🇭🇰 港交所SSY GROUPDoubao · 实盘不做把握 7/10不做原因:风险收益比不佳
北京时间·🕒 发布 16:31:00时区推断·⟳ 抓取 16:31:25·⚡ 决策 10-15 16:34:02 +2m37s·12.1 天前
石四药集团色甘酸钠单剂量滴眼液获NMPA生产注册批件，为国内新3类首家但业绩弹性微小
事实真实、来源为港交所一手公告、方向正面，但本质是公司众多在研仿制药中的一个常规注册批件：色甘酸钠滴眼液为低价成熟OTC仿制药，公司主业为大输液（市值78.3亿港元、PE约16.7倍），眼科制剂仅为新兴小板块，公告无金额、无订单、无指引，单一品种对收入/利润的增量占比远不足1%，且日成交仅约1,080万港元、盘后明牌，风险收益比不支持开仓。
📄 原文SSY GROUP↗ 原文
VOLUNTARY ANNOUNCEMENT - UPDATE ON PRODUCT DEVELOPMENT
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 石四药集团（02005.HK）
真实但极小幅的常规仿制药注册获批：色甘酸钠滴眼液为低价成熟OTC品种，相对78.3亿港元市值与大输液主业materiality可忽略，公告无金额/订单/销售指引；盘后明牌、日成交仅约1,080万港元，无短线正期望，不做多；亦无任何利空，不做空。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
一手公告确认国内首家获批是真实正面信息，但色甘酸钠滴眼液是低价成熟OTC仿制药、对以大输液为主业的石四药业绩贡献微小，公告无任何销售/订单量化信息，盘后明牌且成交清淡，无短线正期望，AVOID。
🔎 新鲜度:最早出现 2026-10-15 · 扩散 low · price-in 风险 low ↗
关键理由
- 国内首家按化药新3类获批的色甘酸钠单剂量（无防腐剂）制剂，完善其抗过敏眼科矩阵，属边际正面。
- 但相对78.3亿港元市值，单个低价OTC仿制滴眼液即使乐观估计年销售也仅为收入的零头，materiality不足以驱动股价。
主要风险
- 获批≠放量：公司眼科销售渠道与该品种市场规模有限，且无招标、订单或销售指引，收入兑现不确定。
- 盘后自愿性公告属明牌软催化，港股该股日成交仅约1,080万港元，即便次日情绪反应也可能缺乏持续性。
反向证据
- 做多前查反向 · 来源 kb_search · 影响 none
内部KB检索服务连接失败(ConnectError)，未命中公司眼科分部收入数据；但仅凭公告本身无任何金额/订单/指引，且公司主业为非PVC软袋大输液，可判定单品种弹性微小，失败不构成做多依据。
检索:石四药集团 眼科制剂 滴眼液 收入占比 色甘酸钠 市场规模
先例如何影响了这次决策
对本次决策的影响:先例缺失不改变AVOID：事件相对市值弹性可忽略这一硬判断不依赖历史涨幅；反而因软催化无先例支撑进一步降低开仓价值。
方向:未构建可用先例：公司同板块此前获批的依美斯汀、酮替芬滴眼液亦为无金额软催化，缺乏可溯源首发时刻的可比行情样本。
涨幅量级:无高相似对齐先例校准幅度；且本结论基于materiality不足而非涨幅判断，不依赖先例幅度。
形态:无足够样本判断见光死模式。
工具执行结果 · 成功 2 · 降级 0 · 失败 1 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 14 ms
{"result": "search_processed_events:agent query=`ssy group 02005 sodium cromoglicate eye drops approval nmpa | 石四药 色甘酸钠 单剂量 抗过敏 滴眼液获批 | 石四药集团 色甘酸钠滴眼液 药品注册批件`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"} - stock_quote 成功 stock_tools HTTP · 1,290 ms
{ - kb_search 失败 stock_tools HTTP · 52 ms
kb_search 服务暂不可用；这不是一条知识库命中。
原文全文
展开原文 · 4,465 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.
VOLUNTARY ANNOUNCEMENT
UPDATE ON PRODUCT DEVELOPMENT
The board of directors (the “Board”) of SSY Group Limited (the “Company”, together with its
subsidiaries, the “Group”) is pleased to announce that the Group has obtained the approval for drug
production and registration for Sodium Cromoglicate Eye Drops 2% (0.3ml:6mg) from the National
Medical Products Administration of China, being under type 3 chemical drug and regarded as passing
the consistency evaluation.
Sodium Cromoglicate Eye Drops is an over-the-counter (OTC) drug mainly used for preventing spring
allergic conjunctivitis. The Group is the first of the PRC entities approved for Sodium Cromoglicate
single-dose preparation under the new type 3 chemical drug (regarded as passing the consistency
evaluation). This product is in single-dose packaging and preservative-free, and can effectively reduce
irritation and damage to ocular surface caused by long-term contact with preservatives, resulting in
higher safety and meeting the clinical needs for children, people with sensitive ocular surfaces, and
others requiring long-term medication.
