11月24日，据NMPA官网显示，兆科眼科申报的盐酸依匹斯汀滴眼液（3类仿制药）成功获批上市，并视同过评，成为国内第2家获批该品种的药企。截至目 前，兆科眼科已有7款仿制药获批并过评，其中拉坦噻吗滴眼液、曲伏噻吗滴眼液、贝美素噻吗洛尔滴眼液3款品种为首家过评。 | 按受理号浏览(3) | 按品种浏览(1) | 按企业浏览(3) | 项目进度(2) 0 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 最高项目进度 | V | | | | | | | | | 项目(药品 - 企业) | | 药品类型 | 剂型 | 申报临床 | | 批准临床 | | 申请 | | 盐酸依匹斯汀滴眼液 - 参天制药 仿制药 | | 化药 | 眼用制剂 | | 4 | | A | | | 盐酸依匹斯汀滴眼液 - 杭州百善科技有限公司、 仿制药 | | 化药 | 眼用制剂 | | ﻴ | 2024-11-15 | A | | | 当前显示2条 < 1 | 15 条/页 √ | | | | | | | | 截图来源：摩熵医药中国药品审评数据库 | ...

Core Viewpoint - The company has demonstrated significant revenue growth driven by its core products, cyclosporine eye drops and atropine sulfate eye drops, while implementing strategies to mitigate competitive pressures and optimize production capacity [1][2][3]. Group 1: Revenue Growth and Core Products - The company's revenue has consistently increased, with figures of 1.25 billion, 1.468 billion, and 1.943 billion from 2022 to 2024, and 536 million in Q1 2025, reflecting year-on-year growth rates of 32.42% and 53.24% [1]. - The net profit attributable to the parent company also rose, reaching 208 million, 240 million, 348 million, and 136 million during the same periods, with year-on-year increases of 44.54% and 285.96% [1]. - Cyclosporine eye drops, approved in June 2020 and included in the medical insurance directory in 2022, saw revenue growth from 448 million to 1.366 billion, projected to account for 100% of eye drop revenue in 2024 [1]. - Atropine sulfate eye drops, approved in March 2024, are the first product in China aimed at slowing the progression of myopia in children and are currently in a market monopoly phase [2]. Group 2: Competitive Landscape and Response Strategies - The industry is experiencing increased competition, with new products from companies like Hengrui Medicine and Kanghong Pharmaceutical expected to enter the market by mid-2025 [3]. - The company has established a comprehensive marketing system covering public hospitals, private eye care groups, retail pharmacies, and e-commerce platforms, with atropine eye drops available in approximately 17,000 retail pharmacies by mid-2025 [3]. - A professional promotion team of over 1,000 members has been formed, and core products have been included in more than 20 clinical guideline consensus documents [3]. - The company is expanding its research pipeline, with 78 projects under development, including 0.02%/0.04% concentration atropine and a biological agent for dry eye treatment [3]. Group 3: Production Capacity and Financial Health - The production capacity utilization rate for eye drops was 67.33% in 2024 and 60.37% in the first half of 2025, primarily due to new production lines ramping up and some outsourced production [4]. - The sales-to-production ratio remained high at 119.67% in the first half of 2025, indicating strong market demand [4]. - The company reported a decrease in accounts receivable turnover from 10.77 in 2022 to 8.94 in Q1 2025, but over 99% of accounts receivable are due within one year, with a collection rate of 93.73% [4]. - The company maintains a prudent approach to inventory management, with a provision for inventory impairment at 3.56%, higher than peers like Kanghong Pharmaceutical and Hengrui Medicine [4]. Group 4: R&D Investment and Future Plans - R&D expenditures from 2022 to 2024 were 190 million, 182 million, and 235 million, with capitalization ratios of 23.44%, 7.89%, and 6.22% respectively, primarily for clinical research on cyclosporine and atropine [5]. - As of June 2025, the company holds 73 invention patents and employs 271 R&D personnel, accounting for 11.17% of total staff [5]. - The company plans to raise 850 million through a private placement, with 650 million allocated for R&D center construction and 200 million for working capital, addressing current space constraints and aiming to add 280 R&D personnel over the next decade [6]. - The company clarified that adjustments to project investments were necessary due to rapid business growth, ensuring alignment with strategic planning without veering into real estate investments [6].

