Financial Performance - The company's revenue for Q1 2025 reached ¥536,140,697.03, representing a 53.24% increase compared to ¥349,876,258.51 in the same period last year[4] - Net profit attributable to shareholders surged to ¥145,895,323.80, marking a 319.86% increase from ¥34,748,964.87 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥136,016,935.16, up 285.96% from ¥35,240,962.27 in the previous year[4] - Basic and diluted earnings per share rose to ¥0.83, a 315.00% increase from ¥0.28 in the previous year[4] - Operating profit surged to ¥178,145,643.57, up 276.5% from ¥47,251,127.99 in the prior period[23] - Net profit for the current period was ¥145,895,323.80, representing a 320.5% increase from ¥34,748,964.87 in the previous period[24] Cash Flow and Assets - Operating cash flow net amount increased by 128.46% to ¥190,621,929.88, compared to ¥83,437,890.69 in the same period last year[11] - Cash flow from operating activities generated a net inflow of ¥190,621,929.88, up from ¥83,437,890.69 in the previous period[26] - The company reported a cash and cash equivalents balance of ¥497,873,804.05 at the end of the period, down from ¥567,852,344.79 at the end of the previous period[26] - The company's cash and cash equivalents increased to CNY 505,157,872.57 from CNY 370,121,251.48, representing a growth of about 36.3%[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,296,666,978.89, an 8.15% increase from ¥2,123,503,158.46 at the end of the previous year[4] - The total current liabilities rose to CNY 481,344,705.37 from CNY 461,483,344.51, indicating an increase of approximately 4.0%[19] - The company's total equity increased to CNY 1,743,262,336.73 from CNY 1,593,168,346.52, showing a growth of around 9.43%[20] - The inventory balance as of March 31, 2025, was CNY 166,084,418.58, up from CNY 153,598,936.63, marking an increase of about 8.0%[18] - The company reported a decrease in accounts receivable from CNY 241,589,286.42 to CNY 238,364,258.79, a decline of approximately 1.0%[18] - The company reported a significant increase in accounts payable, which rose by 30.13% to ¥23,067,986.06, attributed to increased procurement[9] Research and Development - The company has made progress in drug development, with the drug Voriconazole eye drops achieving Phase I clinical research[16] - The company received a drug registration certificate for Tafluprost eye drops, indicating successful regulatory progress[16] - Research and development expenses increased to ¥47,072,206.09, up 23.5% from ¥38,068,318.45 in the prior period[23] Tax and Expenses - The company incurred tax expenses of ¥31,638,569.37, compared to ¥6,906,991.12 in the previous period, reflecting a significant increase[23] - Total operating costs rose to ¥367,431,795.47, an increase of 17.3% from ¥313,254,777.41 in the previous period[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 42,629[12] Government Support - The company received government subsidies amounting to ¥12,203,639.44, contributing to its non-recurring gains[5]

Core Viewpoint - The leading ophthalmic drug company, Xingqi Eye Medicine, reported significant growth in its 2024 financial results, driven primarily by the successful launch of its myopia treatment, atropine sulfate eye drops, which has become a key growth engine for the company [1][4]. Financial Performance - In 2024, the company achieved a total revenue of 1.943 billion yuan, marking a year-on-year increase of 32.42% [2]. - The net profit attributable to shareholders reached 338 million yuan, reflecting a growth of 40.84% [2]. - The net profit after deducting non-recurring gains and losses was 347 million yuan, with a growth rate of 44.54% [2]. - The gross profit margin improved to 78.33%, an increase of 0.96 percentage points compared to the previous year [6]. Product Performance - The "myopia miracle drug," atropine sulfate eye drops (marketed as "Mei Ou Pin"), saw its revenue in the eye drop segment surge by 106.08% year-on-year following its approval for use in children aged 6-12 [4][6]. - The company has a diverse product line with 60 approved ophthalmic drug products, of which 38 are included in the medical insurance directory [6]. Market Competition - The market is becoming increasingly competitive, with rivals such as Hengrui Medicine and Zhaoke Ophthalmology nearing the launch of similar products, which could impact Xingqi's market share [3][8]. - Alternative solutions like orthokeratology lenses are also diverting patients, creating a dual challenge for the company [9]. - The company is responding to competition by enhancing its R&D and channel strategies, including advancing clinical trials for different concentrations of atropine eye drops [9]. Strategic Initiatives - The company plans to build a comprehensive service ecosystem to address the competitive landscape in the 300 billion yuan youth myopia prevention market, moving from a single product focus to a platform-based development approach [9].

