股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01477 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 致：香港交易及結算所有限公 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1]. Group 1: Top Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - China Resources Beer-R (80291) follows with a short-selling ratio of 97.44% [2] - Sun Hung Kai Properties-R (80016) ranks third with a short-selling ratio of 77.85% [2] Group 2: Top Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.449 billion [2] - Tencent Holdings (00700) has a short-selling amount of 3.116 billion [2] - Meituan-W (03690) follows with a short-selling amount of 2.066 billion [2] Group 3: Top Short-Selling Deviation Values - Dream Garden (N23076) has the highest deviation value at 33.73% [2] - Changjiang Life Technology (00775) follows with a deviation value of 32.22% [2] - Geely Automobile-R (80175) ranks third with a deviation value of 30.81% [2]

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 歐康維視生物 (「本公司」) （於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01477 | 說明 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 294,033,000, representing a 75.4% increase from RMB 167,623,000 in the same period of 2024[7] - Gross profit for the same period was RMB 105,647,000, compared to RMB 99,202,000 in 2024, indicating a growth of 6.9%[7] - The net loss for the period was RMB (132,320,000), an improvement from RMB (151,341,000) in 2024, reflecting a reduction in losses by 12.6%[7] - Non-IFRS adjusted net loss for the period was RMB (108,000,000), compared to RMB (100,769,000) in 2024, showing a slight increase in adjusted losses by 7.3%[7] - The company achieved a revenue of RMB 294.0 million, representing a year-on-year growth of 75.4%[12] - Revenue from ophthalmic product sales increased significantly from RMB 150.0 million in 2024 to RMB 284.7 million in 2025[30] - The company achieved total revenue of RMB 294.0 million, a year-on-year increase of 75.4% primarily from commercialized products[20] - The company reported a loss before tax of RMB 132,028,000 for the six months ended June 30, 2025, an improvement from a loss of RMB 151,076,000 in 2024, reflecting a 12.7% reduction in losses[115] - The company incurred a total comprehensive loss of RMB 131,152,000 for the six months ended June 30, 2025, compared to RMB 199,662,000 in 2024, indicating a 34.3% reduction in comprehensive losses[118] Product Development and Pipeline - The company has a comprehensive ophthalmic product line with 34 drug assets, including 21 products in commercialization and three in Phase III clinical trials[9] - Core product Yushiying® has been approved for commercialization in mainland China and included in the national medical insurance catalog[9] - The innovative anti-allergy drug Zhiweitai® has also been approved for commercialization in mainland China[9] - The product OT-703 has received approval for real-world evidence application and patient enrollment has begun in Hainan Boao Lecheng[14] - OT-802's Phase III clinical trial application has been approved, highlighting the unmet needs in the presbyopia treatment market[17] - The company is positioned as one of the leading innovative pharmaceutical companies in China with the highest number of ophthalmic drugs in Phase III clinical trials[13] - The company has multiple products in various stages of clinical trials, ensuring a robust pipeline for future growth[13] - The company plans to initiate patient enrollment for the OT-703 real-world study in the second half of 2025[15] - The company expects to start the Phase III clinical trial for OT-802 in early 2026[18] - The product OT-701 is in the pipeline for wet age-related macular degeneration, targeting the Greater China region[12] Research and Development - R&D expenses decreased by 33.6% to RMB 39.0 million, indicating efficient cost management while advancing multiple projects[12] - Research and development expenses decreased to RMB 38,986,000 for the six months ended June 30, 2025, from RMB 58,705,000 in 2024, reflecting a 33.6% reduction[115] - The company plans to use HKD 562.42 million, or 34.16% of the total net proceeds, for ongoing research and development of other candidate drugs[102] Marketing and Sales - Sales and marketing expenses increased to RMB 117.0 million in 2025 from RMB 109.9 million in 2024, reflecting a rise of RMB 7.1 million[37] - The company plans to accelerate new product development and commercialization, aiming for at least one NDA approval in the second half of 2025[22] - The company aims to expand the market penetration of its core product, Yushi Ying®, in the second half of 2025[24] - The company intends to strengthen marketing efforts for other drugs, including Shili Da® and Ai Sai Ping®, to maintain leadership in niche markets[25] Financial Position and Cash Flow - Cash and cash equivalents as of June 30, 2025, were RMB 458.1 million, down from RMB 769.2 million as of December 31, 2024[52] - Total current assets as of June 30, 2025, were RMB 817.7 million, a decrease from RMB 978.8 million as of December 31, 2024[46] - Total liabilities as of June 30, 2025, were RMB 243.8 million, an increase from RMB 200.2 million as of December 31, 2024[46] - The company reported a net cash inflow from financing activities of RMB 12,212,000, contrasting with a net cash outflow of RMB 131,589,000 in the previous year[121] - The company incurred RMB 106,832,000 in payments for intangible assets during the six months ended June 30, 2025[121] - The company received RMB 301,205,000 from the redemption of other financial assets[121] - The company’s total liabilities decreased significantly, with a repayment of borrowings amounting to RMB 4,779,000 compared to RMB 150,000,000 in the previous year[121] Employee and Shareholder Information - As of June 30, 2025, the total number of employees is 505, an increase from 477 as of June 30, 2024[61] - Total compensation cost for the six months ending June 30, 2025, is RMB 150.3 million, slightly up from RMB 149.9 million for the same period in 2024[61] - Ye Liu holds 84,251,340 shares, representing approximately 10.09% of the company's total shares[64] - Major shareholder 6 Dimensions Capital holds 119,890,000 shares, accounting for 14.36% of the total shares[68] - Alcon Pharma has a significant stake with 139,159,664 shares, representing 16.67% of the total shares[68] Corporate Governance and Compliance - The company maintains compliance with corporate governance codes and has confirmed adherence to the standards for securities trading by all directors and relevant employees[100][101] - There have been no significant events affecting the group after June 30, 2025, up to the date of this interim report[98] - The company has not declared an interim dividend for the six months ending June 30, 2025, consistent with the previous year[99] Stock Options and Incentive Plans - The company has implemented foreign currency hedging measures to manage foreign exchange risk[60] - The total number of shares authorized for the stock option and incentive plans is capped at 53,424,000 shares, representing approximately 7.95% of the total issued shares as of November 25, 2022[198] - The board approved a new employee stock option plan aimed at retaining top talent, which is expected to cost approximately $5 million annually[10] - The total expense recognized for share awards granted by the company during the six months ending June 30, 2025, was RMB 11,092,000, a decrease of 67.8% from RMB 34,423,000 for the same period in 2024[180]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 歐康維視生物 (「本公司」) （於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月9日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01477 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | FF ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 歐康維視生物 (「本公司」) （於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01477 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | 本月底 ...

