[Transfer] New Energy

[Transfer] New Energy

Source: Archimedes Biotech

From the moment of the industry, the goddess goddess was busy with pregnancy and child. Zhao Bei returned to post on June 13th. Grand Central European medical health shares fell 200 million in the second quarter.

In the second quarter, pharmaceuticals were further sold, and the market value of biomedicine in the fund's heavy positions fell to 9.4%, the lowest level since the third quarter of 2011.

This shows that the market's risk preference for biomedicine has not yet been restored, and it also meets the eternal weakness of human nature.

However, consumer medical treatment rises against the trend. This year, the first bottom of the medical medicine has rebounded, and the ophthalmology department has its own effect of its own section, replacing CXO and medical beauty as the strongest track in the market.

Since March, Aibo Medical, Opangshi, Mingyue lenses, Oukang Weiwan, and Xingqi eye medicine have been close to or doubled. Essence

The main problem with ophthalmology is that the valuation is too fast, you need to stop or retreat, waiting for the soul to keep up with the fundamental soul. Affected by Xingqi Eye Medicine Internet Hospital's discontinuation of low -concentration Atto, the sector was adjusted as a whole.

Rooted the demand for the vast myopia prevention and control, and the stimulus of new technologies and new products for demand, the long -distance endurance of the new King of Ophthalmology will gradually be released.

According to data from the National Health and Health Commission, the overall myopia rate of children and adolescents across the country was 52.7%in 2020, of which 71.1%in the junior high school stages, while high school stages reached 80.5%.

Myopia prevention and control rises to national strategy.

Which is the most willing group in the world? Parents. The huge user base, strong payment willingness, support the three major artifact cornea (OK mirrors), low -concentration Atto, and high -coke mirror high growth expectations.

The three major artifacts have a wonderful relationship and have no fierce competition conflict.

Low -concentration Atto's refractive growth can slow an average of 66%, and the mechanism of slowing the growth of the eye shaft is not clear. It is necessary to use the optical appliance (corneal shaping mirror and separation mirror) to correct myopia.

The increase in the growth of corneal shaping mirrors can delay 67 ~ 80%, and the growth of the eye shaft can slow down by 30 ~ 63%. The current prevention and control effect is the best. It is suitable for young people who have a rapid number of myopia and are unwilling to wear glasses during the day.

There is still a gap with the corneal shaping mirror in delaying the increase in refractives, but the efficiency of slowing the growth of the eye shaft is more efficient. The first -generation mirror is centered on the surrounding separation technology. When turning the eyeball, the edge of the lens will be blurred. The second -generation mirror is upgraded to a multi -point separation technology. Clear imaging, the prevention and control effect is approaching the corneal shaping mirror. Most children and adolescent myopia belongs to axis myopia (the front and rear diameters of the eyeballs are longer, which exceeds the range of a normal average of 24mm, causing the focus to fall in front of the retina without imaging). Strong targeted.

The current osmotic rate of Liochao Mirror is only about 5%. It is on the eve of the outbreak. Based on the two major business logic, it is expected to copy the myth of the corneal shaping mirror.

The first is super strong compliance. Lijiao mirror does not belong to medical devices. It can be sold without clinical data. It can be checked at the glasses store; the domestic pricing of second -generation mirrors is less than 3,000 yuan and imported by about 4,000 yuan. Nursing only needs to be wiped with glasses cloth. The price of the form mirror is 6800 yuan to 13,000 yuan, plus the supporting liquid and eye drops used in support, which costs about 20,000 yuan each year; the appearance is no different from the traditional frame glasses, does not touch human eye, will not cause keratitis complications; The applicable population of the scorch mirror is patients with myopia with myopia with no more than 1,000 degrees, and the number of astigmatism does not exceed 400 degrees, while the corneal shaping mirror is suitable for the refractive people over 8 years of age, 600 degrees of myopia, and below 200 degrees of astigmatism. Essence

The second is a large alternative space. Repeat N times, the separation mirror is also called myopia prevention and control lenses. It does not constitute a direct competition relationship with the corneal shaping mirror. The amount is about 270 million pieces, corresponding to 135 million pairies. The traditional frame glasses projected the image of the center of the center of vision on the retina, but the surrounding area is imaging after the retina, which induces further growth of the eye shaft and deepen the degree of myopia until the end of the adolescence. Levocular mirror can make the surrounding area imaging in front of the retina, thereby inhibiting the growth of the axis and controlling myopia.

