本报讯(记者李勇)沈阳兴齐眼药（300573）股份有限公司(以下简称"兴齐眼药")收入、利润继续保持逐 季增长的快速发展态势。据兴齐眼药10月28日晚间披露的2025年第三季度报告显示，今年前三季度，该 公司实现营业收入19.04亿元，同比增长32.27%；实现归属于上市公司股东的净利润5.99亿元，同比增 长105.98%。其中，第三季度单季，兴齐眼药实现营业收入7.41亿元，同比增长35.34%；实现归属于上 市公司股东的净利润2.64亿元，同比增长117.45%。 自创立以来，兴齐眼药始终高度重视新产品的研发，并将开发具有自主知识产权的新产品作为持续进步 和创新的目标。近年来，随着环孢素滴眼液、硫酸阿托品滴眼液等新产品陆续获批上市，兴齐眼药收 入、利润快速增长。今年以来，兴齐眼药的他氟前列素滴眼液获得药品注册证书，SQ-22031滴眼液治 疗神经营养性角膜炎、于伏立康唑滴眼液等相继进入Ⅱ期临床试验，SQ-129玻璃体缓释注射液获得临 床试验批准通知书。 兴齐眼药一直专注于眼科药物领域，是国内研发技术水平领先、产品线覆盖较广的专业眼科药物研发、 生产、销售企业。兴齐眼药坚持专业化发展道路，以不断提升公司的 ...

Core Viewpoint - Xingqi Eye Pharmaceutical has received clinical trial approval for SQ-129 vitreous sustained-release injection, aimed at treating diabetic macular edema and macular edema caused by retinal vein occlusion, indicating potential for market entry as no similar products are currently approved in China [1][2]. Group 1: Product Development - SQ-129 is classified as a Class 2 modified new chemical drug, demonstrating good safety and clinical development value based on extensive research [1]. - The company has established a comprehensive product system covering ten categories of ophthalmic drugs, including treatments for myopia, dry eye, and infections [2]. - The R&D center has developed seven technical platforms and various evaluation technologies, enhancing the company's ability to convert technical achievements into marketable products [2]. Group 2: Clinical Trials and Approvals - As of mid-2025, the company has made significant progress in clinical trials, with multiple products at various stages, including the completion of Phase I trials for voriconazole eye drops and the initiation of Phase III trials for lidocaine eye gel [3]. - SQ-22031 eye drops have also progressed to Phase II trials for neurotrophic keratitis, which was included in China's rare disease list in 2023 [3]. Group 3: Market Position and Strategy - The company focuses on the high-tech, high-risk, and high-value characteristics of pharmaceutical products, emphasizing the long and complex process from clinical trials to market launch [2]. - Xingqi Eye Pharmaceutical is committed to actively advancing its R&D projects in compliance with national regulations and will disclose information based on development progress [2].

Summary of the Conference Call for Xingqi Eye Pharmaceutical Company Overview - **Company**: Xingqi Eye Pharmaceutical - **Industry**: Ophthalmic Pharmaceuticals Key Financial Performance - **Revenue**: 11.62 billion CNY in H1 2025, a year-on-year increase of 30.38% [2][3] - **Net Profit**: 3.35 billion CNY, a year-on-year increase of 97.75% [2][3] - **Dividend Proposal**: Cash dividend of 7 CNY per 10 shares, subject to shareholder approval [2][3] Research and Development Progress - **R&D Investment**: 1.0 billion CNY, an increase of 8.11%, representing 8.64% of revenue [2][4] - **Product Approvals**: - Heafluprost eye drops approved - Lidocaine eye gel in Phase III clinical trials - SQ22,031 eye drops in Phase II clinical trials for neurotrophic keratitis, listed as a rare disease drug [2][4][5] - **Innovative Products**: - 60 approved ophthalmic drugs, with 38 in the medical insurance directory and 6 in the national essential drug list [4] - SQ22,031 eye drops and SQ129 vitreous sustained-release injection under development [9] Market Strategy and Sales Performance - **Atropine Sales**: - Widely distributed in public hospitals and major private groups, covering nearly 17,000 retail pharmacies and online platforms [2][10] - Sales growth driven by a comprehensive marketing strategy and collaboration in myopia prevention [12] - **Sales Team**: Over 500 professional promotion specialists, with plans for further expansion based on market conditions [10][12] - **Market Coverage**: - Multi-channel marketing strategy including both online and offline channels [12][18] - Focus on enhancing brand influence and customer satisfaction [7][8] Future Outlook and Market Trends - **Market Potential**: - Significant growth potential in the myopia prevention market, with over 100 million schoolchildren affected [24] - Anticipated stable gross margin due to increased sales scale and operational efficiency [21] - **Product Pipeline**: - Continued focus on innovative drug development in ophthalmology, including treatments for myopia, dry eye, and other eye diseases [23][25] - Plans to expand into international markets with existing and new products [22] Additional Insights - **Quality Management**: - Achieved national-level green factory certification and implemented stringent quality control measures [6] - **Patient Compliance**: - High compliance rates among pediatric patients using atropine, with ongoing efforts to improve disease education and treatment adherence [18][19] - **Clinical Guidelines**: - Received endorsements from multiple clinical guidelines, enhancing the credibility of products like cyclosporine eye drops [20] This summary encapsulates the key points from the conference call, highlighting the financial performance, R&D advancements, market strategies, and future outlook for Xingqi Eye Pharmaceutical.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience rapid growth in low-concentration atropine sales, with a projected significant increase in revenue and net profit from 2025 to 2027 [3][4] - The company reported a revenue of 1.163 billion yuan in H1 2025, representing a year-on-year increase of 30.38%, and a net profit of 335 million yuan, which is a 97.75% increase year-on-year [3] - The company is actively developing its new drug pipeline, including various eye care products, which is anticipated to further enhance its performance and meet the demand for myopia treatment in children and adolescents [4] Financial Summary - For H1 2025, the company achieved a gross margin of 80.67% and a net margin of 28.80%, with a significant increase in both metrics compared to the previous year [3] - The projected revenue for 2025 is 2.948 billion yuan, with a year-on-year growth rate of 51.7%, and the net profit is expected to reach 688 million yuan, reflecting a growth rate of 103.7% [6] - The earnings per share (EPS) for 2025 is estimated at 2.81 yuan, with a price-to-earnings (P/E) ratio of 23.6 [6]