Core Viewpoint - The approval and market introduction of atropine sulfate eye drops, known as a "myopia miracle drug," have significantly impacted the performance of Xingqi Eye Medicine, with notable revenue and profit growth in 2024 [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.943 billion yuan, a year-on-year increase of 32.42% [1] - The net profit attributable to shareholders reached 338 million yuan, reflecting a year-on-year growth of 40.84% [1] - The eye drop segment's revenue grew by 106.08%, with production and sales volumes both increasing by 30% [1][2] Product Development and Market Position - The company has a total of 60 approved ophthalmic drug numbers, including two "first-in-class" drugs [1] - The "Meioupin" atropine sulfate eye drops (0.01% concentration) have been a significant driver of revenue growth, with the eye drop segment's gross margin increasing by 2.93 percentage points [2] - The company has three atropine sulfate eye drops in different concentrations, targeting various patient needs [3] Inventory and Sales Dynamics - The company reported a nearly 80% increase in inventory, indicating potential overstock issues [2] - Sales expenses rose by 31.79% to 705 million yuan, with the sales team expanding from 900 to 1,197 personnel [2] Competitive Landscape - The market for atropine sulfate eye drops is becoming increasingly competitive, with several companies, including Zhaoke Ophthalmology and Hengrui Medicine, also entering the market [3] - The company is diversifying its product lines to include treatments for retinal diseases and fungal keratitis, currently in early clinical stages [3] Shareholder Activity - Two social security funds significantly reduced their holdings in the company during the fourth quarter of the previous year, indicating a shift in investor sentiment [4]

Group 1 - The core viewpoint of the news is the disclosure of shareholding information for Xingqi Eye Pharmaceutical (300573.SZ) as of April 21, 2025, highlighting the involvement of institutional investors and changes in their holdings [1] - A total of 319 institutional investors disclosed holding shares in Xingqi Eye Pharmaceutical, with a combined holding of 33.143 million shares, representing 18.91% of the total share capital [1] - The top ten institutional investors collectively hold 10.85% of the shares, with a decrease of 4.93 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, Dacheng CSI 500 Index Enhanced A, while 12 public funds reduced their holdings, with a decrease rate of 1.35% [2] - A total of 290 new public funds were disclosed this period, including Southern CSI 500 ETF and Huaxin ChiNext 50 ETF [2] - From the pension fund perspective, one pension fund, the Basic Pension Insurance Fund 160222 Combination, reduced its holdings by 1.0% [2] - One foreign fund, Hong Kong Central Clearing Limited, also reduced its holdings by 0.62% [2]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 98.00 CNY per share [5][7]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 1.943 billion CNY, a year-on-year increase of 32.42%, and a net profit of 348 million CNY, up 44.54% year-on-year [2][3]. - The growth is attributed to the strong sales of core products, particularly the low-concentration atropine eye drops, which were approved in March 2024 and are expected to have a large market due to the rising incidence of myopia among youth [4]. - The company has a comprehensive pipeline of ophthalmic products, covering various categories including myopia control, dry eye treatment, and anti-infection medications, which positions it well for future growth [4]. Financial Performance Summary - In 2024, the company reported revenues of 1.943 billion CNY, with the following breakdown: eye drops (1.366 billion CNY, +106.08%), gel/ointment (363 million CNY, -2.88%), medical services (133 million CNY, -62.13%), and solution (62 million CNY, +19.16%) [3]. - The projected net profits for 2025, 2026, and 2027 are estimated at 687 million CNY, 900 million CNY, and 1.137 billion CNY, representing growth rates of 103.2%, 31.0%, and 26.3% respectively [5][12]. - The expected earnings per share (EPS) for 2025 is 3.92 CNY, with a price-to-earnings (PE) ratio of 25 times [5][12].

