兴齐眼药分析师会议 调研日期：2025年09月01日 调研行业：化学制药 参与调研的机构：国盛证券、国投证券、广发证券、开源证券、 国金医药等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START S ...

证券代码：300573 证券简称：兴齐眼药 沈阳兴齐眼药股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系 活动类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 √ 其他（电话会议） 参与单位名称 及人员姓名 详见附件：参加交流活动人员名单 时间 2025 年 09 月 01 日 15:30-16:20（北京时间） 地点 电话会议 上市公司接待人 员姓名 副董事长、董事会秘书 张少尧先生 董事、总经理 高 峨女士 董事、副总经理、财务总监 程亚男女士 董事、副总经理 杨 强先生 交流内容及具体 问答记录 公司联合国盛医药、国投证券、广发证券、开源证券、国金证券、 海通国际、东吴证券、申万宏源、招商证券、浙商证券、华安证券、中 信证券于 2025 年 9 月 1 日召开了兴齐眼药 2025 年半年度业绩交流会， 公司管理层就 2025 年半年度生产经营管理情况及投资者关注的问题与 投资者进行了沟通和交流。 一、2025 年半年度业绩情况综述 公司坚持自主研发，巩固核心竞争优势，加大市场拓展力度，优化 客户结构，公司营业收入及净利 ...

Core Viewpoint - The company reported a revenue of 294 million yuan for the first half of 2025, representing a year-on-year growth of 75.4%, while the loss narrowed to 132 million yuan compared to the same period in 2024, aligning with expectations [1][2]. Development Trends - The pipeline research and development is progressing steadily, with accelerated clinical and registration advancements for core products. Key updates include: 1. OT-1001 (Zhiwei Tai, 0.24% Azelastine Eye Drops) has been approved for commercialization by the National Medical Products Administration, featuring dual mechanisms for anti-allergy and anti-inflammation [1]. 2. OT-101 (Low-concentration Atropine) has completed a two-year administration for all subjects, with the Phase III clinical trial expected to be unblinded by June 2026 [1]. 3. OT-802 (Pilocarpine) has received approval for Phase III clinical trial application, anticipated to start in early 2026, potentially filling a market gap for innovative drugs in the presbyopia field in China [1]. 4. OT-301 (Latanoprost) has achieved primary endpoint indicators in a global multi-center Phase III clinical trial, surpassing Latanoprost, and is a potential BIC lowering intraocular pressure drug [1]. 5. OT-703 (0.19mg Fluocinolone Vitreous Implant) has been approved for real-world research application in Hainan Boao Lecheng and has completed patient enrollment [1]. Commercialization and Sales Network - The company has demonstrated significant commercial synergy, with rapid expansion of its sales network and channel coverage. In the first half of 2025, the company achieved a revenue of 294 million yuan, with substantial growth in ophthalmic product sales due to successful integration of products from Alcon and the contribution of new products like Zhiwei Tai [2]. - The company has established coverage in 21,535 hospitals nationwide, including 2,799 tertiary hospitals, with a commercial team exceeding 290 members, achieving a nationwide commercial network layout [2]. - The company is actively promoting market access for new products like Zhiwei Tai to enhance market share and build the brand influence of OcuVist, creating new growth points for performance [2]. Production System and Localization - The production system is gradually improving, with enhanced local manufacturing capabilities. During the reporting period, six products received production approval, and commercial batch production is progressing smoothly [2]. - The local production of the core product Yushi Ying has entered the review and public announcement stage, marking a breakthrough in supply assurance and cost control [2]. - Leveraging advanced processes and supply chain management at the Suzhou factory, the company's "OcuVist Manufacturing" model is gradually being implemented, which is expected to ensure supply stability and product quality while strengthening scale advantages, potentially improving production efficiency and reducing costs [2]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026. The rating of outperforming the industry is upheld, and considering the recent upward adjustment of the sector's valuation, the target price based on DCF has been raised by 35.5% to 10.16 HKD, indicating a 3.4% upside potential compared to the current stock price [2].

