Core Viewpoint - The stock price of Zhaoke Ophthalmology (06622) experienced significant volatility after reaching a peak of HKD 4.60 on August 18, 2023, marking a year-to-date increase of 283.33%. However, the stock has since entered a downward trend, with a cumulative decline of 30% over the following two and a half months, despite a recent milestone in the approval process for its key product, NVK002 [1][4][6]. Group 1: Stock Performance - Zhaoke Ophthalmology's stock price surged to a peak of HKD 4.60, reflecting a year-to-date increase of 283.33% [1] - Following the peak, the stock entered a downward trend characterized by "nine consecutive declines" and "ten consecutive declines," resulting in a cumulative drop of 30% [1] - On October 22, the stock saw a brief increase of 3.58% after the ANDA application for NVK002 was fully approved, but this gain was quickly reversed with a subsequent drop of 4.72% the following day [2][4] Group 2: Financial Performance - For the first half of 2023, Zhaoke Ophthalmology reported revenue of HKD 15.803 million, a year-on-year decline of 68.25%, and a net loss of HKD 117 million, an increase of 53.85% compared to the previous year [4] - The significant revenue drop was primarily due to a one-time licensing income of HKD 33.5 million in the previous year, which inflated the revenue base [4] - After adjusting for this one-time income, the product revenue for the current period was approximately HKD 15.1 million, showing only a slight decline from HKD 15.6 million in the same period last year [4] Group 3: Product Development and Market Potential - Zhaoke Ophthalmology's NVK002, a low-concentration atropine eye drop, has made significant progress, with its ANDA application accepted by the National Medical Products Administration of China [4][5] - The company is currently the only one in China with two concentrations of atropine eye drops under regulatory review, indicating a strong competitive position [5] - The potential market for myopia control in China is substantial, with approximately 700 million myopic patients, including 163 million children and adolescents who could benefit from NVK002 [5] - According to estimates, the myopia prevention market could reach HKD 210 billion by 2030, with a compound annual growth rate of approximately 13.7% [5] Group 4: Market Sentiment and Future Outlook - Following a significant price increase, the stock has shown signs of consolidation, with a current PB ratio of 0.92, well below the industry average of 3.15 [3] - The stock has experienced a "price flat, volume shrinking" phenomenon, indicating a potential stabilization at lower price levels [15] - Recent trading activity suggests that the stock may be nearing a bottom, with a potential for upward momentum if trading volume increases [15]

Core Viewpoint - The stock price of Zhaoke Ophthalmology (06622) experienced significant volatility after reaching a peak of HKD 4.60 on August 18, 2023, marking a year-to-date increase of 283.33%. However, the stock has since declined by approximately 30% over the following two and a half months, despite a recent milestone in the approval process for its key product, NVK002 [1][4][6]. Group 1: Stock Performance - Zhaoke Ophthalmology's stock price surged to a high of HKD 4.60, reflecting a year-to-date increase of 283.33% [1] - Following the peak, the stock entered a downward trend, experiencing a "slow knife" decline with a cumulative drop of 30% over two and a half months [1][2] - On October 22, the stock saw a brief increase of 3.58% after the ANDA application for NVK002 was fully approved, but this gain was quickly reversed with a subsequent drop of 4.72% the next day [2][6] Group 2: Financial Performance - For the first half of 2025, Zhaoke Ophthalmology reported revenue of HKD 15.803 million, a decline of 68.25% year-on-year, and a net loss of HKD 117 million, widening by 53.85% [4] - The revenue drop was primarily due to a one-time licensing income of HKD 33.5 million in the previous year, which inflated the revenue base [4] - Excluding this factor, product revenue was approximately HKD 15.1 million, showing only a slight decline from HKD 15.6 million in the same period last year [4] Group 3: Product Development - Zhaoke Ophthalmology's NVK002, a low-concentration atropine eye drop for myopia control, has made significant progress, with its ANDA application accepted by the National Medical Products Administration [4][5] - The company is the only one in China with two concentrations of atropine eye drops under regulatory review, indicating a strong market position [5] - The global myopia control market is projected to reach HKD 210 billion by 2030, with a compound annual growth rate of approximately 13.7% [5] Group 4: Market Dynamics - The current PB valuation of Zhaoke Ophthalmology is 0.92, significantly lower than the industry average of 3.15, indicating potential undervaluation [3] - The market for low-concentration atropine eye drops is currently limited, with only one competitor, suggesting a favorable competitive landscape for NVK002 [5] - Recent trading patterns indicate a consolidation phase, with a significant portion of the stock's average cost now at HKD 3.24, suggesting improved control by major investors [12][15]