Core Insights - Shenyang Xingqi Eye Pharmaceutical Co., Ltd. continues to experience rapid growth in revenue and profit, with a significant increase in both metrics for the third quarter of 2025 [1] Financial Performance - For the first three quarters of this year, the company achieved operating revenue of 1.904 billion yuan, a year-on-year increase of 32.27% [1] - The net profit attributable to shareholders reached 599 million yuan, reflecting a year-on-year growth of 105.98% [1] - In the third quarter alone, the company reported operating revenue of 741 million yuan, up 35.34% year-on-year, and a net profit of 264 million yuan, which is a 117.45% increase year-on-year [1] Product Development and Market Position - The company specializes in the ophthalmic drug sector, maintaining a leading position in research and development, with a comprehensive product line [1] - Xingqi Eye Pharmaceutical has developed a diverse range of ophthalmic products, including treatments for myopia, dry eye, infections, inflammation, and glaucoma, covering ten subcategories of ophthalmic drugs [1] - The growth in revenue is primarily attributed to increased sales of eye drop products [1] Innovation and R&D Focus - Since its inception, the company has prioritized the development of new products with independent intellectual property rights as a key goal for continuous improvement and innovation [2] - Recent product approvals include cyclosporine eye drops and atropine sulfate eye drops, contributing to rapid revenue and profit growth [2] - New products such as tafluprost eye drops have received drug registration certificates, and several others are in various stages of clinical trials [2]

Core Viewpoint - The A-share ophthalmology medical concept stocks experienced a collective surge, with several companies reaching their daily limit up, indicating strong market interest and potential growth in the sector [1][2]. Group 1: Stock Performance - Companies such as Shapais, Innovation Medical, and Xingqi Eye Medicine saw significant stock price increases, with Xingqi Eye Medicine rising over 14% and Shapais reaching a limit up [1][2]. - The ophthalmology sector index rose by 2.17%, reflecting overall positive sentiment in the market [2]. Group 2: Market News - Recent rumors indicated that the Henan Provincial Eye Hospital would stop supplying its self-made 0.01% atropine sulfate eye drops due to the expiration of its registration, which has led to increased attention on the market for similar products [3][4]. - The hospital confirmed that the 0.01% atropine sulfate eye drops had ceased production since December of the previous year, with current sales being from existing inventory [3]. Group 3: Product and Market Dynamics - Atropine sulfate eye drops have gained recognition as a "myopia miracle drug," particularly for children aged 6 to 12, and are recommended in various authoritative guidelines for myopia management [4]. - Xingqi Eye Medicine's atropine sulfate eye drops received approval for market entry in March 2024, leading to a significant increase in its stock price and revenue growth [4]. - In 2024, Xingqi Eye Medicine reported a revenue of 1.943 billion yuan, a year-on-year increase of 32.42%, and a net profit of 338 million yuan, up 40.84% [4]. Group 4: Competitive Landscape - The market for atropine sulfate eye drops is becoming increasingly competitive, with several companies, including Zhaoke Ophthalmology and Hengrui Medicine, advancing their own products [5]. - Shapais is also in the process of developing its own version of atropine sulfate eye drops, which is currently in Phase III clinical trials [5]. - Xingqi Eye Medicine is expected to continue its upward trajectory with ongoing product iterations and new submissions for market approval [5].

