In-depth Analysis of Opcom Vision's Pharmaceutical Business Expansion

Opcom Vision (300595.SZ) announced on January 5, 2026, that it recently obtained the “Pharmaceutical Production License” issued by the Anhui Provincial Drug Administration (License No.: Wan 20250658, valid until December 25, 2030). This is the first time the company has obtained a pharmaceutical production license [1][2]. The company stated that the acquisition of this license is conducive to optimizing the product structure, but

. It still needs to go through procedures such as registration application of research products, on-site inspection, and GMP compliance inspection, and obtain the “Pharmaceutical Registration Certificate” before it can be commercially produced and sold [1][2].

Indicator	Value	Explanation
Current Stock Price	15.95 yuan	Single-day increase +8.58%, reflecting positive market response [0]
Market Capitalization	14.28 billion yuan	A-share GEM medical device enterprise
P/E Ratio (TTM)	29.04x	Below industry average
P/B Ratio	2.89x	Reasonable book value premium
Net Profit Margin	27.08%	Excellent profitability
ROE	10.22%	Stable shareholder return [0]

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Opcom Vision, as a pioneer and “leader” in China’s orthokeratology lens (OK lens) market, its core business is facing growth bottlenecks:

According to brokerage API data, the company achieved revenue of 1.81 billion yuan in 2024, a year-on-year increase of 4.4%; net profit attributable to shareholders was 570 million yuan, a year-on-year decrease of 16.2%—this is the worst performance report since the company went public ten years ago, with revenue growth dropping to single digits for the first time and profit declining for the first time [3].

• Rigid contact lenses (mainly OK lenses)
  2024 revenue: 760 million yuan, a year-on-year decrease of 6.73% [3]
• Care products
  revenue: 257 million yuan, a year-on-year decrease of 2.18% [3]

[3]

• Consumption downgrade
  : High-end consumption is weak, and OK lenses with high unit prices (usually 8,000-15,000 yuan/year) are affected
• Competition from alternative products
  : Defocus lenses, with price advantages (usually 2,000-5,000 yuan/pair), flexible promotion, and numerous fitting outlets, quickly divert potential OK lens users. In actual diagnosis and treatment, the selection ratio between OK lenses and defocus frame glasses is about 1:5, meaning only 1 out of every 6 myopia patients chooses OK lenses [3]
• Intensified brand competition
  : The NMPA has approved more than 20 OK lens product registration certificates, and companies like Haohai BioScience and Eyebright have entered the market, leading to fierce price competition [3]

• Rigid contact lenses have a gross margin of up to 88.31% (revenue declining)
• The proportion of other products and medical services with lower gross margins is increasing
• Resulting in a structural dilemma of “increasing revenue without increasing profits” [3]

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Opcom Vision’s expansion from orthokeratology lenses to ophthalmic drugs such as eye drops has significant

:

Synergy Dimension	Specific Performance
Channel Synergy	The company has more than 2 million OK lens users [3], which highly overlaps with the target population for adolescent myopia prevention and control, enabling rapid introduction of new drug products
Professional Synergy	With years of experience in optometry, it has a deep understanding of eye health needs, making drug R&D directions more precise
Brand Synergy	The “Mengdaiwei” brand has high awareness in optometry, and the pharmaceutical business can leverage brand trust
Medical Network	The company acquired medical service institutions such as Kunming Star程 Eye Hospital in 2025, building a complete industrial chain from products to services [3]

Although the company has not disclosed specific research drug varieties, based on optometry and myopia prevention and control fields,

include:

Potential Product Category	Market Prospects	Competitive Landscape
Low-concentration atropine eye drops	One of the “three pillars” of myopia prevention and control (along with OK lenses and defocus lenses)	Xingqi Eye Medicine has been the first to obtain approval [3], increasing market entry barriers
Artificial tears/dry eye treatment drugs	Dry eye disease is prevalent in the screen era, with a large patient base	Relatively fragmented competition, broad market space
Anti-allergic eye drops	Common eye diseases in children and adolescents	Mature market, needs differentiated advantages
Corneal nutrition repair drugs	Supporting OK lens usage scenarios	Highly synergistic, innovative opportunities

Key qualifications obtained by the company:

• ✓
  “Pharmaceutical Production License”
  : Valid until December 25, 2030, covering eye drop production [1][2]
• ⏳
  To obtain: “Pharmaceutical Registration Certificate”
  : Need to go through registration application of research products, on-site inspection, and GMP compliance inspection [2]

According to industry experience, it usually takes

for eye drop drugs to be approved from clinical trials. Considering the company’s announcement that “it will not have a significant impact on operating performance in the short term” [2], it is expected that the first commercial products may be launched in .

