[Table_Info1] 欧康维视生物─B(01477.HK) 化学制药/医药生物 [Table_Date] 发布时间：2025-08-26 [Table_Title] 证券研究报告 / 港股公司报告 营收持续高增，关注重磅管线进度 事件： [Table_Summary] 欧康维视生物发布 2025 半年报，报告期内公司实现营收 2.94 亿元（同 比+75.41%），年内溢利-1.32 亿元（同比收窄 12.57%），经调整净溢利- 1.08 亿元（同比增亏 7.18%）。 点评： 多因素毛利率短期波动，期间费用增速控制佳。2025 年上半年，公司① 毛利率 35.93%（-23.25pct）主要系 Alcon 相关产品许可权摊销、适利达 /适利佳业务模型变动等因素影响。②期间费用率：销售及营销开支率 39.79%（-25.78pct）、绝对值 1.17 亿元(+6.45%)，行政开支率 28.76%（- 25.58pct）、绝对值 0.85 亿元（-7.15%）；研发开支率 13.26%（-21.76pct）、 绝对值 0.39 亿元（-33.59%）。③净利率：年内溢利率-45.00%（+45.28p ...

Summary of the Conference Call for 欧康维视 Company Overview - 欧康维视 has a robust late-stage pipeline with five products in Phase III clinical trials and three products that have submitted New Drug Applications (NDA) or completed Phase III trials, indicating significant future growth potential [2][4][5]. Key Products and Developments - **OT101 (Myopia Treatment)**: Phase III clinical trials show some patients have not only stabilized but also regressed in myopia. If results are confirmed, it will be the first large-sample, multi-center myopia treatment trial adhering to GCP standards globally [2][6]. - **OT802 (Presbyopia Treatment)**: Utilizes dual-gun technology, effective within 15 minutes and lasting for 6 hours, significantly reducing side effects, positioning it as a leading solution for presbyopia [2][7]. - **OT301 (Glaucoma Treatment)**: Achieved primary efficacy endpoints in Phase III trials with a pressure reduction of 7.9-10 mmHg, surpassing existing glaucoma medications and showing synergy with the company's current products [2][8]. Financial Performance - In the first half of 2025, 欧康维视 reported revenue of 294 million yuan, a year-on-year increase of 75.4%, exceeding expectations. The company has 21 commercialized products, with six produced in its Suzhou factory [4][9]. - The company holds 578 million yuan in cash, with a significant decrease in sales and management expense ratios, and R&D expenses at 13.3%. Financial conditions are expected to improve significantly over the next 3-5 years [10]. Market Position and Strategy - 欧康维视 has established a nationwide network covering almost all ophthalmology hospitals and a majority of ophthalmologists in China, achieving a complete industrial chain within seven years [9]. - The company plans to achieve profitability with OT702 expected to be approved this year and large-scale sales starting next year, with projected sales of 800 million yuan in 2025 and 1.2 billion yuan in 2026 [3][18][23]. Research and Development - The company is advancing its pipeline with multiple products in late-stage development, particularly in ophthalmology, where it holds a leading market position in specific areas like dry eye, glaucoma, and allergies [5][30]. - Future R&D will focus on expanding the product matrix to meet diverse patient needs, particularly in dry eye treatment [30]. Collaborations and Partnerships - 欧康维视 is engaged in strategic collaborations, including a significant partnership with 爱尔康, which has expanded its sales force from 30 to over 200 representatives, significantly boosting sales [17][32][33]. Market Outlook - The company anticipates a strong market presence for its presbyopia products, expecting to capture over half of the market share upon launch in China [16]. - The gross margin is expected to improve significantly in the second half of 2025 and further in 2026, supporting the company's profitability [36]. Investment Perspective - 欧康维视 combines the stability of a traditional pharmaceutical company with the innovative potential of a biopharmaceutical firm, making it an attractive investment opportunity with solid fundamentals and growth prospects [37].

Group 1 - The core point of the article is that Eucan Vision Bio-B (01477) has seen a significant drop in its stock price, falling over 13% following its removal from the Hang Seng Composite Index [1] - As of the report, the stock price is at 9.84 HKD with a trading volume of 224 million HKD [1] - The Hang Seng Index Company announced its semi-annual index adjustment results on August 22, with changes effective after market close on September 5 and starting September 8 [1] Group 2 - Eucan Vision Bio-B reported a revenue of 294 million RMB for the mid-term of 2025, representing a year-on-year growth of 75.4% [1] - The company recorded a net loss of 132 million RMB, which is a 12.6% reduction compared to the previous year [1] - The basic loss per share is reported at 0.17 RMB [1]

Group 1 - The core point of the article is that EOCON Vision Biotech (01477) experienced a significant drop of over 13% in its stock price, attributed to its removal from the Hang Seng Composite Index [1] - As of the report, the stock price was down 13.07%, trading at HKD 9.84, with a transaction volume of HKD 224 million [1] - The Hang Seng Index Company announced its semi-annual index adjustment results on August 22, with changes effective after market close on September 5 and starting on September 8 [1] Group 2 - EOCON Vision Biotech recently reported its mid-term results for 2025, showing revenue of RMB 294 million, a year-on-year increase of 75.4% [1] - The company recorded a net loss of RMB 132 million, which represents a year-on-year reduction of 12.6% [1] - The basic loss per share was reported at RMB 0.17 [1]

智通财经APP获悉，欧康维视生物-B(01477)跌超13%，截至发稿，跌13.07%，报9.84港元，成交额2.24 亿港元。 消息面上，8月22日，恒生指数公司公布了其定期的半年度指数调整结果，所有变动将于9月5日收市后 实施并于9月8日起生效。其中，欧康维视生物遭剔除出恒生综合指数。市场担忧其进一步被剔除出港股 通名单。此外，欧康维视生物近日发布2025年中期业绩，该公司实现收入2.94亿元(人民币，下同)，同 比增长75.4%；净亏损1.32亿元，同比收窄12.6%；每股基本亏损0.17元。 ...

Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]

Core Viewpoint - The company reported a significant revenue increase of 75.4% year-on-year, reaching 294 million RMB, while narrowing its net loss by 12.6% to 132 million RMB, indicating improved financial performance and operational efficiency [1] Financial Performance - Revenue for the six months ending June 30, 2025, was 294 million RMB, reflecting a year-on-year growth of 75.4% [1] - The net loss was 132 million RMB, which is a 12.6% reduction compared to the previous year [1] - Basic loss per share was 0.17 RMB [1] Product Development and Approvals - The company has successfully commercialized multiple products sourced from Alcon, enhancing its product line and market opportunities [1] - Research and development expenses were 39 million RMB, showing a decrease of 33.6% year-on-year, indicating cost management efforts [1] - The product OT-703 (ILUVIEN) has been approved for real-world research application in Hainan Boao Lecheng International Medical Tourism Pilot Zone [1] - The product OT-802 (a treatment for presbyopia) has received CDE approval for its Phase III clinical trial, highlighting its potential to fill a market gap in China [1] - Six products have received production approval during the reporting period, and the commercialization process is progressing smoothly [1]

欧康维视生物-B(01477)公布，该集团的主要候选药物之一OT-301(NCX470)(正由Nicox S.A.(Nicox)与集 团共同开发，是同类首创的一氧化氮(NO)供体型贝美前列素类似物)于其第二项III期临床试验(Denali试 验)中，已达到与拉坦前列素相比非劣效性的主要终点，符合新药在中国批准的有效性要求。OT-301显 示出良好的安全性，在Denali试验中患者耐受性良好。此外，在预先指定的次要疗效分析中，与拉坦前 列素相比，OT-301在降低基线眼内压表现出具有统计学上的显著优势，在六个时间点中的三个时间点 的p值小于0.05。 Denali试验乃为期三个月的III期多区域临床试验，旨在评估OT-301(NCX470)滴眼液(0.1%浓度)相比现有 标准疗法拉坦前列素滴眼液(0.005%浓度)对降低开角型青光眼或高眼压症患者的眼内压的安全性及疗 效。Denali试验包括一项长期安全性扩展试验，已在美国及中国约90个临床点完成696名患者的入组。 NCX470的第一项III期临床试验(即Mont Blanc试验)于2022年由Nicox在美国和中国成功完成，其一线结 果显示出其强大的疗效和安 ...

智通财经APP讯，欧康维视生物-B(01477)发布截至2025年6月30日止六个月业绩，收入2.94亿元(人民 币，下同)，同比增长75.4%;净亏损1.32亿元，同比收窄12.6%;每股基本亏损0.17元。 期内，多款核心产品增长稳定，公司从Alcon引进的多款商业化产品对接顺利，为公司带来增量业务， 产品线厚度提升，市场空间打开;公司研发费用支出3900万元，同比减少33.6%，在研管线稳步推进，多 款产品均取得较快进展。 智维泰 (0.24%西替利嗪滴眼液)获NMPA批准商业化，是目前唯一获FDA批准可以用于两岁及以上患者 的抗过敏眼科药物。 OT-703(ILUVIEN，氟轻松玻璃体植入剂)获CDE批准纳入海南博鰲乐城国际医疗旅游先行区药品真实世 界研究应用试点品种，并已开始进行真实世界研究患者入组工作。 集团针对老视适应症的自主研发产品OT-802(盐酸毛果蕓香硷)III期临床试验申请已获CDE批准，显示出 其有潜力填补中国目前老视领域商业化创新药物市场的空白。 报告期内，集团的六款产品已获生产批准。集团产品的商业化批次生产有序进行中，优施莹的本地化生 产工作进入到审评公示阶段。 ...

Denali试验乃为期三个月的III期多区域临床试验，旨在评估OT-301(NCX 470)滴眼液（0.1%浓度）相比 现有标准疗法拉坦前列素滴眼液（0.005%浓度）对降低开角型青光眼或高眼压症患者的眼内压的安全 性及疗效。Denali试验包括一项长期安全性扩展试验，已在美国及中国约90个临床点完成696名患者的 入组。NCX 470的第一项III期临床试验（即Mont Blanc试验）于2022年由Nicox在美国和中国成功完 成，其一线结果显示出其强大的疗效和安全性。 OT-301(NCX 470)是一种由Nicox发明的新型化学药物，旨在释放比马前列素（一种美国食品药品监督 管理局批准的前列腺素类似物及一氧化氮，用于降低开角型青光眼及高眼压症患者的眼内压）。集团于 2018年12月获Nicox独家许可，以在大中华地区开发、制造、委托制造、进口、出口及销售OT-301(NCX 470)，并于2020年3月将独家权利扩大至韩国及东南亚12个国家。 格隆汇8月21日丨欧康维视生物-B(01477.HK)发布公告，集团的主要候选药物之一OT-301(NCX470)（正 由Nicox S.A.（Nicox）与集 ...