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].

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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].

证券代码：300573 证券简称：兴齐眼药 沈阳兴齐眼药股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系 活动类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 √ 其他（电话会议） 参与单位名称 及人员姓名 详见附件：参加交流活动人员名单 时间 2025 年 09 月 01 日 15:30-16:20（北京时间） 地点 电话会议 上市公司接待人 员姓名 副董事长、董事会秘书 张少尧先生 董事、总经理 高 峨女士 董事、副总经理、财务总监 程亚男女士 董事、副总经理 杨 强先生 交流内容及具体 问答记录 公司联合国盛医药、国投证券、广发证券、开源证券、国金证券、 海通国际、东吴证券、申万宏源、招商证券、浙商证券、华安证券、中 信证券于 2025 年 9 月 1 日召开了兴齐眼药 2025 年半年度业绩交流会， 公司管理层就 2025 年半年度生产经营管理情况及投资者关注的问题与 投资者进行了沟通和交流。 一、2025 年半年度业绩情况综述 公司坚持自主研发，巩固核心竞争优势，加大市场拓展力度，优化 客户结构，公司营业收入及净利 ...

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]

Group 1 - The A-share pharmaceutical sector continues to show strength, with the only ETF tracking the pharmaceutical index (562050) reaching a new high of 1.150 yuan, up 3% [1] - The ETF covers 50 leading pharmaceutical companies, heavily investing in innovative drugs while also considering traditional Chinese medicine [1] - Notable stock performances include a surge of over 16% for Xingqi Eye Hospital, with several companies like Changchun High-tech and Huahai Pharmaceutical hitting the daily limit [1] Group 2 - On August 28, the National Healthcare Security Administration announced the preliminary review of the 2025 medical insurance and commercial insurance innovative drug directory, focusing on new drugs [3] - The approval of 210 innovative drugs and 269 innovative medical devices during the 14th Five-Year Plan period indicates a sustained growth trend in the sector [3] - China's biopharmaceutical market has become the second largest globally, with approximately 30% of innovative drugs under development worldwide [3] Group 3 - The government emphasizes the need for high-quality technological supply and policy support to enhance the biopharmaceutical industry, aiming for the development of more effective new drugs [3] - Traditional Chinese medicine is also highlighted, with a focus on innovation to promote its modernization and industrialization [3] Group 4 - Investment opportunities are identified in leading pharmaceutical companies through the only pharmaceutical ETF (562050) and its linked fund (024986), which focuses on innovative drugs and high-barrier generic drugs [4] - The largest medical ETF (512170) is recommended for exposure to medical devices and services, with a significant correlation to AI healthcare [4]

Group 1 - The ophthalmology medical concept stocks experienced a surge during trading, with Sharplife reaching a limit up [1] - Xingqi Eye Medicine rose over 10% in the afternoon session [1] - Lifang Pharmaceutical previously hit the limit up, indicating strong market interest [1] Group 2 - Other companies such as Baicheng Pharmaceutical, Aibo Medical, Guangzheng Eye Care, and He Shi Eye Care also saw increases in their stock prices [1]

长江商报消息 ●长江商报记者 汪静 兴齐眼药（300573.SZ）业绩继续高增。 8月27日晚间，兴齐眼药公布2025年半年报，上半年，公司营业收入为11.63亿元，同比增长30.38%；净 利润为3.35亿元，同比增长97.75%；扣非净利润为3.31亿元，同比增长96.3%。 对此，兴齐眼药表示，公司坚持自主研发，巩固核心竞争优势，优化生产布局，拓展销售市场。 长江商报记者注意到，2024年3月，兴齐眼药获得硫酸阿托品滴眼液《药品注册证书》，目前国内尚无 近视相关适应症的同类产品上市。随着产品放量，2025年上半年，其滴眼剂、凝胶剂实现营收9.03亿 元，同比增长76.43%。 兴齐眼药持续加码研发。2025年上半年，公司研发费用9176万元，同比增长16.59%。报告期内，公司 及子公司拥有发明专利73项。 营收净利高速增长 8月27日晚间，兴齐眼药公布2025年半年报，上半年，公司营业收入为11.63亿元，同比增长30.38%；净 利润为3.35亿元，同比增长97.75%；扣非净利润为3.31亿元，同比增长96.3%；经营现金流净额为3.06亿 元，同比增长63.6%。 兴齐眼药表示，报告期内，公司经 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience rapid growth in low-concentration atropine sales, with a projected significant increase in revenue and net profit from 2025 to 2027 [3][4] - The company reported a revenue of 1.163 billion yuan in H1 2025, representing a year-on-year increase of 30.38%, and a net profit of 335 million yuan, which is a 97.75% increase year-on-year [3] - The company is actively developing its new drug pipeline, including various eye care products, which is anticipated to further enhance its performance and meet the demand for myopia treatment in children and adolescents [4] Financial Summary - For H1 2025, the company achieved a gross margin of 80.67% and a net margin of 28.80%, with a significant increase in both metrics compared to the previous year [3] - The projected revenue for 2025 is 2.948 billion yuan, with a year-on-year growth rate of 51.7%, and the net profit is expected to reach 688 million yuan, reflecting a growth rate of 103.7% [6] - The earnings per share (EPS) for 2025 is estimated at 2.81 yuan, with a price-to-earnings (P/E) ratio of 23.6 [6]

Market Performance - The pharmaceutical sector experienced a decline of -2.73% on August 27, 2025, underperforming the CSI 300 index by 1.24 percentage points, ranking 26th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (-1.37%), medical research outsourcing (-1.98%), and blood products (-2.06%) performed relatively better, while in vitro diagnostics (-3.98%), vaccines (-3.45%), and hospitals (-3.12%) lagged behind [1] - Top three gainers included Nanjing New Pharmaceutical (+20.00%), Ailis (+17.00%), and Aomei Medical (+10.04%), while the largest decliners were Yuekang Pharmaceutical (-16.82%), Rejing Bio (-10.47%), and Guangshengtang (-10.32%) [1] Industry News - Gilead announced that the European Commission has approved its HIV-1 capsid inhibitor Yeytuo (Lenacapavir) for market release as a pre-exposure prophylaxis (PrEP) therapy, aimed at reducing the risk of HIV-1 infection in high-risk adults and adolescents (weighing at least 35 kg) [2] - Lenacapavir is a "first-in-class" long-acting HIV capsid inhibitor that interferes with the assembly and disassembly of the HIV capsid protein, demonstrating a 100% prevention rate of HIV infection in a study with 2,134 participants receiving biannual subcutaneous injections, outperforming the daily oral Truvada treatment group [2] Company News - Xingqi Eye Pharmaceutical (300573) reported a revenue of 1.163 billion yuan for the first half of 2025, a year-on-year increase of 30.38%, with a net profit attributable to shareholders of 335 million yuan, up 97.75% [3] - Nossger (301333) achieved a revenue of 380 million yuan in the first half of 2025, a slight increase of 0.18%, with a net profit of 61 million yuan, growing by 4.45% [3] - Mindray Medical (300706) reported a revenue of 16.743 billion yuan for the first half of 2025, a decline of 18.45%, with a net profit of 5.069 billion yuan, down 32.96% [3] - Zhongsheng Pharmaceutical (002317) announced that its subsidiary Zhongsheng Ruichuang has completed the first participant enrollment and dosing for two Phase III clinical trials (SHINING-2 and SHINING-3) of its innovative polypeptide drug RAY1225 injection [3]