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To determine whether the pharmaceutical business can become the second growth curve, the following dimensions need to be evaluated:

Evaluation Dimension	Analysis Result	Score
Market Space	China’s ophthalmic drug market size exceeds 30 billion yuan, and the penetration rate of myopia prevention and control drugs is less than 5%, with huge potential	★★★★☆
Competitive Advantage	Perfect channel network (2 million users + medical service network), high brand awareness	★★★☆☆
R&D Capability	First entry into the pharmaceutical field, lack of pharmaceutical R&D experience accumulation	★★☆☆☆
Time Window	Xingqi Eye Medicine has seized the first-mover advantage in low-concentration atropine, putting pressure on followers	★★☆☆☆
Financial Strength	Sufficient cash on hand, current ratio of 5.10, can support R&D investment [0]	★★★★☆
Regulatory Barriers	Has obtained production license, but registration approval has uncertainties	★★★☆☆

— Has certain potential, but faces significant challenges.

Based on public information and industry rules, scenario prediction of revenue contribution from the pharmaceutical business:

The chart shows the evolution of Opcom Vision’s existing business structure (top left), the predicted revenue contribution of the pharmaceutical business to total revenue (top right), the evolution of the revenue proportion of each business segment (bottom left), and the valuation comparison under different scenarios (bottom right)

Scenario	Assumptions	Annual Pharmaceutical Revenue	Proportion of Total Revenue	Contribution to Net Profit
Conservative Scenario	Only obtain 1-2 generic drug approvals, slow market promotion	150-250 million yuan	8-12%	30-50 million yuan
Baseline Scenario	Obtain 2-3 differentiated varieties, channel synergy effect发挥	350-500 million yuan	15-20%	80-120 million yuan
Optimistic Scenario	Innovative drug approval + winning centralized procurement bids + overseas market breakthrough	600-800 million yuan	25-30%	150-200 million yuan

Under the , the pharmaceutical business is expected to contribute 15-20% of revenue by 2030, becoming a veritable “second growth curve”. However, it should be noted that even in the optimistic scenario, the revenue scale of the pharmaceutical business is difficult to surpass the core OK lens business in the short term.

The gross margin of the pharmaceutical business is usually lower than that of medical devices:

• Rigid contact lens gross margin
  : 88.31% [3]
• Pharmaceutical industry gross margin
  : Generally 60-75% (ophthalmic drugs)

Assuming the pharmaceutical business has a gross margin of 65% and a net profit margin of 15-20%:

Indicator	2026E	2027E	2028E	2029E	2030E
Pharmaceutical Revenue (100 million yuan)	0.3	0.8	2.0	3.5	5.0
Gross Profit (100 million yuan)	0.20	0.52	1.30	2.28	3.25
Net Profit (100 million yuan)	0.05	0.12	0.35	0.60	0.85

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According to DCF valuation model (based on brokerage API data):

Valuation Scenario	Target Price	vs Current Price	Probability Weight
Conservative	13.37 yuan	-16.2%	20%
Baseline	27.13 yuan	+70.1%	50%
Optimistic	39.59 yuan	+148.2%	30%
Weighted Target Price	26.70 yuan	+67.4%	-

Current stock price is 15.95 yuan, which is

, reflecting market concerns about the prospects of the OK lens business.

1. WACC Adjustment
   : The pharmaceutical business has more stable cash flow (similar to consumer attributes), which may reduce the company’s overall beta coefficient, thereby reducing the cost of equity capital. Assume a decrease from 11.5% to 11.0%.

2. Growth Rate Adjustment
   : The long-term growth potential of the pharmaceutical business is higher than that of OK lenses, which may increase the terminal growth rate assumption.

3. Sum of the Parts (SOTP) Valuation Method
   :
   • OK lens business
     :25x P/E ×570 million yuan net profit =14.25 billion yuan (current market capitalization)
   • Pharmaceutical business
     : Given 30x P/E (pharmaceutical industry PEG:1.5-2.0) ×85 million yuan (2030E) =2.55 billion yuan
   • Target Market Capitalization
     :14.25 + 2.55 =
     16.8 billion yuan
     (current:14.28 billion yuan)

Scenario	Adjusted Target Price	vs Current Price
Conservative	14.80 yuan	-7.2%
Baseline	30.50 yuan	+91.2%
Optimistic	45.00 yuan	+182.1%

As shown in the bottom right of the chart above, after considering the pharmaceutical business, the baseline scenario target price increases from27.13 yuan to 30.50 yuan

