Core Viewpoint - The company, Zhaoke Ophthalmology (06622.HK), has seen its stock price nearly double this year, making it one of the top performers in the Hong Kong biotech sector, despite reporting a loss of 117 million yuan in the first half of the year due to strategic adjustments and increased R&D spending [1][2][3]. Financial Performance - Zhaoke Ophthalmology reported a loss of 117 million yuan in the first half of the year, attributed to a shift in sales strategy focusing on top-tier hospitals and optimizing the sales team, which led to a temporary decline in generic drug sales [2]. - The company's R&D expenditure for the first half of the year was 113 million yuan, an increase compared to the same period last year [3]. Product Pipeline and Market Potential - The company aims to commercialize a total of 12 drugs by the end of 2026, with a focus on core products such as atropine sulfate eye drops, cyclosporine eye gel, and bevacizumab intravitreal injection, which are currently at the application stage for market approval [3][4]. - The demand for pediatric myopia prevention is significant, with many hospitals still using in-house formulations of atropine, indicating a substantial growth opportunity in the atropine market as approved products replace these formulations [4]. Industry Trends - The incidence of eye diseases in China is rising due to factors such as aging population, increased work and study pressure, and excessive use of electronic devices. The overall myopia rate among children and adolescents was reported at 51.9% in 2022, with varying rates across different age groups [3].

Core Viewpoint - Zhaoke Ophthalmology-B (06622) reported a significant decline in revenue and an increase in net loss for the first half of 2025, leading to a drop in stock price by over 8% [1] Financial Performance - The company achieved revenue of 15.803 million HKD, representing a year-on-year decrease of 68.25% [1] - The net loss amounted to 117 million HKD, which is an increase of 53.85% compared to the previous period [1] Reasons for Financial Changes - The increase in net loss is primarily attributed to the absence of one-time licensing income recognized in the previous period under a product licensing agreement [1] - Increased R&D expenses due to the initiation of Phase I and II clinical trials for BRIMOCHOL™ PF and CARBACHOL™ PF, as well as a new Phase III clinical trial for cyclosporine eye gel, offset the impact of a continuous reduction in administrative expenses during the reporting period [1]

Performance Highlights - The company reported cash and cash equivalents of 1.051 billion [4] - Significant progress in core pipeline with the acceptance of NDA for both 0.01% and 0.02% concentrations of Atropine (NVK002) for myopia in children by the National Medical Products Administration [4][21] - The company is the only one in China with two specifications of Atropine under review [19] Product Pipeline - The company has initiated clinical trials for the new drug application (NDA) of Cyclosporine eye gel for dry eye syndrome, which has been accepted by the regulatory authority [5] - The company has received FDA approval for the Phase III clinical trial application for the same product in the U.S. [5] - The company is advancing its product pipeline with several candidates including BRIMOCHOL™ PF for presbyopia and TAB014 for wet age-related macular degeneration (wAMD) [40][36] Market Expansion - The company is expanding its overseas presence and has established partnerships for drug production and supply in various regions including Australia, New Zealand, and Southeast Asia [60] - The company has covered over 1,200 hospitals across 30 provinces in China, including major eye hospitals [57] - The company is leveraging e-commerce platforms such as Tmall and JD for product distribution [58] Research and Development - The company is focusing on innovative drug formulations and delivery methods to improve patient compliance and reduce treatment burden [47][49] - The company has a comprehensive clinical data set supporting its product candidates, enhancing its competitive advantage in the market [22][29] - The company is preparing for IND submissions for several candidates, including PAN-90806 for wAMD and diabetic macular edema [50][46]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for the six months ending June 30, 2025, primarily due to changes in sales strategy and increased R&D expenses [1] Financial Performance - Revenue for the period was 15.803 million, representing a year-on-year decrease of 68.25% [1] - The net loss amounted to 117 million, which is an increase of 53.85% compared to the previous period [1] Reasons for Financial Changes - The increase in net loss is attributed to the absence of one-time licensing income recognized in the previous period under a product licensing agreement [1] - Increased R&D expenses were driven by the initiation of Phase I and II clinical trials for BRIMOCHOL PF and CARBACHOL PF, as well as a new Phase III clinical trial for cyclosporine eye gel [1] - The decrease in revenue is linked to the company's shift in sales strategy, focusing on expanding the distribution network for ophthalmic drugs and restructuring the sales team to concentrate on key sales regions [1]

收益减少主要是由于公司改变销售策略所致。公司更为着重扩大眼科药物的分销网络，同时重组销售团 队，集中于主要销售地区。因此，整体销售额于报告期内短暂及阶段性下跌。 智通财经APP讯，兆科眼科-B(06622)发布截至2025年6月30日止6个月的中期业绩，该集团取得收益 1580.3万元，同比减少68.25%;净亏损1.17亿元，同比增加53.85%。 公告称，亏损增加主要是由于并无上一期间根据一项产品许可协议确认的一次性许可收入所致。此外， 由于BRIMOCHOL™ PF及CARBACHOL™ PF的第I及第II期临床试验展开，以及环孢素眼用凝胶的新一 轮第III期临床试验开始，导致研发开支增加，继而抵销报告期内行政费用持续减少的部分影响。 ...