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 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) | 06622 | 說明 | 兆科眼科有限公司 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,600,000,000,000 USD | | 0.00000025 | USD | | 400,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 1,600,000,000,000 USD | | 0.00000025 | USD | | 400,000 | 本月底法定/註冊股本總額： USD 400,000 FF301 第 1 頁 共 10 頁 v 1.1.1 | | | 致：香港交易及結算所有限公司 公司名稱 ...

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 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 兆科眼科有限公司 | | | 呈交日期: | 2025年10月6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) | 06622 | 說明 | 兆科眼科有限公司 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 1,600,000,000,000 | USD | 0.00000025 | USD | | 400,000 | | 增加 / 減少 (-) | | | | | USD | | | | 本月底結存 | | 1,600,000,000,000 | U ...

Zhaoke Ophthalmology Limited 兆科眼科有限公司 (Incorporated in the British Virgin Islands with limited liability and continued in the Cayman Islands) （於英屬處女群島註冊成立並於開曼群島存續的有限公司） (Stock Code: 6622) (股份代號: 6622) N O T I F I C A T I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, Zhaoke Ophthalmology Limited (the "Company") –Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages ...

Zhaoke Ophthalmology Limited 兆科眼科有限公司 (Incorporated in the British Virgin Islands with limited liability and continued in the Cayman Islands) （於英屬處女群島註冊成立並於開曼群島存續的有限公司） (Stock Code: 6622) (股份代號: 6622) Should you have any queries relating to this letter, please contact the Share Registrar at (852)2862 8688 during business hours from 9:00 a.m. to 6:00 p.m. (Hong Kong time), Mondays to Fridays, excluding Hong Kong public holidays. N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered holders, 19 Septe ...

