Core Insights - The approval of the eye drop product, Hydrochloride Epiphrine Eye Drops, by Zhaoke (Guangzhou) Ophthalmic Pharmaceuticals marks a significant milestone as it becomes the second company in China to receive approval for this generic drug, which is primarily used to treat allergic conjunctivitis [1][5][8] - The market for allergic conjunctivitis treatments in China is substantial, with total sales projected to exceed 1.5 billion yuan in 2024, indicating a lucrative opportunity for the newly approved products [3][4] Company Developments - Zhaoke (Guangzhou) has successfully obtained approval for seven generic drugs, enhancing its competitive position in the ophthalmic market [1][5] - The company is actively expanding its product line, with several other ophthalmic products, including Atropine Sulfate Eye Drops and Bevacizumab Eye Injection, currently under review for approval [9][11] - The recent approval of PAN-90806, an innovative drug for treating wet age-related macular degeneration, further demonstrates Zhaoke's commitment to both generic and innovative drug development [11] Market Context - The approval of Hydrochloride Epiphrine Eye Drops follows the earlier approval of the same product by Guangzhou Runer Ophthalmology, indicating a competitive landscape in the ophthalmic drug market [5][8] - The lack of approved imported products for this specific drug in China, coupled with ongoing applications from original manufacturers, suggests a growing domestic market for these treatments [5][8] - The regulatory body's prioritization of Hydrochloride Epiphrine Eye Drops for pediatric use highlights the potential for broader market acceptance and patient accessibility [8]

Core Viewpoint - The company has received regulatory approvals for two eye drop products, PAN-90806 for wet age-related macular degeneration (wAMD) and epinastine hydrochloride for allergic conjunctivitis, indicating significant advancements in its product pipeline and potential market impact [1][2]. Group 1: PAN-90806 Development - The National Medical Products Administration (NMPA) approved the clinical trial application for PAN-90806 on November 18, 2025, aimed at treating wAMD [1]. - PAN-90806 is a novel anti-VEGF eye drop formulation that offers a less invasive treatment option, potentially reducing the frequency of intravitreal injections associated with mainstream therapies [1]. - The anticipated benefits of PAN-90806 include improved patient comfort, adherence, and convenience, which may help slow disease progression and reduce treatment interruptions [1]. Group 2: Market Potential for wAMD - wAMD is a leading cause of vision loss and blindness among individuals over 50 in China and globally [1]. - The market for wAMD drugs in China is projected to grow from $241.5 million in 2019 to approximately $3.5 billion by 2030, with a compound annual growth rate (CAGR) of 27.5% [1]. Group 3: Epinastine Hydrochloride Approval - The company announced the NMPA approval for epinastine hydrochloride eye drops for allergic conjunctivitis on November 19, 2025 [1]. - Epinastine hydrochloride acts as a dual mechanism treatment, providing antihistamine effects and stabilizing mast cells, making it a first-line therapy for allergic conjunctivitis in China [2].

Core Viewpoint - The company Zhaoke Ophthalmology-B (06622.HK) has received regulatory approvals for two significant ophthalmic treatments, indicating a positive development in its product pipeline and potential market impact [1] Group 1: Regulatory Approvals - On November 18, 2025, the National Medical Products Administration of China approved the company's clinical trial application for PAN-90806 eye drops aimed at treating wet age-related macular degeneration (wAMD) [1] - On November 19, 2025, the company announced that it received market approval for the antihistamine eye drops, Epiphenidine Hydrochloride, for the treatment of allergic conjunctivitis [1] Group 2: Product Details - PAN-90806 is a novel anti-VEGF eye drop formulation characterized as a small molecule compound with favorable physicochemical properties for external use [1] - If approved as a maintenance therapy, PAN-90806 is expected to provide significant convenience and less invasive treatment options for patients, reducing the frequency of intravitreal injections associated with mainstream anti-VEGF therapies [1] - The use of PAN-90806 is anticipated to greatly decrease treatment interruptions, enhancing patient comfort, acceptance, convenience, and adherence to medical advice, thereby slowing disease progression [1] Group 3: Competitive Landscape - Epiphenidine Hydrochloride is positioned as a first-line therapy for allergic conjunctivitis in China, particularly for acute patients, and is a generic version of Elestat developed by Allergan [1]

Core Insights - The company Zhaoke Ophthalmology-B (06622) has received approval from the National Medical Products Administration (NMPA) for clinical trials of PAN-90806 eye drops for the treatment of wet age-related macular degeneration (wAMD) [1] - The company also announced the approval of its eye drops, Epiphenidine Hydrochloride, for the treatment of allergic conjunctivitis [2] Group 1: PAN-90806 Eye Drops - PAN-90806 is a novel anti-VEGF eye drop formulation designed for wAMD treatment, characterized by favorable physicochemical properties and intended for external use [1] - If approved as a maintenance therapy, PAN-90806 is expected to provide significant convenience and less invasive treatment options for patients, reducing the frequency of intravitreal injections associated with mainstream anti-VEGF therapies [1] - The anticipated use of PAN-90806 is projected to significantly decrease treatment interruptions, enhancing patient comfort, acceptance, convenience, and adherence to medical advice, thereby slowing disease progression [1] Group 2: Market Potential - wAMD is a leading cause of vision loss and blindness among individuals over 50 years old in China and globally [1] - According to Frost & Sullivan, the market size for wAMD drugs in China is expected to grow from USD 241.5 million in 2019 to approximately USD 3.5 billion by 2030, with a compound annual growth rate (CAGR) of 27.5% [1] Group 3: Epiphenidine Hydrochloride - Epiphenidine Hydrochloride is an antihistamine eye drop with dual mechanisms of action, effective for treating allergic conjunctivitis, particularly in acute patients, and is considered a first-line therapy in China [2] - The company's Epiphenidine Hydrochloride is a generic version of Elestat, developed by Allergan [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。 Zhaoke Ophthalmology Limited （於英屬處女群島註冊成立並於開曼群島存續的有限公司） 兆科眼科有限公司 （股份代號：6622） 自 願 性 公 告－ 關 於PAN-90806 PAN-90806，一 種 用 於 治 療wAMD的 抗VEGF藥 物，為 一 種 新 型 滴 眼 液 配 方，屬 於 小 分 子 複 合 物，具 有 良 好 的 物 理 化 學 特 性，可 供 外 用。PAN-90806如獲批准作為 維 持 療 法，將 為 患 者 帶 來 極 大 便 利 性 及 較 小 侵 入 性 的 治 療 選 擇，降 低 主 流 抗 VEGF療 法 中 的 玻 璃 體 腔 內 注 射 頻 率 及 其 他 相 關 治 療 負 擔，同 時 維 持 視 力 穩 定 性。預 期 使 用PAN-90806將 大 幅 減 少 治 療 中 ...

