Author: Wang Liying, intern Huang Wenwen
The recent eye medicine market has been turbulent. Xingqi eye medicine plummeted by 30% in two days due to rumors of a ban on sales, while Opcon Vision’s share price has climbed steadily since June.This OK lens leader entered the atropine eye drop market, rekindling the war in the industry.
From June to August every year, with the end of the college entrance examination and the arrival of the summer vacation, the number of ophthalmology clinics in the hospital will surge.
The reporter of "International Finance News" recently visited many hospitals and found that there are not a few teenagers queuing up to consult the OK mirror.
Parents said that due to the impact of the epidemic in the first half of the year, their children's eyesight has deteriorated significantly. Now that the epidemic is under control, they quickly bring their children for re-examination.So, is the OK mirror really OK for patients and the company itself?
OK mirror sales are booming
What is an OK mirror?It is a night-wear contact lens, the full name is orthopedic contact lens.The principle is that, with the help of the pressure of the eyelid during sleep at night, the cornea is flattened, the corneal curvature is reduced, and the uncorrected visual acuity is rapidly improved, thereby reducing the degree of myopia.The advantage of wearing orthopedic contact lenses is that the time is changed from daytime to nighttime, which reduces the discomfort caused by wearing glasses during the day. The disadvantage is that it will cause corneal hypoxia and edema.
The reporter visited the Shanghai Oriental Hospital Optometry Clinic and Shanghai Runer Eye Clinic, which can be fitted with OK lenses, and found that the same brand of contact lenses in the two hospitals had hundreds of price differences.When asked about the sales situation, the Optometry Center of Oriental Hospital said that there are currently more than 1,700 cases in the hospital, and the Japanese Alpha Orthokeratology Lenses are the most sold.
In Runer Eye Clinic, the staff said that CRT orthokeratology lenses are more popular in the United States."If it is a child who is just 8 years old, the sensitivity of the eyes is stronger, and there will be more parents who choose a thinner CRT." The doctor who introduced it said.When referring to the OK mirror of the listed company OPCOM, the other party said that the sales volume is also considerable.
"New and old" warming in the same direction
During the visit, the reporter found that the retail price of OK mirrors is not low, whether it is imported or domestic, the retail price is about 5,000 yuan / piece.
Price List of OK Lenses in Ophthalmology Clinic of Oriental Hospital
Recently, many media reported that the cost of such a best-selling OK mirror is only about 200 yuan. In major ophthalmology clinics, the retail price of a pair of OK mirrors is at least 10,000 yuan.
The price list photographed by the reporter of "International Finance News" in the ophthalmology clinic of Dongfang Hospital shows that the single-piece price of Japan's Alpha Orthokeratology Lens is 4,900 yuan; the American CRT Orthokeratus Lens is 5,400 yuan.Among the domestic OK mirrors, the price of the listed company Opcom Vision’s Dream David is 4,900 yuan per piece; Aibo Medical’s flagship product, Aibo Nord (Punuo pupil A series), is 4,900 yuan per piece, while Aibo Nord ( Puno pupil TA series) the price per single piece is as high as 6400 yuan.In Runer Eye Clinic, there are hundreds of different price difference for OK lenses of the same brand.
Runer Ophthalmology OK Lens Price List
The OK lens has also been controversial before. It is reported that from 2007 to 2017, nearly 40% of the infectious keratitis cases diagnosed as microbial pathogens in Hong Kong under the age of 18 were related to the use of corrective myopia lenses, while the cornea Inflammation can cause blindness!Lemin Yang, Honorary Clinical Associate Professor of the Department of Ophthalmology and Visual Sciences, Faculty of Medicine, CUHK said that wearing "OK lenses" may cause damage to the corneal epithelial cells, making the cornea fragile.
An ophthalmologist of Shuguang Hospital said in an interview with this reporter, "OK mirrors have no effect on patients with amblyopia, so it is not recommended to use them. When using OK mirrors normally, they should be worn every night, and it is best not to skip them. Pay attention to care, it may cause corneal epithelial damage, dry eye and other problems."
Behind the huge profits, the competition of enterprises intensifies
It is understood that the current lifespan of OK mirrors is about one year to one and a half years, and the price ranges from 8,000 to 13,000 yuan. Together with the supporting products such as nursing solution and eye drops, the basic cost is about 20,000 yuan per year.When our reporter asked at the hospital, the price of an OK mirror from Opcon Vision was about 9,800 yuan, which was located within the range, while the price of CRT in the United States as an imported brand would be higher.
It can be seen from the price list of OK lenses in the hospital's ophthalmology clinic that the leading OK lens companies Opcon Vision and Aibo Medical have significant advantages.According to the prospectus of Aibo Medical Orthokeratology Lenses, the ex-factory price of a single lens is only 306.36 yuan in 2019, and 355 yuan in 2020. In 2021, the ex-factory price of each lens is about 497 yuan, and the price of a pair is 994 yuan. Yuan, even less than a thousand dollars.From the factory to the sale, the price has doubled by about 10 times, so where does the high price difference come from?
Looking at Opcom Vision, after its listing, it did not announce the sales of orthokeratology lenses separately, but its prospectus shows that in the first half of 2016, the unit price of Dream David was 768.16 yuan/piece, and the price of a pair was about 1500 yuan. Yuan.In 2021, the gross profit margin of Opcon's viewing angle film orthokeratology lens products will be as high as 89.66%, and the gross profit margin of Aibo Medical's orthokeratology lens products will be as high as 83.95%.It can be seen that the cost price of OPCON Vision OK mirror is lower.