Financial Performance - Revenue for the first half of 2025 was RMB 15,803,000, a decrease of 68.3% compared to RMB 49,769,000 in the same period of 2024[11]. - Gross profit for the first half of 2025 was RMB 8,467,000, down 80.2% from RMB 42,840,000 in the first half of 2024[11]. - Loss for the period was RMB 116,623,000, compared to a loss of RMB 75,802,000 in the first half of 2024, indicating a 53.9% increase in losses[11]. - Non-HKFRS adjusted loss for the period was RMB 115,274,000, up from RMB 75,689,000 in the same period last year, reflecting a 52.4% increase[13]. - Total comprehensive income for the period was RMB (195,373,000), significantly lower than RMB (15,351,000) in the first half of 2024[11]. - Other income decreased to approximately RMB 26.3 million for the six months ended June 30, 2025, down from RMB 44.5 million in 2024, mainly due to the absence of a one-off government subsidy of RMB 5.1 million received in the prior period[165]. - The total comprehensive loss for the period was RMB 195.4 million, compared to RMB 15.4 million in the previous year, reflecting the impact of foreign exchange translation differences[154]. - The company recorded a loss of approximately RMB 116.6 million for the six months ended June 30, 2025, compared to a loss of approximately RMB 75.8 million for the same period in 2024[180]. Research and Development (R&D) - R&D expenses increased to RMB 113,050,000, representing a 25.9% rise from RMB 89,797,000 in the previous year[11]. - R&D expenses were reported at RMB113.1 million, with cash and equivalents totaling RMB1,051.3 million, ensuring strong financial foundations for future growth[26]. - Clinical trial professional service fees accounted for RMB57.8 million in R&D expenses for the six months ended June 30, 2025, up from RMB31.2 million in 2024[172]. - The increase in R&D expenses was primarily driven by the commencement of Phase I and II clinical trials for BRIMOCHOL™ PF and CARBACHOL™ PF[170]. - The R&D team consists of approximately 70 specialists, supporting the company's focus on rapid product development[95]. - The R&D pipeline has made significant progress, with three core assets—Atropine Sulphate Eye Drops (0.01% and 0.02%), CsA Ophthalmic Gel, and Bevacizumab Intravitreal Injection—advancing to the NDA stage[137]. Product Development and Regulatory Approvals - The company achieved critical milestones with three core drug candidates now at the New Drug Application (NDA) stage, highlighting its commitment to innovation[15]. - Three core drug candidates are currently in the New Drug Application (NDA) stage, with significant regulatory breakthroughs achieved for Atropine Sulphate Eye Drops (NVK002) in January and July 2025[17]. - The re-NDA for CsA Ophthalmic Gel was accepted by the NMPA in May 2025, and the BLA for Bevacizumab Intravitreal Injection (TAB014) was accepted in June 2025[21]. - The FDA approved the IND application for CsA Ophthalmic Gel in June 2025, allowing the start of a Phase III trial in the U.S.[22]. - The U.S. FDA accepted the NDA for BRIMOCHOL™ PF for the treatment of presbyopia in June 2025[76]. - The company is preparing for the commercialization of key products, including Atropine Sulphate Eye Drops, Cyclosporine A Ophthalmic Gel, and Bevacizumab Intravitreal Injection, set to launch next year[111]. Market Expansion and Strategic Partnerships - The global capital environment showed steady improvement in the first half of 2025, validating the company's strategic priorities and growth trajectory[15]. - The company formed strategic alliances with several pharmaceutical partners, including a distribution agreement with AFT Pharmaceuticals in January and a partnership with Interpharma in April 2025[24]. - The company expanded into Indonesia through a distribution partnership with PT Ferron Par Pharmaceuticals in July 2025[25]. - A significant partnership was formed in June 2025 with Jamjoom Pharmaceuticals to market CsA Ophthalmic Gel in Saudi Arabia, UAE, Bahrain, Kuwait, Oman, and Qatar[120]. - Zhaoke Ophthalmology has established strategic partnerships with Somerset Therapeutics LLC and FAREVA Group to enhance its manufacturing capabilities[54]. - The company is strategically expanding into new markets including Australia, New Zealand, Thailand, the Middle East, and Indonesia through partnerships with local pharmaceutical companies[51]. Financial Position and Liquidity - As of June 30, 2025, total current assets were approximately RMB 1,475.0 million, a decrease from RMB 1,614.9 million as of December 31, 2024[188]. - Current liabilities amounted to approximately RMB 335.1 million, including bank borrowings of approximately RMB 247.6 million[190]. - The current ratio decreased to 4.4 as of June 30, 2025, compared to 5.2 as of December 31, 2024[198]. - The company primarily funded its working capital requirements through net proceeds from the Global Offering during the reporting period[189]. - The company maintains a conservative treasury policy, centralizing cash management to minimize funding costs[192]. - The company closely monitors cash usage and strives to maintain healthy liquidity for operations[189]. Commitment to Social Responsibility - Zhaoke is committed to sustainability and social responsibility, organizing health seminars to raise awareness about eye health conditions[135]. - The company publishes an annual ESG report to share progress and priorities with stakeholders, reflecting its commitment to transparency and compliance[136].

Core Viewpoint - The company announced the granting of a total of 8 million stock options to 97 grantees, pending acceptance and compliance with listing rules and the terms of the stock option plan post-IPO [1] Summary by Category Stock Options - A total of 8 million stock options were granted, with 5.95 million options awarded to 90 group employees who are not connected persons of the company [1] - The remaining 2.05 million options were granted to 7 directors and/or senior executives of the company [1]

Core Viewpoint - Zhaoke Ophthalmology-B (06622) announced the grant of a total of 8 million stock options to 97 grantees, pending acceptance by the grantees and compliance with listing rules and the terms of the stock option plan post-IPO [1] Summary by Category - **Stock Options Granted** - A total of 8 million stock options have been granted [1] - Out of the total, 5.95 million options were granted to 90 grantees who are employees of the group and not connected persons of the company [1] - The remaining 2.05 million options were granted to 7 grantees who are directors and/or senior executives of the company [1]

Core Viewpoint - The company, Zhaoke Ophthalmology-B (06622.HK), announced the granting of a total of 8 million stock options to 97 grantees, pending acceptance and compliance with listing rules and the terms of the stock option plan post-IPO [1] Summary by Categories Stock Options Grant - A total of 8 million stock options have been granted, which includes 5.95 million options awarded to 90 group employees who are not connected persons of the company [1] - The remaining 2.05 million options have been granted to 7 directors and/or senior executives of the company [1]