The departure mirrors of each generation are included in the terminal retail discount, and the actual price is 1,000 yuan-4000 yuan. The lens of traditional frame glasses from 1.60 refractive index (the higher the data, the thinner the lens, the smaller the burden of the child's development stage). The same level. The same brand is similar to the refractive index, which is about 2,000 yuan higher than that of traditional frame glasses.

The price increase was 2,000 yuan, and the child's myopia was controlled. Therefore, the traditional frame glasses were replaced to a separate mirror.

Guotai Junan calculated based on the domestic base of 12-130 million myopia youth, about 10-15%of the penetration rate, and a retail price of 2500-3,000 yuan. The retail side of the retail mirror is expected to form a market size of 300-58.5 billion yuan. Soochow Securities is calculated based on the penetration rate of adolescent myopia and a terminal retail price of 2251 yuan. The market size of 2025 myopia prevention and control lenses (departure mirrors) will reach 36 billion yuan, with an annual sales of about 16 million vice. Zeiss is an enlightenment from the Jiao Jing, and launched the first product growth music as early as 2010. Since 2018, foreign capital has accelerated its entry. So far, the pattern of Zeiss, Haoya, and the way of monopoly from the road is formed.

Zeiss Growth Music (first -generation mirror), the refractive index is 1.5/1.6/1.67, Zeiss Small Paradise, Haoya Xinle, and the road star fun are all second -generation mirrors, all of which are PC films (also known as cosmic films (also cosmic films ), The refractive index is only 1.591.

The refractive results of the 6 -month test results of Haoya Xinle were delayed to 65%, the eye axis was slowed to 80%, the 2 -year test results were delayed by 59%, and the eye shaft slowed down by 60%. According to the test results of the 2 -year test of Lu Xingfu, the refractive degree was delayed by 67%and the length of the eye axis slowed down by 60%.

The three swordsman Aibo Medical, Mingyue lenses, and Wanxin Optics took the heavy responsibility of replacement of imports, and the chain giant El Ophthalmology also joined the battle.

Aibo Medical: Domestic ophthalmology equipment platform leader, driven by materials and optical underlying technology, launched Pinotonglioli with a bionic compound eye microscopy technology (B.C.M.D.). The pre -test delays the progress of the refractiveness of about 67.57%, delayed the length of the eye axis by about 68.75%, and the prevention and control efficiency is better than foreign brands, and the growth of the eye shaft is not inferior to the corneal shaping mirror. The mirror can be fully adapted within 7 days, and more than 80%of the subjects can adapt within 1-3 days. The subjective evaluation of visual quality is better, especially at night vision and ordinary single-light mirror, and there is no star mango and poor colors. Visual interference. The official clinical trial was launched at Tianjin Ophthalm Hospital in June, and other domestic multi -centers were launched clinically. At present, the production process is stable and is actively preparing for stock. It is expected to quickly enter the market through the advantages of the business channels of corneal shaping mirrors.

