兴齐眼药年报解读：“近视神药”上市首年，公司营收不及券商预期

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]