沈阳兴齐眼药股份有限公司 审计报告及财务报表 二〇二四年度 您可使用手机"扫一扫"或进ん-12 沈阳兴齐眼药股份有限公司 审计报告及财务报表 (2024年1月1日至2024年12月31日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-5 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-92 | 6-1-2 审计报告 信会师报字[2025]第 ZA10684 号 沈阳兴齐眼药股份有限公司全体股东: 一、审计意见 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") 财务报表,包括2024年12月31日的合并及母公司资产负债表,2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的 规定编制,公允反映了兴齐眼药 2024年12月31日的合并 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in profits, with a year-on-year revenue growth of 32.27% to 1.904 billion yuan and a net profit growth of 105.98% to 599 million yuan for the first three quarters of 2025 [4][5] - The company is effectively managing costs, with a gross margin of 81.33%, an increase of 2.94 percentage points year-on-year, and a reduction in expense ratios across various categories [5] - The company is advancing its pipeline of ophthalmic drugs, with ongoing clinical trials for new treatments targeting conditions such as diabetic macular edema and neurotrophic keratitis [6][7] Financial Summary - For 2025, the company is projected to achieve revenues of 2.756 billion yuan, a 41.8% increase year-on-year, and a net profit of 756 million yuan, reflecting a 123.7% growth [9] - The company’s gross margin is expected to improve to 80.5% in 2025, with a return on equity (ROE) projected at 34.8% [9] - The earnings per share (EPS) is forecasted to be 3.08 yuan in 2025, with a price-to-earnings (P/E) ratio of 26.61 [9]

Core Insights - On October 29, 2023, Xingqi Eye Medicine conducted a block trade of 66,100 shares, amounting to 5.1889 million yuan, which represented 0.21% of the total trading volume for the day [1][2] - The transaction price was 78.50 yuan, reflecting a discount of 4.28% compared to the market closing price of 82.01 yuan [1] Summary by Category - **Transaction Details** - Date of transaction: October 29, 2023 [2] - Security code: 300573 [2] - Security name: Xingqi Eye Medicine [2] - Transaction price: 78.50 yuan [2] - Transaction volume: 66,100 shares [2] - Transaction amount: 5.1889 million yuan [2] - **Brokerage Information** - Buyer brokerage: Changjiang Securities Co., Ltd., Wuhan Parrot Avenue [2] - Seller brokerage: Dongfang Securities Co., Ltd., Quanzhou Jinhua Street [2]

Core Insights - The internet healthcare sector experienced a slight increase of 0.21% on October 29, with notable gains from companies like Jiangyu Pingmin, which rose by 6.29% [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Company Performance - Jiangyu Pingmin (301017) closed at 11.99 with a gain of 6.29%, trading volume of 201,100 shares and a transaction value of 242 million [1] - Furuishi (300049) closed at 74.48, up 6.20%, with a trading volume of 150,500 shares and a transaction value of 1.104 billion [1] - Xingqi Eye Medicine (300573) closed at 82.01, increasing by 5.29%, with a trading volume of 309,400 shares and a transaction value of 2.518 billion [1] - Other notable performers include Maidi Technology (603990) with a 2.98% increase and a transaction value of 384 million, and Hanhui Technology (300007) with a 2.68% increase and a transaction value of 1.402 billion [1] Market Dynamics - The internet healthcare sector saw a net outflow of 1.125 billion from institutional investors, while retail investors contributed a net inflow of 926 million [2][3] - The overall market sentiment indicated a mixed response, with some stocks experiencing significant declines, such as Jiayuan Technology (301117) which fell by 13.29% [2] - The trading activity highlighted a divergence in investor behavior, with institutional investors pulling back while retail investors remained active [2][3]

