Summary of the Conference Call for Xingqi Eye Pharmaceutical Company Overview - **Company**: Xingqi Eye Pharmaceutical - **Industry**: Ophthalmic Pharmaceuticals Key Financial Performance - **2024 Revenue**: 1.943 billion CNY, up 32.42% YoY [2] - **2024 Net Profit**: 338 million CNY, up 40.84% YoY [2] - **Q1 2025 Revenue**: 536 million CNY, up 53.24% YoY [5] - **Q1 2025 Net Profit**: 146 million CNY, up 319.86% YoY [5] - **Proposed Dividend**: 10 CNY per 10 shares and a bonus issue of 4 shares per 10 shares, pending shareholder approval [2][4] Research and Development - **R&D Investment**: 235 million CNY in 2024, accounting for 12.11% of revenue, up 29.55% YoY [6] - **Approved Ophthalmic Drugs**: 60, with 38 included in medical insurance and 6 in the national essential drug list [6][7] - **Clinical Trials**: - 0.01% Atropine eye drops approved; - Voriconazole eye drops completed Phase I; - Cyclosporine eye drops completed Phase IV; - 0.02% and 0.04% Atropine eye drops completed Phase III trials [7][19] Production and Quality Management - **Production Capacity**: Four GMP-certified production lines for 0.01% Atropine eye drops, currently meeting market demand [13] - **Quality Management Initiatives**: Enhanced quality management systems and lean 6S management mechanisms [8] Marketing and Sales Strategy - **Sales Network**: Comprehensive online and offline channels, including partnerships with over 200 chain pharmacies and coverage of more than 12,000 locations [3][14] - **Target for 2025**: Reach over 20 million people aware of the treatment and ensure over 1 million children receive appropriate medication [17][25] - **Atropine Sales Contribution**: Over 10% of the company's main business revenue [13] Market Dynamics and Competition - **Market Potential**: High prevalence of myopia among children in China, with over 50% affected [24] - **Competitor Landscape**: Anticipation of increased competition from other companies like Heng Rui, with a focus on maintaining market share through comprehensive marketing strategies [24] Future Outlook - **2025 Revenue Growth Expectation**: Anticipated double-digit growth, with a focus on operational efficiency and cost management [26] - **Net Profit Margin Target**: Aiming for a net profit margin of 25% to 30% [28] - **Expansion Plans**: Continued investment in R&D and potential entry into overseas markets [30] Strategic Vision - **Long-term Goals**: To become a globally competitive research and manufacturing enterprise in the ophthalmic field, focusing on sustainable growth and innovation [12][34] Additional Insights - **Sales Team Expansion**: Increased sales personnel to 1,100, with a focus on promoting Atropine products [27] - **Sales Expense Management**: Maintaining stable sales expense ratios while driving sales growth [32][33]

Core Viewpoint - In 2024, Xingqi Eye Medicine (300573.SZ) demonstrated strong growth in the ophthalmic prescription drug sector, achieving significant revenue and profit increases, solidifying its leading position in the industry [1][2]. Financial Performance - The company reported a total revenue of 1.943 billion yuan in 2024, representing a year-on-year increase of 32.42% [2]. - Net profit reached 338 million yuan, up 40.84% year-on-year, with a non-recurring net profit growth of 44.54% to 348 million yuan [2]. - The net cash flow from operating activities was 417 million yuan, reflecting a 31.31% increase [2]. Product Performance - The eye drop segment showed remarkable growth, generating 1.366 billion yuan in revenue, a 106.08% increase, and accounting for 70.3% of total revenue [2]. - Key products driving this growth included low-concentration atropine eye drops (brand name "Mei Ou Pin") and cyclosporine eye drops (II) [2]. Investor Returns - The company proposed a profit distribution plan, intending to distribute a cash dividend of 10 yuan per 10 shares, totaling 175 million yuan, and a capital reserve conversion of 4 shares for every 10 shares held [3]. Production and Quality Management - The company focused on enhancing production and quality management, optimizing resource allocation, and upgrading production facilities to improve efficiency and support smart factory initiatives [4]. - Quality management improvements included passing various regulatory inspections and certifications, indicating a stable and effective quality management system [5]. Research and Development - In 2024, R&D expenses reached 221 million yuan, a 31.90% increase, with the company holding 66 invention patents [6]. - Significant progress was made in R&D, including the approval of clinical trials for new products aimed at treating common eye diseases [6][7]. Future Outlook - For 2025, the company reported a revenue of 536 million yuan in Q1, a 53.24% increase, and a net profit of 146 million yuan, up 319.86% year-on-year [8]. - The company outlined four key operational plans for 2025: production and quality centers, product R&D, marketing, and internal control management, with a focus on unmet clinical needs and innovation [9].