Core Viewpoint - The company maintains its earnings forecast for 2025 and 2026, with an upgraded DCF target price of HKD 10.16, reflecting a 35.5% increase and a 3.4% upside potential from the current stock price [1] Pipeline Development - The company's pipeline is progressing steadily, with key products advancing in clinical and registration phases, including: - OT-1001 (Zhiwei Tai) approved for commercialization by the National Medical Products Administration, featuring dual mechanisms for allergy and inflammation [2] - OT-101 (low-concentration atropine) completing a two-year dosing for all subjects, with Phase III clinical unblinding expected by June 2026 [2] - OT-802 (pilocarpine) receiving approval for Phase III clinical trial application, expected to start in early 2026, potentially filling a market gap in innovative drugs for presbyopia [2] - OT-301 (Gepanoprost) achieving primary endpoint in global multi-center Phase III clinical trials, surpassing Latanoprost, and is a potential BIC lowering eye pressure drug [2] - OT-703 (0.19mg fluocinolone vitreous implant) approved for real-world research application in Hainan Boao Lecheng, with patient enrollment completed [2] Commercialization and Sales Network - The company reported a revenue of CNY 294 million for the first half of 2025, a 75.4% year-on-year increase, driven by significant growth in ophthalmic product sales from the Alcon product portfolio and new product launches [3] - The company has established coverage across 21,535 hospitals, including 2,799 tertiary hospitals, with a commercial team exceeding 290 members, achieving a nationwide commercial network layout [3] - The company is actively promoting market access for new products like Zhiwei Tai to enhance market share and brand influence, creating new growth points for performance [3] Production System Enhancement - The company has received production approvals for six products, with commercial batch production progressing smoothly [4] - The localization of the core product Yushi Ying has entered the review and public announcement stage, indicating breakthroughs in supply assurance and cost control [4] - The company's "Oukang Manufacturing" model, leveraging advanced processes and supply chain management from its Suzhou factory, is expected to enhance supply stability and product quality, while improving production efficiency and reducing costs [4]

Core Viewpoint - Rongchang Biologics has announced a business development (BD) deal with Santen Pharmaceutical for the exclusive licensing of the ophthalmic innovative drug RC28-E in several Asian markets, marking its second BD announcement this year [1][2]. Group 1: Business Development and Financials - Rongchang Biologics will receive an upfront payment of 250 million yuan, with potential milestone payments totaling up to 520 million yuan for development and regulatory achievements, and up to 525 million yuan for sales milestones [1]. - The company will also earn a tiered sales royalty based on product sales in the licensed regions, ranging from high single-digit to double-digit percentages [1]. Group 2: Product Details and Clinical Trials - RC28-E is a dual-target fusion protein drug aimed at treating neovascular eye diseases, specifically targeting VEGF and FGF pathways to inhibit new blood vessel formation [2]. - The drug is currently undergoing Phase III clinical trials for wet age-related macular degeneration (wAMD) and diabetic macular edema (DME), with an expected submission for market approval in China for DME in the second half of 2025 and for wAMD in mid-2026 [3][5]. Group 3: Market Context and Competition - The domestic ophthalmic drug market is transitioning from generics to innovative products, with increasing competition as patents for existing drugs expire [6][9]. - Other companies, such as Qilu Pharmaceutical and Innovent Biologics, are also advancing in the development of biosimilars and innovative drugs in the ophthalmic space, indicating a shift towards more competitive innovation in the sector [9].

