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on august 28 and 29, the share price of xingqi eye medicine, the manufacturer of the "miracle drug for myopia", rose sharply.it plunged nearly 15% for two consecutive days.

earlier on the evening of august 27, xingqi eye medicine released its semi-annual report: in the first half of 2024,the company achieved operating income of 892 million yuan, a year-on-year increase of 30%; net profit attributable to shareholders of listed companies was 169 million yuan, a year-on-year increase of 92.95%.

such a financial report might excite investors if it were any other company, but why is it like this for xingqi eye pharmaceutical?

on march 11 this year, xingqi eye medicine's atropine eye drops were approved by the national medical products administration for marketing to slow the progression of myopia in children. this is the first low-concentration atropine sulfate eye drops to be marketed in china, targeting a market of hundreds of millions of myopic teenagers and children.on the day of approval, xingqi eye pharmaceutical's stock price soared, reaching a high of nearly 200 yuan per share during the trading session.

at that time, guosheng securities and other institutions predicted: low concentration atropine sulfate eye dropsrevenue is expected to reach approximately rmb 1.5 billion in 2024 and approximately rmb 6.8 billion in 2030.

how come investors are not buying it in just five months from approval to the release of the semi-annual report?

comply with the law of new drug release

xingqi eye medicine’s semi-annual report and performance briefing did not disclose the actual sales situation of its “miracle myopia drug”.

however, some investors speculated on a quarterly basis: in the second quarter of this year, the company achieved revenue of 542 million yuan, a month-on-month increase of 54.89%. the sales of atropine eye drops were basically in the second quarter.even if this part of the income growth is entirely due to atropineeye dropsit only brought in 190 million yuan.the sales of atropine eye drops this quarter were obviously not as rapid as institutions predicted.

xingqi eye drops did not promote its products too much in the previously popular online channels, but instead focused on offline channels. the company previously disclosed:private and public hospitals are customer groups that are admitted relatively early, and they will gradually expand into channels such as internet platforms while ensuring compliance.

public hospitals are relatively troublesome. new drugs must go through the provincial listing network and hospital pharmacy committee before they can be officially put into clinical use. otherwise, hospitals can only purchase them temporarily. in many provinces, atropine eye drops were not listed online until the end of may or even june. some provinces, such as hunan and zhejiang, did not list them online until the second half of the year, which affected the number of purchases by public hospitals.

the head of a private ophthalmology hospital in shanghai told the health bureau that whether to purchase depends on the proportion of ophthalmology in the hospital.hospitals that focus on ophthalmology will basically purchase atropineeye drops。ophthalmology specialty hospitals basically purchase the products at the first opportunity.

on august 21, the zhejiang provincial medical insurance bureau issued a "notice on the self-purchase of products by public medical institutions". in the first half of this year, at least 20 medical institutions in zhejiang purchased atropine eye drops on their own, including well-known tertiary hospitals and community health centers.the eye and optometry hospital affiliated to wenzhou medical university purchased 1,180 boxes, and the second affiliated hospital of zhejiang university school of medicine purchased 2,000 boxes.

the speed of entry into private hospitals is much faster than that of public hospitals. private hospitals are not affected by factors such as online listing and pharmacy meetings, and procurement is faster. in may this year, xingqi eye medicine disclosed that five private medical institutions, including huaxia eye hospital group, pure eye hospital group, and aier eye hospital group, have reached cooperation with the company and will introduce the drug in the near future. other medical institutions are gradually introducing it.

the person in charge of the above-mentioned ophthalmology hospital said that his ophthalmology hospital isthis yearatropine was introduced in juneeye dropsin terms of average order value and repurchase rate, the profits are relatively considerable.

he revealed that the patients he met generally accepted the drug, which was more acceptable than products such as ok lenses, and sometimes he even had to cool down the excessive enthusiasm of parents. in his opinion, it was already very good for xingqi eye drops to have such data in the first half of this year.

in an investor relations activity record sheet released on may 15, xingqi eye pharmaceutical disclosed:the production line operates 24 hours a day to meet the market demand for the product. when the product was launched, there was only one line, and now three more have been added.

crossing the river by feeling the stones

low-concentration atropine eye drops became a hit on the internet. however, after xingqi eye drops' products were officially launched on the market, they became much more low-key on the internet.

in the first half of this year,low concentration atropineeye drops injd.com andali pharmacyavailableand cooperate with baidu internet hospital.it is worth mentioning that some investors have discovered that a taiwanese atropine eye drops purchasing product that was previously highly sought after on a certain e-commerce platform can no longer be searched.

the health bureau searched and found that xingqi eye medicine's low-concentration atropine eye dropsthe product is sold at 331 yuan per box in ali health pharmacy., 30 yuan higher than the suggested price of 298 yuan, showing that more than 7,000 people have paid.

xingqi eye medicine chose to focus on hospital channels for promotion, probably because of market competition. according to a research report released by southwest securities in march this year,atropine eye drops developed by several pharmaceutical companies including zhaoke ophthalmology, ocuvision biotechnology, and hengrui medicine are already in phase iii clinical trials., there may not be much time left for xingqi eye drops.

it is still unclear whether atropine eye drops have an exclusivity period. in 2022, the general administration of the state food and drug administration publicly solicited opinions on the "regulations on the implementation of the drug administration law of the people's republic of china (draft for comments on the revised draft)" and mentioned that children's medicines will be given a market exclusivity period of no more than 12 months, but it is currently only a draft for comments and has not yet been implemented.

on august 26, xingqi eye medicine released a comprehensive recruitment announcement, recruiting regional managers, medical representatives, etc.industry insiders speculate that atropine eye drops are currently being gradually introduced into public hospitals, and xingqi should be planning to make a big move.

the person in charge of the above-mentioned ophthalmology hospital revealed that summer is the peak season for optometry clinics.two seasons a yearbothschoolgarden screening,various places will start to launch the campaign in september and october, which will also promote ophthalmic visits and medication, so sales in the second half of the year should be higher.

will atropine eye drops be included in medical insurance in the future? xingqi eye medicine responded that the company will make appropriate decisions based on policies and market conditions.

the "huge wealth" that investors imagine is unlikely to exist. the company said:no product sales target has been set for 2024future sales targets will be based on the product’s access to various channels and the maturity of health science popularization to predict the market demand for the product.

written by li ao

editor: jiang yunjiating

operation｜twenty thirteen

illustration｜visual china

disclaimer: this is original content from jianshiju. please do not reprint without permission.

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