欧康维视生物(01477) - 2025 - 中期业绩

Business Overview The company achieved significant revenue growth, stable core product performance, and expanded its business scope with new commercialized products and clinical trial advancements Business Highlights During the Reporting Period The company achieved significant revenue growth, stable core product performance, and expanded its business scope with new commercialized products and clinical trial advancements - The company's operating revenue reached RMB 294.0 million, a 75.4% year-on-year increase, primarily driven by stable growth of core products and incremental contributions from Alcon-introduced products[4] - Zerviate® (0.24% Cetirizine Ophthalmic Solution) received NMPA approval for commercialization, currently the only FDA-approved anti-allergic ophthalmic drug for patients aged two years and above[4] - OT-703 (ILUVIEN®, Fluocinolone Acetonide Intravitreal Implant) was approved by CDE for inclusion in the Hainan Boao Lecheng International Medical Tourism Pilot Zone for real-world study, with patient enrollment initiated[4] - The Phase III clinical trial application for self-developed product OT-802 (Pilocarpine Hydrochloride) for presbyopia indication was approved by CDE, potentially filling a market gap for commercialized innovative drugs in China's presbyopia field[5] - During the reporting period, six of the company's products received production approval, and the local production of YUTIQ® entered the review and public announcement phase[5] Financial Summary The Group's revenue significantly increased, but adjusted net loss slightly widened due to rising cost of sales, while bank balances and other financial assets remained high Key Financial Indicators Comparison (For the six months ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 294.0 | 167.6 | 75.4% increase | Significant growth in ophthalmic product sales and CDMO services, partially offset by reduced pharmaceutical product promotion service revenue | | Adjusted Net Loss | 108.0 | 100.8 | 7.2 increase | Cost of sales (including intangible asset amortization) increased slightly more than revenue growth | | Bank Balances and Other Financial Assets | 578.2 | N/A | N/A | As of June 30, 2025 | Company Overview Ocumension Therapeutics is a China-focused ophthalmic pharmaceutical platform dedicated to developing and commercializing first-in-class or best-in-class therapies Company Positioning and Product Pipeline Ocumension Therapeutics is a China-focused ophthalmic pharmaceutical platform with a comprehensive ophthalmic drug pipeline covering anterior and posterior segment diseases - The company is positioned as a China ophthalmic pharmaceutical platform company, with a vision to provide world-class holistic drug solutions to meet China's ophthalmic medical needs[8] - A comprehensive ophthalmic drug pipeline has been established, with 34 drug assets, including 21 products in commercialization, 3 products in Phase III clinical trials, and 2 products entering commercial registration[8] - Core product YUTIQ® (0.18mg Fluocinolone Acetonide Intravitreal Implant) has been approved for commercialization in mainland China and included in the National Medical Insurance Catalog, while the innovative anti-allergic drug Zerviate® has also been approved for commercialization[8] Overview of Selected Ophthalmic Drug Pipeline | Pipeline Category | Product Name | Mechanism of Action | Indication | Clinical/Market Status | | :--- | :--- | :--- | :--- | :--- | | Uveitis, Retinal Diseases | OT-401 YUTIQ® | Fluocinolone Acetonide Intravitreal Implant | Chronic non-infectious uveitis affecting the posterior segment of the eye | Marketed | | Uveitis, Retinal Diseases | OT-702 Boyoujing® | Aflibercept Ophthalmic Solution | Wet age-related macular degeneration, diabetic macular edema | Marketed | | Refractive Correction | OT-802 | Pilocarpine Hydrochloride Ophthalmic Solution | Presbyopia | Phase III/RWE | | Keratoconjunctivitis | OT-1001 Zerviate® | Cetirizine Hydrochloride Ophthalmic Solution | Allergic conjunctivitis | Marketed | | Ophthalmic Surgery and Post-operative Inflammation | OT-502 Dexycu® | Dexamethasone Intracameral Suspension | Post-operative inflammation | Commercialization application submitted | Management Discussion and Analysis The company achieved significant revenue growth, optimized R&D investment, and expanded market coverage and brand influence during the reporting period Business Review The company achieved