Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience rapid growth in 2025, particularly with the anticipated increase in sales of low-concentration atropine [3][4] - In 2024, the company reported a revenue of 1.943 billion yuan, representing a year-on-year increase of 32.42%, and a net profit attributable to shareholders of 338 million yuan, up 40.84% [3][4] - The company is positioned as a leader in the myopia prevention medication sector, with a strong focus on the promotion of its core product, low-concentration atropine [3][4] Financial Summary - The company's revenue is projected to grow from 1.943 billion yuan in 2024 to 2.948 billion yuan in 2025, reflecting a year-on-year growth rate of 51.7% [6] - The net profit attributable to shareholders is expected to increase significantly from 338 million yuan in 2024 to 688 million yuan in 2025, marking a growth of 103.6% [6] - The gross margin is forecasted to improve from 78.3% in 2024 to 80.6% in 2025, while the net margin is expected to rise from 17.4% to 23.3% during the same period [6] Product Development - The company has developed a series of ophthalmic products, including the first approved cyclosporine eye drops for dry eye syndrome in China, which generated sales of 298 million yuan in 2023 [4] - The approval of sulfate atropine eye drops in March 2024 is expected to enhance the company's product lineup and meet the growing demand for myopia treatment among children and adolescents [4] - The revenue from eye drops is projected to reach 1.366 billion yuan in 2024, with a remarkable growth rate of 106.08% [4]

Summary of the Conference Call for Xingqi Eye Pharmaceutical Company Overview - **Company**: Xingqi Eye Pharmaceutical - **Industry**: Ophthalmic Pharmaceuticals Key Financial Performance - **2024 Revenue**: 1.943 billion CNY, up 32.42% YoY [2] - **2024 Net Profit**: 338 million CNY, up 40.84% YoY [2] - **Q1 2025 Revenue**: 536 million CNY, up 53.24% YoY [5] - **Q1 2025 Net Profit**: 146 million CNY, up 319.86% YoY [5] - **Proposed Dividend**: 10 CNY per 10 shares and a bonus issue of 4 shares per 10 shares, pending shareholder approval [2][4] Research and Development - **R&D Investment**: 235 million CNY in 2024, accounting for 12.11% of revenue, up 29.55% YoY [6] - **Approved Ophthalmic Drugs**: 60, with 38 included in medical insurance and 6 in the national essential drug list [6][7] - **Clinical Trials**: - 0.01% Atropine eye drops approved; - Voriconazole eye drops completed Phase I; - Cyclosporine eye drops completed Phase IV; - 0.02% and 0.04% Atropine eye drops completed Phase III trials [7][19] Production and Quality Management - **Production Capacity**: Four GMP-certified production lines for 0.01% Atropine eye drops, currently meeting market demand [13] - **Quality Management Initiatives**: Enhanced quality management systems and lean 6S management mechanisms [8] Marketing and Sales Strategy - **Sales Network**: Comprehensive online and offline channels, including partnerships with over 200 chain pharmacies and coverage of more than 12,000 locations [3][14] - **Target for 2025**: Reach over 20 million people aware of the treatment and ensure over 1 million children receive appropriate medication [17][25] - **Atropine Sales Contribution**: Over 10% of the company's main business revenue [13] Market Dynamics and Competition - **Market Potential**: High prevalence of myopia among children in China, with over 50% affected [24] - **Competitor Landscape**: Anticipation of increased competition from other companies like Heng Rui, with a focus on maintaining market share through comprehensive marketing strategies [24] Future Outlook - **2025 Revenue Growth Expectation**: Anticipated double-digit growth, with a focus on operational efficiency and cost management [26] - **Net Profit Margin Target**: Aiming for a net profit margin of 25% to 30% [28] - **Expansion Plans**: Continued investment in R&D and potential entry into overseas markets [30] Strategic Vision - **Long-term Goals**: To become a globally competitive research and manufacturing enterprise in the ophthalmic field, focusing on sustainable growth and innovation [12][34] Additional Insights - **Sales Team Expansion**: Increased sales personnel to 1,100, with a focus on promoting Atropine products [27] - **Sales Expense Management**: Maintaining stable sales expense ratios while driving sales growth [32][33]