Core Viewpoint - The medical innovation sector is experiencing a structural recovery, with significant inflows into the Medical Innovation ETF and positive performance from key companies in the sector [1][2]. Group 1: Market Performance - On October 29, the Medical Innovation ETF (516820.SH) fell by 1.28%, with component stocks showing mixed results; Chuaning Biological (301301) led gains at 5.12%, while Ailis (688578) saw the largest decline at 5.13% [1]. - The Medical Innovation ETF has seen continuous net inflows over the past five days, with a peak single-day net inflow of 38.68 million yuan, totaling 66.42 million yuan and an average daily net inflow of 13.28 million yuan [1]. Group 2: Industry Trends - The pharmaceutical sector has undergone a prolonged valuation adjustment, but a significant structural recovery trend has emerged recently, supported by policies promoting commercial insurance development [1]. - The investment and financing landscape in the pharmaceutical sector is expected to recover, driven by a rebound in the secondary market, with continued positive sentiment in the CXO and upstream segments [1]. - Recent quarterly reports from several CXO companies, including WuXi AppTec, Tigermed, and others, indicate a positive outlook for the industry [1]. Group 3: Future Outlook - The CXO sector continues to show strong performance, with companies like WuXi AppTec and Boteng surpassing expectations in their quarterly results [2]. - The innovative drug sector is on a long-term upward trend, with opportunities arising from both domestic revenue growth and international expansion [2]. - The expectation of interest rate cuts in the U.S. is likely to enhance global liquidity and support the trend in technology stocks, providing an opportunity for investors to capitalize on the rebound in core pharmaceutical assets through the Medical Innovation ETF [2].

Core Insights - The company reported a revenue of 1.904 billion yuan, representing a year-on-year growth of 32.27%, and a net profit attributable to shareholders of 599 million yuan, with a significant increase of 105.98% [1] - The product portfolio includes a wide range of ophthalmic drugs, covering ten categories, which positions the company well in the market [1] - The company is enhancing its R&D capabilities and has made significant progress in clinical trials for new products, indicating a strong focus on innovation [1][2] Group 1 - The company has established a comprehensive ophthalmic drug product system, addressing various eye diseases such as myopia, dry eye, and glaucoma [1] - R&D investment has been consistently increasing, with breakthroughs in key areas, including the initiation of Phase II clinical trials for new eye drops [1][2] - The company is actively expanding its market presence through a multi-channel strategy, including partnerships with hospitals, retail pharmacies, and e-commerce platforms [2] Group 2 - The rising prevalence of eye diseases due to lifestyle changes and an aging population presents a significant market opportunity for ophthalmic drugs [3] - The company is capitalizing on these market trends by broadening its product line and enhancing its innovative R&D capabilities [3] - The ongoing development and market expansion efforts are expected to support the company's sustained growth and competitive positioning in the ophthalmic sector [3]

Core Insights - XQ Eye Pharmaceutical (300573.SZ) reported its Q3 2025 results, revealing that as of October 28, 2025, nine institutional investors held a total of 10.4442 million shares, representing 4.26% of the company's total share capital. This marks a decrease of 3.08 percentage points in institutional ownership compared to the previous quarter [1] Group 1: Institutional Investors - A total of nine institutional investors disclosed their holdings in XQ Eye Pharmaceutical, with a combined shareholding of 10.4442 million shares, accounting for 4.26% of the total share capital [1] - The institutional ownership decreased by 3.08 percentage points compared to the previous quarter [1] Group 2: Public Funds - One public fund, Invesco Great Wall National Index 2000 Enhanced A, increased its holdings, while two public funds, Nord Quality Consumption and Southern CSI 500 ETF, reduced their holdings [2] - A total of 412 public funds did not disclose their holdings in the current period, including notable funds such as Guofu Deep Value Mixed A and E Fund Value Growth Mixed [2] Group 3: Social Security and Insurance Funds - One social security fund, the National Social Security Fund 502 Portfolio, did not disclose its holdings in the current period [2] - One insurance fund, China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L-CT001, reduced its holdings slightly [2] Group 4: Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.48% compared to the previous period [2] - The Kuwait Government Investment Authority did not disclose its holdings in the current period [2]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 98.10 CNY for the next six months [5][7]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, achieving 1.904 billion CNY in revenue and 599 million CNY in net profit, representing year-on-year growth of 32.27% and 105.98%, respectively [2][5]. - The overall gross margin for the company in Q1-Q3 2025 was 81.33%, an increase of 2.94 percentage points compared to the previous year, driven by the strong sales of its core product, low-concentration atropine eye drops [2][4]. - The low-concentration atropine eye drops are recognized in multiple guidelines as a foundational medication for long-term management of myopia in children and adolescents, indicating a large market potential and favorable competitive landscape [3][4]. Financial Performance - The company is expected to achieve net profits of 803 million CNY, 1.021 billion CNY, and 1.241 billion CNY for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 137.6%, 27.1%, and 21.5%, respectively [5][11]. - The projected earnings per share (EPS) for 2025 is 3.27 CNY, with a price-to-earnings (PE) ratio of 30 times [5][11]. - The company’s revenue is forecasted to grow from 2.565 billion CNY in 2025 to 3.848 billion CNY in 2027, with a compound annual growth rate (CAGR) of 20% [11][12]. Research and Development - The company is actively expanding its research and development pipeline, covering various common ophthalmic diseases, with several products making progress in clinical trials [4][5]. - Notable advancements include the initiation of phase III clinical trials for lidocaine eye gel and the completion of phase II trials for voriconazole eye drops [4].

