SHENYANG XINGQI PHARMACEUTICAL CO.(SZ:300573) Nan Fang Du Shi Bao·2025-04-28 23:15Core Viewpoint - Shenyang Xingqi Eye Pharmaceutical Co., Ltd. reported significant growth in revenue and net profit for the fiscal year 2024, driven by the exclusive market position of atropine eye drops, although rising sales and R&D expenses have raised concerns [2][3]. Financial Performance - The company achieved a revenue of 1.943 billion yuan in 2024, representing a year-on-year increase of 32.42%, while the net profit excluding non-recurring items reached 348 million yuan, up 44.54% from the previous year [2]. - The revenue from the eye drop segment was 1.366 billion yuan, accounting for 70.3% of total revenue, with a gross margin of 82.18% [3]. Product Development - The atropine eye drops, which received a drug registration certificate in March 2024, are aimed at slowing the progression of myopia in children aged 6 to 12 years [3][4]. - The company currently holds 60 approved ophthalmic drug registrations, with 38 products included in the medical insurance catalog and 6 in the national essential drug list [2]. Expense Analysis - Sales expenses have increased significantly, being three times the R&D expenses, with sales expenses rising from 463 million yuan in 2022 to 705 million yuan in 2024, while R&D expenses grew from 146 million yuan to 221 million yuan during the same period [5]. - Financial expenses also saw a notable increase of 115.66% year-on-year, attributed to rising bank loan interest [5]. Market Competition - The exclusive market position of atropine eye drops may soon be challenged as several listed companies, including Zhaoke Ophthalmology and Hengrui Medicine, are advancing their own products in this category [4].