significant revenue growth, optimized R&D investment, and expanded market coverage and brand influence during the reporting period - Operating revenue reached RMB 294.0 million, a 75.4% year-on-year increase, enhancing product line depth and opening up market space[12] - R&D expenses amounted to RMB 39.0 million, a 33.6% year-on-year decrease, with steady progress in the R&D pipeline[12] R&D Performance The company achieved significant clinical R&D progress with Zerviate® approval, OT-703 real-world study, and OT-802 entering Phase III, solidifying its leading position in innovative ophthalmic drugs - Zerviate® received NMPA approval for commercialization, currently the only FDA-approved anti-allergic ophthalmic drug for patients aged two years and above[13] - OT-703 was approved by CDE for inclusion in the Hainan Boao Lecheng International Medical Tourism Pilot Zone for real-world data application, with patient enrollment initiated[13] - The Phase III clinical trial application for self-developed product OT-802 (for presbyopia indication) was approved by CDE[13] - The company currently has three products in Phase III clinical trials and two products in commercial registration, ranking among the top innovative pharmaceutical companies in China for ophthalmic drugs in Phase III clinical and registration stages[13] Progress of Key Candidate Drugs OT-703's real-world study has been approved and initiated patient enrollment, while OT-802's Phase III clinical trial application was approved, expected to start in early 2026, demonstrating the company's strategic focus in DME and presbyopia - The real-world study application for OT-703 (Fluocinolone Acetonide Intravitreal Implant) was approved by CDE in May 2025, with patient enrollment initiated in the Hainan Boao Lecheng International Medical Tourism Pilot Zone, and further patient enrollment expected in H2 2025[14][15] - The Phase III clinical trial application for OT-802 (Pilocarpine Hydrochloride Ophthalmic Solution) was approved by CDE in June 2025, with Phase III clinical trials expected to commence in early 2026[15][16] Commercialization Performance The company successfully integrated Alcon-introduced products, actively expanded hospital coverage and market promotion, achieving rapid sales growth and establishing a nationwide commercial network - The acquired and licensed Alcon product portfolio has been integrated into the company's commercialization landscape, accelerating hospital coverage expansion and promoting market access for new products like Zerviate®[17] - Total revenue reached RMB 294.0 million, a 75.4% year-on-year increase, primarily from commercialized products[17] - The company has achieved coverage of 21,535 hospitals nationwide, including 2,799 tertiary hospitals, with a commercial team of over 290 people, completing nationwide commercial network coverage[17] Production Performance Six products received production approval, commercial batch production is proceeding orderly, and YUTIQ®'s local production entered the review and public announcement phase, demonstrating commitment to providing quality ophthalmic drugs - Six products have received production approval, with commercial batch production proceeding as planned[18] - The local production of YUTIQ® has entered the review and public announcement phase[18] Future Development and Outlook The company aims to accelerate new product R&D and commercialization, optimize production, promote core products, and expand international and online channels to achieve its vision as a leader in ophthalmology Development Goals for H2 2025 The company aims to accelerate new product R&D and commercialization, optimize production, promote core products, and expand international and online channels to achieve its vision as a leader in ophthalmology - Accelerate new product R&D and commercialization: Increase investment to ensure at least one NDA approval and maintain a continuous rhythm of new product launches[19] - Optimize production and supply chain management: Focus on commercial batch production at the Suzhou factory, ensuring stable supply and product quality, and improving production efficiency and cost reduction[19] - Promote core product YUTIQ®: Intensify promotion efforts, expand coverage, and increase market penetration[19] - Strengthen marketing and promotion for other drugs: Increase marketing and promotion for Xelpros®, Xelpros Plus®, Betimol®, Emadine®, and AzaSite®, consolidating leadership in niche