Core Insights - The rapid increase in myopia among adolescents is a significant concern, with various preventive measures recommended by experts [2][3] - Emphasis on controlling screen time and promoting outdoor activities as effective strategies to mitigate myopia risk [2][3] Group 1: Preventive Measures - Controlling eye usage time, especially for prolonged and close-range activities, is crucial for myopia prevention [2] - Increasing outdoor activities is highlighted as one of the most economical and effective measures for eye relaxation and myopia prevention [2] - Developing good eye habits, including proper posture and reading techniques, is essential for controlling myopia [2] Group 2: Lifestyle Recommendations - A balanced diet, sufficient sleep, and regular eye examinations are also important components of myopia prevention [2] - Monitoring close-range and prolonged eye usage, along with scientific eye care practices, is key to managing myopia risk [2] Group 3: Electronic Device Usage - Despite the presence of eye protection features in modern electronic devices, they do not completely alleviate the strain on eyes or the risk of myopia [3] - Strict control of electronic device usage time is recommended for young children, with specific limits set for different age groups [3] - Comprehensive preventive measures, including the use of OK lenses, low-concentration atropine eye drops, and functional glasses, can help manage myopia progression [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience rapid growth in 2025, particularly with the anticipated increase in sales of low-concentration atropine [3][4] - In 2024, the company reported a revenue of 1.943 billion yuan, representing a year-on-year increase of 32.42%, and a net profit attributable to shareholders of 338 million yuan, up 40.84% [3][4] - The company is positioned as a leader in the myopia prevention medication sector, with a strong focus on the promotion of its core product, low-concentration atropine [3][4] Financial Summary - The company's revenue is projected to grow from 1.943 billion yuan in 2024 to 2.948 billion yuan in 2025, reflecting a year-on-year growth rate of 51.7% [6] - The net profit attributable to shareholders is expected to increase significantly from 338 million yuan in 2024 to 688 million yuan in 2025, marking a growth of 103.6% [6] - The gross margin is forecasted to improve from 78.3% in 2024 to 80.6% in 2025, while the net margin is expected to rise from 17.4% to 23.3% during the same period [6] Product Development - The company has developed a series of ophthalmic products, including the first approved cyclosporine eye drops for dry eye syndrome in China, which generated sales of 298 million yuan in 2023 [4] - The approval of sulfate atropine eye drops in March 2024 is expected to enhance the company's product lineup and meet the growing demand for myopia treatment among children and adolescents [4] - The revenue from eye drops is projected to reach 1.366 billion yuan in 2024, with a remarkable growth rate of 106.08% [4]