieved double - digit growth in the first half of 2025, and its annual sales outlook is optimistic due to the large number of dry - eye patients and its inclusion in the national medical insurance negotiation catalog [43]. - The company will continue to expand its international market for low - concentration atropine eye drops and is in the preliminary communication stage with overseas partners [46]. - The company plans to build a comprehensive R & D headquarters in the Shenyang area of the China (Liaoning) Pilot Free Trade Zone, focusing on ophthalmic R & D and equipped with top - notch R & D teams [47].

Core Viewpoint - The recent surge in A-share ophthalmology stocks is driven by the news of the discontinuation of a specific eye drop formulation, which has led to increased investor interest in alternative products and companies in the sector [1][2]. Company Developments - Shapuaisi (603168.SH) and Innovation Medical (002173.SZ) reached their daily limit up, while Xingqi Eye Medicine (300573.SZ) rose over 14%, and Baicheng Pharmaceutical (301096.SZ) increased by over 8% [1]. - Xingqi Eye Medicine's atropine eye drops have seen significant stock price increases following their approval for market release, with the stock reaching a historical high of 152.04 yuan per share on May 30, 2024 [2]. - In 2024, Xingqi Eye Medicine reported a revenue of 1.943 billion yuan, a year-on-year increase of 32.42%, and a net profit of 338 million yuan, up 40.84% [2]. Market Dynamics - The market for atropine eye drops is becoming increasingly competitive, with several companies, including Zhaoke Ophthalmology and Heng Rui Medicine, actively pursuing approvals for their own formulations [3]. - The discontinuation of the 0.01% atropine eye drops from Henan Provincial Eye Hospital is expected to create opportunities for other companies to capture market share [1][3]. - The ongoing development of new formulations, such as Xingqi Eye Medicine's upcoming SQ-729 eye drops, is anticipated to enhance the company's product offerings and performance [3].

Financial Performance - The company achieved a revenue of CNY 1.163 billion in the first half of 2025, representing a year-on-year growth of 30.38% [2] - The net profit attributable to shareholders reached CNY 335 million, marking a significant increase of 97.75% compared to the same period last year [2] Dividend Distribution - The board approved a cash dividend plan of CNY 7 per 10 shares based on a total share capital of 245 million shares, pending approval at the upcoming shareholder meeting [3] Product Promotion and Market Strategy - The sales team for the promotion of atropine has over 500 members, focusing on disease education and product promotion through professional associations [4] - The product has been widely adopted in public hospitals and major private eye care groups, with distribution in nearly 17,000 retail pharmacies and online platforms [5] Research and Development - The company is advancing its innovative product pipeline, including the SQ-22031 eye drops, which are in Phase II clinical trials for neurotrophic keratitis [6] - The 0.01% atropine eye drops have been approved for market entry, with ongoing development of different concentrations (0.02% and 0.04%) for myopia control [5][17] Market Outlook - The near-sighted population among school-aged children in China exceeds 100 million, indicating a vast market potential for myopia prevention products [17] - The company plans to enhance its marketing strategies and expand its market share through comprehensive disease education and collaboration with various stakeholders [10][17] Sales Channels and Distribution - The company employs a multi-channel strategy, integrating both hospital and retail pharmacy sales to improve drug accessibility [9] - The sales contribution from public and private hospitals is crucial, while retail pharmacies and online platforms support patient repurchase [9][10] Future Development Plans - The company is focusing on establishing a new R&D center aimed at enhancing its capabilities in ophthalmic drug development [18] - Plans to expand into international markets are in preliminary discussions, with a focus on maintaining a stable pricing strategy for atropine despite emerging competition [15][13]

Group 1 - The chemical pharmaceutical sector increased by 3.54% on September 1, with Maiwei Biotech leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Notable gainers in the chemical pharmaceutical sector included Maiwei Biotech, which rose by 20.00% to a closing price of 57.60, and Xingqi Eye Medicine, which increased by 14.65% to 77.54 [1] Group 2 - The chemical pharmaceutical sector saw a net inflow of 1.245 billion yuan from main funds, while retail funds experienced a net outflow of 41.1167 million yuan [2] - The top stocks by main fund inflow included Heng Rui Medicine with 474 million yuan and Fuxing Medicine with 256 million yuan [3] - Conversely, stocks like Duorui Medicine and ST Suwu experienced significant declines, with Duorui Medicine down 9.36% to 41.17 [2][3]