markets[19] - Expand international vision: Actively explore international markets, seek cooperation opportunities with overseas partners, and expand international business through out-licensing innovative products[20] - Continuous innovation and technological leadership: Continuously invest in R&D, exploring new therapeutic areas and methods[20] - Expand online OTC channels: Improve online OTC channels to provide end-users with a more convenient and efficient purchasing experience[21] Management Discussion and Analysis - Financial Performance The company's revenue significantly increased, but adjusted net loss slightly widened due to rising cost of sales, while bank balances and other financial assets remained high Revenue The Group's revenue significantly increased, driven by strong ophthalmic product sales and CDMO services, partially offset by a change in promotion service revenue Revenue Components (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sales of ophthalmic products | 284,680 | 150,013 | 89.8% increase | | Pharmaceutical product promotion services | 568 | 11,859 | 95.2% decrease | | Sales-based royalty income | 2,108 | 2,291 | 8.0% decrease | | CDMO services | 6,677 | 3,460 | 93.0% increase | | Total Revenue | 294,033 | 167,623 | 75.4% increase | - Revenue growth was primarily due to a significant increase in sales of ophthalmic products (including Xelpros®, AzaSite®, and products under the Alcon transaction) and CDMO services[22] - The decrease in pharmaceutical product promotion service revenue was due to a change in revenue recognition resulting from a business model shift for Xelpros® and Xelpros Plus®[22] Cost of Sales Cost of sales significantly increased, primarily due to higher ophthalmic product sales, Alcon transaction-related license amortization costs, and a business model shift - Cost of sales increased from RMB 68.4 million in the same period of 2024 to RMB 188.4 million in 2025[24] - The increase was due to higher costs of sales of ophthalmic products, increased amortization costs for licenses related to the Alcon transaction, and a business model shift for Xelpros® and Xelpros Plus® from promotion services to direct sales[24] Gross Profit Despite the increase in cost of sales, gross profit still achieved a slight increase, consistent with overall revenue growth - Gross profit increased by 6.5% from RMB 99.2 million in the same period of 2024 to RMB 105.6 million in 2025[25] Other Income Other income primarily consists of bank interest and government grants, which significantly decreased this period due to reduced bank deposits and lower interest rates - Other income decreased by approximately RMB 10.3 million from RMB 15.4 million in the same period of 2024 to RMB 5.1 million in 2025[26] - This was primarily due to reduced bank deposits and lower deposit interest rates[26] Other Losses Other losses slightly increased, mainly due to higher net foreign exchange losses resulting from currency fluctuations - Other losses increased from RMB 0.3 million in the same period of 2024 to RMB 0.7 million in 2025[27] - This was primarily due to increased net foreign exchange losses from currency fluctuations, partially offset by an increase in the fair value of other financial assets[27] Selling and Marketing Expenses Selling and marketing expenses slightly increased, primarily reflected in the growth of salaries and benefits, and marketing and promotion fees Selling and Marketing Expenses Components (For the six months ended June 30) | Component | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Salaries and benefits | 64,440 | 52,360 | 23.1% increase | | Share-based payments | 8,159 | 18,347 | 55.6% decrease | | Marketing and promotion | 31,945 | 22,528 | 41.8% increase | | Others | 12,460 | 16,678 | 25.3% decrease | | Total Selling and Marketing Expenses | 117,004 | 109,913 | 6.4% increase | - Total selling and marketing expenses slightly increased from RMB 109.9 million in the same period of 2024 to RMB 117.0 million in 2025[28] Research and Development Expenses R&D expenses significantly decreased, primarily due to lower share-based payments and third-party contractor costs R&D Expenses Components (For the six months ended June 30) | Component | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Third-party contractor costs | 11,875 | 19,656 | 39.6% decrease | | Staff costs | 19,188 | 27,709 | 30.7% decrease | | Depreciation and amortization | 4,949 | 5,423 | 8.7% decrease | | Others | 2,974 | 