With the "OK Mirror+Atto" two major myopia prevention weapons, Opangshi still has hidden concerns

Image source: Reporter Get

The huge myopia group not only attracted the "magic medicine" of Atropine's eye drops, but also fired the "artifact" of the OK mirror (hard cornea shaping mirror).

On June 1 this year, Opangshi (SZ300595, the stock price of 55.97 yuan, a market value of 50.084 billion yuan), which has the number one market share in the OK mirror field, issued an announcement, saying that the holding subsidiary obtained the qualification of the internal preparations of the Atto eye drops, plus it, plus it The previous Internet hospital's qualifications obtained by its hospitals, Opangkang regards the "Internet+In -the -Event Preparation" team to sell Ada Eye Drops.

The news ignites the enthusiasm of investors. The two hot spots of myopia prevention and control will be in one of Opangkang as the position of "big brother" of the myopia market.

However, the reporter noticed that, as a drug that has not been approved, Atropine's eye drops have frequently rumored rumors of sales through the internal preparations and Internet hospital channels. On June 24th, Opangshi, Xingqi Eye (SZ300573, the stock price was 151.62 yuan, and the market value of 13.357 billion yuan) experienced some stock price shock.

Recently, Opangshi once again stated that the company's Atto sales have been promoted normally, and emphasized that the sales of Atropine eye drops on the Internet hospital must also be "prescribed and prescribed."

When the stock price gradually recovered, Opangshi's core business OK mirror sales contained hidden concerns. According to the current regulations, the verification of OK mirrors needs to be performed at the second or above medical institutions, or the prescription of the corresponding level of medical institutions is held. "Daily Economic News" reporters in consultation as consumers, Opangshi has always said that all inspection and distribution services required by OK mirrors can be completed directly in the store. According to the latest data, Opangshi has more than a thousand terminals. What is the solution to the management problem?

Picture source: Screenshot of Opukang's official website

OK mirror faucet wants to copy the "myth" of Atropine's eye drops?

On June 1 this year, an announcement ignited the enthusiasm of Opangshi investors.

The company stated in the announcement that the holding subsidiary Hefei Kang Vision Hospital (hereinafter referred to as "Hefei Kangshi") obtained the "Registration Approval of the Medical Institutions". Essence The completion of this registration means that Hefei Kangshi can start to prepare and sell low -concentration Atto for children and adolescents myopia prevention and control.

Coupled with the previous Internet hospital's qualifications obtained by Opangshi's hospital, Opang regards the "Internet+In -Hospital Preparation" team to sell Adop's eye drops.

As a myopia "Shenyao", which has not been officially approved, has previously been listed companies to taste the sweetness from the "Internet+In -the -Council Preparation" sales. "Daily Economic News" published a report "A myopia" God Medicine "to support ten times the shares: Xingqi Eye Division The Internet Harvesting Medicine in advance", pointing out that the clinical trial of Atropine's eye drops is still In progress, but Xingqi Eye medicine has provided the patient group with adoption of adoption in the form of Internet hospitals and in -hospital preparations. Nowadays, Atropine's eye drops have not only become the performance pillar of Xingqi eye medicine, but also caused the stock price of Xingqi Eye Medicine to rise for a time -less than a year and a half, the stock price rose more than 10 times, and the price -earnings ratio exceeded 1300 times.

After the internal preparation qualifications that were announced on June 1, within 12 trading days, Opangshi rose from the closing price of 45.8 yuan/share on June 1 to the closing price of 55.28 yuan/share on June 17, an increase of more than 20 %.

The turning point occurred on June 24. On the same day, Xingqi's eye medicine suddenly dived sharply, and closed at 16.76%to 136.02 yuan/share.

Opangshi also fell, and the market fell nearly 10%for a time, and finally closed 4.94%.

In the stock bar, rumors are rumored.

The industry speculates that both companies that sell Adin's eye drops through the channels of Internet hospitals have doubled their stock prices, or atropine eye drops will be banned by the Internet.