Group 1 - The company plans to distribute a cash dividend of 10 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares at the end of 2024, totaling a dividend payout of 175 million yuan [1] - The total dividend distribution for 2024, including the mid-year payout of 87.21 million yuan, amounts to 262 million yuan, representing 77.64% of the net profit attributable to shareholders [1] - The company has conducted a total of 9 year-end dividends and 4 mid-year dividends since its listing in 2016, with a cumulative dividend amount of 999.5 million yuan and an average dividend rate of 81.82% [5] Group 2 - The company specializes in the field of ophthalmic drugs, with 60 approved ophthalmic drug numbers, of which 38 are included in the medical insurance catalog and 6 in the national essential drug catalog [4] - In 2024, the company achieved significant growth, with operating revenue of 1.943 billion yuan, a year-on-year increase of 32.42%, and a net profit of 338 million yuan, a year-on-year increase of 40.84% [4] - The company’s net cash flow from operating activities reached 417 million yuan, reflecting a year-on-year growth of 31.31% [4]

兴齐眼药在接待机构调研时曾表示，公司低浓度硫酸阿托品滴眼液是处方药物，患者可通过具有资质的 公立医院、民营医院、视光中心等机构进行处方购买。根据国家药监局相关规定,医疗机构制剂是指医 疗机构根据本单位临床需要经批准而配制、自用的固定处方制剂。医疗机构配制的制剂,应当是市场上 没有供应的品种。同时,市场上已有供应的品种不得作为医疗机构制剂申报。公司0.01%低浓度硫酸阿托 品是经过严格三期临床研究验证获得国家药监局正式批准上市的可在全国多渠道流通的产品，具有循证 证据充分、制剂工艺创新、舒适稳定且无抑菌剂的特点；医疗机构制剂仅限在本医疗机构范围内使用， 受众人群有限。 兴齐眼药表示，2025年，公司将继续加大研发投入力度，丰富公司眼科细分领域的产品线，进一步加强 在眼底疾病治疗领域的生物药布局。公司将根据研发计划和研发预算，借助眼用凝胶、眼用即型凝胶、 眼用缓释制剂等七个工艺技术平台以及质量研究、药理药代研究和药物包材研究等评价技术平台，以自 主创新为主，产学研联合开发为辅，不断推进研发管线的全面化、差异化布局。 兴齐眼药（300573）4月21日晚披露2024年年度报告，报告期内，公司实现营业收入19.43亿 ...

国泰海通证券股份有限公司 关于沈阳兴齐眼药股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 沈阳兴齐眼药股份有限公司（以下简称"兴齐眼药"或"公司"）的持续督导机 构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，对 兴齐眼药 2024 年度募集资金存放与使用情况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可[2021]1343号文批准，公司向特定对象 发行人民币普通股5,763,282股，募集资金总额为人民币599,669,492.10元，实际收 到募集资金为人民币581,870,425.73元（已扣除承销费用（含增值税））。上述募 集资金于2021年12月22日全部到位，相应实收情况已经立信会计师事务 ...

国泰海通证券股份有限公司 关于沈阳兴齐眼药股份有限公司 2024 年度内部控制评价报告的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 沈阳兴齐眼药股份有限公司（以下简称"兴齐眼药"或"公司"）向特定对象发 行股票的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》《企业内部控制基本规范》 等法律、法规和规范性文件的要求，对《沈阳兴齐眼药股份有限公司董事会关于 公司内部控制的自我评价报告》进行了核查，具体情况如下： 一、内部控制评价范围 公司按照风险导向原则确定纳入评价范围的单位、业务和事项以及高风险领 域。 纳入评价范围的单位包括：母公司及子公司沈阳兴齐眼科医院有限公司，纳 入评价范围单位资产总额占公司合并财务报表资产总额的 98.59%，营业收入合计 占公司合并财务报表营业收入总额的 99.40%。 纳入评价范围的主要业务和事项包括： （一）决策管理 公司设置董事会战略委员会，主要负责对公司长期发展战略和重大投资决策 进行研究并提出建 ...

内部控制审计报告 二○二四年度 沈阳兴齐眼药股份有限公司 内部控制审计报告 信会师报字[2025]第 ZA10685 号 沈阳兴齐眼药股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了沈阳兴齐眼药股份有限公司（以下简称"兴齐眼 药"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是兴齐眼药董事会的责任。 四、 财务报告内部控制审计意见 我们认为，兴齐眼药于 2024 年 12 月 31 日按照《企业内部控制 基本规范》和相关规定在所有重大方面保持了有效的财务报告内部控 制。 立信会计师事务所 中国注册会计师： （特殊普通合伙） 中国注册会计师： 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此 ...