Core Viewpoint - The company reported a revenue of 294 million yuan for the first half of 2025, representing a year-on-year growth of 75.4%, while the loss narrowed to 132 million yuan compared to the same period in 2024, aligning with expectations [1][2]. Development Trends - The pipeline research and development is progressing steadily, with accelerated clinical and registration advancements for core products. Key updates include: 1. OT-1001 (Zhiwei Tai, 0.24% Azelastine Eye Drops) has been approved for commercialization by the National Medical Products Administration, featuring dual mechanisms for anti-allergy and anti-inflammation [1]. 2. OT-101 (Low-concentration Atropine) has completed a two-year administration for all subjects, with the Phase III clinical trial expected to be unblinded by June 2026 [1]. 3. OT-802 (Pilocarpine) has received approval for Phase III clinical trial application, anticipated to start in early 2026, potentially filling a market gap for innovative drugs in the presbyopia field in China [1]. 4. OT-301 (Latanoprost) has achieved primary endpoint indicators in a global multi-center Phase III clinical trial, surpassing Latanoprost, and is a potential BIC lowering intraocular pressure drug [1]. 5. OT-703 (0.19mg Fluocinolone Vitreous Implant) has been approved for real-world research application in Hainan Boao Lecheng and has completed patient enrollment [1]. Commercialization and Sales Network - The company has demonstrated significant commercial synergy, with rapid expansion of its sales network and channel coverage. In the first half of 2025, the company achieved a revenue of 294 million yuan, with substantial growth in ophthalmic product sales due to successful integration of products from Alcon and the contribution of new products like Zhiwei Tai [2]. - The company has established coverage in 21,535 hospitals nationwide, including 2,799 tertiary hospitals, with a commercial team exceeding 290 members, achieving a nationwide commercial network layout [2]. - The company is actively promoting market access for new products like Zhiwei Tai to enhance market share and build the brand influence of OcuVist, creating new growth points for performance [2]. Production System and Localization - The production system is gradually improving, with enhanced local manufacturing capabilities. During the reporting period, six products received production approval, and commercial batch production is progressing smoothly [2]. - The local production of the core product Yushi Ying has entered the review and public announcement stage, marking a breakthrough in supply assurance and cost control [2]. - Leveraging advanced processes and supply chain management at the Suzhou factory, the company's "OcuVist Manufacturing" model is gradually being implemented, which is expected to ensure supply stability and product quality while strengthening scale advantages, potentially improving production efficiency and reducing costs [2]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025 and 2026. The rating of outperforming the industry is upheld, and considering the recent upward adjustment of the sector's valuation, the target price based on DCF has been raised by 35.5% to 10.16 HKD, indicating a 3.4% upside potential compared to the current stock price [2].

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with the Hang Seng Index dropping by 1.27%, losing over 300 points. The Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.4% and 1.47% respectively, with the former barely holding above the 9000-point mark [2] - Major technology stocks, which serve as market indicators, continued to decline in the afternoon. Kuaishou and Meituan fell over 3%, while JD.com dropped by 2.5%. Baidu, NetEase, and Tencent saw declines close to 2%, and Xiaomi fell by 0.56%. Alibaba managed to stay slightly positive [3] Sector Performance - The financial sector, including banks, insurance companies, and Chinese brokerage firms, collectively underperformed, contributing to the overall market decline. The performance of individual stocks continued to be affected by ongoing earnings reports, with property management and real estate stocks experiencing significant drops [3] - Biopharmaceutical stocks faced a collective downturn, particularly in the innovative drug sector, following comments from Trump regarding the rapid imposition of tariffs on pharmaceuticals. This led to notable declines in various biopharma stocks [3] Specific Stock Movements - Several biopharmaceutical companies saw substantial declines, including Kanghao Ya-B (-8.59%), Qiansirui Biotechnology (-7.42%), and Kangfang Biotechnology (-7.10%). Other notable decliners included Xiansheng Pharmaceutical (-6.79%) and Shiyao Group (-6.36%) [3] - In contrast, the rare earth sector remained strong, benefiting from the implementation of supply reforms and multiple catalysts. Apple’s upcoming event on September 9, where the iPhone 17 series is expected to be launched, led to a rise in Apple-related stocks, with Lens Technology (300433) surging nearly 8% and reaching a new high since its listing [4]