The rumors are not basically not foundation. A reporter from the Daily Economic News found that although Atropine's eye drops were used for clinical trials of adolescent myopia prevention and control, companies such as Xingqi Eye Medicine have pushed R & D progress to the clinical III phase. But as of now, Adin's eye drops have not been officially approved to be listed on the CDE (Drug Review Center of the State Food and Drug Administration). In other words, Atropine's eye drops are still an unbound drug.

Xingqi Eye Medicine, Opangshi and other companies sell Ada Pin eye drops through the Internet hospital platform. They are suspected of harvesting drug profits in advance, and they are also in violation of regulations.

"Southern Daily" previously reported that "intra -hospital preparations can usually only be used in this medical institution. To circulate in the market, you need to obtain the number of national medicines. Selling in -hospital preparations by online mailing may involve legal issues."

In January of this year, Wang Kai, chief physician of the Department of Ophthalmology of the Peking University People's Hospital, also told the reporter of "Daily Economic News" that "the medicines who have been approved to be listed are sold to the country, and even sold overseas. The medicine department of the hospital assumes the function of the distribution and sales, so we can only sell in the hospital. "

A chief physician of a three -level hospital said that after obtaining the qualifications of the in -hospital preparations, it can usually be sold in our hospital. If foreign sales are sold, the provinces are required to be adjusted in the province. After the preparation is qualified, you want to sell wherever you want.

After the rumors caused the stock price to fall, Xingqi Eye Medicine and Opangshi clarified it. Xingqi Eye Medicine said that the company did not receive any notice that it was unable to sell drugs through online hospital diagnosis and treatment. As of now, the company's operating model is not a problem. Opangshi said that although the company has obtained the qualifications of the Atto eye drops, it has not yet launched a substantial sales.

"Selling" Atropine has been set up on the Internet hospital, and denies the suspect of violations.

On June 30, when the reporter understood as an investor, Opangshi staff said that "the company's sales of Atropine have been advancing normally, and it should be able to open it at the company's Internet hospital soon."

However, in the exchange, Opangshi staff tried to avoid the "sales attributes" of the Internet hospital's opening of Atto eye drops. "Patients obtained Atto through the Internet hospital, not the hospital's use of Internet channels to sell the Atto eye drops as an internal preparation to the hospital. The Internet is just a tool. Under the premise, give Adin eye drops to the patient you need to use. "

The person believes that the in -hospital preparations through the sales of Internet hospitals do not mean selling the in -hospital preparations outside the hospital. Instead, the medicine is given to the patients who are diagnosed with the scene of the Internet hospital in our hospital. In response to the stock price fluctuations on June 24, the person further stated that the previously issued "Regulations on the Implementation of the Drug Management Law (Revised Draft Draft for the Draft)" proposed that "third -party platform providers must not participate in drug network sales activities directly." The regulations are not aimed at restricting Internet hospitals, but to regulate a third -party platform that sells drugs without the functions of the prescription and the actual diagnosis and treatment behavior.

"Buy drugs or even OTC drugs without supervision. In fact, drugs are sold as ordinary commodities. The country must be supervised. Internet Hospital. In the opinion of the person, the company's stock price fluctuated on the day or was suspected of "accidental injury".

For the OK lens faucet Opangshi, the product line that increases Atropine's eye drops may be conducive to enhancing the synergy effect. But the competition of Atropine's eye drops is not a blue ocean.

On the one hand, Ada Pin eye drops are already a secret in the industry through preparation qualification sales in the hospital. According to public information, in addition to Xingqi Eye Pills, Changsha Alier Ophthalmology Hospital, El Eye Ophthalmology, Ophthalmology Institution of Opangshi, He's Ophthalmology (SZ301103, stock price is 33.04 yuan, market value of 5.221 billion yuan), Shandong Ophthalm Hospital Hospital A total of 13 companies or medical institutions such as Shanghai Children's Hospital and Fudan University Affiliated Eye, Ear, and Throat Hospital also owns Atropine's "Medical Institutions Preparation License".

