Core Viewpoint - The company reported significant growth in both revenue and net profit for the first three quarters of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company's revenue for the first three quarters reached 1.904 billion yuan, representing a year-on-year increase of 32.27% [1] - The net profit attributable to shareholders was 599 million yuan, showing a remarkable year-on-year growth of 105.98% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 596 million yuan, reflecting a year-on-year increase of 105.76% [1] - The basic earnings per share stood at 2.44 yuan [1]

Core Viewpoint - Xingqi Eye Pharmaceutical (300573) reported strong financial performance for Q3 2025, with significant growth in both revenue and net profit driven by increased sales of eye drop products [1] Financial Performance - Q3 2025 revenue reached 741 million yuan, representing a year-on-year increase of 35.34% [1] - Q3 2025 net profit was 264 million yuan, showing a year-on-year growth of 117.45% [1] - For the first three quarters of 2025, total revenue was 1.904 billion yuan, up 32.27% compared to the same period last year [1] - Net profit for the first three quarters of 2025 amounted to 599 million yuan, reflecting a year-on-year increase of 105.98% [1] - Basic earnings per share for the first three quarters were 2.44 yuan [1] Product Performance - The growth in revenue for the first three quarters was primarily attributed to the increase in sales revenue from eye drop products [1]

Core Insights - The company reported a third-quarter revenue of 741 million yuan, representing a year-on-year increase of 35.34% [1] - The net profit for the third quarter was 264 million yuan, showing a significant year-on-year growth of 117.45% [1] - For the first three quarters, the total revenue reached 1.904 billion yuan, which is a year-on-year increase of 32.27% [1] - The net profit for the first three quarters amounted to 599 million yuan, reflecting a year-on-year growth of 105.98% [1]

沈阳兴齐眼药股份有限公司 2025 年第三季度报告 证券代码：300573 证券简称：兴齐眼药 公告编号：2025-054 沈阳兴齐眼药股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因：因公积金转增股本对基本每股收益与稀释每股收益进行重新计算。 | | | | | 本报告期 | | | | 年初至 报告期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 上年同期 | | 比上年同 | 年初至报 | 上年同期 | | 末比上 | | | 本报告期 | | | 期增减 | ...

Core Insights - The internet healthcare sector experienced a slight increase of 0.43% on October 27, with Haixia Innovation leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance Summary - Haixia Innovation (300300) saw a significant rise of 20.06%, closing at 7.66 with a trading volume of 1.7959 million shares and a transaction value of 1.292 billion [1] - Other notable gainers included: - Furuide (300049) up 5.05% to 70.77 with a transaction value of 766 million [1] - Xingqi Eye Medicine (300573) up 4.78% to 77.83 with a transaction value of 1.493 billion [1] - Conversely, several stocks in the sector experienced declines, such as: - Wandong Medical (600055) down 3.66% to 16.33 with a transaction value of 232 million [2] - Yuyue Medical (002223) down 3.53% to 35.80 with a transaction value of 1.218 billion [2] Capital Flow Analysis - The internet healthcare sector saw a net outflow of 47.5781 million from institutional investors, while retail investors contributed a net inflow of 252 million [2][3] - Specific stock capital flows included: - Haixia Innovation had a net inflow of 16.6 million from institutional investors but a net outflow of 10.3 million from speculative funds [3] - Furuide experienced a net inflow of 14.7 million from institutional investors but a significant outflow from retail investors totaling 108 million [3]