Core Viewpoint - The article highlights a significant surge in the A-share ophthalmology medical concept stocks, driven by market rumors regarding the supply issues of a specific eye drop formulation, which has led to increased investor interest and stock price increases for several companies in the sector [1][2]. Company Performance - On September 1, A-share ophthalmology stocks saw collective gains, with notable performances including: - Xingqi Eye Medicine up 14.65% to 77.54 - Innovation Medical up 10% to 25.19 - Shapuaisi up 9.95% to 8.40 - Baicheng Pharmaceutical up 8.46% to 62.45 [1][2]. Market Dynamics - Recent rumors indicated that the Henan Provincial Eye Hospital would stop supplying its self-made 0.01% atropine sulfate eye drops due to expired registration, which has been confirmed by hospital staff. This product will cease supply after September 6, 2023, while other concentrations remain in production [3][4]. - Atropine sulfate eye drops have gained recognition as a "myopia miracle drug," particularly for children aged 6 to 12, and are recommended in various authoritative guidelines for myopia management [4]. Competitive Landscape - The market for atropine sulfate eye drops is becoming increasingly competitive, with several companies, including Zhaoke Ophthalmology and Hengrui Medicine, advancing their own formulations. Shapuaisi is also in the process of clinical trials for its version [5][6]. - Xingqi Eye Medicine has seen substantial growth, with revenues of 1.943 billion in 2024, a 32.42% increase year-on-year, and a net profit of 338 million, up 40.84% [4]. In the first half of 2025, the company reported revenues of 1.163 billion, a 30.38% increase, and a net profit of 335 million, a remarkable 97.75% increase [4].

Core Viewpoint - The recent surge in A-share ophthalmology stocks is driven by the news of the discontinuation of a specific eye drop formulation, which has led to increased investor interest in alternative products and companies in the sector [1][2]. Company Developments - Shapuaisi (603168.SH) and Innovation Medical (002173.SZ) reached their daily limit up, while Xingqi Eye Medicine (300573.SZ) rose over 14%, and Baicheng Pharmaceutical (301096.SZ) increased by over 8% [1]. - Xingqi Eye Medicine's atropine eye drops have seen significant stock price increases following their approval for market release, with the stock reaching a historical high of 152.04 yuan per share on May 30, 2024 [2]. - In 2024, Xingqi Eye Medicine reported a revenue of 1.943 billion yuan, a year-on-year increase of 32.42%, and a net profit of 338 million yuan, up 40.84% [2]. Market Dynamics - The market for atropine eye drops is becoming increasingly competitive, with several companies, including Zhaoke Ophthalmology and Heng Rui Medicine, actively pursuing approvals for their own formulations [3]. - The discontinuation of the 0.01% atropine eye drops from Henan Provincial Eye Hospital is expected to create opportunities for other companies to capture market share [1][3]. - The ongoing development of new formulations, such as Xingqi Eye Medicine's upcoming SQ-729 eye drops, is anticipated to enhance the company's product offerings and performance [3].

Core Viewpoint - Zhaoke Ophthalmology-B (06622) reported a significant decline in revenue and an increase in net loss, while advancing its drug candidates towards commercialization [1] Financial Performance - The company achieved revenue of HKD 15.803 million, a year-on-year decrease of 68.25% [1] - The net loss amounted to HKD 117 million, representing a year-on-year increase of 53.85% [1] Drug Development Progress - Three core drug candidates, including Atropine Sulfate Eye Drops, Cyclosporine Eye Gel, and Bevacizumab Vitreous Injection, have entered the New Drug Application (NDA) stage, with a goal of commercializing 12 drugs by the end of 2026 [1] Strategic Partnerships - Zhaoke Ophthalmology signed a distribution and supply agreement with PT Ferron Par Pharmaceuticals for its Atropine Sulfate Eye Drops in Indonesia, granting exclusive rights for import, promotion, distribution, marketing, and sales [1] - The agreement includes an upfront payment and potential milestone payments based on certain achievements [1]