Mingyue lens: domestic lens leader is one of the few lenses companies that achieve self -developed core raw material resin monomers in the world. In 2019, the price war is withdrawn. Through the price increase and upgrade product structure, the net interest rate is promoted. The proportion of income reaches 50%. The first logic is domestic alternatives in the field of traditional lenses. According to iResearch, in 2020, the share and Carl Zeiss share of more than 20%. Essence The second logic is the leading domestic layout of Jiao Jing. In 2021, the two generations of products, relaxed and easy -to -control PROs, adopted the surrounding separation and multi -point gradual departure technology. And improve the disadvantages of uncomfortable wear resistance on the surface of similar products. The design concept is more suitable for the physiological characteristics and wearing habits of Chinese children. The price is about 1,000 yuan lower than the second -generation mirror of the foreign brand. From June 1st, new refractive index products are launched, namely 1.71 easily controlled, 1.71 easily controlled blue light, 1.60 easily control Pro and 1.60 easily control PRO to prevent blue light, so that the SKU has increased to 8. The sales network covers the whole country, and the products of the Lijiao Mirror series have covered thousands of customers, thousands of stores, as well as ophthalmology hospitals and clinics. This year, it plans to further develop medical channels.

Er Eye: Introduced from Shenzhen Shengda Tongze, and Intra -Jiao Jiao customized glasses have been promoted and applied in hundreds of hospitals in the system. Thinking about the results of the 6 -month test of the Zixia series delaying the effectiveness of the number of myopia is 68%, and the effectiveness of the length of the eye shaft is 50%. However, there are two suspected marketing gimmicks. One is that in the strength of the strong split mirror to slow down the growth of the eye axis, the data is weaker than the competitive product. However, under the premise of the same optical design, El Eye Department The lens is significantly different in terms of the number of myopia and the length of the eye shaft, and the effect is increased by more than 16%. Focus, customize design and processing of glasses, and truly achieve one person and one "vision". How can I control the cost of production and delivery time?

Clinical trials are non -necessary processes for the listing of lift mirrors, but all manufacturers actively conduct clinical trials to persuade consumers at an effective control rate of myopia. Different from the 6 -month and 2 -year data of the peers, the Mingyue lens adventure announced on July 22 to announce the results of 3 months of clinical research on the clinical study of the multi -point positive lens. 1/3, compared with the effective control rate of three major imported brands, is not ideal.

The short three months is not enough to reflect the effect of the myopia control of the lens. The bright moon lens is not a medical device company. It lacks experience in clinical research. In addition, the willingness to commercialize is urgent, resulting in this turning over. You need to wait for the results of 6 months to follow the results for more scientific evaluations.

As market education is rolled out, the volume of the lift mirror has been verified from the data of the chain leader glasses over the years. In 2020, it accounted for 6.70%of the sales of lens, and in 2021, it accounted for 11.81%. The unit price of the Jiaojing customer is higher than that of traditional frame glasses, and the retail channel promotion momentum is stronger. The proportion of sales in some vision centers accounts for about 50%of the overall lens. A survey of a sample survey in Tokyo in Japan showed that the myopia rate of primary school students was 76.5%, while junior high school students were as high as 94.9%. Is it poisonous by house culture?

It is even more urgent than the prevention and control of light learning equipment. Children and adolescents should come into contact with nature and sunlight. my country's "Adolescents and Adolescents Impossible Technical Guide" clearly states that it should be moved at least 2 hours under the day outdoors every day.

Be sure to bathe the sun.

The pessimist is correct, the optimists make money, and some medicine segments are shining brightly, and consumer medical care represented by the ophthalmology will recover the vitality in advance.

As the overall valuation return is reasonable and the payment environment of innovative products has improved, biotechnology has determined to bottom out in March and April. For smooth fluctuations, long -term layout can be considered through the index ETF. ETF (159883), the largest market size, accounts for more than 70 % of the science and technology board and GEM component stocks, and the innovation content is high. At present, it only costs about 70 yuan, which is exempt from printing duty, which is more suitable for ordinary investors. There are also corresponding connection funds 013416 on the field. From the perspective of capital flow, the recent market has also been picked up to the medical device ETF. In the past 5th, net inflows have been achieved on the 4th, and the net inflow status is 7 on the 10th on the 10th.

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