Core Viewpoint - The company, Xingqi Eye Medicine, reported significant growth in its financial performance for the first half of 2025, with a notable increase in revenue and net profit, reflecting its strong position in the ophthalmic pharmaceutical industry [1]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.163 billion yuan, representing a year-on-year growth of 30.38% [1]. - The net profit attributable to the parent company was 335 million yuan, marking a year-on-year increase of 97.75% [1]. - The basic earnings per share were reported at 1.36 yuan, and the company proposed a cash dividend of 7 yuan per 10 shares (tax included) [1]. Product Development and Pipeline - The company has a comprehensive product line covering various ophthalmic drug categories, including treatments for myopia, dry eye, eye infections, and glaucoma, among others [1]. - As of June 2025, the company has 60 approved ophthalmic drug registrations, with 38 products included in the medical insurance directory and 6 in the national essential drug list [2]. - The company is advancing several products in clinical trials, including Voriconazole eye drops, which have entered Phase II trials, and other products that are in various stages of clinical research [2][3]. Research and Development Capabilities - The company has established multiple technical platforms for ophthalmic drug development, including gel formulations and quality research, supported by a dedicated clinical medicine department and regulatory review department [2]. - The company has a strong track record in research and development, leveraging its industry foresight and accumulated experience to enhance its technical capabilities and product pipeline [2].

Group 1 - The core viewpoint of the news is that Shenyang Xingqi Eye Medicine Co., Ltd. has shown significant growth in revenue and net profit in the first half of 2025, driven primarily by the increase in eye drop product sales [1] - In the first half of the year, the company achieved an operating income of 1.163 billion yuan, a year-on-year increase of 30.38%, and a net profit attributable to shareholders of 335 million yuan, a year-on-year increase of 97.75% [1] - The substantial revenue growth is mainly attributed to the increase in sales of eye drop products, which generated 903 million yuan in revenue, reflecting a year-on-year growth of 76.43% [1] Group 2 - The company emphasizes the importance of new product development, aiming to create products with independent intellectual property rights and diversify its research pipeline [2] - As of June 2025, the company has made progress in clinical trials for several new products, including obtaining phase I clinical research reports for Voriconazole eye drops and starting phase III clinical trials for Lidocaine eye gel [2] - The company plans to distribute cash dividends of 1.72 billion yuan to shareholders, with a proposed distribution of 7 yuan per 10 shares (tax included) [2]

Core Viewpoint - Zhejiang Shapuaisi Pharmaceutical Co., Ltd. has received the Drug Registration Certificate for Tafluprost Eye Drops, which is expected to enhance the company's product portfolio and optimize its product layout [1][3]. Drug Registration Details - Drug Name: Tafluprost Eye Drops - Dosage Form: Ophthalmic preparation - Specification: 0.0015% (0.3ml: 4.5μg) - Registration Category: Class 4 chemical drug - License Holder: Zhejiang Shapuaisi Pharmaceutical Co., Ltd. - Production Company: Zhejiang Shapuaisi Pharmaceutical Co., Ltd. - Approval Conclusion: The drug meets the registration requirements as per the relevant laws and regulations [1]. R&D Investment - The cumulative R&D investment for this drug amounts to approximately 6.461 million RMB [2]. Impact on the Company - The approval of Tafluprost Eye Drops will further enrich the company's product categories, benefiting its product layout optimization [3]. - The future production and sales of the drug are subject to various factors such as pharmaceutical industry policies, bidding procurement, and market environment changes, which introduce uncertainties regarding the impact on the company's performance [3].