Core Viewpoint - Zhaoke Ophthalmology is considered an undervalued innovative ophthalmic drug company, with significant potential for growth as it approaches a clinical drug harvest period and has seen a stock price increase of approximately 140% this year, despite a low price-to-book ratio of less than 1 [4][15]. Product Pipeline and Market Potential - Zhaoke Ophthalmology has a comprehensive pipeline focusing on three main products: NVK002 for myopia control, a modified cyclosporine A eye gel for moderate to severe dry eye syndrome, and TAB014 for wet age-related macular degeneration (wAMD) [5][10][11]. - The NVK002 product, a low-concentration atropine eye drop, has received significant regulatory attention, with a simplified new drug application accepted and a new drug listing application approved for the 0.02% concentration [5][7]. - The market for myopia treatment is substantial, with over 40 million children in China being potential users, indicating a large growth opportunity for NVK002 [7][9]. Competitive Landscape - The competition for NVK002 is intense, with other companies like Xingqi Eye Medicine already having launched similar products. Zhaoke aims to differentiate itself by enhancing patient compliance and addressing the stability issues of atropine [8][9]. - The modified cyclosporine A eye gel has shown promising clinical results, with a patient compliance rate of 98.94%, and is expected to receive faster approval due to proactive communication with regulatory authorities [10][11]. Future Outlook - Zhaoke Ophthalmology aims to have a total of 12 products on the market within the next 18 months, which would significantly enhance its influence in the ophthalmic field [14][15]. - The company has also received orphan drug designation from the FDA for a treatment for retinoblastoma, indicating its commitment to expanding its product offerings [12]. - The CEO expressed confidence in the company's future, emphasizing the importance of timely product approvals and the potential for market growth in various ophthalmic conditions [17].

Core Viewpoint - CloudBreak Therapeutics has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first international ophthalmic innovation drug company to go public in Hong Kong, with a market capitalization of HKD 84.73 billion and net fundraising of approximately HKD 5.22 billion [2][4] Company Overview - Founded in 2015 in Irvine, California, CloudBreak Therapeutics is a clinical ophthalmic biotechnology company focused on innovative and differentiated therapies, with a mission to ensure that no one is hindered by poor eye health [4] - The company has developed a broad and innovative pipeline, including eight drug candidates targeting major diseases of the anterior and posterior segments of the eye, with four in clinical stages and four in preclinical stages [4] Product Pipeline - The core product CBT-001 is a pioneering drug for the treatment of pterygium, currently undergoing global Phase III clinical trials across multiple countries, showing significant efficacy and good tolerability [6][10] - Other products in the pipeline include CBT-004 for treating vascularized pterygium, CBT-006 for dry eye syndrome, and CBT-009 for myopia in adolescents, all demonstrating promising clinical results [12][13] Market Opportunity - The global prevalence of pterygium is 10.2%, with rural areas in China reaching as high as 33%, indicating a significant unmet medical need in this area [7][10] - The global ophthalmic drug market is projected to reach USD 73.9 billion by 2030, highlighting the growth potential for innovative therapies in this sector [16] Investment and Support - Since 2018, CloudBreak Therapeutics has raised a total of HKD 11.3 billion, receiving support from various institutions, including Yi Feng Capital, which participated in its C-round financing in 2022 [14][15] - The successful IPO is seen as a validation of the company's core value and clear development path, with expectations for its innovative products to capture significant market share in the global ophthalmic drug market [15][18]

Group 1 - Cloudbreak Pharma Inc. (stock code 2592.HK) officially listed on the Hong Kong Stock Exchange on July 3, 2025, with an IPO price of HKD 10.10 per share, achieving nearly 78 times oversubscription [1] - The IPO project received cornerstone investment of approximately USD 2.8 million from The Reynold Lemkins Group (Asia) Limited, facilitated by the professional recommendations of the Baihui Financial team [1] - The global offering consisted of approximately 60.582 million shares, with a subscription period from June 24 to June 27, 2025, and an expected net fundraising amount of up to HKD 610 million [1] Group 2 - The company plans to allocate the proceeds from the IPO as follows: approximately 62.4% for ongoing clinical research and development of core product CBT-001, about 27.6% for costs related to ongoing clinical research and registration of CBT-009, around 5.5% for production facilities and commercialization activities, and the remaining 4.5% for working capital and other general corporate purposes [3] - CBT-001 is the world's first innovative drug for pterygium entering Phase III clinical trials, targeting VEGFR and PDGFR to precisely regulate abnormal vascular growth on the ocular surface [8] - As of May 2025, CBT-001 has completed patient enrollment in multi-center Phase III clinical trials in China, the United States, and Australia, with plans to submit dual market applications in China and the U.S. in 2025 [8] Group 3 - Baihui Financial anticipates that with CBT-004 completing Phase II clinical trials in the U.S., CBT-001 is expected to be launched in 2026, marking the company's transition from a research-driven entity to a commercialization phase [10] - The company plans to establish sales branches in major global markets within the next three years while accelerating the clinical advancement of CBT-009, aiming to build a differentiated competitive advantage in the field of ophthalmic innovative drugs through technological innovation and global expansion [10]

