兴齐眼药2024年营收净利双增逾三成， “近视神药”护城河能有多宽？

Core Viewpoint - The leading ophthalmic drug company, Xingqi Eye Medicine, reported significant growth in its 2024 financial results, driven primarily by the successful launch of its myopia treatment, atropine sulfate eye drops, which has become a key growth engine for the company [1][4]. Financial Performance - In 2024, the company achieved a total revenue of 1.943 billion yuan, marking a year-on-year increase of 32.42% [2]. - The net profit attributable to shareholders reached 338 million yuan, reflecting a growth of 40.84% [2]. - The net profit after deducting non-recurring gains and losses was 347 million yuan, with a growth rate of 44.54% [2]. - The gross profit margin improved to 78.33%, an increase of 0.96 percentage points compared to the previous year [6]. Product Performance - The "myopia miracle drug," atropine sulfate eye drops (marketed as "Mei Ou Pin"), saw its revenue in the eye drop segment surge by 106.08% year-on-year following its approval for use in children aged 6-12 [4][6]. - The company has a diverse product line with 60 approved ophthalmic drug products, of which 38 are included in the medical insurance directory [6]. Market Competition - The market is becoming increasingly competitive, with rivals such as Hengrui Medicine and Zhaoke Ophthalmology nearing the launch of similar products, which could impact Xingqi's market share [3][8]. - Alternative solutions like orthokeratology lenses are also diverting patients, creating a dual challenge for the company [9]. - The company is responding to competition by enhancing its R&D and channel strategies, including advancing clinical trials for different concentrations of atropine eye drops [9]. Strategic Initiatives - The company plans to build a comprehensive service ecosystem to address the competitive landscape in the 300 billion yuan youth myopia prevention market, moving from a single product focus to a platform-based development approach [9].