Core Viewpoint - Xingqi Eye Pharmaceutical achieved significant growth in both performance and ESG (Environmental, Social, and Governance) metrics in 2024, with a strong start in 2025, driven by product development and market expansion [1][2]. Financial Performance - In 2024, the company reported revenue of 1.943 billion yuan, a year-on-year increase of 32.42%, marking the highest revenue since its listing; net profit reached 338 million yuan, up 40.84% year-on-year, also a record high [2]. - The eye drop segment generated 1.366 billion yuan in revenue in 2024, a remarkable growth of 106.08%, accounting for over 70% of total revenue, primarily due to the rapid sales of low-concentration atropine eye drops [2]. - In Q1 2025, the company achieved revenue of 536 million yuan, a year-on-year increase of 53.24%, and net profit of 146 million yuan, up 319.86% year-on-year, both setting new records since its listing [3]. Product Development and Market Strategy - The company focuses on various eye care products, including those for myopia control and dry eye treatment, with a 2024 R&D investment of 235 million yuan, a 29.55% increase from the previous year [2]. - The low-concentration atropine eye drops, approved in March 2024, are expected to have significant sales potential due to their effectiveness in slowing myopia progression among youth [3]. ESG Performance - Xingqi Eye Pharmaceutical has been recognized for its strong ESG performance, achieving A-level ratings in multiple assessments, reflecting its commitment to environmental protection, social responsibility, and corporate governance [5]. - In 2024, the company reduced its carbon emissions per unit of revenue by 17.77% and increased the proportion of clean energy usage from 6% to approximately 30% [5][6]. - The company invested 15.96 million yuan in public welfare in 2024, a 37.33% increase, and conducted 271 public welfare activities, serving over 208,800 individuals [8]. Future Outlook - For 2025, the company plans to continue increasing R&D investments, focusing on niche areas in ophthalmology and enhancing its product line, particularly in biologics for retinal diseases [4]. - The company aims to strengthen its production management and optimize processes across various dimensions to ensure high-quality development [4].

Performance Overview - In 2024, the company achieved revenue of CNY 1.943 billion, a year-on-year increase of 32.42% [2] - The total profit for 2024 was CNY 395 million, up 49.07% from the previous year [2] - The net profit attributable to shareholders was CNY 338 million, reflecting a growth of 40.84% [3] - In Q1 2025, revenue reached CNY 536 million, a 53.24% increase year-on-year [3] - The total profit for Q1 2025 was CNY 178 million, showing a remarkable growth of 277.02% [3] - The net profit attributable to shareholders in Q1 2025 was CNY 146 million, up 319.86% [3] Dividend Policy - The proposed dividend for 2024 is CNY 10 per 10 shares, with a bonus issue of 4 shares for every 10 shares held [3] Product and Market Strategy - The company focuses on self-research and development, enhancing core competitive advantages, and optimizing customer structure [2] - The product "Meioupin®" (0.01% atropine sulfate eye drops) accounted for over 10% of the company's main business revenue in 2024 [4] - The company has established a comprehensive sales network covering both online and offline channels, enhancing accessibility for consumers [5] - Collaborations with over 200 chain pharmacies and more than 12,000 outlets have been established to meet diverse patient needs [5] Market Potential and Growth - The overall myopia rate among children and adolescents in China is 52.7%, with significant market potential for myopia prevention products [10] - The company aims to raise awareness of the treatment plan to over 20 million people and ensure over 1 million children receive proper medication [10] - The company plans to maintain a double-digit growth rate in 2025, with a focus on optimizing cost control and improving operational efficiency [12] Sales and Distribution Channels - The company has entered over 4,000 public and private medical institutions, with plans for further expansion [11] - The sales strategy includes a full-channel marketing approach, integrating hospitals, pharmacies, and e-commerce platforms [9] - In 2024, offline channels accounted for over 50% of atropine sales [9] Future Outlook - The company anticipates stable growth in net profit margins, projecting a net profit margin of 25%-30% as atropine sales increase [16] - Continuous investment in R&D for innovative ophthalmic drugs is planned to enhance competitive advantage [17] - The company is preparing for potential overseas market expansion, leveraging its differentiated product pipeline [16]