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 741 million yuan, a year-on-year growth of 35.34%, and net profit at 264 million yuan, up 117.45% [1] - For the first three quarters of 2025, total revenue was 1.904 billion yuan, reflecting a 32.27% increase, while net profit was 599 million yuan, marking a 105.98% rise [1] Group 1: Product Development and Market Expansion - The company has a comprehensive product line in ophthalmology, including treatments for myopia, dry eye, infections, and glaucoma, covering ten categories of ophthalmic drugs [1] - The sales growth in the first three quarters was primarily driven by increased sales of eye drop products, with the company expanding its presence in public hospitals and major private eye care groups [2] - The company has established a wide distribution network, including retail pharmacies and e-commerce platforms, to enhance drug accessibility for patients [2] Group 2: Innovation and Clinical Trials - The company is committed to innovation in the ophthalmic sector, with ongoing clinical trials for its SQ22031 eye drops and plans for further development of competitive ophthalmic products [3] - The company has received approval for its 0.01% atropine sulfate eye drops, with additional concentrations undergoing clinical trials for myopia control [2] - Future plans include increasing investment in innovative ophthalmic drugs and optimizing production processes to improve operational efficiency [3]

Core Insights - Shenyang Xingqi Eye Pharmaceutical Co., Ltd. continues to experience rapid growth in revenue and profit, with a significant increase in both metrics for the third quarter of 2025 [1] Financial Performance - For the first three quarters of this year, the company achieved operating revenue of 1.904 billion yuan, a year-on-year increase of 32.27% [1] - The net profit attributable to shareholders reached 599 million yuan, reflecting a year-on-year growth of 105.98% [1] - In the third quarter alone, the company reported operating revenue of 741 million yuan, up 35.34% year-on-year, and a net profit of 264 million yuan, which is a 117.45% increase year-on-year [1] Product Development and Market Position - The company specializes in the ophthalmic drug sector, maintaining a leading position in research and development, with a comprehensive product line [1] - Xingqi Eye Pharmaceutical has developed a diverse range of ophthalmic products, including treatments for myopia, dry eye, infections, inflammation, and glaucoma, covering ten subcategories of ophthalmic drugs [1] - The growth in revenue is primarily attributed to increased sales of eye drop products [1] Innovation and R&D Focus - Since its inception, the company has prioritized the development of new products with independent intellectual property rights as a key goal for continuous improvement and innovation [2] - Recent product approvals include cyclosporine eye drops and atropine sulfate eye drops, contributing to rapid revenue and profit growth [2] - New products such as tafluprost eye drops have received drug registration certificates, and several others are in various stages of clinical trials [2]