Following the approval of this product, the Group’s ophthalmic preparations product portfolio has been
further improved. It forms a complete ophthalmic drug layout including five major treatment areas: antiinfection, anti-allergy, intraocular pressure lowering, artificial tears and ocular anti-inflammatory, and
covers clinical scenarios of many common ophthalmic diseases such as ocular surface infection, allergic
eye disease, glaucoma, dry eye syndrome and postoperative ocular surface inflammation.
The Group has implemented a dual-channel layout together for in-hospital prescription drugs and retail
OTC by getting through diverse sales scenarios such as hospitals and pharmacies, and continuously
expanding its market influence in the track of ophthalmic generic drug. In the field of anti-allergic
ophthalmology, the Group has successively obtained approvals for Emedastine Difumarate Eye Drops,
Ketotifen Fumarate Eye Drops and this newly approved Sodium Cromoglicate Eye Drops, covering
different mechanisms such as stabilizing mast cells and selectively antagonizing histamine receptors,
which can meet tiered treatment needs of patients with mild, moderate and severe allergic conjunctivitis.
The Group will continue to push forward the research & development and industrialization of ophthalmic
preparations, enrich its pipeline of single-dose preservative-free ophthalmic products, and continue to
grasp the industry trend of ophthalmic drugs upgrade in the PRC.
- 1-
This announcement is a voluntary announcement made by the Company to keep the shareholders and
potential investors informed of the latest business development of the Group.
By order of the Board
Chow Hing Yeung
Executive Director and Company Secretary
Hong Kong, 15 October 2026
As at the date of this announcement, the Board comprises Mr. Qu Jiguang, Mr. Meng Guo, Mr. Chow
Hing Yeung, Ms. Qu Wanrong and Mr. Wu Hengyao as executive Directors, Mr. Liu Wenjun as nonexecutive Director, and Mr. Wang Yibing, Mr. Chow Kwok Wai and Mr. Jiang Guangce as independent
non-executive Directors.
- 2-
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確
性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部份內容而產生
或因倚賴該等內容而引致之任何損失承擔任何責任。
自願公告
產品開發的最新進展
石四藥集團有限公司(「本公司」
，連同其附屬公司，
「本集團」)董事局(「董事局」)欣然公告，
本集團已取得中國國家藥品監督管理局有關色甘酸鈉滴眼液2%(0.3ml:6mg)的藥品生產註冊批
件，屬於化學藥品第3類，視同通過一致性評價。
色甘酸鈉滴眼液主要用於預防春季過敏性結膜炎，屬於非處方藥(OTC)。本集團是國內企業首
家按化學藥品新3類(視同通過一致性評價)獲批的色甘酸鈉單劑量製劑。此產品採用一次性單
劑量包裝，不含防腐劑，可有效降低防腐劑長期接觸對眼表帶來的刺激損傷，安全性更高，契
合兒童、敏感眼表人群等長期用藥臨床需求。
隨著此產品獲批，本集團眼科製劑產品矩陣進一步完善，已形成涵蓋抗感染、抗過敏、降眼
壓、人工淚液、眼部抗炎五大治療板塊的完整眼科用藥佈局，產品組合可覆蓋眼表感染、過
敏性眼病、青光眼、乾眼症、術後眼表炎症等多類常見眼科疾病臨床場景。
本集團同步實現院內處方藥與零售 OTC 雙通道佈局，打通醫院、藥房等多元銷售場景，持
續擴大在眼科仿製藥賽道的市場影響力。在抗過敏眼科領域，本集團先後獲批富馬酸依美斯
汀滴眼液、富馬酸酮替芬滴眼液及此次新增的色甘酸鈉滴眼液，覆蓋穩定肥大細胞、選擇性
拮抗組胺受體等不同作用機制，可滿足輕、中、重度過敏性結膜炎患者的分層治療需求。本
集團將持續推進眼用製劑研發與產業化，豐富單劑量無防腐劑眼藥產品管線，持續把握國內
眼科用藥升級的行業趨勢。
-
1 -
本公告為本公司自願發佈，目的是使股東及潛在投資者瞭解本集團最新業務發展情況。
承董事局命
執行董事兼公司秘書
周興揚
香港，二零二六年十月十五日
於本公告日期，董事局成員包括執行董事曲繼廣先生、孟國先生、周興揚先生、曲婉蓉女士及
吳恒耀先生，非執行董事劉文軍先生，以及獨立非執行董事王亦兵先生、周國偉先生及姜廣策
先生。
-
2 -
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.
VOLUNTARY ANNOUNCEMENT
UPDATE ON PRODUCT DEVELOPMENT
The board of directors (the “Board”) of SSY Group Limited (the “Company”, together with its
subsidiaries, the “Group”) is pleased to announce that the Group has obtained the approval for drug
production and registration for Sodium Cromoglicate Eye Drops 2% (0.3ml:6mg) from the National
Medical Products Administration of China, being under type 3 chemical drug and regarded as passing
the consistency evaluation.