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的內容概不 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 對 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的任何損失承擔任何責 任。 本 公 告 載 有 前 瞻 性 陳 述，當 中 涉 及 風 險 及 不 明 朗 因 素。除 過 往 事 實 的 陳 述 外， 所 有 陳 述 均 屬 前 瞻 性 陳 述。該 等 陳 述 涉 及 已 知 及 未 知 風 險、不 明 朗 因 素 及 其 他 因 素，當 中 部 分 非 本 公 司 所 能 控 制，可 能 導 致 實 際 業 績、表 現 或 成 果 與 前 瞻 性 陳 述 所 明 示 或 暗 示 者 存 在 重 大 差 異。 閣下不應倚賴前瞻性陳述預測未來事 件。本 公 司 概 不 負 責 更 新 或 修 訂 任 何 前 瞻 性 陳 述，即 使 出 現 新 資 料、未 來 事 件 或 其 他 事 項 亦 然。 Zhaoke Ophthalmology Limited 兆科眼科有限公司 （於英屬處女群島註冊成立並於開曼群島存續的有限公司） ...

Group 1 - The core viewpoint of the article highlights that Zhaoke Ophthalmology-B (06622) has seen a significant stock price increase, rising over 7% and currently trading at 4.27 HKD with a transaction volume of 10.87 million HKD [1] - Zhaoke Ophthalmology has entered into a distribution and supply agreement with PT Ferron Par Pharmaceuticals, a leading pharmaceutical company in Indonesia, for its core product, atropine sulfate eye drops (NVK002), aimed at slowing the progression of myopia in children and adolescents [1] - Under the agreement, Zhaoke Ophthalmology grants PT Ferron exclusive rights to import, promote, distribute, market, and sell the product in Indonesia, which includes an upfront payment and potential milestone payments based on certain achievements [1] Group 2 - Earlier this year, Zhaoke Ophthalmology's new drug application for a 0.01% dosage of atropine sulfate eye drops and a 0.02% dosage has been accepted by the National Medical Products Administration of China and is currently under review [1]

根据协议条款，兆科眼科授予PT Ferron在印度尼西亚进口、推广、分销、营销和销售该产品的独家权 利。兆科眼科将获得一笔预付款项，并可根据若干成就获得额外的里程碑付款。此外，今年稍早时候， 兆科眼科硫酸阿托品滴眼液0.01%剂量之简易新药申请，以及0.02%剂量之新药申请，已先后获得中国 国家药品监督管理局受理，目前正在审批过程中。 兆科眼科-B(06622)再涨超7%，截至发稿，涨6.48%，报4.27港元，成交额1087.63万港元。 消息面上，兆科眼科宣布，公司已与印尼领先制药公司PT Ferron Par Pharmaceuticals，就公司之核心产 品：用于减缓儿童和青少年近视进展的硫酸阿托品滴眼液(NVK002)，签订了一份针对印尼市场的分销 和供应协议。 ...

根据协议条款，兆科眼科授予PT Ferron在印度尼西亚进口、推广、分销、营销和销售该产品的独家权 利。兆科眼科将获得一笔预付款项，并可根据若干成就获得额外的里程碑付款。此外，今年稍早时候， 兆科眼科硫酸阿托品滴眼液0.01%剂量之简易新药申请，以及0.02%剂量之新药申请，已先后获得中国 国家药品监督管理局受理，目前正在审批过程中。 智通财经APP获悉，兆科眼科-B(06622)再涨超7%，截至发稿，涨6.48%，报4.27港元，成交额1087.63万 港元。 消息面上，兆科眼科宣布，公司已与印尼领先制药公司PT Ferron Par Pharmaceuticals，就公司之核心产 品：用于减缓儿童和青少年近视进展的硫酸阿托品滴眼液(NVK002)，签订了一份针对印尼市场的分销 和供应协议。 ...

格隆汇8月14日丨兆科眼科-B(06622.HK)宣布，董事会会议将于2025年8月28日（星期四）举行，以（其 中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩及其登载。 ...