5,917 | 49.7% decrease | | Total R&D Expenses | 38,986 | 58,705 | 33.6% decrease | - R&D expenses decreased by 33.6% from RMB 58.7 million in the same period of 2024 to RMB 39.0 million in 2025[30] - The decrease was primarily due to a RMB 8.5 million reduction in share-based payments to R&D personnel and a RMB 7.8 million reduction in third-party contractor costs[30] Administrative Expenses Administrative expenses decreased, primarily due to a reduction in share-based payments for administrative personnel - Administrative expenses decreased by RMB 6.5 million from RMB 91.1 million in the same period of 2024 to RMB 84.6 million in 2025[32] - This was primarily due to a reduction in share-based payments to administrative personnel[32] Income Tax Expense Income tax expense remained relatively stable during the reporting period - Income tax expense remained relatively stable at RMB 0.3 million in both 2025 and the same period of 2024[33] Loss for the Period Loss for the period decreased year-on-year, driven by increased gross profit and reduced R&D and administrative expenses, partially offset by higher selling and marketing expenses - Loss for the period decreased by RMB 19.0 million from RMB 151.3 million in the same period of 2024 to RMB 132.3 million in 2025[34] - The decrease in loss was primarily due to a RMB 6.4 million increase in gross profit, a RMB 19.7 million decrease in R&D expenses, and a RMB 6.5 million decrease in administrative expenses[34] - This was partially offset by a RMB 7.1 million increase in selling and marketing expenses compared to the same period of 2024[34] Non-IFRS Measures The company uses non-IFRS adjusted net loss to exclude non-cash items, providing a clearer operational assessment for investors, with adjusted net loss slightly widening this period Non-IFRS Adjusted Net Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (132,320) | (151,341) | | Add: Share-based payments | 24,320 | 50,572 | | Non-IFRS Adjusted Net Loss for the Period | (108,000) | (100,769) | Condensed Consolidated Statement of Financial Position Data (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total current assets | 817,686 | 978,795 | | Total non-current assets | 3,079,244 | 2,995,009 | | Total assets | 3,896,930 | 3,973,804 | | Total current liabilities | 154,667 | 155,001 | | Total non-current liabilities | 89,156 | 45,186 | | Total liabilities | 243,823 | 200,187 | | Net assets | 3,653,107 | 3,773,617 | Financial Position and Liquidity The company maintains a healthy financial position, primarily funded by equity and product sales, with sufficient cash to support operations and R&D Trade Receivables The increase in trade receivables is largely consistent with revenue growth, with most balances less than one year old - The company provides an average credit period of 30 to 90 days to its trade customers[36] - As of June 30, 2025, the increase in trade receivables was largely consistent with revenue growth[38] Trade Payables Most trade payables have an aging period of less than one year - Most trade payables have an aging period of less than one year[39] Working Capital and Funding Sources The company primarily obtains working capital from equity financing and product sales, maintaining adequate cash for operations and R&D activities - Cash is primarily used for daily operations, selling and marketing, drug clinical trial R&D, and maintenance and upgrades of production equipment at the Suzhou factory[40] - Cash is primarily obtained through equity financing, sales of ophthalmic products, pharmaceutical product promotion services, royalty income, and CDMO services[40] - As of June 30, 2025, cash and cash equivalents amounted to RMB 458.1 million (December 31, 2024: RMB 769.2 million)[40] Borrowings Borrowings increased, with new loan agreements entered into with banks at interest rates ranging from 0.35% to 0.76% below the one-year loan prime rate - As of June 30, 2025, loans recorded amounted to RMB 49.0 million (December 31, 2024: RMB 16.5 million)[41] - During the reporting period, new loan agreements were entered into with banks, with interest rates ranging from 0.35% to 0.76% below the one-year loan prime rate[41] Capital Commitments The company's capital commitments for property, plant, and equipment decreased - As of June 30, 2025, contractual capital commitments for the acquisition of property, plant, and equipment amounted to RMB 4.2 million (December 31, 2024: RMB 5.0 million)[42] Contingent Liabilities