港股上市公司远大医药旗下产品酒石酸伐尼克兰鼻喷雾剂（OC-01）近日在国内上市，其特点在于通过 鼻喷给药，直接"唤醒"泪腺，从"被动补水"迈向"主动生水"促进泪液分泌，使干眼症治疗进入"原生泪 液"时代。 随着电子产品的普及，干眼症发病率上升，药物市场需求居高不下。公开数据显示，国内干眼症药物市 场规模在2030年有望达到180亿元。远大医药新药被认为有可能颠覆当前以局部滴注为主的干眼症药物 格局，与此同时欧康维视、恒瑞医药等多家企业亦在布局干眼症药物市场。 远大医药携新品入局 随着电子产品的普及以及不良用眼习惯等因素，眼科疾病的发病率也随之增加，发病年龄也呈现出年轻 化的趋势，据《2024国民眼健康年度报告》，18-35岁人群干眼症发病率达63%，比10年前上升了 400%。 发病率的增加，直接促进了药物市场规模的扩大。据弗若斯特沙利文测算，2025年中国眼科药物市场将 达440亿元，并将于2030年攀升至1084亿元。干眼症药物市场这一细分赛道也迎来增长，在2024年达到 47.9亿元，2020年-2024年复合增长率达16.17%。弗若斯特沙利文预计，国内干眼症药物市场将在2030 年达到180亿元。 ...

证券研究报告 医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 10 月 31 日 投资要点： 风险提示：竞争格局恶化风险、销售不及预期风险、行业政策风险等。 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 市场表现： | 基本数据 | 10 月 | 30 | | 日 | | | | | 2025 | 年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 62.88 | | | | | | | | 一 年 内 最 低 | | | 74.04/42.40 | | | 最 | 高 | / | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 417,347.13 | | | | | | | 流通市值（百万元） | | | | | 417,347.13 | | | | | | | 总股本（百万股） | | | | 6,637.20 | | | ...

兴齐眼药 （300573.SZ）近日发布《关于申请向特定对象发行股票的审核问询函的回复》，就深交所关 注的核心产品增长可持续性、行业竞争应对、产能利用率、财务数据等问题进行详细说明。公告显示， 公司近年业绩增长主要由环孢素滴眼液和硫酸阿托品滴眼液驱动，尽管面临竞品上市压力，但其通过全 渠道营销、研发管线拓展及产能优化等措施应对风险，相关产能闲置风险较小。 核心产品贡献主要增长市场独占优势显著 报告期内，兴齐眼药营业收入持续增长，2022年至2024年分别为12.50亿元、14.68亿元、19.43亿元， 2025年一季度为5.36亿元，最近一年一期同比增速分别达32.42%和53.24%。扣非归母净利润同步增长， 同期分别为2.08亿元、2.40亿元、3.48亿元和1.36亿元，最近一年一期同比增幅44.54%及285.96%。 业绩增长主要得益于两大核心产品的快速放量： 产能利用率逐步提升财务指标稳健 行业竞争加剧多维度布局应对风险 尽管核心产品当前具备市场独占性，但行业竞争已逐步显现。干眼症领域， 恒瑞医药 的全氟己基辛烷 滴眼液、 康弘药业 的利非司特滴眼液均于2025年6月获批；近视防控领域，恒瑞医药 ...

晨会纪要（2025/10/30） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.10.30） 固定收益研究 如何理解央行将恢复国债买卖——固定收益点评 金融工程研究 主要指数全部上涨，两融余额大幅上升——融资融券周报 公司研究 出海捷报频传，新药加速上市——恒瑞医药（600276）2025 年三季报点评 Q3 净利润改善，农机智能化、高端化趋势不改——一拖股份（601038）2025 年三季报点评 证 产量超指引中值的 75%，KFM 二期工程将建设——洛阳钼业（603993）2025 年三季报点评 券 产量稳步提升，业绩同比增长——中国铝业（601600）2025 年三季报点评 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 9 晨会纪要（2025/10/30） 固定收益研究 如何理解央行将恢复国债买卖——固定收益点评 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S115051101 ...

