Behind the flash of eye medicine shares: What does myopia "magic medicine" mean for this eye medicine faucet?

Xingqi Eye Medicine sells Atto with the special model of "internal preparations". Once rumors are rumored, the sales of Atropine eye drops will decline significantly, and the company's performance will be affected.

"Investment Times" researcher Dong Lin

On June 28, Shenyang Xingqi Eye Pharmaceutical Co., Ltd. (hereinafter referred to as Xingqi Eye Medicine, 300573.SZ) issued an announcement saying that it was planned to sign the "Project Investment Agreement" with the Shenyang District Management Committee of the Free Trade Zone. It is reported that the total investment of the project was 637 million yuan. The company intends to invest in batches within the policy period (5 years). The investment content includes but is not limited to the construction of the Eye Drug R & D Center and the development of drugs.

"Investment Times" researcher noticed that the first two trading days of the news, the stock price of Xingqi Eye medicine had crashed. The reason for the abnormal stock price may be related to a market rumor.

A few days ago, there were rumors in the market that the internal preparations of the Atto Institute of Xingqi Eye medicine may be prohibited from selling on the Internet. Before the afternoon on June 24th, the company's stock price suddenly dived sharply, and the market fell nearly 20%. As of the closing, the stock declined, down 16.76%, closed at 136.02 yuan/share. In addition, Opangshi (300595.SZ), who has just obtained Atropine's "Medical Institutions Preparation License", also fell 4.94%to 53.34 yuan/share on that day.

In response, Xingqi Eye medicine responded that the company's Internet sales model has not received clear violations of regulations. At the same time, the company's Atropine eye drops are internal preparations, and no notice of entering medical insurance is received. The company's current production and operation is normal.

Although Xingqi Eye medicine denied the rumor of ban on sale, on June 27, the company's stock price still fell, and the decline in the market once exceeded 5%. In the two trading days, the cumulative market value has evaporated about 2.9 billion yuan.

It is worth mentioning that before the stock price appeared, Xingqi's second largest shareholder Tong Shi invested in the final shares held in his hand on June 21 and completed the "Clearance Plan".

On June 28, affected by the good news of the project investment, Xingqi Eye medicine stock price resumed rising. As of July 4, the company's stock price was reported at 155.4 yuan/share, with a total market value of 13.7 billion yuan. However, on the afternoon of July 5th, Xingqi's eye medicine fell again and closed at 124.32 yuan/share.

"Shen medicine" has driven performance?

Why is a rumor that causes eye medicine faucet Xingqi Eye medicine stock price drama? Everything starts with Atropine's eye drops.

The low -concentration atropist of Xingqi Eye medicine is a "magic medicine" that is regarded as a "magic medicine" that is regarded as myopia for adolescents. Earlier, Singapore scholars pointed out in the study that low -concentration Atropine effectively played a role in alleviating adolescent myopia. However, because its pharmacological mechanism for controlling myopia is not completely clear, as of now, the clinical trials of Atropine's eye drops to control myopia are still underway, and there is no low -concentration of Adoppin eye drops in China.

However, in the face of hundreds of millions of adolescents in China, Xingqi eye medicine is still optimistic about the broad market of Atropine's eye drops.

In January 2019, the company's Shenyang Xingqi Eye Hospital Co., Ltd. (hereinafter referred to as Xingqi Ophthalmology Hospital) received the "Registration Approval of Preparations for Medical Institutions" and was allowed The sulfuric acid eye drops, in December of the same year, the Internet Hospital of Xingqi Ophthalm Hospital was approved. At this point, Xingqi Eye Medicine has achieved the inside and outside sales of Adoppin eye drops through online diagnosis and treatment with the "intra -hospital preparation+Internet medical" model.

It is also the blessing of this model that Xingqi eye medicine has achieved high -speed growth in operating performance.

"Investment Times" researcher noticed that from 2011 to 2018 when Atropine's eye drops did not achieve sales, the company's lowest net profit was 908,300 yuan in 2018, up to 54 million yuan in 2016, and other years of net profit in each year. Wandering between 200 million yuan and 040 million yuan.

However, from 2019 to 2021, the total revenue of Xingqi eye medicine increased from 542 million yuan to 1.028 billion yuan, and its net profit has soared from less than 30 million to 209 million yuan. %, 123.74%; in the first quarter of this year, the company's performance still maintained a high growth trend, achieving operating income of 302 million yuan, an increase of 45.73%year -on -year; net profit attributable to mother was 74 million yuan, an increase of 123.36%year -on -year.