Group 1 - The company plans to distribute a cash dividend of 10 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares at the end of 2024, totaling a dividend payout of 175 million yuan [1] - The total dividend distribution for 2024, including the mid-year payout of 87.21 million yuan, amounts to 262 million yuan, representing 77.64% of the net profit attributable to shareholders [1] - The company has conducted a total of 9 year-end dividends and 4 mid-year dividends since its listing in 2016, with a cumulative dividend amount of 999.5 million yuan and an average dividend rate of 81.82% [5] Group 2 - The company specializes in the field of ophthalmic drugs, with 60 approved ophthalmic drug numbers, of which 38 are included in the medical insurance catalog and 6 in the national essential drug catalog [4] - In 2024, the company achieved significant growth, with operating revenue of 1.943 billion yuan, a year-on-year increase of 32.42%, and a net profit of 338 million yuan, a year-on-year increase of 40.84% [4] - The company’s net cash flow from operating activities reached 417 million yuan, reflecting a year-on-year growth of 31.31% [4]

Core Insights - The company, Xingqi Eye Medicine, reported a revenue of 1.943 billion yuan for 2024, representing a year-on-year growth of 32.42% [1] - The net profit reached 338 million yuan, with a year-on-year increase of 40.84% [1] - The company has a diverse product line in the ophthalmic drug sector, with 60 approved ophthalmic drug registrations, 38 of which are included in the medical insurance directory [1] Financial Performance - Revenue for 2024: 1.943 billion yuan, up 32.42% year-on-year [1] - Net profit: 338 million yuan, up 40.84% year-on-year [1] - Basic earnings per share: 1.94 yuan [1] - Proposed distribution plan: 4 shares bonus for every 10 shares and a cash dividend of 10 yuan (tax included) [1] Product Development - The company has received a drug registration certificate for atropine sulfate eye drops, with no similar products currently available in the domestic market for myopia [2] - The company is advancing multiple clinical trials, including for cyclosporine eye drops and SQ-22031 eye drops, which are intended for dry eye syndrome and neurotrophic keratitis [2] - The low-concentration atropine sulfate eye drops are prescription medications available through qualified hospitals and optical centers [3] R&D Strategy - The company plans to increase R&D investment in 2025 to expand its product line in the ophthalmic sector [3] - It aims to enhance its portfolio in the treatment of retinal diseases through various innovative drug delivery technologies [3] - The R&D strategy will focus on independent innovation and collaborative development with academic institutions [3]

更适合长期治疗的慢性反复发作患者。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 据IPO早知道消息，2月25日，兆科眼科（6622.HK）宣布其全资附属子公司兆科（广州）眼科药物 有限公司，与浙江视方极医药科技有限公司（下称"视方极"）联合发布国内首款单剂量不含抑菌剂 的盐酸氮䓬斯汀滴眼液产品（顺敏®），为过敏性结膜炎患者提供更全面的治疗方案选择。 近年来，中国国内过敏性结膜炎的发病率逐年上升，预计到2030年，全国过敏性结膜炎患者将超过 3亿人。盐酸氮䓬斯汀滴眼液的推出有望为广大过敏性结膜炎患者带来新的希望，3分钟迅速起效， 持续时间长达10小时。0.4毫升单支装不添加抑菌剂，更适合长期治疗的慢性反复发作患者。该产品 的成功上市不仅有助于进一步满足临床用药需求，也为过敏性结膜炎患者提供了优质的治疗方式。 此次兆科眼科和视方极的联手合作是双方在眼科药物领域发展的重要里程碑。结合兆科眼科的商业化 实力及视方极的产品研发优势，双方加强互补合作，旨在为中国眼科治疗领域落实更多的创新成果， 为患者提供更安全更高效的解决方案。 视方极为国内创新型医药企业，2021年成立于浙江杭州，已构建眼 ...

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