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莎普爱思2024年研发投入同比增长5.42% 眼科核心赛道布局加深

Core Viewpoint - Zhejiang Shapuaisi Pharmaceutical Co., Ltd. reported a revenue of 484 million yuan for 2024 and 102 million yuan for Q1 2025, with a net profit of 8.852 million yuan, marking a year-on-year growth of 106.03% [1] Group 1: Financial Performance - In 2024, the company achieved a total revenue of 484 million yuan [1] - For Q1 2025, the revenue reached 102 million yuan, with a net profit of 8.852 million yuan, reflecting a significant increase of 106.03% year-on-year [1] Group 2: Strategic Focus - The company is focusing on a "healthcare" strategy, leveraging both internal innovation and external acquisitions to drive growth [1] - Shapuaisi is establishing a "pharmaceutical + medical" integration model to enhance its long-term development framework [1] Group 3: Product Development - The company is deepening its product line around core ophthalmic diseases, with stable sales from products like Benzoic Acid Eye Drops and Cefaclor Granules [1] - R&D investment for 2024 was 96.198 million yuan, accounting for 19.88% of total revenue, with a year-on-year increase of 5.42% [1] - Key projects in development include five major products: Atropine Sulfate Eye Drops, Pilocarpine Hydrochloride Eye Drops, Azithromycin Eye Drops, Latanoprost Eye Drops, and Cetirizine Hydrochloride Eye Drops [1] Group 4: Clinical Trials and Market Potential - Atropine Sulfate Eye Drops for controlling myopia in children are in Phase III clinical trials, with a projected market space exceeding 9 billion yuan by 2030 [2] - Pilocarpine Hydrochloride Eye Drops target presbyopia treatment, with 56.9% of the population over 35 affected, totaling approximately 390 million people [2] - Azithromycin Eye Drops received clinical trial approval for treating conjunctivitis, while Latanoprost and Cetirizine Hydrochloride Eye Drops were approved for dry eye syndrome and allergic conjunctivitis, respectively [2] Group 5: Expansion in Medical Services - The company is advancing its "pharmaceutical + medical" dual strategy by expanding into medical services through acquisitions [2] - Qingdao Shikang Eye Hospital has made significant progress in disciplines such as cataract and pediatric optometry, enhancing its diagnostic capabilities [3] - The acquisition of Taizhou Women and Children Hospital has allowed the company to extend its services into maternal and child healthcare, with ongoing expansion efforts [3]