In addition, Opangshi is not the "regular army" developed by Atropine's eye drops. The company stated in the annual report that the following hospitals will obtain the in -hospital preparations, and then simultaneously carry out research and development in accordance with the requirements of drug registration. At present, in addition to Xingqi Eye Medicine, Ortho Drip Eye Dripping Drip Eye Dripping Drip Eye Drops with HK06622 (HK06622, HK $ 4.168 billion) are also in the clinical stage of clinical III. At the same time, Jimu Biological, Laamei Pharmaceutical (SZ300006, stock price of 4.15 yuan, market value of 4.382 billion yuan) also launched in this field. This means that Opangshi has far behind peer companies in terms of speed.

In addition, according to the current drug law, if the internal preparation indications are consistent with the indications of the listed product, the internal preparations will no longer be sold after the standard of the Chinese medicine quasi -type products is approved. This also means that once Atropine's eye drops are officially approved, the internal preparations of Atropine Drops are only "temporary dividends."

"There are more monks, there are more porridge but less bowls", thousands of terminals and hundred subsidiaries are rushing to show their performance

Actively deploying Atropine's eye drops is a new growth point for Opangshi to find in addition to the core business OK mirror.

With the intensification of competition, in recent years, the growth rate of Opang's OK mirror income has gradually slowed down. From 2018 to 2021, the sales revenue of Opangkangllagang (Meng David) increased sales revenue by 40.27%, 40.97%, 19.46%, and 28.35%year -on -year, respectively. The growth rates in 2020 and 2021 slowed down significantly. However, in the context of the slowdown of the main business income, the company's total revenue has maintained a rapid growth. From 2018 to 2021, the company's total revenue growth rates were 47.10%, 41.12%, 34.59%, and 48.74%, respectively.

The increase in the total income volume of Opangshi depends on the expansion of in vitro to many extent.

In 2021, there were more than 300 new cooperation terminals in Opangshi. As of the end of 2021, Opangshi has established a total of more than 1,400 terminals, of which more than 350 terminals participating and holding the holdings. Taking 2021 as an example, the revenue of the merger of Opangshi has increased by 424 million yuan compared with the same period last year, and the revenue of the parent company increased by 176 million yuan. That is to say, Opangshi has a growth of over 200 million yuan.

Judging from the number of subsidiaries incorporated into the merger statement in recent years, Opangshi has 65, 115, 204, and 290 subsidiaries that were included in the report from 2018 to 2021. In addition to the merger of the enterprise, most of the subsidiaries are invested.

In July 2021, Opangshi also launched a set of nearly 2.2 billion yuan, with an intended investment of 1.779 billion yuan, and 1348 new eye vision terminals were built in 60 months. This means that in the next five years, Opangshi has an average of more than 200 service terminals. The development of the terminal under Opangshi is related to the limited market channels of OK mirrors. Due to the early cause of corneal mirrors, they had caused mass corneal infection and other accidents. Later, the corneal shaping mirror entered the era of strict supervision.

Among them, the "Notice of the Ministry of Health on Strengthening the Management of Supporting Supporting Fillets Form Mirror Management of Medical Institutions" issued in 2001 clearly stipulates that related medical institutions that apply corneal shaping mirrors must have the "Medical Institutional Practice License", and at the same time, it is a secondary level. (Including level 2) medical institutions; physicians must have the qualifications of practicing physicians, and the title of ophthalmologist or above.

In recent years, domestic and imported OK mirror manufacturers have launched a melee to seize channels. Taking the early domestic imported brand Ou Jili as an example, it passed the channels of public hospitals, such as West China Hospital, No. 1 Affiliated Hospital of Xi'an Jiaotong University, and Zhongshan Ophthalmology Center.

The reporter also noticed that the domestic general agent of another imported brand Alpha is Beijing Remote Visual Technology Co., Ltd., which is closely related to El Ophthalmology. In the official website of El Eye, Beijing's remote vision ophthalmology has already hung the prefix of Alier's ophthalmology.