How did the low-cost, high-retail status quo come into being?Industry insiders believe that at present, OK mirrors are mainly foreign importers, and there are relatively many intermediate links. Coupled with the brand premium, the promotion period costs are relatively high, and the overall retail price is relatively expensive.In terms of domestic manufacturers, the raw materials and processing equipment of OK mirrors are currently mainly imported. In addition, the coverage of the marketing team and dealers is low, and the retail price is seriously deviated from the cost price under the layered increase.In addition, the sales prices of different hospitals are also different, and the price of conventional tablets, customized tablets, and ring-shaped tablets is also a few thousand yuan different from third-class hospitals and specialized outpatient clinics.
In fact, the huge profits of OK mirrors are not an exception. Previously, teeth straightening, glasses and liquor were all regarded as "three huge profiteering industries".In the OK mirror market, there are more and more competitors.In addition to OPCOM products, there are 8 imported brands and 2 new domestic brands of orthokeratology lenses approved and registered by the State Food and Drug Administration.While the overall market is expanding, brand competition is also intensifying.
According to the research report of Cinda Securities, as of 2021, a total of 3 domestic orthokeratology lenses will be listed.In addition to Aibo Medical, there are two other domestic manufacturers, OPCOM Vision and Haohai Biotechnology.Among them, Haohai Biotech's similar product "Myerkang myOK" is sold by its subsidiary Shanghai Hengtai Vision Technology Co., Ltd. (hereinafter referred to as "Hengtai Vision"). Dealers.To this end, at the beginning of this year, Aibo Medical also sued Hengtai OK mirror, a subsidiary of Haohai Biotechnology, for infringing the patent rights of Punuo pupil, and demanded compensation of 21 million yuan.
Financial data shows that in 2021, Opcon Vision’s similar products will achieve a revenue of 670 million yuan, accounting for more than half of the revenue; in the same period, the sales of Aibo Medical’s orthokeratology lenses will be 107 million yuan, a year-on-year increase of 159.54%, accounting for the same period of operating income. of 24.73%.Haohai Biotech did not disclose the revenue of related products, but Cinda Securities stated in the research report that the market share of similar products represented by its subsidiary was lower than that of OPCOM.
According to production capacity, OPCOM is the absolute leader in OK lenses. As of 2021, OPCOM will produce 666,000 orthokeratology lenses annually, while Aibo Medical will produce 248,000.Next, the competition between Aibo Medical and Haohai Biotechnology will intensify.However, Aibo Medical said in June this year that considering the impact of the epidemic on logistics, market sales, and production capacity planning, the IPO fundraising project "Productivity Expansion and Automation Improvement Project of Ophthalmic Lenses and Ancillary Products" was postponed, and the completion time was adjusted from the end of 2023. by the end of 2024.
Sitting on the faucet is stressful
In the secondary market, the recent share price of ophthalmic concept stocks has also attracted much attention.The share price of atropine eye drops leader Xingqi ophthalmic medicine has dropped by 30% in two days recently, causing the sector to fluctuate.The reporter noticed that since June this year, OPCOM's share price has been rising steadily.Industry insiders believe that in addition to the peak season of OK mirrors, OPCOM's deployment of atropine eye drops is also a big help.
OPCOM Vision is the first listed ophthalmology and optometry high-tech enterprise in China, focusing on eye health and myopia prevention and control technologies and services.Recently, two products have become more popular, namely orthokeratology lenses (ie OK lenses) and atropine eye drops.
In the past three years, OPCOM's performance level has shown a good trend, and the main business income has increased year by year. The 2021 annual report shows that the operating income is 1.295 billion, a year-on-year increase of 48.74% compared with 2020. The company has grown rapidly, among which The rigid contact lens industry dominates.
However, as a leader, although it is currently the best in the field of OK mirrors, it is also facing pressure from competing products in the long run.The current increase in the product line of atropine eye drops may help to enhance the synergistic effect, but the industry competition of atropine eye drops is also particularly fierce.In addition to Xingqi ophthalmic medicine, a total of 13 companies or medical institutions, including Aier Eye Hospital, He's Eye Hospital, Shandong Eye Hospital, Shanghai Children's Hospital, and Fudan University Affiliated Eye, Nose and Throat Hospital, also have atropine "Medical Institution Preparations". License", OPCOM's R&D progress is much lower than that of its peers.
In the first half of the year, the website of the Food and Drug Review and Inspection Center of the State Drug Administration announced that the inspection found that 6 general items of the rigid gas permeable contact lenses for orthokeratology did not meet the requirements of the "Good Manufacturing Practice for Medical Devices" and related appendices. .
Previously, its "budding" atropine eye drops had just experienced violation rumors that "atropine in-hospital preparations may be banned in Internet hospitals" because it has not yet been approved but sold through in-hospital preparations and Internet hospital channels.The stock price retreated after being affected.The stock of OPCOM was once favored. The stock price hit a record high of 134 yuan per share in May 2021. The market value once exceeded 90 billion from the initial 2.3 billion, and it rose 45 times in 4 years, becoming the absolute most in A shares. Money printing machine.However, after falling below the 100 mark, it generally declined. As of July 8, the stock price closed at 54.5 yuan per share. It remains to be seen whether the stock price will recover with the help of "OK mirror + atropine" in the future.
On June 17, it was reported that the National Health and Health Commission Medical Administration and Hospital Administration had studied and drafted management specifications for the clinical application of orthokeratology lens technology and solicited opinions from the industry. Compared with the "Notice on Lens Management", the requirement of "secondary (including second-level) and above medical institutions" in the basic conditions for fitting orthokeratology lenses has been cancelled.If the new regulations are released, it will be a "burden reduction" + "opportunity" for OPCOM.
(Pictures are provided by intern reporter Huang Wenwen)
(Editor in charge: Han Yijia)