Core Viewpoint - Zhaoke Ophthalmology (06622) reported a significant decline in revenue and an increase in net loss, while advancing its drug candidates towards commercialization [1] Financial Performance - The company achieved revenue of 15.803 million HKD, a year-on-year decrease of 68.25% [1] - Net loss amounted to 117 million HKD, reflecting a year-on-year increase of 53.85% [1] Drug Development Progress - Three core drug candidates, including Atropine Sulfate Eye Drops, Cyclosporine Eye Gel, and Bevacizumab Vitreous Injection, have entered the New Drug Application (NDA) stage, with a goal of commercializing a total of 12 drugs by the end of 2026 [1] Strategic Partnerships - The company signed a distribution and supply agreement with Indonesia's leading pharmaceutical company, PT Ferron Par Pharmaceuticals, for its core product, Atropine Sulfate Eye Drops (NVK002) [1] - Under the agreement, Zhaoke Ophthalmology grants PT Ferron exclusive rights to import, promote, distribute, market, and sell the product in Indonesia, along with receiving an upfront payment and potential milestone payments based on achievements [1]

Core Viewpoint - The company reported a significant turnaround in its financial performance for the first half of 2025, achieving a revenue of 236.09 million yuan and a net profit of 21.86 million yuan, indicating a return to profitability compared to the previous year [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 236.09 million yuan and a net profit of 21.86 million yuan, marking a year-on-year turnaround [1]. - The company has strengthened its R&D and channel construction, leading to enhanced core business momentum [1]. Group 2: R&D and Product Development - The company focuses on the R&D, production, and sales of eye drops, large-volume injections, and cefixime, while also expanding into ophthalmology and maternal and child healthcare, forming a dual-driven business model of "pharmaceuticals + medical services" [2]. - Several products are progressing well in the R&D pipeline, with multiple eye drop formulations receiving drug registration certificates from the National Medical Products Administration [2]. Group 3: Channel Development - The company has optimized its sales network and service system, establishing a broad marketing network across most provinces and cities in China [3]. - The company is leveraging new media trends to enhance brand influence through various promotional activities [3]. Group 4: Market Trends and Strategic Positioning - The company is capitalizing on the accelerating demand in the ophthalmic drug market, which is projected to reach a market size of 108.4 billion USD by 2030 [4]. - The company is focusing on R&D in ophthalmology, with ongoing clinical trials for key products targeting common eye diseases [4]. - The maternal and child healthcare sector is expected to grow due to favorable government policies aimed at reducing childcare costs and enhancing support for families [4]. Group 5: Future Outlook - The company aims to achieve business growth through the synergistic effect of its "pharmaceuticals + medical services" strategy and the successful launch of its R&D products [5].

Core Viewpoint - The company, Zhaoke Ophthalmology (06622.HK), has seen its stock price nearly double this year, making it one of the top performers in the Hong Kong biotech sector, despite reporting a loss of 117 million yuan in the first half of the year due to strategic adjustments and increased R&D spending [1][2][3]. Financial Performance - Zhaoke Ophthalmology reported a loss of 117 million yuan in the first half of the year, attributed to a shift in sales strategy focusing on top-tier hospitals and optimizing the sales team, which led to a temporary decline in generic drug sales [2]. - The company's R&D expenditure for the first half of the year was 113 million yuan, an increase compared to the same period last year [3]. Product Pipeline and Market Potential - The company aims to commercialize a total of 12 drugs by the end of 2026, with a focus on core products such as atropine sulfate eye drops, cyclosporine eye gel, and bevacizumab intravitreal injection, which are currently at the application stage for market approval [3][4]. - The demand for pediatric myopia prevention is significant, with many hospitals still using in-house formulations of atropine, indicating a substantial growth opportunity in the atropine market as approved products replace these formulations [4]. Industry Trends - The incidence of eye diseases in China is rising due to factors such as aging population, increased work and study pressure, and excessive use of electronic devices. The overall myopia rate among children and adolescents was reported at 51.9% in 2022, with varying rates across different age groups [3].