Photo source: Screenshot

According to the Research Report of Xingye Securities, as of the release of the research report (July 2020), Alpha can be fully matched in a total of 1,146 professional ophthalmology institutions in major cities in China.

In the high -speed growth of Aibo Medical, Alier's ophthalmology has also contributed a lot. In the public news of Alier Ophthalmology, it can be seen many times to promote the "Pinotong" brand OK mirror under Elberry Medical. contribute. In March 2021, Aibo Medical also stated on the Shanghai Stock Exchange's interactive platform that Alier ophthalmology has business cooperation with the company and is a long -term customer of the company.

OK mirror inspection needs to go to the second and above medical institutions Opangshi, Opangshi, the terminal called "no need"

The channels for self -built and acquisitions are a path that Opangkang is unique, but the terminals of more than a thousand households include management risks.

One question is that in Opacon's cooperation or self -built or acquired terminal institutions, all have the qualifications of secondary hospitals? Although the qualification restrictions on the secondary hospitals will be opened in June this year, as of now, the online documents have not been officially introduced. This also means that the verification service of the OK mirror industry needs to meet the threshold of the secondary hospital's qualifications.

"Daily Economic News" reporter found that according to the current management standards of Chinese hospitals, Chinese hospitals are divided into three levels and ten. Among them, the secondary hospital is a regional hospital providing medical and health services across several communities, and is a technology center for regional medical prevention. Its main function is to participate in the monitoring of high -risk groups, accept first -level referrals, conduct business technical guidance to first -level hospitals, and can conduct a certain degree of teaching and scientific research.

In October 2021, the relevant departments of Beijing issued a document that "medical institutions below the second level below the second level shall not carry out corneal shaping mirror testing services.

On the investor interactive platform, Opangshi stated that "the policy of having an analog film shaping mirror of hospitals above the second level or above was released 20 years ago. The corneal shaping mirror retail license issued by the Supervisory Bureau can sell shaping mirrors, but users should provide a second -level or higher hospital shaping mirror testing prescription. "

Picture source: screenshot of investor interactive platform

Opangshi's statement means that the terminals under Opangshi are indeed providing custom -made lenses and services for consumers.

On June 30, the reporter randomly dialed the two ophthalmological clinics and subsidiaries of Opraine's annual reports as consumers. When the reporter asked, "Before the first verification of OK mirror, whether to check and provide prescriptions at a medical institution above the second level", one of the staff of Opangkang's ophthalmology clinic clearly answered, no need to go to the clinic, you can go to the clinic to the clinic Do the inspection before testing, and say that they are a special institution that specializes in OK mirrors, and checking projects and equipment and equipment are more mature than the hospital.

When the reporter emphasized the qualifications of all medical institutions above the second level or above, the staff member first answered "there is a qualification certificate in our store, and we cannot open it if there is no medical qualification." But then the staff member acknowledged that the qualification of the clinic refers to the medical device business license, "but not a medical institution above the second level, we are not a hospital."

Another subsidiary of another Opangan annual report stated on the phone that its clinics and medical institutions have more than 2 or more qualifications, saying that if they do not have qualifications, they can report to relevant departments.

Is there any violations of the terminal store in actual operation?In this regard, the aforementioned Opangshi staff first admitted that the medical qualifications of the second and above or above are generally only the hospital.The source emphasized that "cannot be said that Opacon's outpatient clinic, vision center, etc. can provide OK mirroring service services. To be precise, we provide custom sales services for corneal shaping mirrors. According to the Ministry of Health around 2000, the Ministry of HealthThe notice, and a letter from the 2017 Pharmaceutical Supervision Bureau to reply to the Tianjin Market Supervision and Administration Bureau.The center cannot be verified '"."The premise is that users and consumers need to obtain prescriptions issued by medical institutions in the second or above. All terminals under the company have complied with this requirement." The person said.

Daily Economic News

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