####5.3 Catalysts for Valuation Re-rating

Catalyst	Time Node	Impact on Valuation
First pharmaceutical registration application accepted	2025-2026	+5-10%
Positive clinical trial data released	2026-2027	+10-15%
First “Pharmaceutical Registration Certificate” approved	2027-2028	+15-25%
Product launch and sales exceed expectations	2028-2030	+20-30%

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####6.1 Investment Logic

1. Necessity of Strategic Transformation
   : OK lens business growth has peaked, and pharmaceutical expansion is an inevitable choice for the company to break through growth bottlenecks
2. Significant Synergy Effect
   :2 million user base + medical service network provide strong channel advantages for drug promotion
3. Financial Health
   : Current ratio of5.10, sufficient cash on hand [0], can support 2-3 years of R&D investment
4. Valuation Safety Margin
   : Current stock price of 15.95 yuan is close to the conservative DCF valuation of13.37 yuan, with limited downside space

1. Doubts About R&D Capability
   : The company lacks pharmaceutical R&D experience in history, with capability shortcomings
2. Loss of First-mover Advantage
   : Competitors like Xingqi Eye Medicine have already laid out core varieties such as low-concentration atropine
3. Approval Uncertainty
   : Long drug registration approval cycle (2-4 years) and high failure rate
4. Fierce Market Competition
   : The ophthalmic drug field already has strong competitors such as Hengrui Medicine, Xingqi Eye Medicine, and Santen Pharmaceutical

####6.2 Investment Recommendations

Investor Type	Recommendation	Reason
Long-term Value Investors	Cautious Increase	Current valuation has safety margin, pharmaceutical business provides long-term option value, but needs to bear 2-3 years of performance pain period
Growth Investors	Wait and See	OK lens business is unlikely to improve in the short term, pharmaceutical business realization time is late, and performance pressure is high before2027
Event-driven Investors	Short-term Participation	After the announcement on January5, the stock price has risen by 8.58% [0], which may continue to be active in the short term, but pay attention to callback risks

####6.3 Key Risks

Risk Type	Specific Description	Response Strategy
Approval Risk	Drug registration failure or approval delay	Diversify investments, do not bet solely on the pharmaceutical business
Market Competition Risk	Existing competitors or new entrants seize the market	Focus on the differentiated advantages of the company’s research products
Execution Risk	The company lacks pharmaceutical experience, leading to low R&D efficiency	Monitor R&D input-output ratio and clinical trial progress
Policy Risk	Price reduction due to centralized procurement, medical insurance cost control and other policies	Prioritize self-paid varieties (such as low-concentration atropine)
Financial Risk	R&D investment drags down short-term performance	Pay attention to cash flow status to ensure sustainable investment by the company

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: Opcom Vision’s expansion into the pharmaceutical production field , but the realization time is long (commercialization expected in2027-2028), and it is difficult to change the company’s dependence on the OK lens business in the short term.

:

1. Short-term (1-2 years)
   : Limited impact, stock price is mainly driven by the fundamentals of the OK lens business
2. Medium-term (3-5 years)
   : If the first product is approved, the valuation center can increase from 27.13 yuan to around30.50 yuan (+12%)
3. Long-term (more than5 years)
   : If a product matrix is formed, the pharmaceutical business can contribute15-20% of revenue, raising the company’s overall valuation level to the range of30-40 yuan

: The current stock price of 15.95 yuan is in the historical low range. Considering the option value of the pharmaceutical business, , with a target price of 26.70 yuan (based on DCF baseline scenario). However, close attention should be paid to:

• Progress of pharmaceutical registration applications in 2025-2026
• Launch of the first product in2027-2028
• Whether the OK lens business can resume growth in 2026

: Investors need to be alert to risks such as drug R&D failure, approval delay, and intensified market competition. It is recommended to build positions in batches and avoid heavy positions at a single time point.

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[0] Jinling API Data - Stock quotes, financial analysis, DCF valuation, technical analysis data (January5,2026)

[1] Phoenix Finance - “Opcom Vision: Obtains Eye Drop Pharmaceutical Production License” (https://finance.ifeng.com/c/8pfoo6RhQMy)

[2] East Money - “Opcom Vision: Obtains Pharmaceutical Production License” (https://finance.eastmoney.com/a/202601053609044775.html)

[3] Sina Finance - “OK Lenses Can’t Grow Anymore: ‘Leader’ Opcom Vision Explains Three Reasons” (https://finance.sina.com.cn/roll/2025-03-29/doc-inerisyk9104871.shtml)