As of the end of the reporting period, the company had no significant contingent liabilities - As of June 30, 2025, the company had no significant contingent liabilities, guarantees, or litigation[43] Pledge of Assets As of the end of the reporting period, the company had no pledge of assets - As of June 30, 2025, the company had no pledge of assets[44] Gearing Ratio The company is in a net cash position, rendering the gearing ratio inapplicable - As of June 30, 2025, the company was in a net cash position, thus the gearing ratio is not applicable[45] Material Investments, Acquisitions and Disposals During the reporting period, the company had no other material investments, acquisitions, or disposals - The company had no other material investments, significant acquisitions or disposals of subsidiaries, associates, and joint ventures during the six months ended June 30, 2025[46] Future Plans for Material Investments or Capital Assets As of the announcement date, the company has no specific future plans for material capital expenditures, investments, or capital assets - As of the date of this announcement, the company has no specific future plans for material capital expenditures, investments, or capital assets[47] Foreign Exchange The company faces foreign currency risk and has implemented foreign currency hedging measures under its treasury policy, continuously monitoring and managing foreign exchange risk - The company faces foreign currency risk as certain bank balances and cash, trade and other receivables, and trade and other payables are denominated in foreign currencies[48] - The Group currently implements foreign currency hedging measures under its funding and treasury policy and will closely monitor foreign exchange exposure, considering more detailed measures to hedge significant foreign currency exposure[48] Employees and Remuneration The company's employee count increased, total remuneration costs remained stable, with comprehensive training and performance-based compensation, including share incentive plans Number of Employees and Remuneration Policy The company's employee count increased, total remuneration costs remained stable, with comprehensive training and performance-based compensation, including share incentive plans - As of June 30, 2025, the company had 505 employees (June 30, 2024: 477 employees)[49] - For the six months ended June 30, 2025, total remuneration costs (including share-based payments) amounted to RMB 150.3 million (June 30, 2024: RMB 149.9 million)[49] Employee Functional Distribution (As of June 30, 2025) | Function | Number of Employees | Percentage of Total | | :--- | :--- | :--- | | Commercial | 291 | 57.6% | | R&D | 55 | 10.9% | | Manufacturing | 126 | 25.0% | | Management and Administration | 33 | 6.5% | | Total | 505 | 100% | - The company provides formal and comprehensive company-level and department-level training, and regularly reviews and determines employee remuneration and benefits based on employee performance, qualifications, responsibilities, and market salary levels of comparable companies[50] - The company has adopted ESOP, RSU plans, the 2021 Share Option Scheme, the 2021 Share Award Scheme, and the 2024 Share Award Scheme to provide incentives to employees[51] Condensed Consolidated Financial Statements The company's revenue significantly increased, but cost of sales also rose, leading to a slight increase in gross profit. Reduced R&D and administrative expenses offset some selling and marketing expense growth, narrowing the loss for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue significantly increased, but higher cost of sales led to a modest gross profit rise. Reduced R&D and administrative expenses helped narrow the loss for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 294,033 | 167,623 | | Cost of sales | (188,386) | (68,421) | | Gross profit | 105,647 | 99,202 | | Other income | 5,116 | 15,443 | | Other gains and losses | (727) | (267) | | Selling and marketing expenses | (117,004) | (109,913) | | Research and development expenses | (38,986) | (58,705) | | Administrative expenses | (84,573) | (91,087) | | Finance costs | (824) | (1,827) | | Loss before tax | (132,028) | (151,076) | | Income tax expense | (292) | (265) | | Loss for the period | (132,320) | (151,341) | | Total comprehensive expense for the period | (131,152) | (199,662) | | Loss per share (RMB) | (0.17) | (0.23) | Condensed Consolidated Statement of Financial Position Total