Specifically, the main business of Xingqi eye medicine is mainly divided into pharmaceutical manufacturing business and medical service business. According to the 2021 financial report, the company's pharmaceutical manufacturing business achieved revenue of 707 million yuan, accounting for 68.75%of the total revenue; the medical service business achieved revenue of 317 million yuan, accounting for 30.88%. Although the medical manufacturing contributed most of the revenue, the growth rate of its medical service income was far exceeding the former. The revenue growth rate of the business in 2021 was 130.71%, while the revenue growth rate of the pharmaceutical manufacturing business was 29.55%.

According to Xingqi Eye Pills in October 2021, I can see that the income of medical services is basically from Xingqi Ophthalmology Hospital. The yuan increased significantly by 475%. As of the end of July 2021, Xingqi Ophthalm Hospital achieved revenue of 160 million, exceeding the annual revenue level of 2020. Among them, from January to July 2020 and 2021, the hospital's drug revenue was 114 million yuan and 142 million yuan, respectively, accounting for 82.6%and 88.8%of the current total revenue. In other words, 80 % of the income from ophthalmological hospitals is derived from the drug income composed of reagents for medical institutions, that is, low -concentration of agar sulfate atropine dripping. According to Soochow Securities, the penetration rate of Atto's adolescents in myopia in 2025 is 0.67%, the market share of Xingqi eye medicine is 55%, and the number of medications is 450,000. /Box, 1/day), corresponding sales of 1.65 billion yuan.

This is also where the market is really worried. Xingqi Eye Medicine sells Atto with the special model of "internal preparations". Once rumors are rumored to be rumored, the sales of Atropine's eye drops will decline sharply, and the company's performance will be seriously affected.

The main accounting data of Xingqi Eye Medicine in the first quarter of 2022

Data source: company financial report

Shareholders have reduced their holdings one after another

Public information shows that Xingqi Eye Pharmaceutical was formerly known as the Xingqi Pharmaceutical Factory in Shenyang City, Northern Pharmaceutical Group. In December 2016, the company was listed on the GEM of the Shenzhen Stock Exchange.

At the beginning of the listing, the actual controller, chairman, general manager of Xingqi Eye Medicine Liu Jidong, Tongshi Investment and LAV held the equity of 31.71%, 18.84%, and 6.75%of the company, ranking first, second, and third shareholders, and Liu Jidong is the company's controlling shareholder and actual controller. The company's issuance price was 5.16 yuan/share. Before 2019, although the stock fluctuated, the overall rising trend was slow.

After Atto received the registration and approval of the medical institution preparation, Xingqi's shares have soared sharply from mid -April 2019, from about 18 yuan/share to the highest 97 yuan/share during the year. By July 2020, the stock price of Xingqi Eye Medicine rose to 227.45 yuan/share. Compared with the issue price of 5.16 yuan/share, the cumulative increase of nearly 43 times.

As the stock price of Xingqi Eye Medicine rushed, the company's chairman, important shareholders and company executives have opened a reduction plan, and even cleared the position.

On April 16, 2019, LAV, the third largest shareholder of Xingqi Eye medicine, disclosed to the abroad to reduce holdings that the total shares planned to reduce their holdings would not exceed 3.78 million shares in the next 6 months, accounting for 4.59%of the company's total share capital. By the second quarter of 2020, LAV had disappeared in the top ten shareholders list. According to the previously disclosed clearance plan, LAV completed the retreat.

Compared with LAV, the second largest shareholder Tongshi Investment Implementation has a long process. From April 2019 to June 21 this year, Tongshi Investment has completely completed the clearance plan. On June 21, Xingqi Eye Medicine issued an announcement that Tongshi Investment reduced the company's shares of 501,500 shares by centralized bidding transactions, accounting for 0.5693%of the company's total shares, and the average reduction in this time was 155.12 yuan/ Stocks, cash out 77.803 million yuan.

In addition, during the quarter from 2019 to 2022, Liu Jidong's shares held 25.484 million shares successively reduced to 25.1755 million shares today, with a shareholding ratio from 30.92%to 28.58%. The shareholding of stocks has been reduced to today's 1.063 million shares, and the shareholding ratio has decreased from 1.48%to 1.21%.

It is worth noting that although Xingqi Eye medicine is now the fastest company with low concentrations of Atropine's clinical trials, the company's competitors are increasingly on the track of Atropine's eye drops.

On June 1 this year, Opangshi issued an announcement that its holding subsidiary Hefei Kang Eye Hospital has recently obtained the "Registration and Approval of Medical Institutions" issued by the Anhui Drug Administration. At the same time, the Atto Preparation of Oukang Vision (1477.HK) is also in the third phase of the clinical stage. Hengrui Pharmaceutical (600276.SH) and El Ophthalmology (300015.SZ) are also deploying Adoppin eye drops or other for defense for defense Drug research for children's myopia.

From April 2019 to the present

Data source: wind

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