Sodium Cromoglicate Eye Drops is an over-the-counter (OTC) drug mainly used for preventing spring
allergic conjunctivitis. The Group is the first of the PRC entities approved for Sodium Cromoglicate
single-dose preparation under the new type 3 chemical drug (regarded as passing the consistency
evaluation). This product is in single-dose packaging and preservative-free, and can effectively reduce
irritation and damage to ocular surface caused by long-term contact with preservatives, resulting in
higher safety and meeting the clinical needs for children, people with sensitive ocular surfaces, and
others requiring long-term medication.
Following the approval of this product, the Group’s ophthalmic preparations product portfolio has been
further improved. It forms a complete ophthalmic drug layout including five major treatment areas: antiinfection, anti-allergy, intraocular pressure lowering, artificial tears and ocular anti-inflammatory, and
covers clinical scenarios of many common ophthalmic diseases such as ocular surface infection, allergic
eye disease, glaucoma, dry eye syndrome and postoperative ocular surface inflammation.
The Group has implemented a dual-channel layout together for in-hospital prescription drugs and retail
OTC by getting through diverse sales scenarios such as hospitals and pharmacies, and continuously
expanding its market influence in the track of ophthalmic generic drug. In the field of anti-allergic
ophthalmology, the Group has successively obtained approvals for Emedastine Difumarate Eye Drops,
Ketotifen Fumarate Eye Drops and this newly approved Sodium Cromoglicate Eye Drops, covering
different mechanisms such as stabilizing mast cells and selectively antagonizing histamine receptors,
which can meet tiered treatment needs of patients with mild, moderate and severe allergic conjunctivitis.
The Group will continue to push forward the research & development and industrialization of ophthalmic
preparations, enrich its pipeline of single-dose preservative-free ophthalmic products, and continue to
grasp the industry trend of ophthalmic drugs upgrade in the PRC.
- 1-
This announcement is a voluntary announcement made by the Company to keep the shareholders and
potential investors informed of the latest business development of the Group.
By order of the Board
Chow Hing Yeung
Executive Director and Company Secretary
Hong Kong, 15 October 2026
As at the date of this announcement, the Board comprises Mr. Qu Jiguang, Mr. Meng Guo, Mr. Chow
Hing Yeung, Ms. Qu Wanrong and Mr. Wu Hengyao as executive Directors, Mr. Liu Wenjun as nonexecutive Director, and Mr. Wang Yibing, Mr. Chow Kwok Wai and Mr. Jiang Guangce as independent
non-executive Directors.
- 2-
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確
性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部份內容而產生
或因倚賴該等內容而引致之任何損失承擔任何責任。
自願公告
產品開發的最新進展
石四藥集團有限公司(「本公司」
，連同其附屬公司，
「本集團」)董事局(「董事局」)欣然公告，
本集團已取得中國國家藥品監督管理局有關色甘酸鈉滴眼液2%(0.3ml:6mg)的藥品生產註冊批
件，屬於化學藥品第3類，視同通過一致性評價。
色甘酸鈉滴眼液主要用於預防春季過敏性結膜炎，屬於非處方藥(OTC)。本集團是國內企業首
家按化學藥品新3類(視同通過一致性評價)獲批的色甘酸鈉單劑量製劑。此產品採用一次性單
劑量包裝，不含防腐劑，可有效降低防腐劑長期接觸對眼表帶來的刺激損傷，安全性更高，契
合兒童、敏感眼表人群等長期用藥臨床需求。
隨著此產品獲批，本集團眼科製劑產品矩陣進一步完善，已形成涵蓋抗感染、抗過敏、降眼
壓、人工淚液、眼部抗炎五大治療板塊的完整眼科用藥佈局，產品組合可覆蓋眼表感染、過
敏性眼病、青光眼、乾眼症、術後眼表炎症等多類常見眼科疾病臨床場景。
本集團同步實現院內處方藥與零售 OTC 雙通道佈局，打通醫院、藥房等多元銷售場景，持
續擴大在眼科仿製藥賽道的市場影響力。在抗過敏眼科領域，本集團先後獲批富馬酸依美斯
汀滴眼液、富馬酸酮替芬滴眼液及此次新增的色甘酸鈉滴眼液，覆蓋穩定肥大細胞、選擇性
拮抗組胺受體等不同作用機制，可滿足輕、中、重度過敏性結膜炎患者的分層治療需求。本
集團將持續推進眼用製劑研發與產業化，豐富單劑量無防腐劑眼藥產品管線，持續把握國內
眼科用藥升級的行業趨勢。
-
1 -
本公告為本公司自願發佈，目的是使股東及潛在投資者瞭解本集團最新業務發展情況。
承董事局命
執行董事兼公司秘書
周興揚
香港，二零二六年十月十五日
於本公告日期，董事局成員包括執行董事曲繼廣先生、孟國先生、周興揚先生、曲婉蓉女士及
吳恒耀先生，非執行董事劉文軍先生，以及獨立非執行董事王亦兵先生、周國偉先生及姜廣策
先生。
-
2 -
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