Investment Rating - The investment rating for the company is "Buy" [2][17] Core Insights - The company achieved a revenue of 23.188 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 14.85%. The net profit attributable to shareholders reached 5.751 billion yuan, up 24.50% year-on-year [1] - In Q3 2025, the company reported a revenue of 7.427 billion yuan, a year-on-year increase of 12.72%, driven by both internal growth and overseas expansion [2] - The company has successfully completed three overseas business development (BD) authorizations, indicating strong international collaboration and potential revenue growth [2][3] Financial Performance - The gross profit margin for the first three quarters of 2025 was 86.22%, an increase of 0.25 percentage points year-on-year. The net profit margin improved to 24.84%, up 1.97 percentage points year-on-year [4] - Research and development expenses for the first three quarters reached 4.945 billion yuan, contributing to a cumulative R&D investment exceeding 50 billion yuan, which enhances the company's innovation capabilities [4] - The company launched three new drugs in Q3 2025, including the first self-developed EZH2 inhibitor in China, indicating a strong pipeline of innovative products [3][4] Profit Forecast - Under a neutral scenario, the company is expected to achieve net profits of 8.045 billion yuan, 9.866 billion yuan, and 11.702 billion yuan for the years 2025, 2026, and 2027, respectively [6]

Core Insights - Heng Rui Medicine reported significant growth in revenue and net profit for the first three quarters of the year, achieving a revenue of 23.188 billion yuan, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% [1][3] - The company has made substantial progress in international business development (BD), securing three overseas licensing agreements with upfront payments exceeding 800 million USD [1][9] Financial Performance - Revenue for the first three quarters reached 23.188 billion yuan, reflecting a 14.85% year-on-year growth [1][3] - Net profit attributable to shareholders was 5.751 billion yuan, marking a 24.50% increase [1][3] - Operating cash flow for the first three quarters was 9.110 billion yuan, up 98.68% year-on-year, driven by increased drug sales and overseas licensing payments [1][3] - Total assets increased by 36.29% to 68.328 billion yuan, with equity attributable to shareholders rising by 30.72% to 59.504 billion yuan [3] Innovation and R&D - Heng Rui Medicine has maintained high R&D investment, with expenditures reaching 4.945 billion yuan in the first three quarters, totaling over 50 billion yuan cumulatively [1][3] - The company has received multiple approvals for innovative drugs, including the acceptance of a drug application for fluorouracil capsules and the approval of a fixed-dose combination for diabetes treatment [6][7] - A total of 24 first-class innovative drugs and 5 second-class drugs have been approved for marketing in China [7] International Expansion - The company has actively pursued international collaborations, including a partnership with GSK for the development of up to 12 innovative drugs, with an upfront payment of 500 million USD [9][10] - Heng Rui has initiated over 20 overseas clinical trials in countries such as the US, Europe, and Japan, enhancing its global presence [10] - The company showcased its research at the European Society for Medical Oncology (ESMO) annual meeting, presenting 46 research outcomes related to 14 innovative drugs [10][11] Talent Acquisition and Collaboration - Heng Rui has strengthened its talent pool by recruiting high-level professionals with extensive international experience from leading pharmaceutical companies [4] - The company has established partnerships with research institutions to foster innovation, including a joint fund with the National Natural Science Foundation of China [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with an expected revenue growth of 26.3% in 2025 and a corresponding net profit growth of 49.7% [4][5]. Core Insights - The company has achieved stable revenue growth, with a reported revenue of 23.188 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.85%. The net profit attributable to shareholders reached 5.751 billion yuan, up 24.50% year-on-year [1]. - The internationalization process is accelerating, highlighted by three overseas business development (BD) licensing agreements, including a collaboration with GSK worth up to 12 billion USD [2]. - Continuous innovation in research and development is evident, with new drug approvals and a robust pipeline of over 100 innovative products in clinical development [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 231.88 billion yuan, a net profit of 57.51 billion yuan, and a non-GAAP net profit of 55.89 billion yuan, showing significant year-on-year growth [1]. - The third quarter alone saw revenues of 74.27 billion yuan and a net profit of 13.01 billion yuan, reflecting a year-on-year increase of 12.72% and 9.53%, respectively [1]. Internationalization Efforts - The company has made significant strides in its internationalization efforts, including a partnership with GSK for the development of up to 12 innovative drugs, with an initial payment of 500 million USD [2]. - Additional licensing agreements include the overseas rights for HRS-1893 and the partial international market rights for a trastuzumab product, indicating a strong focus on global market expansion [2]. Research and Development - The company has successfully launched new products, including EZH2 inhibitors and other innovative drugs, while also having eight new drug applications accepted [3]. - The company presented 46 research results in oncology at the 2025 ESMO annual meeting, showcasing its commitment to advancing cancer treatment [3]. - A total of 24 first-class innovative drugs and 5 second-class new drugs have been approved for marketing in China, with over 400 clinical trials ongoing [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 23.188 billion, net profit attributable to shareholders of 5.751 billion, and net profit excluding non-recurring items of 5.589 billion for the first three quarters of 2025, representing year-on-year growth of 14.85%, 24.50%, and 21.08% respectively [2] - In Q3 2025, the company achieved revenue of 7.427 billion, net profit attributable to shareholders of 1.301 billion, and net profit excluding non-recurring items of 1.317 billion, with year-on-year growth of 12.72%, 9.53%, and 16.89% respectively [2] - The company has enhanced its innovation momentum with multiple new drug approvals in Q3 2025, including China's first self-developed EZH2 inhibitor and a unique eye drop for treating meibomian gland dysfunction-related dry eye [3] - The internationalization process has accelerated, with three overseas business development agreements reached in Q3 2025, including collaborations with GSK and Braveheart Bio, indicating a normalization of external licensing for innovative drugs [4] - R&D investment has increased, with R&D expenses reaching 4.945 billion in the first three quarters of 2025, a year-on-year increase of 8.72%, and cumulative R&D investment exceeding 50 billion [4] Summary by Sections Performance Review - For Q1-Q3 2025, the company achieved revenues of 23.188 billion, net profit of 5.751 billion, and net profit excluding non-recurring items of 5.589 billion, with respective year-on-year growth rates of 14.85%, 24.50%, and 21.08% [2] - In Q3 2025, the company reported revenues of 7.427 billion, net profit of 1.301 billion, and net profit excluding non-recurring items of 1.317 billion, with year-on-year growth rates of 12.72%, 9.53%, and 16.89% [2] Business Analysis - The company has seen a continuous enhancement in innovation, with several new drugs approved for market entry in Q3 2025 [3] - The internationalization process has been expedited, with significant overseas collaborations established [4] - R&D expenses have increased, reflecting a commitment to innovation and operational efficiency [4] Profit Forecast, Valuation, and Rating - The company is expected to see rapid growth in innovative drug revenues, with projected revenues of 33.8 billion, 38 billion, and 42.6 billion for 2025, 2026, and 2027 respectively, and net profits of 9 billion, 10.5 billion, and 12.1 billion for the same years [5]