assets slightly decreased, with reduced current assets but increased non-current assets. Total liabilities rose, leading to a slight decrease in net assets Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | | | | Property, plant and equipment | 426,802 | 435,016 | | Right-of-use assets | 41,602 | 16,514 | | Intangible assets | 2,493,946 | 2,438,120 | | Current Assets | | | | Inventories | 66,415 | 45,518 | | Trade and other receivables | 173,000 | 164,072 | | Bank balances and cash | 458,062 | 769,205 | | Current Liabilities | | | | Trade and other payables | 129,084 | 141,334 | | Borrowings | 10,443 | 2,056 | | Non-current Liabilities | | | | Borrowings | 38,526 | 14,491 | | Net Assets | 3,653,107 | 3,773,617 | Notes to the Condensed Consolidated Financial Statements The condensed consolidated financial statements are prepared under IAS 34 and HKEX Listing Rules, applying consistent accounting policies, with no significant impact from new IFRS amendments Basis of Preparation and Accounting Policies The condensed consolidated financial statements are prepared under IAS 34 and HKEX Listing Rules, applying consistent accounting policies, with no significant impact from new IFRS amendments - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[54] - The accounting policies and methods of computation are consistent with those used in the annual consolidated financial statements for 2024, except for additional changes resulting from the application of amendments to IFRS accounting standards[55] - The application of amendments to IFRS accounting standards during this interim period has not had a significant impact on the Group's financial position and performance for the current and prior periods and/or the disclosures contained in these condensed consolidated financial statements[56] Revenue and Segment Information The Group's revenue primarily derives from ophthalmic product sales, promotion services, sales-based royalties, and CDMO services, with all external customer revenue originating from China Revenue Source Analysis (For the six months ended June 30) | Type of Goods or Services | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of ophthalmic products | 284,680 | 150,013 | | Pharmaceutical product promotion services | 568 | 11,859 | | Sales-based royalty income | 2,108 | 2,291 | | Contract development and manufacturing (CDMO) services | 6,677 | 3,460 | | Total | 294,033 | 167,623 | - Revenue from sales of ophthalmic products is recognized when control of the goods is transferred, and revenue from pharmaceutical product promotion services is recognized when the obligation to arrange for the sale and/or delivery of pharmaceutical products under the service contract is fulfilled[59][60] - Sales-based royalty income is recognized based on the gross margin of each sale when the customer completes the sale; CDMO service revenue is recognized when products are delivered to the customer[61][62] - All external customer revenue of RMB 292,771,000 (2024: RMB 165,456,000) originated from China, and all non-current assets are located in China[64] Other Income and Other Gains and Losses Other income decreased due to lower bank interest and government grants, while other losses increased mainly from higher net foreign exchange losses Other Income and Other Gains and Losses (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Other Income | | | | Bank interest income | 4,040 | 14,285 | | Government grants | 472 | 574 | | Others | 604 | 584 | | Subtotal | 5,116 | 15,443 | | Other Gains and Losses | | | | Net exchange (losses) gains | (1,967) | 725 | | Fair value changes of financial assets at fair value through profit or loss | 1,242 | (213) | | Subtotal | (727) | (267) | - Other income decreased primarily due to reduced bank deposits and lower deposit interest rates[26] - Increased net exchange losses led to an increase in other losses[27][65] Income Tax Expense Income tax expense remained stable, primarily involving Hong Kong and mainland China profits tax, with rates determined by local regulations Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax – Hong Kong | 104 | 108 | | Current tax – China | 249 | 245 | | Over-provision in prior years | (61) | (88) | | Total | 292 | 265 | - Hong Kong current tax is calculated under the two-tiered profits tax regime, and China subsidiaries are taxed at a rate of 25%[67] Trade Receivables The aging analysis of trade receivables shows that most receivables are within 90 days, reflecting