Ge Long Hui·2025-09-17 07:34Core Viewpoint - The report from Dongfang Securities indicates that Xingqi Eye Medicine achieved a net profit attributable to shareholders of 335 million yuan in the first half of 2025, representing a year-on-year increase of 97.8% [1] - The strong performance is attributed to robust growth in core products such as atropine and cyclosporine eye drops, along with improved profit margins due to an optimized product mix [1] Financial Performance - The net profit excluding non-recurring items reached 331 million yuan, reflecting a year-on-year increase of 96.3% [1] - The gross profit margin improved by 2.5 percentage points year-on-year, driven by a higher proportion of high-margin product revenue [1] - The company effectively controlled expenses, with the combined expense ratio (sales, management, and R&D) decreasing by 8.7 percentage points year-on-year [1] Future Outlook - With the accelerated market penetration of low-concentration atropine, the company is expected to see accelerated growth in performance and sustained improvement in profitability [1] - Using a discounted cash flow valuation method, the estimated fair market value of the company is projected to be 19.675 billion yuan, corresponding to a target price of 80.19 yuan per share, maintaining a "buy" rating [1]