Core Viewpoint - The introduction of the first dry eye nasal spray, OC-01, in China marks a significant advancement in the treatment of dry eye syndrome, which has seen a rising prevalence among younger populations due to increased screen time [1][2][3]. Group 1: Product Introduction and Market Potential - OC-01 is priced at 599 yuan per unit and aims to reduce the frequency of medication for dry eye patients, who often struggle with the inconvenience of traditional eye drops [1][3]. - The nasal spray has shown promising clinical results, with 52% of patients experiencing a significant increase in tear production after four weeks of treatment [3][4]. - The market for dry eye medications in China has grown from 2.196 billion yuan in 2019 to 4.053 billion yuan in 2023, indicating a strong demand for effective treatments [4]. Group 2: Patient Demographics and Treatment Trends - The prevalence of dry eye syndrome in China is projected to rise to 52.4% by 2024, with young professionals being the most affected demographic [2][4]. - There is a growing trend of early diagnosis among younger patients, who often self-identify symptoms through online resources [2][4]. - The treatment landscape includes a variety of medications, with a focus on personalized and stepwise approaches based on the severity of the condition [8][11]. Group 3: Competitive Landscape and Innovation - Numerous pharmaceutical companies, including Yuan Da Pharmaceutical and Heng Rui Pharmaceutical, are actively developing new treatments for dry eye, indicating a competitive market environment [9][10]. - Innovations in drug formulation are focusing on improving the composition of artificial tears and developing targeted anti-inflammatory medications to enhance treatment efficacy [10][11]. - The nasal spray delivery method of OC-01 is highlighted as a significant advantage over traditional eye drops, potentially improving patient compliance and reducing side effects [3][8].