a healthy collection cycle Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 90 days | 150,029 | 125,470 | | 91 to 180 days | – | 218 | | Over 180 days | 1,111 | – | | Total | 151,140 | 125,688 | Bank Balances and Cash Total bank balances and cash decreased, primarily due to a reduction in time deposits Bank Balances and Cash (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash at bank | 380,110 | 255,118 | | Time deposits | 77,952 | 514,087 | | Total | 458,062 | 769,205 | Trade Payables The aging analysis of trade payables shows that most payments are within 30 days, reflecting the company's relatively fast payment cycle Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 9,735 | 30,888 | | 31 to 60 days | 1,626 | 2,798 | | Over 60 days | 375 | 733 | | Total | 11,736 | 34,419 | - The Group's average credit period for purchases of goods/services is 60 days[71] Borrowings Total borrowings increased, with most having repayment terms exceeding one year, indicating a change in the company's financing structure Borrowings Repayment Date Analysis (As of June 30) | Repayment Term | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 10,443 | 2,056 | | Over one year but not exceeding two years | 17,541 | 4,112 | | Over two years | 20,985 | 10,379 | | Total | 48,969 | 16,547 | - Borrowings bear interest at rates ranging from 0.35% to 0.76% below the one-year loan prime rate and are guaranteed by Group entities[73] Dividends The Board decided not to declare any dividends for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed for the six months ended June 30, 2025 and 2024[74] Other Information This section covers post-reporting period events, dividend policy, corporate governance, securities trading compliance, and the utilization of proceeds from listings and placings Events After the Reporting Period No significant events occurred after June 30, 2025, up to the announcement date, that would materially impact the Group - No events that would cause a material impact on the Group occurred after June 30, 2025, and immediately before the date of this announcement[75] Interim Dividend The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[76] Compliance with Corporate Governance Code The Group is committed to maintaining high corporate governance standards and believes it has complied with all applicable code provisions of the Corporate Governance Code - The company has complied with all applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2025[77] Compliance with the Model Code for Securities Transactions The company has adopted guidelines no less stringent than the Model Code and confirms that all directors and relevant employees complied with the code during the reporting period - Following specific inquiries by the company, all directors and relevant employees have confirmed their compliance with the Model Code during the six months ended June 30, 2025[78] Use of Proceeds from Listing Net proceeds from the listing were primarily used for R&D of core products and other candidates, commercialization, team expansion, and working capital. As of June 30, 2025, most funds were utilized as planned, with remaining funds to be used per the expected timetable Use of Proceeds from Listing (As of June 30, 2025) | Purpose | Intended Net Proceeds (HKD million) | Utilized as of June 30, 2025 (HKD million) | Unutilized as of June 30, 2025 (HKD million) | Expected Timetable for Unutilized Funds | | :--- | :--- | :--- | :--- | :--- | | R&D personnel costs and ongoing R&D for OT-401 | 197.57 | 103.90 | 93.67 | Before end of 2025 | | Milestone payments for OT-401 | 49.39 | 33.90 | 15.49 | –(1) | | Commercialization of OT-401 | 246.96 | 246.96 | – | – | | Ongoing R&D for other candidate drugs | 562.42 | 562.42 | – | – | | Milestone payments for other licensed-in candidate drugs | 96.15 | 73.68 | 22.47 | Before end of 2027(2) | | Further expansion of sales and marketing team | 164.64 | 164.64 | – | – | | Acquisition of 100% equity in Suzhou Xiaxiang | 164.64 | 164.64 | – | – | | Working capital and general corporate purposes | 164.64 | 164.64 | – | – | | Total | 1,646.41 | 1,514.78 | 131.63 | | - As of June 30, 2025, all unutilized net proceeds were held by the company and deposited as short-term deposits in licensed banks or recognized financial institutions[80] Use of Proceeds from Placing Net proceeds from placing were primarily used for commercial team expansion, international multi-center clinical trials, specific