Group 1 - The core viewpoint of the news is the performance and market position of Xingqi Eye Pharmaceutical, which saw a stock price increase of 5.01% to 78.00 CNY per share, with a trading volume of 1.249 billion CNY and a turnover rate of 8.64%, resulting in a total market capitalization of 19.137 billion CNY [1] - Xingqi Eye Pharmaceutical, established on March 24, 1977, and listed on December 8, 2016, specializes in the research, production, and sales of ophthalmic drugs, with its main revenue sources being eye drops (82.15%), gel/ointment (16.70%), and other supplementary products (1.15%) [1] Group 2 - From the perspective of major fund holdings, Nord Fund has a significant position in Xingqi Eye Pharmaceutical, with its Nord Quality Consumption Fund (011078) increasing its holdings by 31,400 shares in the second quarter, totaling 133,600 shares, which represents 2.75% of the fund's net value, ranking as the seventh largest holding [2] - The Nord Quality Consumption Fund, established on February 10, 2021, has a current size of 251 million CNY and has achieved a year-to-date return of 19.76%, ranking 4494 out of 8226 in its category, with a one-year return of 17.79%, ranking 4502 out of 8099 [2] - The fund manager, Xie Yi, has been in the position for 10 years and 114 days, overseeing a total fund size of 272 million CNY, with the best return during his tenure being 125.72% and the worst being -24.32% [2]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant advancements in innovative drugs, particularly in the context of recent clinical trial results presented at the 2025 ESMO conference, showcasing the potential for new treatment options in various cancer types [12][19] - The report emphasizes the emergence of domestic drugs that have achieved notable efficacy in treating conditions such as NSCLC and HER2-positive breast cancer, indicating a shift in the competitive landscape [13][17] Summary by Sections 1. New Drug Developments - **2L EGFR Mutant NSCLC**: The drug Lukanosumab (sac-TMT) is the first to demonstrate both overall survival (OS) and progression-free survival (PFS) benefits in patients with TKI-resistant NSCLC, with mPFS of 8.3 months compared to 4.3 months for chemotherapy [13][14] - **HER2 Positive Breast Cancer**: The drug Ruikang Trastuzumab shows longer mPFS of 30.6 months compared to 8.3 months for the chemotherapy combination, indicating a promising new option for patients [17][18] - **T-Bren for Breast Cancer**: Early data from the T-Bren trial shows a clinical overall response rate (cORR) of 82.2% in HER2-positive patients, with mPFS of 18.0 months [19][20] - **2L HER2 Positive Gastric Cancer**: Anniotuzumab combined with chemotherapy shows significant improvements in mPFS (7.1 months vs 2.7 months) and mOS (19.6 months vs 11.5 months), suggesting a potential shift in treatment paradigms [21][24] 2. Market Performance - The pharmaceutical and biotechnology sector saw a 0.58% increase in October, underperforming the CSI 300 index by 2.67 percentage points, ranking 25th among 31 sub-industries [25][30] - The medical research outsourcing sector experienced the highest growth, up 5.47%, while other bioproduct sectors faced declines [30][34]

Core Insights - As of October 21, a total of 66 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest consecutive net inflow is Fanwei Network, which has seen net buying for 10 trading days [1] - Other notable stocks with significant consecutive net inflows include Mindray Medical, Yingke Medical, Shenjian Co., Xingqi Eye Medicine, Maixinlin, Deep Technology, Diweier, and Haide Co. [1]

Core Insights - As of October 20, a total of 79 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] Group 1: Stocks with Longest Continuous Net Inflows - The stocks with the longest continuous net inflows are Yongmaotai, Kede CNC, and Fanwei Network, each having recorded net inflows for nine consecutive trading days [1] - Other notable stocks with significant net inflows include Mindray Medical, BOE Technology Group, Xingqi Eye Medicine, Maixinlin, Dongfang Electronics, Cangzhou Mingzhu, Zhongke Software, and Yingke Medical [1]

Core Points - The stock of Xingqi Eye Pharmaceutical increased by 5.05%, reaching a price of 74.95 CNY per share, with a trading volume of 9.83 billion CNY and a turnover rate of 7.23%, resulting in a total market capitalization of 183.89 billion CNY [1] Company Overview - Xingqi Eye Pharmaceutical Co., Ltd. is located in Shenyang, Liaoning Province, and was established on March 24, 1977. The company went public on December 8, 2016. Its main business involves the research, production, and sales of ophthalmic drugs [1] - The revenue composition of the company includes eye drops at 82.15%, gel/eye ointments at 16.70%, and other supplementary products at 1.15% [1] Shareholder Information - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Xingqi Eye Pharmaceutical, having increased its holdings by 764,100 shares in the second quarter, totaling 2,516,300 shares, which represents 1.34% of the circulating shares. The estimated floating profit today is approximately 9.0588 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a latest scale of 113.438 billion CNY. Year-to-date returns are 24.28%, ranking 1813 out of 4219 in its category, while the one-year return is 31.22%, ranking 1616 out of 3866. Since inception, the return is 135.8% [2] Fund Manager Information - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has a cumulative tenure of 12 years and 185 days. The total asset scale of the fund is 138.999 billion CNY, with the best fund return during his tenure being 145.85% and the worst being -47.6% [3] Fund Holdings - Southern Fund's Southern Big Data 300 Index A (001420) also holds shares in Xingqi Eye Pharmaceutical, with 47,800 shares held in the second quarter, accounting for 0.93% of the fund's net value, ranking as the seventh largest holding. The estimated floating profit today is about 171,900 CNY [4] - The Southern Big Data 300 Index A was established on June 24, 2015, with a latest scale of 2.17 billion CNY. Year-to-date returns are 35.06%, ranking 1020 out of 4219, while the one-year return is 51.42%, ranking 611 out of 3866. Since inception, the return is 79.19% [4] Additional Fund Manager Information - The fund manager of Southern Big Data 300 Index A is Xie Rui, who has a cumulative tenure of 3 years and 246 days. The total asset scale of the fund is 2.012 billion CNY, with the best fund return during his tenure being 19.27% and the worst being -0.23% [5]