本报（chinatimes.net.cn）记者于娜 北京报道 备受市场关注的青少年近视防控赛道大战在即，兴齐眼药再添新筹码却腹背受敌。 近日，兴齐眼药（300573.SZ）公告硫酸阿托品滴眼液新规格获批。此次新增规格与现有产品形成梯度 布局，可实现精准防控，契合青少年近视防控市场需求，但公司核心产品依赖、研发乏力等隐忧仍存， 叠加市场竞争升温，增长挑战重重。 公开信息显示，硫酸阿托品滴眼液新规格针对6—12岁、球镜度数-1.00D至-4.00D近视儿童，可解决单 一浓度适配性不足的痛点。公告发布后，公司股价随即小幅上涨，反映出资本市场对其商业化前景的期 待。国信证券测算，当前中国儿童青少年近视率超50%，该领域渗透率达20%时，市场规模将接近190 亿元，市场空间广阔。 不过，利好背后暗藏隐忧。新规格获批虽能短期提振业绩，却无法根治兴齐眼药产品结构单一、研发管 线薄弱的核心问题；同时，竞品技术迭代、行业政策调整及产品学术争议等变量，均可能制约其市场拓 展，为后续发展埋下隐患。 大单品依赖困局 此次新规格获批进一步强化了硫酸阿托品滴眼液在兴齐眼药营收体系中重量级的地位，但也让兴齐眼 药"押注单一产品"的经营风险 ...

日前，兴齐眼药（300573.SZ）公告称，0.02%（0.4ml：0.08mg）及0.04%（0.4ml：0.16mg）硫酸阿托 品滴眼液的补充申请获得国家药品监督管理局批准，用于延缓球镜度数为-1.00D至-4.00D(散光≤1.50D、 屈光参差≤1.50D)的6至12岁儿童的近视进展。 当前我国儿童青少年近视问题形势严峻，不仅呈现"低龄、高发、重度"的发展态势，中度、高度近视增 长趋势亦持续显现。兴齐眼药方面指出，此次两款阶梯浓度产品的获批，成为兴齐眼药继2024年0.01% 浓度硫酸阿托品滴眼液获批后的重要突破，进一步丰富了临床治疗选择。 利好消息迅速传导至资本市场。1月5日，兴齐眼药股价收涨4.82%，报73.68元/股；1月6日股价延续上 行态势，报74.2元/股收盘，上涨0.71%，总市值达182.85亿元；1月7日，兴齐眼药股价再度上涨0.84%。 在业内看来，目前国内外尚无0.02%和0.04%硫酸阿托品滴眼液近视相关适应症产品获批上市，且兴齐 眼药0.01%硫酸阿托品滴眼液（美欧品^®）作为国内首款获批用于延缓儿童近视进展的产品，已积累了 稳定的市场份额和临床认可度，这将为两款新品打开市 ...

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 - Xingqi Eye Pharmaceutical (300573.SZ) reported impressive financial results for 2024 and Q1 2025, particularly with the low-concentration atropine product, which has become a key revenue driver, accounting for over 10% of total revenue. However, the performance of atropine in 2024 fell short of broker expectations, raising questions about the sustainability of the company's leading position as competitors enter the market [1][2][11]. Financial Performance - In 2024, the company achieved a revenue of 1.943 billion yuan, representing a year-on-year growth of 32.42%, with a net profit of 338 million yuan, up 40.84% year-on-year. For Q1 2025, revenue reached 536 million yuan, a significant increase of 53.24%, and net profit soared by 319.86% to 146 million yuan [1][2][11]. - The company's distribution plan for 2024 includes a 10-for-4 stock split and a cash dividend of 10 yuan [1]. Product Overview - Xingqi Eye Pharmaceutical specializes in ophthalmic drugs, with a portfolio of 60 approved ophthalmic products, 38 of which are included in the medical insurance directory, and 6 in the national essential drug list [2][3]. - The company's eye drops segment saw a revenue increase of 106.08% in 2024, with key products including Cyclosporine Eye Drops and Sulfate Atropine Eye Drops, both contributing significantly to revenue [6][11]. Market Dynamics - The demand for eye drops is evident, particularly among children and adolescents, with a near 52% myopia rate reported among Chinese youth [6]. The low-concentration atropine eye drops, approved in March 2024, are expected to reshape the ophthalmic drug market, with a projected peak sales of 10.18 billion yuan by 2027 [10][11]. - The company has established a comprehensive sales network, collaborating with numerous private and public healthcare institutions, and is actively expanding its presence in e-commerce and internet healthcare [12][13]. Competitive Landscape - The uniqueness of Xingqi's atropine product is threatened as other companies, including Heng Rui Pharmaceutical and Zhaoke Ophthalmology, are entering the market with similar products [14][22]. Heng Rui's product is expected to be launched by 2027, indicating increasing competition [18]. - The competitive landscape is evolving, with multiple companies pursuing the development of atropine eye drops, which may impact Xingqi's market share and pricing power in the future [23].

Core Viewpoint - The recent performance of Zhaoke Ophthalmology shows significant revenue growth and a narrowing net loss, while investors are particularly interested in the approval timeline for its key product, low-concentration atropine eye drops [1][4]. Financial Performance - Zhaoke Ophthalmology reported a revenue of 69.32 million HKD for 2024, representing a year-on-year increase of 268.6% [1]. - The company's net loss decreased by 38.3% compared to the previous year [1]. - Cash reserves reached 1.12 billion HKD [1]. Product Approval and Market Potential - Zhaoke Ophthalmology's low-concentration atropine eye drops (NVK002) have been accepted for a simplified new drug application by the National Medical Products Administration [1]. - The target patient group for NVK002 includes children and adolescents aged 3 to 17 [1]. - The market demand for atropine eye drops is believed to be larger than that for PD-1 treatments, indicating significant growth potential [5]. Competitive Landscape - Currently, the only approved low-concentration atropine eye drops are held by Xingqi Eye Medicine, which has faced challenges in meeting sales expectations [2][3]. - Xingqi Eye Medicine's total revenue from eye drops, including atropine, was reported at 512 million CNY, suggesting that the sales of atropine may not reach the previously forecasted 1.5 billion CNY [3]. - Zhaoke Ophthalmology is preparing to scale operations rapidly upon the approval of NVK002, indicating a proactive approach to market entry [5]. Future Outlook - Zhaoke Ophthalmology is targeting three major indications: childhood myopia, dry eye syndrome, and wet age-related macular degeneration, with several products expected to enter the market within the next 1 to 2 years [5].