product R&D, and Suzhou factory construction. As of June 30, 2025, most funds were utilized as planned, with remaining funds to be used per the expected timetable Use of Proceeds from Placing and Subscription (As of June 30, 2025) | Purpose | Intended Net Proceeds (HKD million) | Utilized as of June 30, 2025 (HKD million) | Unutilized as of June 30, 2025 (HKD million) | Expected Timetable for Unutilized Funds | | :--- | :--- | :--- | :--- | :--- | | Expansion of commercial team | 234.51 | 157.31 | 77.20 | Before end of 2025 | | International multi-center clinical trials | 273.60 | 254.23 | 19.37 | –(1) | | OT-702 (Eylea biosimilar) | 99.66 | 99.66 | – | – | | OT-301 (NCX-470) | 50.03 | 50.03 | – | – | | OT-101 (Low-dose Atropine) | 43.78 | 43.78 | – | – | | OT-1001 (ZERVIATE®) | 30.10 | 10.73 | 19.37 | –(1) | | OT-202 (TKI) | 50.03 | 50.03 | – | – | | Construction and development of new production facilities at Suzhou factory | 195.43 | 195.43 | – | – | | Other general corporate purposes | 78.17 | 78.17 | – | – | | Total | 781.71 | 685.14 | 96.57 | | - As of June 30, 2025, all unutilized net proceeds from the subscription have been deposited in bank accounts maintained by the Group[82] Purchases, Sales or Redemptions of the Company's Listed Securities During the reporting period, the company repurchased 3,863,500 shares for a total consideration of HKD 17,697,268 to enhance long-term shareholder value. Repurchased shares are held in treasury for potential financing, share incentive plans, and other purposes consistent with the company's articles of association Share Repurchase Details (During the Reporting Period) | Month | Number of Shares Purchased | Highest Price Paid (HKD) | Lowest Price Paid (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2025 | 534,000 | 4.63 | 3.71 | 2,174,693 | | February 2025 | 745,500 | 4.61 | 3.97 | 3,155,375 | | April 2025 | 2,174,000 | 5.42 | 4.09 | 10,217,680 | | May 2025 | 410,000 | 5.41 | 5.17 | 2,149,520 | | Total | 3,863,500 | | | 17,697,268 | - As of the date of this announcement, the 3,863,500 repurchased shares have not yet been cancelled[83] - The company intends to use the treasury shares for potential financing, awards to eligible participants under share incentive schemes, and/or for other purposes consistent with the company's articles of association, the Listing Rules, and any other applicable laws, rules, and regulations[83] Review of Unaudited Interim Results and Interim Report The Group's unaudited condensed consolidated interim financial statements have been reviewed by independent auditor Deloitte Touche Tohmatsu and the Audit Committee, confirming compliance with applicable accounting standards, laws, and regulations - The Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, have been reviewed by independent auditor Deloitte Touche Tohmatsu[84] - The Audit Committee believes that the Group's unaudited interim results comply with applicable accounting standards, laws, and regulations, and that appropriate disclosures have been made by the company[84] Publication of 2025 Condensed Consolidated Interim Results and Interim Report This announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and published on relevant websites in due course - This announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.ocumension.com)[85](index=85&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the HKEX and the company's respective websites in due course[85] Acknowledgement The Board extends its sincere gratitude to the Group's shareholders, management, employees, business partners, and customers - The Board hereby expresses its sincere gratitude to the Group's shareholders, management, employees, business partners, and customers for their support and contributions to the Group[86] Definitions and Acronyms This section defines key terms and acronyms used in the report, covering company, regulatory bodies, products, diseases, and financial reporting standards for clarity Common Terms and Acronyms This section defines key terms and acronyms used in the report, covering company, regulatory bodies, products, diseases, and financial reporting standards for clarity - This section includes definitions for key institutions, business models, and regulatory terms such as "Alcon", "CDE", "CDMO", "FDA", "IFRS", and "NMPA"[87][88][89][90][91][93] - It also includes explanations for product and disease-related terms such as "core products", "chronic NIU-PS", "AMD", and "wAMD"[87][88][89][93]