Core Viewpoint - The company, Xingqi Eye Pharmaceutical, reported strong financial performance for 2024, with significant growth in revenue and net profit, driven by product innovation and effective marketing strategies [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 1.943 billion yuan, a year-on-year increase of 32.42% - Net profit reached 338 million yuan, up 40.84% year-on-year - The non-deductible net profit was 348 million yuan, reflecting a growth of 44.54% - Basic earnings per share were 1.94 yuan, with a distribution plan of 4 shares for every 10 shares and a cash dividend of 10 yuan (tax included) [1]. Research and Development - The company has consistently prioritized R&D, with investments of 190 million yuan, 181 million yuan, and 235 million yuan over the past three years, representing 15.22%, 12.38%, and 12.11% of operating revenue respectively - Plans to enhance R&D efforts include expanding the product line in the ophthalmology sector and strengthening the biopharmaceutical layout for retinal diseases [2][3]. - Currently, the company holds 60 approved ophthalmic drug licenses, with 38 products included in the medical insurance directory and 6 in the national essential drug list [2]. Market Strategy - The ophthalmology industry is experiencing growth in market size, technological innovation, and competition, while facing challenges from policy changes - The company emphasizes talent development and has established a comprehensive marketing support system to enhance the professional capabilities of its marketing team [3]. - A customer-centric and academically driven marketing management model has been adopted, supported by a multi-tiered marketing network and partnerships with major distributors across the country [3]. Growth Drivers - Key drivers of the company's profit growth include product innovation and R&D, market expansion and marketing efforts, cost control, and operational efficiency improvements - The company aims to implement a comprehensive development strategy focused on sustainable profit growth, guided by principles of innovation, quality, and shared growth [4].

Group 1: Company Performance - In 2024, the company achieved a revenue of CNY 1.943 billion, representing a year-on-year growth of 32.42% [4] - The total profit reached CNY 395 million, with a year-on-year increase of 49.07% [4] - The compound annual growth rate (CAGR) of revenue over the past three years is 24.70% [4] Group 2: Marketing and Sales Strategy - The company emphasizes building a stable marketing team while attracting external talent to enhance its marketing capabilities [3] - A multi-tiered marketing network has been established, covering all provinces and regions in China [3] - The marketing strategy focuses on academic promotion through meetings and seminars to disseminate product information [3] Group 3: Product Portfolio - The company specializes in ophthalmic drugs, with a product range that includes treatments for myopia, dry eye, infections, and glaucoma [6] - Currently, the company holds 60 approved ophthalmic drug licenses, with 38 products included in the medical insurance directory [6] - Key products contributing over 10% of revenue include Cyclosporine Eye Drops and Atropine Sulfate Eye Drops [6] Group 4: Research and Development - R&D investments over the past three years were CNY 190 million, CNY 181 million, and CNY 235 million, accounting for 15.22%, 12.38%, and 12.11% of revenue respectively [10] - Future R&D plans include expanding the product line in the ophthalmic sector and focusing on biologics for retinal diseases [10] Group 5: ESG Initiatives - The company aims to integrate ESG principles into its strategic planning and operations, focusing on green and low-carbon development [8] - Achievements include being recognized as a "National Green Factory" and implementing measures to reduce energy consumption and waste [9] - The company plans to enhance transparency in ESG reporting and stakeholder communication [8]

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 向特定对象发行股票并上市之保荐总结报告书 | 保荐机构名称： | 国泰海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z29131000 | 经中国证券监督管理委员会《关于同意沈阳兴齐眼药股份有限公司向特定对象 发行股票注册的批复》（证监许可[2021]1343 号）批复，沈阳兴齐眼药股份有限公 司（以下简称"上市公司"、"公司"或"发行人"）向特定对象发行股票 5,763,282 股，每股面值人民币 1 元，每股发行价格人民币 104.05 元/股，募集资金总额为人民 币 599,669,492.10 元，扣除发行费用后，实际募集资金净额为人民币 580,179,086.77 元。本次发行证券已于 2022 年 1 月 18 日在深圳证券交易所创业板上市。原海通证 券股份有限公司担任其持续督导保荐机构，持续督导期间为 2022 年 1 月 18 日至 2024 年 12 月 31 日。鉴于原国泰君安证券股份有限公司换股吸收合并原海通证券股 份有限公司事项已获得中国证券监督管理委员会核准批复，本次合并交易已于 2025 年 3 ...