Core Insights - Dida Chuxing released the "2025 Dida Ridesharing Commute Observation Report," highlighting trends in ridesharing efficiency and cost based on big data and user surveys [1][2] - Ridesharing commute efficiency has improved for three consecutive years, while costs have decreased over the same period [1] Summary by Sections Commute Efficiency and Cost Trends - In 2025, the average speed for urban and intercity ridesharing commutes is projected to be 40.2 km/h and 56 km/h, representing increases of 9.2% and 14.5% from 2023, respectively [1] - The average cost for urban and intercity ridesharing commutes is expected to be 37.2 yuan and 100.3 yuan, reflecting decreases of 10.4% and 5.8% [1] - The order volume ratio for urban to intercity ridesharing is approximately 3:1 [1] Order Characteristics - Nearly 70% of urban ridesharing orders are for distances over 20 kilometers, while almost 60% of intercity orders exceed 90 kilometers [1] - Most ridesharing routes are between residential areas and office locations, typically offering direct one-stop service [1] City Comparisons - The efficiency of urban ridesharing in first-tier cities is comparable to that in new first-tier cities, with average distances of 32.2 km and 36.5 km, and average speeds of 38.7 km/h and 42.7 km/h, respectively [2] - The top five cities for early morning ridesharing orders (6:00-7:00 AM) are Dongguan, Tianjin, Qingdao, Chongqing, and Beijing [2] - The leading city clusters for intercity ridesharing are the Pearl River Delta, Yangtze River Delta, Beijing-Tianjin-Hebei, Shandong Peninsula, and Chengdu-Chongqing [2] - The top five popular intercity routes include Dongguan-Shenzhen, Suzhou-Shanghai, Langfang-Beijing, Huizhou-Shenzhen, and Guangzhou-Shenzhen [2]

Core Insights - Vimo Biotechnology (Zhejiang) Co., Ltd. appointed Cai Jianming as Chief Medical Officer, who will lead the clinical and medical teams, oversee product pipeline strategy, and participate in the overall development strategy of the company [2] Company Overview - Cai Jianming has extensive experience in the pharmaceutical industry, having held executive positions in several global pharmaceutical companies, including serving as CMO at Zhaoke Ophthalmology and Vice President and Medical Director at PPD Inc. for the Asia-Pacific region [2] - The appointment of Cai Jianming is expected to enhance the company's clinical project planning and operations, aligning with its strategic goals [2]

Core Viewpoint - Zhaoke Ophthalmology-B (06622.HK) experienced a significant increase in stock price, rising nearly 10% to HKD 3.7 with a trading volume of HKD 6.55 million [2] Company Summary - The stock price of Zhaoke Ophthalmology-B rose by 9.79% as of the time of reporting [2] - The current trading price is HKD 3.7, indicating strong market interest [2] - The total trading volume reached HKD 6.55 million, reflecting active trading activity [2]

Core Viewpoint - Zhaoke Ophthalmology-B (06622) experienced a nearly 10% increase in stock price, reaching HKD 3.7 with a trading volume of HKD 6.55 million following the announcement of a distribution and supply agreement with PT Ferron Par Pharmaceuticals for its innovative drug BRIMOCHOL™ PF in Indonesia [1] Company Summary - Zhaoke Ophthalmology has signed a distribution and supply agreement with PT Ferron Par Pharmaceuticals, a leading pharmaceutical company in Indonesia [1] - The agreement grants PT Ferron exclusive rights to import, promote, distribute, market, and sell BRIMOCHOL™ PF in Indonesia [1] - Zhaoke Ophthalmology will receive an upfront payment and may earn additional milestone payments based on certain achievements [1]

Core Viewpoint - Zhaoke Ophthalmology-B (06622) experienced a nearly 10% increase in stock price, reaching HKD 3.7 with a trading volume of HKD 6.55 million following the announcement of a distribution and supply agreement in Indonesia for its innovative drug BRIMOCHOL PF, aimed at treating presbyopia [1] Company Summary - Zhaoke Ophthalmology has signed a distribution and supply agreement with PT Ferron Par Pharmaceuticals, a leading pharmaceutical company in Indonesia [1] - The agreement grants PT Ferron exclusive rights to import, promote, distribute, market, and sell BRIMOCHOL PF in Indonesia [1] - Zhaoke Ophthalmology will receive an upfront payment and may earn additional milestone payments based on certain achievements [1]