Core Viewpoint - The article highlights the successful IPO of Bokan Vision Pharmaceutical Co., Ltd., which is positioned to become a leader in the ophthalmic biotechnology sector with innovative drug candidates like CBT-001 and CBT-009 aimed at addressing unmet medical needs in eye diseases [3][5][9]. Company Overview - Bokan Vision is a biotechnology company focused on developing differentiated drugs for major eye diseases using proprietary technology platforms, including small molecule multi-kinase inhibitors and antibody-drug conjugates [6]. - The company has launched two key drug candidates: CBT-001 for treating pterygium and CBT-004 for treating vascularized eyelid lesions, both of which are expected to be the first of their kind globally [6][9]. IPO Details - On July 3, Bokan Vision officially listed on the Hong Kong Stock Exchange under the stock code "2592," raising approximately HKD 522 million through the issuance of 60.582 million shares, with a public offering oversubscribed by 78.78 times [3][4]. - The company attracted two cornerstone investors, raising a total of USD 22.8 million (approximately HKD 179 million) [3]. Clinical Development - CBT-001 has initiated Phase III clinical trials in the U.S. and China, with the potential to provide non-invasive treatment options for pterygium, thereby reducing the need for surgical intervention [8][9]. - CBT-009, aimed at treating myopia in adolescents, completed Phase I/II trials and is set to submit an IND application to the FDA in July 2024 [8][9]. Market Potential - The ophthalmic drug market is projected to exceed USD 10 billion in China, indicating significant growth potential in the sector [9]. - The demand for new ophthalmic drugs is increasing due to slow development progress in the field, making it a promising area for investment and innovation [9].

Performance Overview - In 2024, the company achieved revenue of CNY 1.943 billion, a year-on-year increase of 32.42% [2] - The total profit for 2024 was CNY 395 million, up 49.07% from the previous year [2] - The net profit attributable to shareholders was CNY 338 million, reflecting a growth of 40.84% [3] - In Q1 2025, revenue reached CNY 536 million, a 53.24% increase year-on-year [3] - The total profit for Q1 2025 was CNY 178 million, showing a remarkable growth of 277.02% [3] - The net profit attributable to shareholders in Q1 2025 was CNY 146 million, up 319.86% [3] Dividend Policy - The proposed dividend for 2024 is CNY 10 per 10 shares, with a bonus issue of 4 shares for every 10 shares held [3] Product and Market Strategy - The company focuses on self-research and development, enhancing core competitive advantages, and optimizing customer structure [2] - The product "Meioupin®" (0.01% atropine sulfate eye drops) accounted for over 10% of the company's main business revenue in 2024 [4] - The company has established a comprehensive sales network covering both online and offline channels, enhancing accessibility for consumers [5] - Collaborations with over 200 chain pharmacies and more than 12,000 outlets have been established to meet diverse patient needs [5] Market Potential and Growth - The overall myopia rate among children and adolescents in China is 52.7%, with significant market potential for myopia prevention products [10] - The company aims to raise awareness of the treatment plan to over 20 million people and ensure over 1 million children receive proper medication [10] - The company plans to maintain a double-digit growth rate in 2025, with a focus on optimizing cost control and improving operational efficiency [12] Sales and Distribution Channels - The company has entered over 4,000 public and private medical institutions, with plans for further expansion [11] - The sales strategy includes a full-channel marketing approach, integrating hospitals, pharmacies, and e-commerce platforms [9] - In 2024, offline channels accounted for over 50% of atropine sales [9] Future Outlook - The company anticipates stable growth in net profit margins, projecting a net profit margin of 25%-30% as atropine sales increase [16] - Continuous investment in R&D for innovative ophthalmic drugs is planned to enhance competitive advantage [17] - The company is preparing for potential overseas market expansion, leveraging its differentiated product pipeline [16]