2024 年度持续督导跟踪报告 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 | 保荐人名称：国泰海通证券股份有限公司 | 被保荐公司简称：兴齐眼药 | | --- | --- | | 保荐代表人姓名：石迪 | 联系电话：021-23187088 | | 保荐代表人姓名：王显 | 联系电话：021-23185968 | 三、公司及股东承诺事项履行情况 | 公司及股东承诺事项 | 是否履行承诺 | 未履行承诺的原因及 | | --- | --- | --- | | | | 解决措施 | | 1.关于同业竞争、关联交易、资金占 | 是 | 不适用 | | 用方面的承诺 | | | | 2.关于股份限售的承诺 | 是 | 不适用 | | 3.关于公司本次发行摊薄即期回报采 | 是 | 不适用 | | 取填补措施的承诺 | | | | 4. 关于股权激励的承诺 | 是 | 不适用 | 四、其他事项 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | ...

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 年度持续督导工作现场检查报告 | 保荐人名称：国泰海通证券股份有限公司 被保荐公司简称：兴齐眼药 | | --- | | （以下简称"国泰海通"或"保荐人"） | | 保荐代表人姓名：石迪 联系电话：021-23187088 | | 保荐代表人姓名：王显 联系电话：021-23185968 | | 现场检查人员姓名：石迪 | | 现场检查对应期间：2024 年度 | | 现场检查时间：2025 年 月 日 4 18 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董 | | 事、监事、高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控 | | 股股东、实际控制人、董事、监事、高级管理人员的信息披露文件，查看上市公司生产经 | | 营场所，对上市公司高级管理人员进行访谈。 | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和股东大会、董事会、监事会规则是否得到有效执行 √ | | 3.股东大会 ...

Core Viewpoint - In 2024, Xingqi Eye Medicine (300573.SZ) demonstrated strong growth in the ophthalmic prescription drug sector, achieving significant revenue and profit increases, solidifying its leading position in the industry [1][2]. Financial Performance - The company reported a total revenue of 1.943 billion yuan in 2024, representing a year-on-year increase of 32.42% [2]. - Net profit reached 338 million yuan, up 40.84% year-on-year, with a non-recurring net profit growth of 44.54% to 348 million yuan [2]. - The net cash flow from operating activities was 417 million yuan, reflecting a 31.31% increase [2]. Product Performance - The eye drop segment showed remarkable growth, generating 1.366 billion yuan in revenue, a 106.08% increase, and accounting for 70.3% of total revenue [2]. - Key products driving this growth included low-concentration atropine eye drops (brand name "Mei Ou Pin") and cyclosporine eye drops (II) [2]. Investor Returns - The company proposed a profit distribution plan, intending to distribute a cash dividend of 10 yuan per 10 shares, totaling 175 million yuan, and a capital reserve conversion of 4 shares for every 10 shares held [3]. Production and Quality Management - The company focused on enhancing production and quality management, optimizing resource allocation, and upgrading production facilities to improve efficiency and support smart factory initiatives [4]. - Quality management improvements included passing various regulatory inspections and certifications, indicating a stable and effective quality management system [5]. Research and Development - In 2024, R&D expenses reached 221 million yuan, a 31.90% increase, with the company holding 66 invention patents [6]. - Significant progress was made in R&D, including the approval of clinical trials for new products aimed at treating common eye diseases [6][7]. Future Outlook - For 2025, the company reported a revenue of 536 million yuan in Q1, a 53.24% increase, and a net profit of 146 million yuan, up 319.86% year-on-year [8]. - The company outlined four key operational plans for 2025: production and quality centers, product R&D, marketing, and internal control management, with a focus on unmet clinical needs and innovation [9].